There is a bit of seasonality to physician financial issues, but nowhere is this more evident than with home-buying in the Spring. We sent each of our recommended mortgage lenders a list of questions to answer to get specific information about each of their physician mortgage products. As you can see, there is quite a bit of variability from one to the next, so if a physician mortgage is something you want or need to use, then you'll need to do a little bit of work to see which is the best option for you. Remember that most lenders do not lend in every state, but there are multiple lenders for each state, so your first screen should be “who lends in the state I'm buying in?” So click on the map below first to get an idea of what is available to you before proceeding through the rest of the post.
Also, we dramatically underestimated how long this post would be (partly because there are so many options these days and partly because the agents were pretty wordy.) So we've heavily edited their responses such that this post is basically our writing, reducing the post from >10,000 words to just over 3,000. If compliance officers have a problem with something, let us know. Also, bear in mind that any information here is only current as of the date of publication, so, confirm important details with the lenders themselves.
The questions we asked were the following.
- What are the terms of your physician mortgage product?
- What types of professionals qualify for your program?
- What do you see as your doctor mortgage product's strengths over its competitors?
We had a great response and hope you find this helpful if you're in the market for a physician mortgage. Remember a doctor mortgage is a mortgage that doesn't charge you PMI despite putting down less than 20%.
The Best of Physician Mortgage Lenders and the Loans they Offer
Fulton Mortgage Company - Jim Webster
Terms:
Fulton Mortgage Company offers a zero down payment loan with no mortgage insurance for
up to $1,500,000. Zero down for loans up to $1,500,000. 5% down for loan over $1,500,000 to $2,000,000. 10% down for loans over $2,000,000 up $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
Professions:
Medical Doctors, Dentists, Podiatrist, Veterinarians and Pharmacists
Strengths:
Our strength of program is very low requirements for down payment and funds to close. We allow up to 90 days form eligible income with a signed offer letter.
Jim Webster (NMLS #658933) can be reached at 240-620-1414 or [email protected]
First Federal Lakewood - Eric Veronica
Terms:
First Federal of Lakewood Physician Loan program allows for 100% financing on loan amounts up to $1,000,000, 95% financing on loan amounts up to 1.25MM and 90% financing on loan amounts up to 1.5MM First Federal Lakewood Physician Loan program allows for 100% on purchases up to $1,000,000. This program has no monthly mortgage insurance (PMI).
Professions:
M.D., D.D.S., D.M.D, D.O., DVM/Veterinarian, DPM/Podiatrist and O.D./Ophthalmologist.
Strengths:
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 our loan program that other lenders do not offer.
- First Federal Lakewood can close a physician loan based on an employment contract if the start date is within 12 months. Many of our competitors will only use new employment start dates within 30-60 days.
- Construction draw loans available in 5 states (KY, IN, MI, OH, PA)
- Long term locks up to 12 months available
Eric Veronica (NMLS #83197) can be reached at 419- 318-8985 or [email protected]
U.S. Bank ++
Contact: Jonathan Brozek (NMLS #850168) at 916-788-7982 or [email protected] (email preferred)
Equal Housing Lender. Member FDIC.
Northwest Bank - Tad Kuhn
Terms:
Fellows and Attending Physicians: $0 down up to loan amounts of $950,000 with $0 PMI. 5% down up to loan amounts of $1,250,000 with $0 PMI. 10% down up to loan amounts of $1,500,000 with $0 PMI. Loan amounts over $1,500,000 please email or call. Deferred student loan payments do not count in qualifying debt ratio, can close up to 60 days before job start date with signed Physician Contract. *Resident max loan, $647,200 with $0 Down and $0 PMI.
Professions:
MD, DO, OD, DDS, DMD or DPM degree – both practicing Physicians and Residents
Strengths:
1-4 unit primary residence, can close before starting job, flexible Portfolio Lender, dedicated Physician Loan Mortgage Team, Low Rates, Physician Loan Priority Processing and Underwriting, Close on time, e-sign, automated milestone communication sent to Physician and Realtor (Appraisal In, Commitment Letter completed, Final approval, etc…), and available 24/7 via phone, text , and email.
