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 a physician mortgage loans can be a great option. Physician mortgages allow doctors favorable terms and little to no money down.
For physicians who are looking to buy a home in Maryland, the process can be particularly challenging due to their unique financial circumstances. According to Zillow, the median home value in Maryland is approximately $405,562 as of July 2023.
To facilitate your journey toward purchasing a home, we have a list of the top physician home lenders catering to doctors in Maryland.
Best Doctor Mortgage Loans in Maryland
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 Maryland, 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 Maryland.
Here are the best physician mortgage loans available to medical professionals in Maryland.
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
Atlantic Union Bank *
At Atlantic Union Bank, we recognize the hard work you put into getting where you are today as a medical professional. Whether you have years of experience as a doctor or are a recent grad with a contract for employment, we have a home loan program designed to fit your needs.
Terms:
0% down for loans up to $1M; 5% down from $1M to $1.5M; 10% down from $1.5M to $2M
No mortgage insurance
No limit on the length of time out of residency
Student loans deferred for at least one year may be excluded from debt-to-income qualifications
Qualify using future income with an employment contract and a start date within 90 days of closing
Eligible for interest rate discount with an automatic payment from an Atlantic Union Bank deposit account
Combine our Medical Professionals Home Loan with our Certified Buyer Pre-Approval Program, which isn’t your standard pre-qualification. We’ll fully underwrite your loan to determine how much you could be approved for by verifying your information and documentation. This can make you as attractive as a cash buyer when negotiating for your home and may even make the difference between your offer being accepted over another!
Close your loan in as little as 10 business days after pre-approval. Compete directly with cash buyers and remove the need for a financing contingency.
*Maximum loan amount for licensed medical residents and interns is $750,000.
Atlantic Union Bank NMLS #551889. This is not a commitment to lend or extend credit. All loans, credit and collateral are subject to approvals. Terms, rates, data, programs, information and conditions are subject to change without notice. Specific program restrictions may apply so please consult your dedicated Mortgage Loan Officer for complete details. Owner-occupied residences only (single family homes, Fannie/Freddie warrantable condos and townhomes). Borrower(s) may only have one (1) Medical Professionals Program serviced by Atlantic Union Bank at any time. Not all loans or products are available in all states.
United Bank – Mortgage *
United Bank understands that as a medical professional, you may be in a unique financial situation that may make this program a good option for you. We combine personal care with a seamless digital homebuying experience designed to provide you with a customized, secure, and transparent mortgage solution. You will know where you are in the process and you can easily upload, sign, and submit required documents all in one place using our secure interface. We are with you every step of the way. Our intuitive technology allows you to connect with our trusted mortgage professionals from any location, on any device, anytime.
Terms:
Professional Program1
No down payment options available depending on loan amount and product type
Primary Residence Only
No Private Mortgage Insurance Required
Adjustable Rate or Fixed options available
1Loan program is available in the following lending territory: VA, MD, DC, DE, GA, NC, SC, WV , KY**, OH**, and PA**
**Property must be located within 90 miles of a United Bank branch
Qualified doctors include PharmD, MD, DD, DMD/DDS, psychiatrists licensed as MDs and veterinarians (DVM or VDM). This program is also available to applicants still in residency, internship or fellowship (with certain restrictions).
United Bank | NMLS# 522399 (www.nmlsconsumeraccess.org) | Equal Housing Lender | Member FDIC. ADVERTISING NOTICE – NOT A COMMITMENT TO LEND – SUBJECT TO PROGRAM AVAILABILITY. This is not a commitment to lend. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR), programs, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary depending upon credit history and transaction specifics. Other closing costs may be necessary. Flood and/or property hazard insurance may be required. To be eligible, buyer must meet minimum down payment, underwriting, and program guidelines.
Novus Home Mortgage *
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:
Purchase
Refinance
Construction
For:
Primary residence
Second Home/Vacation Home
Investment (LTR)
Short Term Rental (STR)
Multi-family and Mixed-use properties up to 8 units
Other products offered:
Fannie Mae & Freddie Mac – Conventional, and High Balance
Community Reinvestment Act (CRA)
VA – No Loan Limit, No DTI Limit
Jumbo – as low as 10% down
FHA
USDA
ITIN – as low as 10.01% down
Construction loans – Conventional & FHA (min 5% down), VA (min 0% down), Jumbo (min 20% down)
DPA for qualified borrowers
Non-QM – DSCR (LTR & STR), Business and Personal Bank Statement, 1099, Asset Depletion, etc
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 $1 MM loan amount
5% down up to $1.75 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 720 FICO to qualify for above min down payment
Can go as low as 680 FICO – with higher down payment
Owner occupied Primary Residence
1-2 unit residential property – Single Family, Townhome, PUD, Condo, Duplex
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
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – don’t have to wait to be within 90 days of start of new job (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 to acreage (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 DPA funds if you qualify (hint hint residents!!!)
