Purchasing a home in Colorado presents a distinctive challenge for physicians, given their specific financial situations.
The extensive education and accumulated student loan debt often pose obstacles, making it hard for many doctors to qualify for a conventional mortgage. However, there's a solution in the form of physician mortgage loans, which offer favorable terms and minimal or no down payment requirements.
As of July 2023, the median home value in Colorado stands at approximately $543,143, according to Zillow.
To aid you in taking the next step towards homeownership, we have compiled a list of the finest physician home lenders catering to doctors in Colorado.
In Colorado, where the housing market can be competitive, it can be even more challenging for doctors to secure a mortgage that meets their unique financial needs.
Physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home.
Doctor mortgages offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios, making homeownership more accessible to physicians in Colorado.
Here are the best physician mortgage loans available to medical professionals in Colorado.
We at Fairway Independent Mortgage Corporation are committed to serving our Medical Professional customers while they navigate the journey of their lives and careers. We are not only able to utilize our strengths as a highly successful national lender with a wide range of products and options for our borrowers, but we are also able to tailor our service to the specific needs that are important to each of our customers based on their unique situation.
We understand the dynamics that come into play for Medical Professionals who want to leverage their future earnings and career path into savings and products that will help reward their hard work. Flexibilities regarding down payments, student loans, future income and more combined with the benefits of attractive rates and no PMI help us make sure you are set-up in the right program for your future.
Up to 100% financing for loan amounts up to $2,000,000
No mortgage insurance
Primary residence purchases and rate/term refinances
5-, 7-, 10-, and 15-year ARMs plus 15-, 20-, and 30-year fixed options
No prepayment penalties
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, OD, DPM, Pharmacist
Quick and Flexible Underwriting and Closings
Gift Funds can be utilized for down payments and reserves
First Time Homebuyers and Borrowers who own more than one property welcomed
Student Loans are viewed more favorably than conventional loans
Conversion of Departure Residence into a Rental Property
No Cost Pre-Approvals including Soft Credit Pull to start
Lender Credits available to qualifying Medical Professionals to cover Lender and Appraisal Costs
Can support needs for other products (Conventional, Jumbo, First Time Homebuyer Products, Asset based products, etc)
*Eligibility subject to program stipulations, qualifying factors, applicable income and debt-to-income (DTI) restrictions, and property limits. Copyright©2022 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Fairway is not affiliated with any government agencies. AZ License #BK-0904162; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License No 41DBO-78367. Licensed by the Department of Financial Protection and Innovation under the California Financing Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License; Georgia Residential Mortgage Licensee #21158; For licensing information, go to www.nmlsconsumeraccess.org; MA Mortgage Broker and Lender License #MC2289. MA Loan Originator License #MLO19775; Licensed Nevada Mortgage Lender; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker-NYS Department of Financial Services; Rhode Island Licensed Broker & Lender; Fairway Independent Mortgage Corporation NMLS ID #2289 (www.nmlsconsumeraccess.org). Equal Housing Opportunity.
Central Bank has established a top-tier Professional Loan Program. With extensive experience in the mortgage field and a specialized focus on serving Physicians, Dentists, Attorneys, and various other Professionals, Cole Griggs leads the way. Our commitment is to provide a seamless and expert experience for all buyers, guiding them from start to finish.
MD, DO, DDS, DMD, Resident, Fellows, Attorney, Engineers, Professor w/PHD employed by University
Owner occupied, single-family dwellings only. Purchase of primary residence or rate-term refinance. 1Offered to residents or fellows earning at least $45,000 per year. All other eligible professions require earnings of at least $90,000 per year. This is not a commitment to lend or extend credit. Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. All rates, programs and fees are subject to underwriting guidelines and are subject to change without notice. Other restrictions may apply. See bank for details. The Central Trust Bank NMLS #407985 MEMBER FDIC 238 Madison St, Jefferson City, MO 65101. Copyright Central Bancompany. All rights reserved. Equal Housing Lender.
