For physicians who are looking to buy a home in Arizona, the process can be particularly challenging due to their unique financial circumstances.
With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. This is where physician mortgage loans come in. Physician mortgages allow doctors favorable terms and little to no money down.
According to Zillow, the median home value in Arizona is approximately $420,494 as of July 2023.
We’ve rounded up the best physician home lenders for doctors in Arizona to help you take the next step to purchase a home.
Best Doctor Mortgage Loans in Arizona
Buying a home can be a daunting task, especially for physicians who have just completed their residency and are burdened with student loan debt. In Arizona, 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 Arizona.
Here are the best physician mortgage loans available to medical professionals in Arizona.
BCU *
Terms:
Variety of portfolio products available.
Student loans may be excluded from your debt ratio.
Up to 100% financing – no mortgage insurance required.
Home equity, bridge loans, and construction loans also available.
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Oak Leaf Community Mortgage ∑
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
Terms:
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
BOK Financial Mortgage ↑
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.
Terms:
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
No Mortgage Insurance
Discounted Rates
Float-Down rate options
If the subject property is new construction, you may be eligible to receive a lender concession towards your closing costs or buy down the rate
Receive a .125% reduction on your rate by opening a BOKF checking/savings account & if an ACH payment draft is set up on the BOKF account for the mortgage payment
When you become a BOK Financial client after closing, you will not pay lender fees (processing and underwriting) for future refinances or purchases
There is no pre-payment penalty
Recast options are available
We will not sell your loan
After closing, refinance once rates improve without a time limit or monetary penalty
We will always service your loan
A minimum FICO score of 700 is required
Purchases or refinances (no cash out)
Please note: Our program is only applicable to primary residences, one-unit Single-Family Homes (detached and attached), Agency-eligible condos, and PUDs.
Academy Bank has established a top-tier Professional Loan Program. With extensive experience in the mortgage field and a specialized focus on serving Physicians, Dentists, 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.
Terms:
100% Financing up to $1 million, 97% Financing up to $1.25 million, 95% financing up to $1.5 million, 90% financing up to $2 million.
No Private Mortgage Insurance.
Financing available for Single Family Residences.
Available to US Citizens, Permanent Residents, and Non-Permanent Residents.
720 Minimum Credit Score Required.
Available to many other professions as listed below.
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
Terms:
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.
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.
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.
Wintrust Mortgage ∑
Terms:
0% down to $850k loan amount, 3% down to $1.2mm loan amount, 5% down to $1.5mm loan amount, 10% down to $2mm loan amount
Eligible Professions:
MD, DO, DDS, DMD, DVM, DC, DPM, Pharmacist
Strengths:
low down payment option, contract income used to qualify, student loans not used if no payment for 12 months
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.
Terms:
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.
Eligible Professions:
MD, DO, DDS, Resident, Fellows
Strengths:
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.
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.
Terms:
Program features:
No Private Mortgage Insurance (PMI)
100% financing up to $970,800 loan amounts
95% financing for $970,801 to $1,500,000 loan amounts
90% financing for $1,500,001 to $2,000,000 loan amounts
Purchases and rate/term refinances are eligible
Low credit score requirement of 680, plus free in-house credit repair
We are committed to offering your lowest rate. If you find a lower rate, we’ll match it.1
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
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 3.500% interest rate (3.575% APR) is $6,719.93. Taxes and insurance are not included; therefore, 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 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.
Move your family into your dream home quickly (we close in as little as 14 days), confidently, and without the stress that typically accompanies a new home purchase. Even if you are newly self-employed, 1099'd, or have been declined by another lender.
“NEO Home Loans was a game-changer for us. Despite the challenges common for 1099 professionals, they navigated the process seamlessly and made success achievable.” – Dr. Lance ⭐⭐⭐⭐⭐
At NEO Home Loans, we specialize in turning the impossible into possible for physicians and other medical professionals seeking home financing. We recognize your unique financial situations and are dedicated to simplifying the home loan process. Our tailored programs offer not just competitive rates and lower down payments but also waive mortgage insurance premiums, offering substantial long-term savings.
Understanding the diverse employment circumstances typical among medical professionals, such as self-employment or fluctuating income, our expert mortgage specialists are committed to securing flexible loan solutions that address your specific needs.
100% financing options available with fixed or adjustable terms for clients with 720 credit score or better with minimal down payment for medical professionals with credit scores down to 680. Can now help 1099 independent contractors with no previous experience as self-employed, 100% loan to value to $1M, 95% loan to value to $1.25M and 90% loan to value to $2M loan amount. 50% max DTI. Can close anytime prior to a new job start date. Flexible with student loan debt.
PROGRAMS FOR MD, DO, DDS, DMD, DPM, DVM
100% financing up to $1M for physician home loans
95% financing up to $1.25M for doctor mortgages
1099 guaranteed income with less than 2 year history
Utilize gift funds for your down payment
Close before your employment start date
Student loan debt solutions available
Zero mortgage insurance for added savings
PROGRAMS FOR CRNA, PA, NP, RN, CNS, DPT, & other Medical Professionals 97% financing up to $850,000
95% financing up to $1M
90% financing up to $1.5M
Save thousands with reduced or no mortgage insurance
1099 guaranteed income with less than 2 year history
Credit scores as low as 620
The biggest challenge in the mortgage industry right now is speed to close, with housing inventory at an all-time low, we’ve focused on helping our clients close their loans in as little as 17 days (depending on the program and down payment amount).
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.
Terms:
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. For properties located in the following states, AL, AK, AR, CT, DE, GA, HI, KY, LA, ME, MD, MA, MI, MS, MT, NC, NH, NJ, OH, PA, RI, SC, TN, VA, VT, WV, & DC borrower must have a minimum of a 6 month established relationship with BMO prior to the application date.
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows
Strengths:
BMO Bank developed and began offering a physician loan program in 2015. The program has been expanding and growing for the past 8 years. All of the Loan Officers listed specialize in the physician loan product. These 3 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!
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Arizona
If you've decided to buy a home, and you are committed to living in Arizona for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend). You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
If you're going to buy a home in Arizona 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.
How Do Arizona Physician Mortgages Work?
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 Arizona and can help make their dream of homeownership a reality.
Moving from Arizona and Need a Doctor Mortgage in a Different State?
