For physicians who are looking to buy a home in Florida, 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.
There are approximately 73,000 active physicians in Florida and according to Zillow, the median home value in Florida is approximately $301,400 as of April 2023.
This varies widely depending on the specific city or region within the state. For example, the median home value in Miami is approximately $413,000, while the median home value in Jacksonville is approximately $237,000.
We’ve rounded up the best physician home lenders for doctors in Florida to help you take the next step to purchasing a home.
24 Best Doctor Mortgage Loans in Florida
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 Florida, 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 Florida.
Here are the best physician mortgage loans available to medical professionals in Florida.
1. Amerant Mortgage
Amerant Mortgage has unique product offerings with competitive rates and niche guidelines to ensure you get personalized advice. They offer construction to permanent doctor loans, as well as doctor loans on primary and second homes.
Amerant Mortgage Strengths: Available on primary homes, Construction to Permanent loans and Second Homes with competitive rates
Contact:
Kourtney Doyle (NMLS #821122)
EMAIL: [email protected]
PHONE: 727-644-3889
2. BankMD
BankMD is the only Specialized Physician Bank in the country. BankMD offers specialized, simple, and reliable services, focusing on the unique needs of Physician's to offer customized solutions to meet the challenging demands of your career and lifestyle.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows
BankMD Strengths: 50% DTI, 1099 accepted less than one year, future income, and self employed allowed.
Contact:
Moses Luevano (NMLS #1426259)
EMAIL: [email protected]
PHONE: 855-422-6563
3. BMO Bank
BMO Bank entered the US mortgage market in 2010 with the merger of M&I Bank and Harris Bank as the US operations of the Bank of Montreal in Canada. Since that merger, BMO Bank has been growing it’s US operations to become a nationwide retail and commercial presence.
BMO Strengths: BMO Bank has been aggressively growing in the US market over the past 12 years. When combined with their Canadian parent company, Bank of Montreal, they are one of the largest financial services firms in North America. As BMO Bank continues to grow, their mortgage services division is also adding more products and aiming to provide industry leading customer experience for every client from coast to coast.
Contact:
Jennifer Brown (NMLS #222936)
EMAIL: [email protected]
PHONE: 773-412-4250
4. Citizens Bank
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.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows
Citizens Bank Strengths: Flexibility with student loan payments and working exclusively with medical professionals. Superior service, loan exceptions available and flexibility in underwriting.
Contact:
Anne Swane (NMLS #697239)
EMAIL: [email protected]
PHONE: 603-944-2119
5. Evolve Bank and Trust
Evolve Bank & Trust is a best-in-class, technology-focused financial services organization headquartered in Memphis TN, who specialize on the medical industry. EBT Medical Professional Program is designed to support the individuals who have made the commitment to a medical career.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, CRNA, DC, OD, DPM, Pharmacist, Clinical Nurse Specialists
Evolve Bank and Trust Strengths: Gift funds allowed, non-occupant co-borrower, flexible debt-to-income ratios, commonsense underwriting, discounts on closing cost, minimum reserves required, Self-employed allowed, dedicated team for processing loans.
Contact:
Jay Couillard (NMLS #87100)
EMAIL: [email protected]
PHONE: 914-434-5036
6. Fifth Third Bank
The Fifth Third Bank is committed to providing its customers with innovative banking solutions and exceptional customer service. Fifth Third Bank is also known for its corporate social responsibility initiatives and community development programs.
Eligible Professions: MD, DO, DDS, DMD, DPM, DVM, and OD degrees
Contact:
Tony Lupescu (NMLS #224410)
EMAIL: [email protected]
PHONE: 708-351-6416
7. First Citizens Bank
Specializing in physician lending with over 20 years of experience in mortgage loan originations the First Citizens Bank offers physician loans at 100% financing to $1,000,000, 95% to $1,250,000, as well as higher loan sizes with tiered down payments.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows, DC, OD, DPM
First Citizens Bank Strengths: Program is open to all qualifying doctors regardless of years in practice, flexible underwriting on student loans, down payment and reserves may be gifted, excellent client service, and retained loan servicing.
Contact:
Valerie Leonard (NMLS #415176)
EMAIL: [email protected]
PHONE: 864-630-0921
8. First Federal Lakewood
First Federal Lakewood's physician loan program is very competitive with other lenders in this space when comparing interest rates and fees. There are a couple unique pieces of their loan program that other lenders do not offer.
