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.
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.
Designed for Doctors. Built for Your Future.
You spent years investing in your education. Homeownership shouldn't have to wait.
At Midland Federal Savings & Loan Association, our Physician Mortgage Program was specifically created for physicians and medical professionals whose financial profiles often don't fit traditional mortgage guidelines. Whether you're a resident, fellow, attending physician, dentist, pharmacist, or advanced practice provider, we understand that significant student loan balances and a limited employment history shouldn't stand in the way of purchasing your dream home.
Why Medical Professionals Choose Midland Federal
Purchase a home with little to no down payment.
Preserve cash for investments, relocation expenses, or emergency reserves.
Keep your monthly payment lower and maximize affordability.
Designed to accommodate large educational debt that often accompanies medical careers.
Purchase and close on a home up to 150 days before your official start date.
Financing available up to $2.5 million for qualified borrowers.
Start with a soft credit review at no cost.
Upgrade to a fully underwritten approval that can strengthen your offer in competitive markets.
Tier 1 – Credit Score 720+
100% Financing up to $2,000,000
90% Financing up to $2,500,000
No PMI
Tier 2 – Credit Score 680–719
100% Financing up to $1,500,000
95% Financing up to $2,000,000
75% Financing up to $2,500,000
No PMI
Fixed-Rate Mortgages
10-Year Fixed
15-Year Fixed
20-Year Fixed
30-Year Fixed
Adjustable-Rate Mortgages (ARMs)
5-Year ARM
7-Year ARM
10-Year ARM
15-Year ARM
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist
Physician-Friendly Underwriting:
Debt-to-Income ratios up to 50%
Low reserve requirements (0–6 months depending on profile)
Gift funds permitted
Asset depletion qualifying available
1099 and self-employed income considered
Non-occupant co-borrowers allowed on eligible transactions
More Property Choices
Finance:
Single-Family Homes
Townhomes
PUDs
Warrantable Condominiums
Select Non-Warrantable Condominiums
Modular Homes
1–2 Unit Properties
Long-Term Flexibility
No prepayment penalties
Mortgage recast options available
Available to U.S. Citizens, Permanent Residents, Non-Permanent Residents, and select Foreign Nationals
Beyond Physician Loans
They offer one of the industry's most comprehensive lending platforms.
Traditional Financing
Conventional
Jumbo
FHA
VA
USDA
Down Payment Assistance
Investment Property Financing
DSCR Loans
Second Homes
HELOCs
Home Equity Loans
Specialty & Non-QM Solutions
Bank Statement Loans
P&L Programs
Asset Utilization
Bridge Financing
ITIN Loans
Fix & Flip Financing
With over 20 years of mortgage experience, Richard specializes in helping physicians, dentists, pharmacists, residents, and fellows navigate home financing with confidence. From first consultation through closing, you'll receive personalized guidance tailored to your career stage and financial goals.
Ready to Explore Your Options?
Schedule a complimentary consultation and soft-credit pre-approval review to see how much home you may qualify for—with no obligation and no impact to your credit score.
Our medical loan is a specialized mortgage program designed for physicians and other eligible medical professionals. This portfolio product recognizes the unique financial profile of doctors, including high student loan balances and recent career starts.
Key highlights may include:
Up to 100% financing for qualified borrowers
No private mortgage insurance (PMI)
Flexible treatment of student loan debt
Loan amounts up to high-balance/jumbo ranges
Designed for MDs, DOs, DDS/DMD, DPM, and other approved medical professionals
This program is ideal for residents, fellows, and practicing physicians who want to purchase a primary residence without waiting years to save a large down payment.
Guidelines, eligibility, and loan limits vary. Borrowers must qualify based on credit, income, assets, and program requirements.
If you’re a medical professional looking for a smarter path to homeownership, let’s explore whether this program fits your goals.
Unlock specialized financing with high limits and flexible credit tiers tailored for healthcare experts.
Tier 1: FICO 720+
100% Financing up to $2,000,000
89.99% Financing up to $2,500,000
Tier 2: FICO 680–719
100% Financing up to $1,500,000
95% Financing up to $2,000,000
75% Financing up to $2,500,000
Available Loan Terms
Fixed Rates: 10, 15, 20, and 30-year terms.
Adjustable Rates (ARMs): 5, 7, 10, and 15-year options.
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist
The Medical Professional Advantage
Speed & Confidence: Start with a no-cost pre-approval via soft credit pull. Upgrade to a “Power-Bid” fully underwritten pre-approval to compete like a cash buyer.
Career-First Closing: Close on your home up to 150 days before your employment start date using your future contract.