Tad Kuhn (NMLS #501901) can be reached at 614-581-2727 or [email protected]
Berkshire Bank - Stephen Morrison
Terms:
Various terms and plans available
No PMI
Closing available 90 days before employment starts
Seller contribution allowed
Escrow waivers not allowed
Minimum FICO score of 700 to qualify
Maximum debt to income ratio 45%
100% loan to value (LTV) up to $1,000,000
95% LTV to $1,250,000
90% LTV to $2,000,000
Reserve Requirements: Reserves are required and the range from 2-6 months of your monthly mortgage payment
Professionals:
Medical, dental, veterinarian residents or those who are currently employed in residency or fellowship
Practicing physician (MD, DPM, DO)
Practicing Dentist (DDS, DMD)
Oral Surgeons
Veterinarians
Practicing doctors must be out of residency/internship/fellowship less than 10 years.
Strengths:
Product Eligibility: 30 Year Fixed, 15 Year Fixed, as well as the 7/1 and 10/1 ARM Products
1099 Independent Contractor for less than 12 months allowed
Future Employment: Projected Income is acceptable for qualifying purposes when a borrower is scheduled to start a new job within 90 days of loan closing.
Stephen Morrison (NMLS #697238) can be reached at 781-640-6798 or [email protected]
Citizens Bank - Kent Austin
Terms:
Down payments as low as 5% and Physician loan amounts up to $1.5M. Fixed rate mortgages from 10 to 30 years and ARMs from 3 to 10 years available. Flexible underwriting that makes sense. Construction loans available.
Professionals:
All Physicians and dentists.
Strengths:
Superior service, loan exceptions available and flexibility in underwriting. I work exclusively with medical professionals.
Kent Austin (NMLS #273313) can be reached at [email protected]
Suntrust now Truist - Suzy Savod
Suzy Savod (NMLS #505434) can be reached at 866-810-4404 or [email protected]
Premier Realty and Lending - Nikki Jaeger
Terms:
Professionals:
Our Doctor Loan Program services the following professions:
Medical Resident, Medical Doctor (MD), Doctor of Dental Medicine (DMD), Doctor of Ophthalmology (MD), Doctor of Osteopathy (DO), Chiropractor (DC), Doctor of Surgery (DCH), Medical Fellow, Doctor of Dental Surgery (DDS), Doctor of Optometry (OD), Doctor of Podiatric (DPM), Pharmacist (RPH), Doctor of Veterinary Medicine (DVM), and Doctor of Psychiatric Medicine (DPM)Physician's Assistant, Registered Nurse.
Strengths:
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. Apply online here or contact Nikki.
Nikki Jaeger (NMLS #2292889) can be reached at 916-247-5427 [email protected]
Frandsen Bank & Trust - Brandon Reinarts
Terms:
0%-10% down options up to $2 million. 720 minimum credit score, No employment start date restrictions. Student loans excluded from debt ratios. ARM loans to 15/3. No mortgage insurance. No prepayment penalties. All terms flexible and customizable with exception approval.
Professions:
MD, DO, DMD, DDS, DPM, CRNA, DVM, OD, PharmD, NP, PA, (Medical Professionals)
Strengths:
Personalized and customized approval process that works with your specific scenario and goals as a relationship lender beyond just a transaction. Our approval is quick and smooth with flexible underwriting guidelines for all Physician/Doctor Loan parameters; decisions come out of the my office. Frandsen Bank holds/services almost all our loan options; I am your contact from time of application and will be your primary contact for the life of your loan. Local community bank lending only in MN/WI where we can best service our borrowers in the areas we know. Fully executed contract financing and 1099/self-employment financing.
Brandon Reinarts (NMLS #769600) at 507-353-7427 or [email protected]
CrossCountry Mortgage - Jeff Baker
Terms:
Professionals:
Medical Doctors, Dentists and Veterinarians.
