The process can be challenging for physicians looking to buy a home in California 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 conventional mortgage. This is where physician mortgage loans come in.
There are approximately 104,000 active physicians in California and according to Zillow, the median home value in California is approximately $784,000 as of April 2023. However, this varies widely depending on the specific city or region within the state. For example, the median home value in Los Angeles is approximately $968,000, while the median home value in Sacramento is approximately $541,000.
We've rounded up the best physician home lenders for doctors in California to help you take the next step to purchase a home.
Best Doctor Mortgage Loan Lenders in California
Buying a home in California with its high cost of living can be especially challenging, even with a physician income.
Fortunately, physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home. These loans 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 California.
If you are a physician in California who is looking to purchase a home, here's a list of the best physician mortgage loans available to medical professionals in California.
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
Fairwinds Credit Union *
Tailored Home Financing for Medical Professionals
You serve the community, we serve you. The FAIRWINDS Physician Loan Program makes it easy for doctors, dentists, and other medical professionals to achieve their homeownership dream. From medical school debt to other financial challenges, we understand the unique mortgage needs of healthcare workers. That's why we exclusively offer options for lower monthly payments without PMI premiums on everything from new home purchases to refinancing.
When you get a mortgage through FAIRWINDS, we'll help you get approved with no PMI, meaning you can save hundreds of dollars each month. Plus, we offer a variety of loan solutions to help you find one that fits both your budget and long-term goals.
Speak with a lending expert and start your journey towards home ownership and financial freedom today:
Terms:
Primary Residence Purchase or Rate/Term Refinance
Fixed Rate 30, 20, 15 or 10 year Term
Variable Rate 10/6 & 5/5 Term
Eligible Professions:
MD, DO, DDS, DMD, DPM
Strengths:
100% financing up to $1 million
95% financing up to $1.5 million
90% financing up to $2 million
No private mortgage insurance required, helping you save more each month
Use your future income to qualify—even up to 90 days before your job starts
Deferred student loan payment calculated at just 0.50% of the balance
Newly self-employed (1099) ? Only one year of tax returns required, or emp contract
Save Money with no application fee and biweekly payments
Federally insured by NCUA. Equal Housing Opportunity.
FAIRWINDS NMLS #715408
Genisys Credit Union *
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.
Terms:
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
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
Federally insured by NCUA We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Climate First Bank ¶
Climate First Bank is a full-service bank with a laser focus on environmental sustainability and doing good. In 2021 we launched with one purpose: to create a Bank that centers the planet, people, and profit. This guiding principle has fueled the Bank's tremendous growth, evidence that we are succeeding not despite our mission, but because of it. Climate First Bank is the world’s first FDIC-insured digital community bank founded to combat the climate crisis today, was recognized as the fastest-growing new bank in the United States since 2009.
Terms:
30-Yr Fixed
Must be active, licensed to practice in the U.S, license in good standing. NO limitations/suspensions of any kind per applicable state licensing website. Residents/fellows must provide evidence of employment to qualify for this program.
All loans subjected to credit approval. Some restrictions apply. Subject to change without notice
Alliant Credit Union ∅
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
At CrossCountry Mortgage, we separate ourselves from other mortgage lenders by offering exceptional customer service and a broad selection of home financing products. In addition to Physician Mortgages, our portfolio has an extensive range of products — from conventional and jumbo mortgages, to government-insured programs for veterans and rural home buyers, to programs that enable you to make full-cash offers — each homebuyer is different, so we make sure there is a solution for every lifestyle and personal situation.
Terms:
7, 10 and 15 year ARM. 15 and 30 Year Fixed
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
CrossCountry’s Physician Loan Program offers low and no down payment options for Medical Doctors, Dentists and Veterinarians. Our program includes flexible underwriting guidelines such as the ability to use future employment, 1099 contract income, gift funds, and relaxed student loan qualifications.
We value your contributions as healthcare professionals, so we also offer our Preferred Mortgage Savings to members of the White Coat Investor community. Through this affinity program, we will waive our lender and appraisal fees, providing a savings of up to $2198.
Ready to get started? Contact the loan officer for your state to learn more and complete our online application.
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.
U.S. Bank ††
Terms:
Residents with 6 months or less left in their residency or Fellowship programs who have accepted permanent positions or doctors that have completed residency within the past 10 yrs are eligible for the physician mortgage loan.
A global mortgage lender representing clients throughout the Golden State of California – from Los Angeles to Sacramento, Humboldt to Palm Springs, and Napa to San Diego. Trusted resource to doctors and other professionals doing high-end mortgages for 20+ years. The team at Premier Realty Lending is ready to assist you in every step of the process – whether it be a refinance or a purchase, as a California Refinance and Purchase Specialist. Languages include Urdu and Punjabi. Contact us if you are looking for a knowledgeable and motivated mortgage lender for your next transaction.
At Premier Realty Lending our motto is “On Time and as Promised”, and our Doctor Loan Program has been curated with that in mind. We’ll organize the process from loan application to move-in date to help you get to the finish line. At Premier Realty Lending, we are a high-tech company, and we have a streamlined process that can be started right from your smartphone. Apply online here or contact Nikki.
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!
Physician loans, also known as doctor mortgages, can be a great option for medical professionals who are looking to purchase a home in California. These loans are designed specifically for doctors, dentists, and other medical professionals who may have unique financial situations. Physician 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 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.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in California
Physician loans can be a good option for doctors who plan to stay in California for the long term and are committed to homeownership. However, it's important to consider all the options before making a decision. If you have the ability to put down 20% and get a conventional mortgage, that may be a better option in the long run. Conventional mortgages usually come with lower interest rates and fees, which can result in lower monthly payments and a lower overall cost for the loan. But if you can't or don't want to put down 20%, then a physician mortgage loan can be a reasonable alternative.
When comparing conventional mortgages and physician mortgages, physician loans have advantages primarily in terms of easier underwriting requirements. Physician loans can help you qualify for a loan that you otherwise wouldn't be able to get. Conventional mortgages are more difficult to qualify for, but they can offer significant financial benefits if you can meet the requirements. Ultimately, the decision between a conventional mortgage and a physician mortgage will depend on your financial situation and long-term goals.
Moving from California and Need a Doctor Mortgage in a Different State?
