For physicians looking to buy a home in Texas, the process can present unique financial challenges. With extensive education and student loan debt, many doctors face obstacles that can make it difficult to secure a traditional mortgage. This is where physician mortgage loans can be especially helpful. These loans offer favorable terms, such as little to no money down and flexible debt-to-income ratios, making homeownership more accessible to physicians.
According to the Texas Medical Association, there are over 54,000 licensed physicians practicing in Texas. According to Zillow, the median home value in Texas is approximately $273,000 as of April 2023, but this can vary widely depending on the specific city or region within the state. For example, the median home value in Houston is approximately $199,000, while the median home value in Austin is approximately $517,000.
If you're a physician in Texas who is looking to purchase a home, it's important to explore all of your options and find the lender that is right for you.
We've rounded up the best physician home lenders for doctors in Texas.
Buying a home in Texas can be a daunting task for physicians who have recently completed their residency and are struggling with significant student loan debt. Physician mortgage loans have become a popular option for medical professionals who are looking to purchase a home in Texas.
First Western Trust – Professional Loan Program
First Western Trust offers a sophisticated mortgage solution tailored to doctors, dentists, attorneys, and CRNAs, recognizing the unique financial trajectories of high‑earning professionals. With loan amounts ranging from $600,000 to $1,500,000, the program allows for minimal or no down payment depending on the amount.
Borrowers benefit from flexible, premium features carefully designed for busy professionals:
No Private Mortgage Insurance (PMI)
No escrow reserves required
Student loan deferrals of 12+ months are excluded from debt-to-income calculations
ARM options available in 5‑, 7‑, or 10‑year terms
Qualify as early as 60 days before official employment begins
Minimum FICO score: 720
Why choose First Western Trust? Their boutique, relationship-driven model means all underwriting is handled in-house—no call centers, no off-site delays—ensuring a seamless, personal experience backed by exceptional service.
Loan amounts from $600,000 to $1,500,000.
$0 down up to $1,000,000
5% down up to $1,500,000
10% down up to $2,500,000
15% down up to $3,500,000
Available to doctors, dentists, DVMs, and CRNAs.
No PMI. No escrow reserves.
ARM options: 5‑, 7‑, 10‑year.
Student loans deferred 12+ months excluded from DTI.
Min FICO: 720.
Qualify up to 60 days pre‑employment.
Must have a fully executed employment offer and contract specifying all terms of the employment
MD, DDS, DMD, DVM, CRNA, CPA, Pharmacist, Attorney
1. Competitive Interest Rates & Low Closing Costs
First Western Trust Bank generally offers interest rates below the market average—for instance, about 0.11% lower than other lenders overall. Closing costs are also lower, by approximately $561, earning the bank a solid 4‑star rating out of 5 for rates and costs combined MortgageWaldo.com.
A 2025 analysis from True Rate highlights that for a $400,000 loan, you could save approximately $825 in the first year and nearly $4,900 over 10 years, thanks to rates about 0.14% below the median tomo.com.
2. Extensive Loan Product Variety
First Western Trust offers a broad array of mortgage products to suit different borrower needs:
Conventional loans (including programs for first-time buyers with down payments as low as 3%)
Jumbo loans, including those up to $5 million
FHA, VA, USDA loans, with flexible guidelines and sometimes no down payment required First Western Trust Mortgage+1
Professional loans tailored for doctors, dentists, attorneys, CRNAs—often with options like no down payment up to $1M First Western Trust Mortgage
Down payment assistance, CRA loans, HELOCs, construction-to-permanent loans, portfolio loans, and ADU financing First Western Trust Mortgage+1
Coverage across all 50 states, making them accessible even beyond their base in Colorado First Western Trust Mortgage
3. Relationship-Based, Personalized Service
The bank emphasizes a local, team-based approach—you’ll deal with a dedicated mortgage team available seven days a week, ensuring streamlined communication and personalized attention First Western Trust Mortgage.
Borrowers benefit from individualized planning from pre-purchase through closing, with closing figures provided at least 72 hours in advance to help clients stay informed and prepared First Western Trust Mortgage+1.
4. Strong Appeal for High-Net-Worth & Complex Borrowers
With deep expertise in serving high-net-worth individuals, First Western Trust tailors mortgage solutions that integrate seamlessly with broader financial, estate, and tax planning First Western Trust Mortgage.
Their professional loan offerings cater to borrowers like physicians and attorneys, often with minimal or no down payments on higher loan amounts First Western Trust Mortgage.
