I have had a lot of inquiries, particularly from dentists, about whether they were eligible for these fancy-schmancy “physician loan” style mortgages. I define a “physician mortgage” as:
- one that allows less than 20% down but doesn't require PMI,
- issued with a contract rather than proven income
- ignores the student loan burden or just takes into account the reduced payments available through ICR/IBR/PAYE programs for federal loans
So I decided to poll the various advertisers on the site about whether they offer their physician loans to other professionals, and if so, to which ones. If they do not offer their loans to other professionals, I asked if they had any “special” programs for them. This post contains the responses I received. I don't claim to be comprehensive, as some of them simply may have chosen not to respond. But if you are a dentist, attorney, or other professional, this list may give you a good idea of where to start looking.
Dentists
Dentists have the most options of the non-physician professionals. DDS and DMD degrees are often thrown in with the MD/DO crowd. Liberty Federal Credit Union, First Merchants Bank, PhysicianLoans, The Federal Savings Bank, Amerant Mortgage, American National Bank and Trust, Arvest Bank, Bank First, BankMD, Berkshire Bank, BMO Bank, Citizens Bank, City National Bank, Consumers Credit Union, Evolve Bank and Trust, First Citizens Bank, First Community Mortgage, First Federal Lakewood, First Horizon, First Merchants Bank, First National Bank of Omaha, First National Bank of Pennsylvania, Frandsen Bank & Trust, Fulton Mortgage, Green State Mortgage, Happy Mortgage a Division of Centennial Bank, Huntington Bank, Lake Michigan Credit Union, Liberty Federal Credit Union, Michigan State University Federal Credit Union, Northwest Bank, Neo Home Loans, PhysicianLoans. Premier Realty and Lending, Prosperity Bank, South State Bank, Synovus Bank, TD Bank, The Federal Savings Bank, University Federal Credit Union, and Washington Trust Mortgage Company all offer their doctor loan to dentists.
Podiatrists
A DPM degree can also get you a “doctor loan” from a number of the banks including Liberty Federal Credit Union, The Federal Savings Bank, Amerant Mortgage, American National Bank and Trust, Berkshire Bank, City National Bank, Evolve Bank and Trust, First Citizens Bank, First Federal Lakewood, First Horizon, Frandsen Bank & Trust, Fulton Mortgage, Green State Mortgage, Happy Mortgage a Division of Centennial Bank, Huntington Bank, Lake Michigan Credit Union, Laurel Road, Liberty Federal Credit Union, Michigan State University Federal Credit Union, Northwest Bank, Neo Home Loans, Premier Realty and Lending, Prosperity Bank, Synovus Bank, TD Bank, The Federal Savings Bank, and Washington Trust Mortgage Company.
Veterinarians
A DVM degree gets you a “doctor loan” from First Merchants Bank, PhysicianLoans, The Federal Savings Bank, Amerant Mortgage,American National Bank and Trust, Bank First, Berkshire Bank, City National Bank, Evolve Bank and Trust, First Federal Lakewood, First Merchants Bank, First National Bank of Pennsylvania, Frandsen Bank & Trust, Fulton Mortgage, Green State Mortgage, Huntington Bank, Michigan State University Federal Credit Union, Neo Home Loans, PhysicianLoans, Premier Realty and Lending, Prosperity Bank, South State Bank, The Federal Savings Bank, University Federal Credit Union, and Washington Trust Mortgage Company.
Optometrists
An OD degree gets you a “doctor loan” from Liberty Federal Credit Union, The Federal Savings Bank, Amerant Mortgage, American National Bank and Trust, Arvest Bank, City National Bank, Evolve Bank and Trust, First Citizens Bank, First Federal Lakewood, Frandsen Bank & Trust, Happy Mortgage a Division of Centennial Bank, Liberty Federal Credit Union, Michigan State University Federal Credit Union, Northwest Bank, Neo Home Loans, Premier Realty and Lending, and The Federal Savings Bank.
Certified Registered Nurse Anesthetists
A CRNA will get you a “doctor loan” from Amerant Mortgage, The Federal Savings Bank, American National Bank and Trust, Consumers Credit Union, Evolve Bank and Trust, First Horizon, Frandsen Bank & Trust, Lake Michigan Credit Union, Michigan State University Federal Credit Union, Neo Home Loans, The Federal Savings Bank, and University Federal Credit Union.
Pharmacist
Pharmacists can get a “doctor loan” from Amerant Mortgage, American National Bank and Trust, Bank First, Evolve Bank and Trust, First Horizon, First Merchants Bank, Frandsen Bank & Trust, Fulton Mortgage, Liberty Federal Credit Union, Michigan State University Federal Credit Union, Neo Home Loans, Premier Realty and Lending, The Federal Savings Bank, and University Federal Credit Union.
Accountant
A CPA designation will get you a “doctor loan” from Amerant Mortgage, American National Bank and Trust, First Horizon, Michigan State University Federal Credit Union, and Neo Home Loans.