Movement Mortgage’s Medical Professional Program is designed to deliver the white-glove service you deserve. As a top-10 residential lender in the nation, paired with the guidance of a seasoned Loan Officer with over 20 years of experience, you can feel confident you’re in good hands.
This program is built specifically for medical professionals, offering solutions tailored to your unique financial profile—including no down payment options, flexible income qualification guidelines, and accommodating student loan calculations.
Movement Mortgage was founded with the goal of being different focused on strong relationships, clear communication, and delivering an exceptional experience from start to finish.
MD, DO, DDS, DMD, Resident, Fellows, DVM, RN, CRNA, DPM, Pharmacist
Next Steps:
Option 1: Have questions or a unique scenario? Schedule phone meeting here.
Option 2: Ready to apply or under contract? Apply here: BCU | Jonathan Brozek – Retail Mortgage Loan Officer for BCU – by clicking on the green “Get Started” tab below my photo. Important: To connect or apply, please use this link only — applying through the main website will route you to the call center, not to me, a physician loan specialist.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, OD, Pharmacist
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At Novus Home Mortgage, we are committed to finding the right mortgage for our customers, including those who are committed to save lives. We understand your unique needs. You might have accumulated debt to become a healthcare professional, but we are here to help you! Our offering will help you buy a home early in your career, and sometimes even before you start your new job!
We are a nationwide portfolio and correspondent lender with in-house underwriting providing quicker closings.
We offer services for:
For:
Other products offered:
It’s attention to the “details” that sets apart the finest Loan Officers. Please reach out 24×7. My team and I are here to understand your mortgage and financial needs and find the best financing solution for you.
0% down up to $2 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 680 FICO
30 yr fixed, 15 yr fixed and ARM's
Owner occupied Primary Residence
1 unit residential property – Single Family, Townhome, PUD, Condo
Non-Warrantable Condos are covered – min 10.01% down
Modular Homes
Rental income can be used to meet DTI requirement
50% Max DTI
No MI
No Prepayment Penalty
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DPM, Pharmacist
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – up to 180 days prior to start date (additional reserve requirements will apply)
Yes to all covered professionals – No limit on the number of years out of residency/fellowship
Yes to US residents including work Visa holders – Permanent Residents Aliens, H-1B, J-1, TN NAFTA and others
Yes up to 40 acres (normal for the area)
Yes to you owning multiple properties (additional reserve requirements will apply)
Yes to significant other and/or family to be co-borrower/co-signer to help you qualify, even if they will not occupy the property
Yes to gift funds from family members
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Subject to credit approval. Terms and conditions may apply. VA is subject to VA eligibility requirement. Property insurance is required for all loans secured by property.
Novus Home Mortgage is a division of Ixonia Bank, NMLS #423065 | All Rights Reserved | novushomemortgage.com
Genisys Credit Union Offers a Custom Tailored Physician Mortgages with loan amounts up to $5,000,000. Common sense approach based on demonstrating (ATR) ability to repay. We offer the lowest rates with highest LTV in the industry to qualified Physicians. We are full service financial institution offering all services from deposit to car loan. Our Specialty is high end Mortgages.
0% down to $1,500,000, 10% down to $2,000,000, 15% Down to $2,500,000, 20% to $4,000,000+ No Adjustments for Condos or New Construction Loans
5/6 ARM
7/6 ARM
10/6 ARM
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist, PhD
Common sense approach to underwriting.
Ability to offer bridge financing when trying to sell a current home and buying a new one.
Genisys Credit Union offers Physician Construction Loans under the same terms as purchase.
No reserves required on most products.
GREAT RATES
We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Whether you are just starting out or are established in your professional career, BOK Financial Advanced Medical Professional (AMP) loan program provides innovative, in-house home financial solutions for select medical professionals. We offer fixed and variable rate options on primary home purchases and refinances. We can offer an additional 0.125% discount on interest rate when you open a BOK Financial checking/savings account and make your mortgage payment from that account.