Eligible Professions: MD, DO, DDS, DMD, DVM, OD, DPM
Strengths of First Federal Lakewood: First Federal Lakewood can close a physician loan based on an employment contract if the start date is within 12 months.
Contact:
Eric Veronica (NMLS #83197)
EMAIL: [email protected]
PHONE: 419-318-8985
9. First Horizon
First Horizon offers unique flexible options that allow physicians to be greater than 10 years out of residency and still qualify. 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.
Eligible Professions: MD, DO, DDS, DMD, CRNA, CPA, DPM, Pharmacist, Attorney
Contact:
Tony Umholtz (NMLS #377409)
EMAIL: [email protected]
PHONE: 813-603-4255
10. Happy Mortgage a Division of Centennial Bank
Happy Mortgage is a division of Centennial Bank, a regional bank based in Conway, Arkansas, United States. Happy Mortgage specializes in providing residential mortgages for homebuyers and homeowners.
Eligible Professions: MD, DO, DDS, DMD, CPA, OD, DPM, Attorney
Happy Mortgage a Division of Centennial Bank Strengths: Up to 100% financing for Primary Residence, Mortgage insurance not required, Second home financing options available.
Contact:
Katie Campbell (NMLS #497745)
EMAIL: [email protected]
PHONE: 469-438-5931
11. Huntington Bank
Huntington Bank has been in the mortgage industry since 1990, and specialize in Physician Loans, Construction Loans, and Luxury Home Financing (Jumbo Mortgages).
Eligible Professions: MD, DO, DDS, DMD, DVM, DPM
Huntington Bank Strengths: Doctor Mortgage Program has been in place for over 13 years. Their program allows for up to a 50% Debt to Income Ratio also, which is higher than most other lenders.
Contact:
Sandi Jameson-Frith (NMLS #564023)
EMAIL: [email protected]
PHONE: 586-749-8355
12. Lake Michigan Credit Union
Lake Michigan Credit Union (LMCU) is a not-for-profit financial cooperative founded in 1933.
Eligible Professions: MD, DO, DDS, DMD, CRNA, DPM
Strengths of Michigan Credit Union: MCU has received several awards for its banking products and services, including being named “Best Credit Union in Michigan” by Forbes in 2020.
Contact:
Corbin Buttleman (NMLS #220543)
EMAIL: [email protected]
PHONE: 239-908-5867
13. Laurel Road
Laurel Road is committed to serving the financial needs of doctors with Physician Mortgages. You can get a 0.25% rate discount when you take out a new mortgage or refinance your existing mortgage. You could also save up to $650 off closing costs.
Eligible Professions: MD, DO, Resident, Fellows, DPM
Laurel Road Strengths: Low fixed and variable APRs. Streamlined application and approval process. Applicants may also receive up to $650 in closing cost credits. Laurel Road’s digital application is available 24 hours per day for busy working professionals.
Contact:
Americo Mendes (NMLS #108768)
EMAIL: [email protected]
PHONE: 203-842-8921
14. Liberty Federal Credit Union
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.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows, OD, DPM, Pharmacist
Liberty Federal Credit Union Strengths: Liberty Federal Credit Union excels in providing value through better loan options for borrowers. According to the American Credit Union Mortgage Association, Liberty FCU was the Midwest’s top credit union in 2021 total first mortgage originations.
Contact:
John Feige (NMLS #453634)
EMAIL: [email protected]
PHONE: 502-767-7867
15. Michigan State University Federal Credit Union
Founded in 1937, Michigan State University Federal Credit Union was established 85 years ago to provide a safe place where members could borrow and save money.
Eligible Professions: MD, DO, DDS, DMD, Resident, PA, DVM, CRNA, CPA, DNAP, DC, OD, DPM, APRN, Pharmacist, Attorney
Michigan State University Federal Credit Union Strengths: Professional Mortgage Loan provides you the financial flexibility you need: As little as 3% down. No requirement for private mortgage insurance (PMI). Employment verification letter or employment offer letter may be used for qualification. Gift funds may be used for qualification. Student loans deferred for 12 months may be excluded from qualifying ratio in some instances. 60 day Pre-Approval Rate Guarantee.