Attorney
A JD degree will get you a “doctor loan” from Amerant Mortgage, American National Bank and Trust, Bank First, First Horizon, Happy Mortgage a Division of Centennial Bank, and Michigan State University Federal Credit Union.
There may be a lot of other options out there. As Josh Mettle of Physician Group @ Neo Home Loans recently pointed out to me, of the 7 programs they use for “doctor loans,” only one of them actually requires you to be a doctor. But this should give various non-physician professionals an idea about where to start their search for specialized mortgage products. You can find current contact information for agents at each of these various banks on my Doctor Loan Page. Thank you for supporting those who support The White Coat Investor. Although my primary goal is to educate high income professionals so they can resist the wiles of unscrupulous financial professionals, I also enjoy connecting doctors and others with some of the good guys in the financial industries.
Did you get a doctor loan? Who did you use? Did you have a good experience? If you are a non-physician, did you get a special loan of any type? If so, from whom and what was special about it? Comment below!
Great informative post; thanks. I didn’t see SunTrust (large bank in the Southern states) listed anywhere above, but that’s the lender we chose for our doctor mortgage. We started the process with several other big banks, but SunTrust was by far the most responsive, and had the best rates at the time. I believe they offer them for DDS and DMD as well.
Suntrust didn’t get back to me for the original post, but emailed me today indicating they offer “doctor loans” of 90% LTV up to $1 Million for doctors, dentists, vets, lawyers, pharmacists, PAs, NPs, CPAs etc. “All professionals.” Looks like they’re serious about competing in this space. 10% is still a pretty decent downpayment (especially on a $1M house)but it’s still less than 20%!
I used suntrust as well
We used Key Bank in Seattle — 10% down, 4.105% and no PMI on a 950K house. Very responsive and easy to use.
I was referred to Wells Fargo for a doctor loan (or rather, some type of non-conforming loan) but in the end the purchase I made, I was able to get a conforming loan through them but underwritten by Fannie Mae. Essentially the only difference I discovered between the conforming, vs non-conforming in interest rate. Although with a doctor loan/non-conforming loan-I didn’t need PMI, I could put 20% equity). I ended up getting a conforming 15 yr loan with 20% down and 2.45% interest rate for a $630K home. I do think that because it was initiated as a doctor loan, I was able to demonstrate ability to pay with my contract when it was “pre approved” but eventually they did want one pay stub.
sorry not to get people’s hopes up, I meant I got a 15 yr with 3.45% interest rate (this was in 2013).
When I became an attending I got a doctors loan from Mutual of Omaha.
Went through BBVA compass in 2011 when starting residency. They weren’t the most responsive but had much better rates then the other companies with whom I spoke. Financed 100% at 4% which dropped to 3.75% if I set up direct deposit. I did do this as a 5 and 1 arm to get the best rate. Realizing I’d be able to pay it off when I finished residency if I needed, and only planning to have the mortgage for 4-5 years.
We’ve used doctor loan products for 2 houses. The first was in 2011 and we used SunTrust Bank. We felt we got a great deal with 5% down, no PMI and a rate of 3.62% on a 7 year ARM. I am an independent contractor and they did require a lot of documentation to process the loan.
The second doctor loan product is for our home we just purchased in August. We used a local bank, Atlantic Coast Bank, and were very pleased with the product. We again did a 7 year ARM, 5% down, no PMI and this time the rate was 3.375%. We were able to close quickly and didn’t have any issues with underwriters since the local bank evaluates their mortgage applications in house. I think in the future I would go to a local bank or credit union first since they don’t seem to have to go through all the red tape national branches require.
I used a doctor’s loan through Wells Fargo when I finished fellowship. 30-year loan on a $830K home. I put 10% down, with a 4.5% interest rate.
Now in my 3rd year of practice, I feel like the smarter move would have been to save for a few years until I could save 20-25% for nice down payment, followed by a low-interest 15-year loan. I put an extra $10k extra per year now (once I get my tax rebate check) towards the principal, and pay an extra $1000 whenever it pops up from time to time. My goal is to pay the loan back in under 20 years.
I have a 15-year loan without PMI from a traditional bank for about 75% of my home’s equity at 3%. The only physician home loan product that would help me is a second mortgage that would enable me to pay off my 5% student loans at a lower rate with tax deductible interest. Anyone know of such a product?
I don’t know of a “physician’s loan” product like that. You’re probably not going to find a no-cost home equity loan at much better than that 5% (at least fixed), but at least $100K of it would be tax deductible.
I did a suntrust doctor loan for 527k 30 yr fixed @ 4.675% with 5% down required, this was done in 2011.
Im now looking for a construction loan but I now have a fresh foreclosure on my credit report after executing a strategic default on a condo purchased in 2005.
Im hoping a product(either a construction loan or home loan) becomes available in the next 12 to 24 months.
We used a doctor loan in August 2012 with 2012, we were happy with their service. We went with a 4.375% 30 year fixed and no PMI and now just did a refi with SDCCU with $0 closing costs and 2.875% for a 5 ARM that can adjust max of 2% every 5 years. The best part is we ended up having 25% equity on our house and no property tax impounds because of the appreciation in Southern California.