With our program, you can be eligible for:
0% Down Payment for loans up to $1,500,000
5% Down Payment for loans up to $1,750,000
10% Down Payment for loans up to $2,000,000
15% Down Payment for loans up to $2,250,000
Please note: Our program is only applicable to primary residences, one-unit Single-Family Homes (detached and attached), Agency-eligible condos, and PUDs.
MD, DO, DDS, DMD, Resident, Fellows, CRNA, DNAP, DPM
BOK Financial® are trademarks of BOKF, NA. ©2024 BOKF, NA. Programs, rates, terms and conditions are subject to change without notice. Other terms and conditions apply. All loans are subject to credit approval.
Flagstar Bank is historically one of the largest lenders in the US, ranking in the top 10 nationally for residential mortgage origination. We are licensed to lend in every state. Relationship pricing is available for Private Clients and loan amounts up to 10 MM.
Low down payments for Doctors, Attorneys, CPAs and certain other professionals. Are you looking for a low down payment and a competitive rate? We offer a uniquely flexible loan program for Conventional and Jumbo buyers in certain occupations.
5/6 ARM, 7/6 ARM , 10/6 ARM
PURCHASE OR REFINANCE
Single Family, Condo’s, Co-ops, PUD’s
No PMI (Private Mortgage Insurance)
Employment contract/future income allowed – close 90 days prior to start date
Self-employed allowed
IBR payments allowed for student loans
Seller contributions allowed
Loan recast available
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, CPA, DNAP, DC, OD, DPM, APRN, CNM, Pharmacist, Attorney, Pilot, PhD
Finance up to 100% of the value and/or price of the property without mortgage insurance.
Can be paired with seller concessions to buy a property with nothing out of pocket.
High income, high net worth individuals are invited to become Private Client banking
members and enjoy enhanced product offerings.
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
No PMI. Closing available 90 days before employment starts. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. Medical Professionals may borrow 100% up to $1,250,000, 95% financing up to $1,500,000, and 90% financing up to $2,000,000. Most lenders require that you have completed training within the last 10 years, Alliant Credit Union has no such limit.
Conforming & Non-Conforming
Fixed & Adjustable Rate
30- & 15- Year Fixed, 5/6, 7/6, 10/6 ARMs
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Student Loan Debt omitted in qualifying ratios if deferred at least 12 months
Ability to use income based repayment schedule if not deferred for 12 months
No limit on time elapsed since the completion of training
Financing available for single family, condos, and two family owner occupied residences
Warrantable and non-warrantable condos allowed
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
For other professionals we have Our First Time Homebuyers program with up to 100% financing available with no PMI.
Second Home Financing available up to 90% financing.
Construction Financing available up to 90% financing (AZ, CO, IL, IN, MI, NC, SC, and WI)
Please contact the Mortgage Loan Officer listed above covering the state in which you are purchasing.
Alliant Credit Union NMLS#: 197185.
Rates, terms, and conditions are subject to change. The 5/6, 7/6 and 10/6 ARMs offer a fixed rate for the initial period of the loan and adjust to a 6 month ARM after that period. The interest rate and monthly payment may adjust bi-annually based on the 30 day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points with a 5% life time cap.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgages available in all states except Maryland. Loan approval, interest rate, and downpayment required based on creditworthiness, amount financed, and ability to repay. Rates, terms, and conditions are subject to change and are subject to credit and collateral approval.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
We are one of the largest privately held banks in the country. We pride ourselves by going above and beyond. From your first interaction with us we simplify a process that’s often complex. We understand that your time is precious and our technology allows us to work together as efficiently as possible. We are also very competitive in finding you the lowest rate possible with the lowest possible costs and fees. We understand there may be real estate agents that don’t understand the physician loan program and we like to educate them on the benefits of using this program.