Strengths:
Jeff Baker (NMLS #147296) can be reached at 773-230-8656 or [email protected]
Happy Mortgage a Division of Centennial Bank - Katie Campbell
Professions:
Attorney, Certified Public Accountant, Doctors – MD, DO, DPM, DDS, DMD, OD
Strengths:
- Up to 100% financing for Primary Residence*
- Purchase or refinance*
- Construction or renovation loans*
- Mortgage insurance not required
- Second home financing options available
Katie Campbell (NMLS#497745) can be reached at 469-438-5831 or [email protected]
Revolution Mortgage * - Brett Thomas
Brett Thomas (NMLS #1686046) can be reached at 614-581-1921 or [email protected]
Guaranteed Rate - Kourtney Hodgins
Terms: 5% down payment options up to $1M, Flexible DTI requirements, No monthly mortgage insurance, Gift contributions allowed in addition to down payment, Single-family homes, condos, PUDs and 2-unit properties, Minimum $200,000 loan amount, ARM products only.
Professions:
DC, DMD, DDS, MD, DO, OD, DPM, DVM, DCH, Medical Fellow, Medical Resident, Pharmacist
Strengths:
If you do not fit into the professional titles listed, we have alternative lending options available to you. Please feel free to reach out and we will work to find a solution that fits your unique needs.
Kourtney Hodgins (NMLS #821122) can be reached at 727-644-3889 or [email protected]
First Citizens Bank - Valerie Leonard
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
Professions:
Medical residents, interns, fellows and practicing physicians with the following designations~ MD, DDS, OD, DP, DPM, DO, DMD, DCh
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. 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.
Valerie Leonard (NMLS #415176) can be reached at 864-630-0921 or [email protected]
First Horizon - Karen Hackney/Tony Umholtz
Terms: Currently we offer several physician programs. Our most popular product will allow the following:
- 100% financing up to a $1.5 million loan amount
- No PMI
- No restrictions for time out of residency
- Very low reserve requirements
- Minimum credit score of 680
- Can close up to 6 months prior to employment start date
Professions: We have two different products, one only allows MD, DO’s, and Podiatrists. Our other product is much more broad, it allows Doctors, Dentists, Pharmacists, Nurse Anesthetist, Attorneys, and CPAs.
Strengths:
Clearly a strength is our product is more flexible than most of our peers. We have been able to help several physicians who were turned down elsewhere for the product recently. Allowing physicians to be greater than 10 yrs out of residency and still qualify has been helpful to many. 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. Condos are allowable under the product.
Karen Hackney (NMLS #659295) can be reached at 865-548-7313 or [email protected]
Tony Umholtz (NMLS #377409) can be reached at 813-603-4255 or [email protected]
City National Bank - David Hager
Terms:
100% up to $1 million
95% up to $1.5 million
90% up to $2 million
Professionals:
Doctor of Dental Medicine, DMD, Orthodontists, Oral Surgeons
Doctor of Optometry Optometrists
Doctor of Medicine MD
Doctor of Podiatric Medicine DPM
Doctor of Osteopathy DO
Doctor of Veterinary Medicine
Strengths:
Primary, secondary, cash out refinances, low credit scores
David Hager (#595259) can be reached at 904-208-1349 or [email protected]
NBT Bank - Michael Huot
Michael Huot (NMLS #49782) can be reached at 603-582-6492 or [email protected]
First National Bank - Kenneth Roos
Terms:
0% down to $1million, 10.01% down to $1.5million. 10-30 year fixed. 7/6, 10/6, 15/6 ARMS. Purchase or Refinance. Student loans excluded from Underwriting. Seller assist permitted to 4% on up to 10% down, 6% permitted over 6% down.
Professionals:
Physicians, Dentists, Veterinarians.
Strengths:
Construction/Permanent available with 15% down, no PMI.