We used Bank of America for a physician loan going into residency. Technically no PMI but a higher interest rate than others, essentially going rate+PMI. They were horrible to work with and failed to transfer money on the closing date. I think this has more to do with their defective loan processing than the type of loan though.
We also used SunTrust for a physician loan and have been very happy with them. Loan started in March 2012, $695k house, 10% down, no PMI, no points, 3.99%, 30 years.
Does anyone know of lenders who will provide these kinda of loans to CRNA’s? I personally make more than most primary care docs. If it helps my wife is an attorney.
If you make so much, perhaps you ought to save up a 20% down payment. 🙂 Just kidding. I don’t know of any that single out CRNAs for special loans, but they certainly do for lawyers, so I’d work that angle.
That was a stupid joke. Then why doesn’t everyone else just save for a down payment? How disrespectful.
I guess no one is going to give me a comedy gig in Las Vegas. The internet is a bad place to hang out if you have thin skin. You will find all kinds of offensive humor on it, often in places you least expect it.
And I think saving up for a down payment is a great thing to do. That’s what I did. Why don’t others do it? They don’t do it because they’re in a rush to buy, they have better uses for their money, they have someone offering to lend them money without PMI (and more and more I’m seeing lenders lending money to anyone, not just doctors, lawyers, and CRNAs on those terms) etc etc.
Snide (not comedic) response very unnecessary and information as a response also inaccurate (obviously since it’s not for a doc). By far the majority of these loans are not “doctor only loans” though dubbed this quite often (mostly by doctors). The loans are for high income professionals. So yes many if not most are applicable to CRNAs as long as your income is appropriate.
I wouldn’t say that’s necessarily true. I think only a minority are available to CRNAs. The majority seem to be physicians and dentists only.
CRNAs do qualify for these loans. We actually specialize in serving CRNAs with our medical professional programs 🙂
https://crnahomeloans.com/
Depends on the lender.
We offer CRNA mortgages! Please visit http://crnahomeloans.com/ to learn more.
This is a great resource. Wish it was available when I was shopping for a doctor’s loan. I was going through the process with a suntrust rep who said their loan is for OD’s as well, but I guess she was misinformed and halfway through the process they said it is only for MD’s. I called around and eventually was connected to a BB&T rep in SC who did doctor loans for OD’s. I ended up getting one with them so it worked out well, but with lots of headaches along the way.
The experience has been good as I was able to get a no down payment ARM at a good rate. We plan on moving well before the rate hike, so it’s nice not having to pay PMI. The plan is to get move to a much lower cost of living area where the proceeds from the sale will be more than enough for a 20% conventional loan. Let’s see how it works out! Great information again.
How about for pharmacists (PharmD)?
I think one of the more recent ones I’ve put up on the doctor loan page does do a “doctor loan” for pharmacists. Let me see if I can recall who it was.
Fultonmortgage does them, but only in these states: MD, DC, VA, PA, DE, NJ. Jim Webster can help: [email protected]
We also offer mortgages to pharmacists. Visit http://fairwayphysicianhomeloans.com/ to learn more.
First Federal of Lakewood will also do physician home loans for MDs, DOs, and DPMs. If you want the broker’s contact information, let me know.
Do you know of any lenders that offer these type of loans for PA’s? Thank you in advance. I appreciate your content!
I’d try the ones that do it for most professionals. Just call them up and ask.
We can help! We have loans for PA and CRNA, please email me at [email protected]
I’m looking for a construction loan, that will carry 90-95% LTV, preferably a Physician loan that will accept a veterinarian, in Washington state. Does that even exist? Thanks.
I don’t know. Did you contact the lenders listed on this page that do doctor loans for vets?
We have recently opened up two of our doctor mortgage loan programs to veterinarians, CRNA, and attorneys. Unfortunately, we do not do construction loans, but if you could get the builder to finance the construction of the home, you could buy the home from the builder once completed with our program, thus achieving 90 to 95% financing. You can find out more about our client experiences at http://www.fairwayphysicianhomeloans.com/testimonials.
I was able to get a physician loan in Michigan from Level One Bank as a pharmacist. Ive referred numerous other colleagues who have also been successful.
Hi, anyone know a bank that can do pharmacist mortgage loan!?
Good question. Maybe we should do an update to this post including pharmacists now that we’re at 8% pharmacists per our survey.
Hello! Pharmacists qualify for our 100% physician financing program!
100% financing up to $1M
95% financing up to $2M
2-unit properties available
Gift funds acceptable
Qualify as an independent contractor without two-year employment history
Can close prior to employment start date
Flexible with student loan debt
Available to J-1 visa holders
Available to Physicians, PA, OD, DPT, DMD, DVM, DDS, and others
You can request a free consultation at https://www.medicalprofessionalhomeloans.com/new-100-percent-financing-programs/
We would love to help update this with data and comments if you need any help! Please let us know!