Bell Bank offers home financing options geared specifically for physicians and dentists with term options of a 30 year fixed. In addition we also offer ARM options with a 5, 7 and 10 year ARM. Depending on your loan amount you would have 3 options.
Option #1
Loan amounts up to $1,000,000
Requires a 5% down payment
Requires 3 months of reserves
No mortgage insurance
Option #2
Loan amounts from $1,000,000 to $1,500,000
Requires a 10% down payment
Requires 6 months of reserves
No mortgage insurance
Option #3
Loan amounts from $1,500,000 to $2,000,000
Requires a 15% down payment
Requires 6 months of reserves
No mortgage insurance
Above options require:
Minimum credit score of 720
US Citizen
Must be an active medical doctor or resident or dentist
Fully executed employment contract with no contingencies is allowed for income verification. Application must start work within 90 days of loan closing.
MD, DO, DDS, Resident, Fellows
Low fixed and variable APRS. Streamlined approval and application process. Here at Bell Bank we also service all of our loans and do not sell or transfer the loans to another servicer. Student loan payments can be omitted from the debt structure if we can show the payments will be deferred for at least 12 months.
Physician Mortgage Built for Medical Professionals with Complex Finances
CrossCountry Mortgage offers a true physician loan program designed for doctors, dentists, veterinarians, and trainees who want to buy or refinance without delaying life or over-liquidating assets.
Unlike traditional lenders, our physician program is built around the realities of medical careers—high student loan balances, variable income structures, and early-career transitions—while still offering competitive pricing and flexibility.
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DPM, Pharmacist
Flexible underwriting supports:
As a member of the White Coat Investor community, you also receive Preferred Mortgage Savings, including waived lender and appraisal fees—up to $2,198 in savings.
Ready to run the numbers?
Medical professionals tend to be “on call”, and your mortgage lender should be too. CrossCountry Mortgage is licensed in all 50 states. With dedicated loan officers who specialize in physician lending, contact the loan officer for your state to review your options and apply online.
At PNC, our knowledge, experience, and innovation can help you achieve your financial goals today. PNC Bank is one of the nation’s top retail lenders and servicers of residential mortgage loans, and for more than 160 years, we have been committed to providing our clients with great service and powerful financial expertise to help them meet their financial goals. Combine approximately 2,200 retail banking branches and 8,900 ATMs throughout the U.S., with competitive products and online and mobile solutions, and you’ll find we’re ready to provide you with convenient and sure access to a great customer experience. To learn more about your lending options, or to start an application, visit us online or contact our customer care center today!
Loan-to-values up to 95%. Loans up to $1.5M. Fixed and Adjustable Mortgage Products Available. PNC's Physician Mortgage is available from Residency to Retirement. Physicians can use the Product Multiple Times.
MD, DO, Resident, Fellows
Strengths include a minimum down payment, no PMI, all funds can be gifted, student loans debts are sometimes excluded. Physician mortgage loan can be used for single family, condo, town homes, co-ops in some markets, and construction or renovation to permanent loan.
Get the right tool to build or renovate you dream home. With its unique features and benefits, the PNC construction or renovation to permanent loan can help bring your vision for your home to life.
©2023 The PNC Financial Services Group, Inc. All rights reserved.
PNC Bank, National Association.
Liberty Federal Credit Union is a member-owned financial institution focused on returning value through innovative products and services. Liberty has been recognized on a state level by Forbes as one of Indiana’s best financial institutions. In recent years, the credit union has also received acclaim on a national level, including being named the nation’s Best Credit Union for Checking by Investopedia in 2021 and appearing on Newsweek’s list of America’s Best Banks in 2022.
Liberty Federal Credit Union excels in providing value through better loan options for borrowers. For instance, the credit union offers an uncommonly wide variety of mortgage options to ensure the best fit for its members. According to the American Credit Union Mortgage Association, Liberty FCU was the Midwest’s top credit union in 2021 total first mortgage originations.