5. Proven Financial Stability & Conservative Underwriting
The bank has a long history of minimal credit losses, thanks to a relationship-driven, conservative underwriting strategy—including requirements like low loan-to-value ratios and multiple repayment sources SEC.
Their financials reflect consistent growth and strong capital positions, with rising loan and deposit portfolios and classification as well-capitalized in regulatory reports GlobeNewswire.
6. Cost‑Effective Lending in Practice
Origination data from 2023 shows their average closing cost of around $5,339, notably lower than the industry average of approximately $9,089 Origination Data.
Their approval rate is high—at 98.8%, indicating efficiency in their underwriting process Origination Data.
7. Recognition for Lending Leadership & Tech Savviness
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.
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
At AMC we proudly serve the medical community with home loan options to meet their unique situations. Whether you are just starting your career in residency or a seasoned professional, we have many options to help you with this journey.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, CRNA, DNAP, DC, OD, DPM, APRN
Programs, rates, terms and conditions are subject to change without notice. Other terms and conditions apply. All loans are subject to credit and collateral approval.
At Hancock Whitney, we are a very highly trusted financial institution serving the Gulf Coast for over a century, and we are committed to helping medical professionals achieve homeownership with exclusive mortgage solutions designed to meet your unique needs. Exclusive discounted rates with a banking relationship can be offered as part of our physician loan. We do also offer other creative financial solutions, and we do have other very attractive loan programs with some of the most aggressive pricing in the south. Whether you are beginning your medical career or are an established professional, our specialized mortgage solutions provide a seamless, stress-free path to homeownership. Experience the difference of working with a bank that understands and supports physicians.
MD, DO, DDS, DMD, Resident, Fellows, DPM, OMS
Extraco is proud to have served local Central Texans for over 120 years. When you choose to bank with Extraco, you get the personalized service of a local bank along with the technology and convenience of a national bank.
MD, DO, DDS, Resident, Fellows, PA, NP, DVM, OD, Pharmacist
Both Fixed and ARM loan options available. Just need an employment letter to close on house. Can close up to 90 days before starting job. No PMI. Across the entire state of Texas.
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 $1 MM loan amount
5% down up to $1.75 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 720 FICO to qualify for above min down payment
Can go as low as 680 FICO – with higher down payment
Owner occupied Primary Residence
1-2 unit residential property – Single Family, Townhome, PUD, Condo, Duplex
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, DPM
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – don’t have to wait to be within 90 days of start of new job (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 to acreage (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 DPA funds if you qualify (hint hint residents!!!)
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Yes to a Construction loan to build your dream 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
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.
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
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
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
Clarity Home Lending specializes in providing comprehensive mortgage solutions to residents of the Dallas-Fort Worth area, including new home loans and mortgage refinancing. Recognized as an approved lender for Texas FHA, VA, and USDA loan programs, Clarity offers competitive rates and low fees, catering to a range of homebuyer needs. Whether you're purchasing your first home, looking to refinance, or exploring loan options such as the 30-Year Fixed-Rate or exclusive programs like the ‘$7K, Your Way' for down payments and closing costs, Clarity Home Lending is dedicated to making homeownership affordable and accessible.
95% LTV. Low Down payment Physician Loans
Recent W-2 to 1099 options available with no prior 1099 history
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, OD, DPM, Pharmacist, Clinical Nurse Specialists
Low down payment, competitive pricing
NMLS# 621901
Whether you are just starting out or are established in your professional career, Bank of Texas 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 Bank of Texas checking/savings account and make your mortgage payment from that account.
MD, DO, DDS, DMD, Resident, Fellows, CRNA, DNAP, DP
Bank of Texas and BOK Financial® are trademarks of BOKF, NA. Member FDIC. Equal Housing Lender. ©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.
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.
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 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.
Read below to learn more about us. But if you are on a short time-line and are looking for information quickly, go to www.physicianloans.com, click on Get Started and take one minute to complete the short form.
PhysicianLoans originated as a family business in 1993 and after being a pioneer in the physician loan space, grew to become one of the most trusted brands for doctors. Our loan officers specialize in working with doctors and are true experts on financing for Doctors. Our team can assist you in 47 states
PhysicianLoans is an approved member benefit for the AMA, AOA and SOMA. We are a trusted name in home financing for doctors.
We are also more than just a place for rate shopping. If expertise, advice and customer service are important to you, always be sure to speak with a PhysicianLoans loan officer.
Visit www.physicianloans.com, click on GET STARTED, and take one minute to complete the short form. Or call us at 877-593-9313. We will be in touch quickly and get you what you need to successfully move forward.