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Yes to a Construction loan to build your dream 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
Member FDIC | Equal Housing Lender
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
Oak Leaf Community Mortgage ∑
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
Terms:
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
Terms:
Borrowers may be self-employed physicians (2 year history needed) or medical researcher
Up to 95% financing up to $850,000/89% to $1M/85% to $1.5M on purchase & refinance
Up to 85% on Construction to Permanent loans with 12, 15 or 18 month build & one-time close
NO Private Mortgage Insurance Required
Non US Citizens are eligible
Can use employment contract income & close on your home 90 days prior to start date
SPECIAL banking relationship discount through a Citizens Bank Account
Seller Contributions Allowed
RECAST option available
30yr, 20yr, 15yr and 10yr fixed rate loans, 5,7 or 10 yearARMs.
Minimum credit score of 700
Student Loan Debt omitted in qualifying debt ratios if deferred at least 12 months following closing.
Ability to use IBR payment if not deferred for 12 months
Borrowers must have completed residency or fellowship within the last ten years, be a newly licensed
medical resident or about to begin new employment or residency within 90 days of closing.
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows
Strengths:
Superior service, loan exceptions available and flexibility in underwriting.
Working exclusively with medical professionals.
Offer both fixed and adjustable rates with low down payment and no PMI
Also offer construction to permanent loan
Flexibility with student loan payments
Thank you for your interest in First Citizens Bank! We offer physician loans at 100% financing to $1,000,000, 95% to $1,250,000, as well as higher loan sizes with tiered down payments. Options include purchase and refinance of primary and secondary residence as well as construction to permanent financing. There is no PMI on our Medical Mortgage products and no limit on years in practice for established physicians. The minimum credit score for this program is 680. Treatment of student loan payments in calculating debt to income ratios can often be of concern to physicians; but we are very flexible on how we underwrite deferment and income based repayment. Loans may close up to 60 days prior to employment start date. This program is open to US citizens, permanent, and non-permanent residents.
Terms:
Fixed rate and ARM options depending on loan amount and occupancy type. Primary residence – 100% financing up to $1,000,000; 95% up to $1,250,000; 90% up to $1,500,000; 80% up to $2,000,000; 75% to $3,000,000. Second home – 89.99% financing up to $1,250,000; 85% up to $1,500,000; 80% up to $2,000,000. Construction and Renovation – 89.99% financing up to $1,500,000; 85% up to $1,750,000. Minimum credit score – 680. Eligible borrowers include US Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens
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. I specialize in physician lending and have over 20 years of experience in mortgage loan originations. I also have prior experience in loan processing and underwriting. Our origination and fulfillment teams have a great partnership environment and I’m confident in our ability to deliver a smooth and stress free experience. Apply online here.
Equal Housing Lender. Member FDIC. Rates and Programs can change anytime without notice.
Fulton Mortgage
With over 22 years of mortgage banking experience and having helped well over 1000 family’s originating nearly one billion dollars in residential loans. This experience will provide important assistance for someone who needs help during the home buying process.
Terms:
Fulton Mortgage Company offers zero down up to $1,500,000, 5% down for loans from $1,500,001 to $2,000,000, 10% down Loans from $2,000,001 to $3,000,000.
No mortgage insurance with the loan and no restrictions for prepayments. Can close 90 days before the start of a new salary guaranteed job using that income to qualify. Gift funds from family member allowed for closing cost / prepaid expenses or down payment.
Must be US Citizen or have Valid Green Card. Student loans not counted in Debt-to-income ratio for Residents as long as 6 months or more remaining in residency. IBR payments used for doctors after residency training. Allow Doctors to be out of training up to 15 years. If relocating and taking new job time out of residency not applied. Must purchase with in one year of relocation if out of residency more than 15 years.
Terms: 15 year and 30 year fixed. 5/6 ARM , &/6 ARM, 10/6 ARM, 15/6 ARM
Low down payment for high loan amounts, No Reserves for 60 Day close, future employment contract 90 days from start date, family co-signer for Residents / Fellows.
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 Maryland and can help make their dream of homeownership a reality.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Maryland
If you've decided to buy a home, and you are committed to living in Maryland 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 Maryland 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.
Moving from Maryland and Need a Doctor Mortgage in a Different State?