Program features:
Receive a gift card worth up to $500 on closing! 2 Plus, pair your mortgage with your Liberty FCU checking account and debit card to receive a 1/8% APR interest rate discount. 3
MD, DO, DDS, DMD, Resident, Fellows, OD, DPM, Pharmacist
Whether you just began your residency or you are an established physician, Liberty FCU is dedicated to helping you secure the home of your dreams.
This program is available to residents, fellows, new, and established physicians alike. 4 We will gladly work with you and your busy schedule. Pre-qualification can be done easily online or through email.
Loans are subject to credit review and approval. Closing costs may apply. Liberty FCU mortgage lending product availability may vary based on property location. A sample principal and interest payment on a (7)-year $500,000 adjustable-rate loan amount with a 6.00% interest rate (6.147% APR) is $2997.75 Taxes and insurance are not included; the actual payment obligation will be greater. Actual interest rate may vary based on credit history. Additional rates and programs available. Visit us online for current rate information. Contact a Liberty FCU mortgage loan officer for more details.
1 Rate Match Guarantee may be available for new purchases and refinanced first mortgage loans of primary residences with conventional conforming financing. Certain product exclusions may apply. Loan Estimate from competing lender must be dated and received within three calendar days prior to locking your interest rate at Liberty FCU. The terms of the competing loan must be identical to Liberty FCU’s loan. If the loan does not close within the commitment period, the rate match may be voided. This offer is subject to credit approval and may change or terminate without notice. Offer is not applicable to government loans, including FHA, USDA, and VA financing. Not valid in combination with 1/8% rate discount. Product offerings may vary by state or region.
2 Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 gift card. Not valid in combination with any other offer.
3 Discount available on conventional conforming financing of purchases for primary residences only. Offer available for new primary mortgage loans and mortgage loans already established at Liberty FCU when refinanced with at least $10,000 new money. Closing costs may apply. Liberty FCU verifies the past checking history of applicants with ChexSystems, a national consumer reporting network. Information obtained from the report could result in checking account denial. Certain product exclusions may apply.
4 Available to residents, fellowship, newly established, or established physicians with MD, DO, DDS, DMD, OD, or DP credentials. Rates listed are specific to the Physician Loan mortgage program. Standard mortgage rates may vary.
The Bank Said No. That May Not Be the Final Answer.
Home loans for physicians and medical professionals with complex income, high student debt, new 1099 status, or non-traditional files.
Get Pre-Approved in Minutes: https://www.medicalprofessionalhomeloans.com/wcihomeloans/
Most banks are built for simple borrowers. Stable W-2. Clean paystub.Plain-vanilla income. Easy box to check.
But many medical professionals do not fit that box.
You may have locums income, tele-med income, consulting income, K-1s, write-offs, a new private practice, student loans, or a contract that proves your income is coming before your tax history catches up.
That does not mean you cannot buy the home. It may mean you need a lender who knows how to structure medical-professional files.
This Is for You If
What May Be Possible
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, DPM
Proof This Can Work
“After two big banks declined us for lack of 1099 history, NEO approved our $1.4 M jumbo and closed in 16 days.”
— Dr. Lance ⭐⭐⭐⭐⭐
Here’s the Plan
Get pre-approved in minutes. https://www.medicalprofessionalhomeloans.com/wcihomeloans/
A bank’s “no” does not have to define your home-buying journey.
As a physician or dentist with unique financial needs and time constraints, you can benefit from KeyBank’s customized mortgages. Streamline the home buying process, with underwriting specialized for you, so you can take care of your needs.
Get Prequalified or Apply Today! Check your rates!
geographic restrictions apply
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance is required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
Only available to actively practicing interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Additional conditions and restrictions apply.
All products offered by KeyBank N.A. Member
FDIC. NMLS # 399797. Equal Housing Lender. ©2026 KeyCorp®. All rights reserved. KeyBank is a
federally registered service mark of KeyCorp. 3 Corporate Drive. 4th floor Shelton, CT 06484, USA.