Not a hard sales pitch. Just the advice and information you need.
No Money Down, No PMI, 50% DTI, Special Underwriting, ARMs and Fixed
MD, DO, DDS, DMD, DVM
Pioneers in this space, Best Customer Service, Experienced
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
Borrowers may be self-employed physicians (2 year history needed) or medical researcher
Up to 95% financing up to $850,000/89% to $1M/85% to $1.5M on purchase & refinance
Up to 85% on Construction to Permanent loans with 12, 15 or 18 month build & one-time close
NO Private Mortgage Insurance Required
Non US Citizens are eligible
Can use employment contract income & close on your home 90 days prior to start date
SPECIAL banking relationship discount through a Citizens Bank Account
Seller Contributions Allowed
RECAST option available
30yr, 20yr, 15yr and 10yr fixed rate loans, 5,7 or 10 yearARMs.
Minimum credit score of 700
Student Loan Debt omitted in qualifying debt ratios if deferred at least 12 months following closing.
Ability to use IBR payment if not deferred for 12 months
Borrowers must have completed residency or fellowship within the last ten years, be a newly licensed
medical resident or about to begin new employment or residency within 90 days of closing.
MD, DO, DDS, DMD, Resident, Fellows
Superior service, loan exceptions available and flexibility in underwriting.
Working exclusively with medical professionals.
Offer both fixed and adjustable rates with low down payment and no PMI
Also offer construction to permanent loan
Flexibility with student loan payments
MD, DO, DDS, DMD, CPA, OD, DPM, Attorney
All products herein are subject to credit and property approval. Program terms & Conditions, including interest rates, annual percentage rates (APRs) and points or fees are subject to change without notice. Your APR will vary based on your final loan amount and applicable finance charges. Not all products are available in all states or for all amounts: consult your mortgage loan originator for additional details. There are no restrictions to the length of time since the medical professional has completed their residency. All loans subject to credit and property approval. *Restrictions apply, consult your mortgage loan originator for additional details.
Currently we offer several physician programs. Our most popular product will allow the following:
MD, DO, DPM, OMS
Clearly a strength is our product is more flexible than most of our peers. We have been able to help several physicians who were turned down elsewhere for the product recently. Allowing physicians to be greater than 10 yrs out of residency and still qualify has been helpful to many. The opportunity to provide 100% financing up to $1.5 million, and 95% financing up to $2 million, and 90% financing up to $2.5 million has been strong compared to competitors. Condos are allowable under the product.
“Impossible” Physician & Medical-Professional Home Loans
When banks say NO… NEO says yes!
Get Pre-Approved in Minutes: https://www.medicalprofessionalhomeloans.com/wcihomeloans/
Who We Specialize In
(If another lender has already said “no,” you’re in exactly the right place.)
Who Should Use a Conventional Lender Instead
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, DPM
Why NEO Says “YES”
| Your Hurdle | Our Solution |
| Less than 12 months of 1099 income | Future-contract & projected-income underwriting |
| Complex K-1s & write-offs | Cash-flow analysis that looks forward |
| High student-loan debt | Special DTI treatment & PSLF alignment |
| Time-sensitive purchase | Closings in as little as 14 days |
| Credit blemishes | Fico scores down to 580 |
“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 ⭐⭐⭐⭐⭐
Your 3-Step Plan
Start Now: https://www.medicalprofessionalhomeloans.com/wcihomeloans/
Stop Letting “No” Define Your Home-Buying Journey
Join thousands of White Coat Investor readers who turned complex finances into confident home ownership with NEO.
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
Physician mortgages, also known as doctor loans, are a type of mortgage specifically designed 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. Lenders who offer physician mortgages in Texas typically 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.
If you are committed to living in Texas for more than five years and have the financial means to do so, it is usually best to put 20% down and get a conventional mortgage. This will improve your monthly cash flow and allow you the financial freedom to invest or spend. By putting down a sufficient down payment, you will also save hundreds of thousands of dollars in interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
However, if you are looking to purchase a home in Texas and cannot or do not want to put down 20%, a physician mortgage loan is a reasonable option and is at least as good as other non-20%-down options.
When comparing conventional vs. physician mortgages, physician loans do have advantages, primarily revolving around easier underwriting requirements. A physician mortgage can help you qualify for a loan you otherwise could not get.
Conventional mortgages are generally more difficult to qualify for, but there is 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 will usually get a lower interest rate and fees. That means a lower monthly payment and a lower overall cost for your loan.