Ken Roos (NMLS #436834) can be reach at 412-951-6793 or [email protected]
Simmons Bank - Tiffany Barger
Terms: Up to 102% financing. No PMI required (private mortgage insurance). May qualify using future income to close loan prior to new employment start date (employment contract required). Minimum credit score required: 640. Financing over 100% must be used for taxes, insurance, & other closing costs. Down payment may be required based on loan amount. Additional guidelines apply. Subject to credit approval. Member FDIC
Professions:
Strengths:
Tiffany Barger (NMLS #586831) can be reached at 501-259-1193 or [email protected]
Michigan State University Federal Credit Union - Jason Crandall
Terms:
No PMI, as low as 3% down, Fixed-Rate up to 30 years. Loan Amounts $100,000 – $3,000,000
Professionals:
Doctors (MD, Podiatric, Osteopathy, Optometry, Ophthalmology, Chiropractor, etc.), Advance Practice Providers (Physician Assistant, Nurse Practitioner, Clinical Nurse Specialist, Nurse Anesthetists, MSN/MSPAS), Dentist (DDS/DMD), Veterinarian (DVM), Accountant (CPA), Attorneys
Strengths:
MSUFCU's 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.
Jason Crandall (NMLS #1387255) can be reached at 517-333-2424, ext. 2268 or [email protected]
Washington Trust - David Fay
Terms:
0% down up to $750K, 5% down up to $1.25M, 10% down up to $2M. Down payment and closing costs may be gifted.
Professions:
Physicians, dentists, podiatrists, and veterinarians
Strengths:
0% down and a fast approval process due to our “true team spirit” rather than a large bureaucracy. Only 2 months reserves required and portfolio loans for good borrowers and those outside traditional guidelines. W can also assist with non-warrantable condominiums, recently self-employed, and foreign nationals.
David Fay (NMLS #513224) can be reached at 617-429-2059 or [email protected]
TD Bank - David Edmondson/Stephanie Arcelay
Terms:
TD's medical professional mortgages allow for participants to put a lower amount, sometimes nothing, toward a down payment. Under our current financing terms, physicians can borrow up to 100% of the home's value up to $750,000 and 95% financing up to $1,250,000. We also offer loan options up to $1,500,000 with 10% down. Additionally, our terms allow for medical professionals to purchase a single-family residence, a condominium, planned unit development, providing flexibility as they assess what type of home will best suit their needs.
Professions:
Qualifying for the benefits that a medical mortgage loan provides requires participants to have a career in the healthcare profession. Although there are no specific designated fields required to qualify at TD, typically we offer this to medical doctors and dentists (i.e. MD, DO, DPM, DDS, DMD), medical/dental residents and medical/dental fellows who are currently employed, in residency or in fellowship.
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.
Strengths:
When we launched our Medical Professional Mortgage in 2019, we built out a robust program that included highly experienced loan officers as well as a dedicated operations team expressly trained to process, underwrite and close these loans. Since then, we've made additional investments in technology to serve our medical professional customers, including a new loan operating system – managing every aspect of the life of a loan from prospecting through to closing. We also have new digital application software which reduces origination and processing time and is fully integrated with the new loan operating system.
We pride ourselves on our flexible debt-to-income ratios and commonsense underwriting. Physicians and dentists don't fit the typical profile for traditional mortgages, but that doesn't mean they shouldn't have the opportunity to realize the dream of homeownership. 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.
Additionally, TD does not require a two-year self-employment history on new self-employed dentists and physicians. This unique benefit we offer helps borrowers who recently purchased a practice and don't have a two-year employment history.
Lastly, TD retains the servicing on its medical professional mortgages, so we support our customers throughout their entire financial journey.
Stephanie Arcelay (NMLS #897166) can be reached at 615-484-6690 or [email protected]
David Edmondson (NMLS #1045001) can be reached at 781-367-6808 or [email protected]
S&T Bank - Kris Harbour
Terms:
5%, No max loan limit
Professionals:
Medical resident, medical fellow, Doctor of Medicine, Dentist, Optometry, Osteopathy, Veterinarians
Strengths:
New 1099 physicians, no max loan amount, 5%
Kris Harbour (NMLS # 689395) can be reached at 817-456-3991 or [email protected]
Huntington Bank - Sandi Jameson-Frith
Terms:
We offer Zero Down up to $1,000,000, 5% Down from $1,000,001 to $1,250,000 and 10% Down from $1,250,001 to $2,000,000 – all with NO PMI. This is for Primary Homes only and includes all Purchases, Refinances and Cash Out Refinances with up to $250,000 Cash Out. Minimum Credit Score is 700. We offer all Loan Programs such as a 30 Year Fixed, 15 Year Fixed, 3/6, 5/6, 7/6, 10/6 and 15/6 ARM products. Non-Warrantable Condos are also eligible, however, with 10% Down.