Green State Mortgage is a boutique lender with access to the most competitive rates and programs. Allow us to tailor a lending program that meets your needs!
0% down up to $1,000,000, 5% down from $1,000,000 to $1,750,000, 10% down from $1.750,000 to $2,500,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Fixed and adjustable rates (7, 10, and 15-Year ARM) available. No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves for W2 positions. 60 days prior to start date for 1099 positions.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, OD, DPM, Pharmacist
No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves. Most other lenders limit the purchase date to 60-90 days before starting a new position. We also allow business assets and gift funds for the down payment, closing costs and reserves. Debt-to-income ratios up to 50%. No 2-year history is required for physicians hired as a contractor or 1099 employee. Available nationwide (except CA), 2-unit properties eligible, flexibility for newly self employed.
Green State Mortgage – A division of Green State Credit Union
BMO Bank has developed a class leading Physician & Dentist Mortgage Loan Program. The below Loan Officers have decades of experience not only in the mortgage industry but also working specifically with Physicians and Dentists. We are dedicated to ensuring a qualify experience to all buyers, from start to finish.
Loan Officer Info:
Please contact the listed Loan Officer based on the state in which you are purchasing.
100% financing to $1MM, 95% to $1.5MM, 89.99% to $2MM, less than 5 years practicing for less than 5% down payment, less than 10 year practicing for less than 10.01% down payment(not including residency or fellowship). Primary Residence SFR, Condo, 2 Unit properties eligible. Can close up to 89 days prior to employment start date with signed contract or signed offer letter. 30 yr fixed rate options along with shorter term fixed and ARM’s. No PMI/MI. Rate/Term Refi or Purchase only. Gift funds allowed for down payment, closing costs, & reserves. We are now able to use 1099 contract income for doctors who have a guaranteed minimum salary in their contract, even without a 2 year history of income established as a 1099 employee. Must be actively seeing patients.
MD, DO, DDS, DMD, Resident, Fellows
BMO Bank developed and began offering a physician loan program in 2015. The program has been expanding and growing for the past 10 years. All of the Loan Officers listed specialize in the physician loan product. These 2 loan officers have a wealth of knowledge and experience to handle any scenario imaginable. We can quickly determine what options are available within BMO’s loan options to structure a loan to fit your needs. We have dedicated processors and underwriters to ensure a smooth lending process and quick closing. We look forward to earning your business!
Physician loans, also known as doctor mortgages, are designed specifically for medical professionals who may have unique financial situations. These loans offer favorable terms such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios. Typically, lenders who offer physician loans will take into account a doctor's potential future income when considering their eligibility, rather than just their current income and debt. This is because medical professionals often have high earning potential, but may also have significant student loan debt that can impact their current financial standing. By taking this into account, physician loans can help make homeownership more accessible for doctors who may not be able to qualify for traditional mortgages. Physician loans are an option for doctors who are looking to purchase a home in Colorado and can help make their dream of homeownership a reality.
Once you've made the decision to purchase a home and have the intention of residing in Colorado for an extended period, giving serious thought to putting down 20% and opting for a conventional mortgage is highly advisable. By doing so, you'll unlock enhanced monthly cash flow, granting you significant financial flexibility to invest and even indulge in expenses.
If you're going to buy a home in Colorado AND you can't or don't want to put 20% down, then a doctor mortgage loan is a reasonable option and at least as good as the other non-20%-down options.
When comparing conventional vs. doctor mortgages, physician loans do have lots of advantages, but those primarily revolve around easier underwriting requirements. A doctor mortgage can help you qualify for a loan you otherwise couldn't get.
Conventional mortgages are more difficult to qualify for, but there’s a reason for that. If you can qualify for a conventional mortgage, especially if you can make a sufficient down payment to avoid paying PMI, you’ll usually get a lower interest rate and fees. That means a lower monthly payment and a lower overall cost for your loan.