Flexible Qualifications:
Debt-to-Income (DTI) ratios up to 50%.
Low reserve requirements (0–6 months); gift funds and non-occupant co-borrowers are welcome.
Asset depletion and 1099 income considered.
Ownership Freedom: No pre-payment penalties and re-casting options available. Eligible for U.S. Citizens, Permanent/Non-Permanent Residents, and Foreign Nationals.
Property Variety: Covers 1–2 unit homes, warrantable/non-warrantable condos, PUDs, townhomes, and modular homes.
Zero Out-of-Pocket: Can be paired with seller concessions for a potential no-money-down closing.
Comprehensive Lending Suite
Beyond medical-specific loans, Rate provides a full spectrum of financing through the Rate Loan Selection:
Standard & Government: Conventional, Jumbo, VA, FHA, USDA, and Down Payment Assistance.
Investment & Equity: DSCR financing for rentals, second homes, HELOCs, and 2nd mortgages.
Non-QM Specialty: Bank statement loans, P&L-based qualifying, bridge loans, ITIN, and Fix & Flip financing.
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. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.
Guaranteed Rate, Inc. D/B/A Rate; NMLS #2611; For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply.
15, 20, 25 30 Year Fixed, 5/6, 7/6, 10/6 ARM
MD, DO, DDS, DMD, Resident, Fellows, NP, DVM, RN, CRNA, DPM, Pharmacist, Attorney
Our Advanced Medical Professional Loan program is available to a wide range of licensed professionals including MD, DO, DVM, PharmD, DDS, DMD, medical residents, CRNAs and other qualifying advanced medical fields. The program offers up to 100% LTV with no MI and a minimum credit score of 680. It includes 30-year fixed terms along with additional fixed and adjustable options. Gift funds are permitted, co-signers are allowed, and income flexibility is available for contract and 1099 borrowers. For residents currently in training, student loan debt may be omitted for qualifying purposes.
Cornerstone Home Lending, a Division of Cornerstone Capital Bank, SSB. Member FDIC | NMLS #2258
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
Purchase and Refinancing
Financing Options (Based on FICO Score)
FICO Score is 720 or above, the following options are available:
FICO Score is 680-719, the following options are available:
Loan Terms Available:
30, 20, 15 & 10-year fixed, plus 5/7/10/15-year ARMs.
MD, DO, DDS, DMD, DVM, CRNA, DNAP, DPM, Pharmacist, DNP
Additional Mortgage Programs
Beyond the Medical Professional Program, we also offer:
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. Refinancing your mortgage may increase costs over the term of your loan.
Restrictions may apply.
Guaranteed Rate AƯinity, LLC is a subsidiary of Guaranteed Rate, Inc.; NMLS #1598647; For
licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions
may apply.
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
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.
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.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM, OMS
100% Financing up to $4,000,000, No Mortgage Insurance, No pre-payment penalty, competitive interest rates, Minimum FICO score 680.
All loans subjected to credit approval. Some restrictions apply. Subject to change without notice
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.
0% down to $1mm loan amount, 3% down to $1.25mm loan amount, 5% down to $1.5mm loan amount, 10% down to $2mm loan amount
MD, DO, DDS, DMD, DVM, DC, DPM, Pharmacist
low down payment option, contract income used to qualify, student loans not used if no payment for 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.
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.
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.
MD, DO, DDS, DMD, Resident, Fellows, PA, DVM, RN, DC, OD, DPM, Pharmacist
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.
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.
First Community Mortgage offers a product menu second to none with a 100% customer service centric approach to anything and everything that we do. We tailor our loan offerings for each individual client based on what fits their needs the best. This will include very competitively priced jumbo loan offerings that can accommodate larger loan amounts, creative financing approaches available as well for those with credit challenges, income challenges, etc. First Community Mortgage offers medical professional mortgage options designed for a broad range of healthcare careers. While many physician loan programs cap maximum loan amounts closer to $1 million, our programs support up to 100% financing on loan amounts up to $2 million for qualified medical professionals. We also offer options for 1-unit primary residences, residents and fellows, and a broader range of medical professions than many physician-only lenders. Programs are available for non-permanent residents and other eligible borrowers with lawful work authorization, subject to standard guidelines.
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, OD, DPM, Pharmacist
Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria. This loan product is offered by First Community Mortgage and administered through a broker relationship. For licensing information, go to: www.nmlsconsumeraccess.org.
*This product feature is available in limited states. Ask your Loan Originator for
details.
4305 N. Lincoln Ave Office D, Chicago, IL 60618
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. 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.
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DPM, Pharmacist
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, 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.
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.