Professions:
MD, DO, DDS, DMD, DVM, DPM, and Ophthalmologists are eligible
Strengths:
Our Dr Program has been in place for over 13 years! Here at Huntington, we also service all our Physician Loans and do not sell or transfer the loans to another servicer. We allow for up to a 50% Debt to Income Ratio also, which is higher than most other lenders. Our program is very solid. I specialize with the program here at Huntington, it is ALL that I do!!
Sandi Jameson-Frith (NMLS #564023) can be reached at 586-749-8355 or [email protected]
Mercantile Bank * - Barbara Reamer
Contact: Barbara Reamer (NMLS #783173) at 517-853-2692 Office or 517-256-5364 Cell or [email protected]
PNC Bank - Scott Brown
Scott Brown (NMLS #184397) can be reached at 713-843-8807 or [email protected]
Bank First - Bill Rehn
Terms:
- 100% financing for loans up to $750,000
- 95% financing for loans $750,000 to $1,500,000
- 90% financing for loans over $1,500,000
- Expanded loan-to-value ratios
- No income history requirement
- No private mortgage insurance requirement
- Available for purchase or refinance on owner-occupied residences
- Available for 1st position liens only
- Standard fees apply
- Subject to credit approval
- Offer subject to change at any time
Bill Rehn (NMLS #1171662) can be reached at 920-469-3923 or [email protected].
The Federal Savings Bank - Upen Patel
Terms:
0% down up to $1 MM loan amount
5% down up to $1.5 MM loan amount
10% down up to $2 MM loan amount
Owner occupied Primary Residence
1-4 unit residential property
Rental income can be used to meet DTI requirement
Min FICO – 660 (lower FICO will not affect your rate)
No MI
No Reserve Requirement
No Pre-payment Penalty
ARM loan options
Can close up to 90 days prior to start of new job
Student loan payments deferred for 12+ months are not included in DTI
No limit on the number of years out of residency
Non-occupant co-borrower allowed
Gift funds allowed from family members
Up to 6% seller credit allowed
US Citizens, Permanent Resident Aliens, Work Visa
Professionals:
Physician / Surgeon (MD)
Osteopathist / Osteopath (DO)
Dentist, including Orthodontist / Prosthodontist (DDS or DMD)
Nurse Anesthetist (CRNA)
Physician Assistantn (PA)
Nurse Midwife (APRN, CNM)
Nurse Practitioner (NP)
Podiatrist (DPM)
Pharmacist (RPH, PharmD)
Optometrist (OD)
Veterinarian (DVM)
Psychologist / Psychiatristdch
Interns, Residents, Fellows
* Proof of medical degree and license required
* Potential to request an exception for medical & healthcare professions not listed above
Strengths:
Serving medical and healthcare professionals nationwide.
Wide coverage of professionals – We value the contribution of healthcare professionals and want to support as many as possible to achieve the dream of homeownership.
Qualify with few funds – low down payment & NO Reserves
Lower rate compared to a traditional mortgage.
Program is open to all qualifying professionals regardless of years in practice.
Loan available for Cash-out Refi as well (with lower LTV).
Upen Patel (NMLS # 1374243) can be reached at 571-331-5161 or [email protected]
Fifth Third Bank - Tony Lupescu
Tony Lupescu (NMLS #224410) can be reached at 708-351-6416 or [email protected]
First National Bank of Omaha - Kristi Lyons
Terms:
FNBO offers home financing solutions geared specifically towards physicians. Our physician loan
product is a 10/6 ARM meaning that the rate is fixed for the first 10 years and is amortized for 30 years.