Contact:
M'Lisa Clark (NMLS #455763)
EMAIL: [email protected]
PHONE: 517-333-2424 x2347
16. PNC Bank
PNC Bank is one of the nation’s top retail lenders and servicers of residential mortgage loans, and for more than 160 years, have been committed to providing clients with great service and powerful financial expertise to help them meet their financial goals. Combining approximately 2,200 retail banking branches and 8,900 ATMs throughout the US with competitive products and online and mobile solutions.
Contact:
Scott Brown (NMLS #184397)
EMAIL: [email protected]
PHONE: 713-843-8807
17. Physician Group at Neo Home Loans
Physician Group at New Home Loans offers 100% financing options available with fixed or adjustable terms for clients with 700 credit score or better and solutions with minimal down payments.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, CPA, DNAP, DC, OD, DPM, APRN, CNM, Pharmacist
Strengths: Focused on helping clients close their loans in as little as 17 days (depending on the program and down payment amount). Can help 1099 independent contractors with no previous experience as self-employed, 100% loan to value to $1M and 95% loan to value up to $2M loan amount.
Contact:
Josh Mettle (NMLS #219996)
EMAIL: [email protected]
PHONE: 855-260-9932
18. PhysicianLoans
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.
Eligible Professions: MD, DO, DDS, DMD, DVM
PhysicianLoans Strengths: Pioneers in this space and an approved member benefit for the AMA, AOA and SOMA.
Contact:
Tal Frank (NMLS #6502)
EMAIL: [email protected]
PHONE: 877-593-9313
19. South State Bank
In the Doctor Mortgage industry for over 19 years, South State Bank works to get doctors into their new home on time, every time. Providing comfort for Doctors & Dentists is their number one priority.
Eligible Professions: MD, DO, DDS, DMD, DVM
South State Bank Strengths: Guideline exceptions for strong buyers and accept Doctors with work Visa’s. South State Bank is particularly strong with self employed Doctors and Dentists and have lenient income guidelines for them.
Contact:
Nathan Willis (NMLS #23036)
EMAIL: [email protected]
PHONE: 260-418-3742
20. Synovus Bank
Synovus Bank was founded in 1888 and has grown to become one of the largest community banks in the Southeast region and has received several awards for its financial products and services, including being named “Best Bank” by Money Magazine in 2021.
Eligible Professions: MD, DO, DDS, DMD, DPM
Contact:
Taylor McLaughlin (NMLS #1121679)
EMAIL: [email protected]
PHONE: 239-777-5407
21. TD Bank
TD bank offers medical professional mortgages that doctors to put a lower amount, sometimes nothing, toward a down payment. In many cases residents, doctors, and dentists can use a contract for new employment to qualify for a medical mortgage, allowing them to purchase a home before beginning their job or residency within the field.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows, DPM
TD Bank Strengths: Qualifying requirements are typically fewer than that of a traditional mortgage program and are aimed at healthcare professionals who are looking to reduce debts of other forms, while investing in homeownership.
Contact:
Stephanie Arcelay (NMLS #897166)
EMAIL: [email protected]
PHONE: 615-484-6690
22. The Federal Savings Bank
The Federal Savings Bank is committed to finding the right mortgage for customers, especially those who are committed to save lives.
Eligible Professions: MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, CRNA, DNAP, OD, DPM, APRN, CNM, Pharmacist, Psychologist
The Federal Savings Bank Strengths: Qualify with few funds–low down payment and NO Reserves.
Contact:
Upen Patel (NMLS #1374243)
EMAIL: [email protected]
PHONE: 571-331-5161
23. Truist
Truist was formed in 2019 through the merger of BB&T Corporation and SunTrust Banks, Inc. Truist Bank operates in 17 states across the Southeast and Mid-Atlantic regions, offering a comprehensive range of financial products and services
Eligible Professions: MD, DO, DPM, and DDS
Contact:
Suzy Savod (NMLS #505434)
EMAIL: [email protected]
PHONE: 866-810-4404
24. US Bank
US Bank offers a Doctor Mortgage Program, designed to help medical professionals, including physicians, dentists, and veterinarians, buy or refinance a home.
Eligible Professions: MD, DO, DDS, DMD, OD, PharmD or JD
Contact:
Jonathan Brozek (NMLS #850168)
EMAIL: [email protected]
PHONE: 916-788-7982
How Do Florida 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 Florida and can help make their dream of homeownership a reality.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Florida
If you've decided to buy a home, and you are committed to living in Florida 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 Florida 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.