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 have the most options of the non-physician professionals. DDS and DMD degrees are often thrown in with the MD/DO crowd. UMB, Physicianloans.com, Physician Group @ Neo Home Loans, Bank of America, Charter One/Citizens Bank, Huntington, BBVA, Certus Bank, Bank of Nashville, BB&T, Compass, Suntrust, Flagstar, KeyBank, and Regions all offer their doctor loan to dentists.
A DPM degree can also get you a “doctor loan” from a number of the banks including UMB, Physician Group @ Neo Home Loans, Physicianloans.com, Bank of America, Huntington, Bank of Nashville, Flagstar, and Fifth Third Bank.
A DVM degree gets you a “doctor loan” from Physicianloans.com, UMB, Physician Group @ Neo Home Loans, Flagstar, and Huntington.
An OD degree gets you a “doctor loan” from UMB, Bank of America, Flagstar, and Physician Group @ Neo Home Loans.
A CPA designation will get you a “doctor loan” from UMB, BBVA, Flagstar, and Physician Group @ Neo Home Loans.
A JD degree will get you a “doctor loan” from UMB, BBVA, Flagstar, and Physician Group @ Neo Home Loans.
Certified Registered Nurse Anesthetists
A CRNA will get you a “doctor loan” from UMB and Physician Group @ Neo Home Loans.
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!