Option #1
Loan amounts up to $850,000
Requires a 0% down payment
Requires 2 months of reserves
No mortgage insurance
Minimum credit score of 720
US citizen or permanent resident alien
Must be an active medical doctor or resident, an anesthesiologist, or dentist
Fully executed employment contract with no contingencies are permitted for income
verification.
Applicant must start work within 90 days of loan closing.
Option #2
Loan amounts from $850,001 to $1,250,000
Requires a 5% down payment
Requires 4 months of reserves
No mortgage insurance
Minimum credit score of 720
US citizen or permanent resident alien
Must be an active medical doctor or resident, an anesthesiologist, or dentist
Fully executed employment contract with no contingencies are permitted for income
verification.
Applicant must start work within 90 days of loan closing.
Option #3
Loan amounts from $1,250,001-$1,500,000
Requires a 10% down payment
Requires 4 months of reserves
No mortgage insurance
Minimum credit score of 720
US citizen or permanent resident alien
Must be an active medical doctor or resident, an anesthesiologist, or dentist
Fully executed employment contract with no contingencies are permitted for income
verification.
Applicant must start work within 90 days of loan closing.
Professionals:
Physicians and Dentists
Strengths:
We are a family owned and operated bank. We understand the importance the home ownership
process and how moving quickly can help with competing offers. Taking care of our customer is our #1 priority. We close every loan on time. We have the mortgage technology that allows customers to
access their information quickly and accurately.
Kristi Lyons (NMLS 536657) can be reached at 402-602-6746 or [email protected]
Physician Group at Neo Home Loans - Josh Mettle
Terms:
100% financing options available with fixed or adjustable terms for clients with 700 credit score or better and solutions with minimal down payments for medical professionals with credit scores down to 640. Can now 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.
Professionals:
Multiple physician and medical professional loans, solutions available for anyone with a professional medical designation.
Strengths:
The biggest challenge in the mortgage industry right now is speed to close, with housing inventory at an all-time low, we’ve focused on helping our clients close their loans in as little as 17 days (depending on the program and down payment amount).
Josh Mettle (NMLS #219996) can be reached at 855-260-9932 or [email protected]
PhysicianLoans - Tal Frank
Terms:
No Money Down, No PMI, 50% DTI, Special Underwriting, ARMs and Fixed
Professions:
Medical Doctors / Dentists / Veterinarians
Strengths:
Pioneers in this space, Best Customer Service, Experienced
Tal Frank (NMLS #1587) can be reached at 404-321-3931 or [email protected]
Arvest Bank ** - Jim Secrest
Terms:
- We will go to 103% LTV up to a loan amount of $1.25mil (Can roll up to 3% in closing costs into the loan).
- 95% LTV up to a loan amount of $1.75mil
- We offer 5YR ARM, 7YR ARM, & 10YR ARM, all of which are amortized of 30 years.
- We offer a 15YR fixed rate Physician Mortgage Loan in addition to our ARMs.
- We offer these loans in KS, MO, AR, OK
Professions:
They have to be a practicing physician, MD or in Residency. The only doctors we don’t do are Chiropractors and Veterinarian.
Strengths:
- 103% financing, I believe I am the only lender that allows closing cost to be financed.
- H1B & J1 work Visa accepted.
- We take the higher mid-fico score of either borrower, even if the spouse is not a physician, I don’t know of any lenders that do this.
- 660 minimum score for practicing physicians, 640 for residents
- No monthly PMI and no prepayment penalty if you want to pay the loan off early.
- My clients have my cell number and can get a hold of me 24/7, I pride myself on my customer service.
- We portfolio these loans which means they stay with Arvest for the life of the loan. We service the loan and they can call my cell number anytime with questions.
- Physician can close up to 4 months before they start their job, I don’t know of any other lenders that do that, most are 60-90 days.
- Debt Ratio goes up to 50%
Jim Secrest (NMLS #1104170) can be reached at 913-634-2323 or [email protected]
American National Bank and Trust - Michael Bruegel
Terms:
Up to 100% financing physician loans for SFR, non-warrantable condos, 30 years fixed and ARM products
Professions:
all MD, PA, CFNA, NP, DDS and Vets
Strengths:
Our wide range of products and different designations outside of just MD's, medical professions with advanced degrees.
Michael Bruegel (NMLS #496393) can be reached at 817-925-9393 or [email protected]
Northpointe Bank - Brookelynn Ewing
Brookelynn Ewing (NMLS #1623490) can be reached at 812-457-9814 or [email protected]
UMB Bank - Bryan Humphreys
Bryan Humphreys (NMLS #90495) can be reached at 636-207-2015 or [email protected]
Movement Mortgage - Samuel Hamilton
Terms:
Fixed rate options as well as 5/6, 7/6, & 10/6 ARMs.
Professionals:
Actively practicing medical doctors, dentist or dental surgeons, veterinarians, medical teaching professors OR newly licensed medical residents who are currently employed or are in residency OR newly licensed medical, dentists or dental students who are about to begin their new employment / residency within 90 days of closing.
Strengths:
Deferred student loan debt is not calculated against DTI. Future income with verification from employer that it will start within 90 days of the closing date. Eligible borrowers consist of US Citizens, Permanent Resident Aliens, Non-Permanent Resident Aliens, and Revocable Living Trusts.
Samuel Hamilton (NMLS # 1094595) can be reached at 856-366-8585 or [email protected]
Consumers Credit Union - Greg Wierenga
Terms:
0% down up to $750K, 5% down up to $1M, 20% down for greater than $1M
30 Year Fixed, and 7/1 ARM available –No PMI – Exclude all student loan debt from ratio! 10% down with no PMI on single family investment properties available too.
Professionals:
MD, PA, NP, CRNA, DDS, DMD, DO (others upon request)
Recent grads, and residents permitted.
Strengths:
Exclude all student loan debt from ratio which increases your buying power. Can close prior to employment. Community banking allows for more flexibility to fit your specific scenario with common sense underwriting. Fast closings. Your loan will not be sold to a 3rd party. 4% checking account (up to $15K balance) available. 90 day lock and shop available. Lock in rate now while you search for your dream home.
Greg Wierenga (NMLS #1636813) can be reached at cell 616-446-2567, office 616-208-1304 or [email protected]
University Federal Credit Union - Pedro Torres
Terms:
0% down up to $850K, 5% down for $850K to $1.5M. Lower rates available with 10% down. 15, 20, and 30 year fixed rate, 5yr ARMs. 2 units eligible
Professions:
Physicians, dentists, pharmacists, nurse practitioners, nurse anesthetist, Certified Registered Nurse Anesthetist (CRNA), Physician Assistant, Veterinarians. Must start Residency (if applicable) to qualify.
Primary residences only, No PMI. No Prepayment Penalty. Eligible borrowers include US Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens
Strengths:
Low, fixed rates. Can close 90 days before start date. 30 day to close guarantee due to all in-house processing. In-house loan exception committee for out of the box scenarios.
Personalized, down-to-earth credit union way of doing business with benefits of a capable, well-established, full service mortgage services company. Number one lender in Austin for the last 5 years.
Pedro Torres (NMLS #1203683) can be reached at 512-954-3891 Cell or 512-997-4668 Office or [email protected]
Green State Mortgage - Todd Johnson
Terms:
0% down up to $1,000,000, 5% down to $1,250,000, 10% down to $2,000,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Our 15-year ARM is a unique product, and the rate is AMAZING!!! The rate is fixed for 15 years but amortizes over 30 years!
Professions:
Available to medical doctors who have a minimum of a M.D., D.O., D.D.S., or D.M.D. degree and an employment contract (or verification of terms of employment acceptance). Medical Doctors including Dentists, Podiatrists, Ophthalmologists are permitted. Veterinarians are permitted.
Strengths:
No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves. Most other lenders limit the purchase date to 60-90 days before starting a new position. We also allow business assets and gift funds for the down payment, closing costs and reserves. Debt-to-income ratios up to 50%. No 2-year history is required for physicians hired as a contractor or 1099 employee.
Contact: Todd Johnson (NMLS #224389) can be reached 630-697-7148 or [email protected]
Laurel Road - Americo Mendes
Terms: Up to 100% financing options available. Ask about our competitive terms on rate/term and cash-out refinancing. NO PMI. Fixed rate and variable rate mortgages available. NO prepayment penalty. Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Professionals: Available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM).
Strengths: Low fixed and variable APRs. Streamlined application and approval process. Available in all 50 states. Applicants may also receive up to $650 in closing cost credits. Laurel Road’s digital application is available 24-hrs per day for busy working professionals. See laurelroad.com
Americo (NMLS #108768) can be reached at 203-842-8921 or [email protected]
All loans are provided by KeyBank National Association, Member FDIC and Equal Housing Lender. NMLS # 399797
California Bank & Trust - Todd Dalton
Terms:
Low down payment options to 95% and in some cases 100% financing. We have programs with no PMI, large loan amounts if necessary up to 6MM. We offer construction to perm loans.
Professionals:
MD, DDS, DO, PHD, including special programs for PA’s, Pharmacists, Veterinarians, CPA’s, and Attorneys
Strengths:
We are a bank and you will find all of these products on our portfolio. Approvals are not needed by a third party and we are not selling these loans off. We are part of Zions Bancorporation with bank divisions in multiple states.
Todd Dalton (NMLS# 332678) can be reached at 858-213-8007 or [email protected]
Evolve Bank and Trust - Jay Couillard
Terms:
100% financing to $1,000,000
95% financing to $1,250,000
90% financing to $1,500,000
85% financing to $2,000,000+
No mortgage insurance. Property types are 1 to 4 family homes, condo, coop, land and new construction. Aggressive debt-to-income ratios, lower fico scores then competitors, future employment contract, underwriting exceptions per individual.
Professions:
Medical Doctors (MD), DO, Dentists (DMD), Optometrist (OD), Pharmacist, Podiatrist (DPM), Physician Assistant (PAs), Chiropractor (DC), Dental Surgeons (DDS), Veterinarians (DVM), Medical Residents, Nurse Anesthetist (CRNA), Nurse Practitioners (NP), and Clinical Nurse Specialists, and students graduating, beginning residency, fellowship, or future employment. You qualify for our EBT Medical Professional Program if you are just graduating from medical school, dental school, veterinarian school or 10 years or less out of residency or fellowship.
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; Portfolio product – we do not sell our loans.
No cost for a fully underwritten pre-approval – Evolve Express Mortgage
Jay Couillard (NMLS #87100) can be reached at 914-434-5036 or [email protected]
South State Bank - Nathan Willis
Terms:
5/1, 7/1 and 10/1 ARM’s along with 15 & 30 year fixed. 0% down loan with no PMI up to $1 million home if that’s what you wish to do. But, above that amount the breakdown is from $1mm – $1.25mm – 5% down and from $1.25mm + 10% down. Credit scores of 700 minimum required. Your taxes and insurance for the property would be escrowed in the payments. You can close up to 120 days before you begin your first day of work with us and we process a loan in a 30 day turnaround. Loan types offered are construction, primary purchase and second home purchase. Also, refinance is possible with these home selections.
Professions:
Our program is for Doctors, Dentists, Opthamologists, Phychiatrists & Veterinarians.
Strengths:
We are committed to getting our clients in their homes by contract date everytime! We make guideline exceptions for strong buyers and we accept Doctors with work Visa’s. We are particularly strong with self employed Doctors and Dentists and have lenient income guidelines for them.
Nathan Willis (NMLS #23036) can be reached at 260-418-3742 or [email protected]
First United Bank - Brian Platt
Contact: Brian Pratt (NMLS #310252) at 512-632-1731 or [email protected]
Golden 1 Credit Union - Bertha De La Torre
Terms:
Well-qualified buyers may borrow:
Up to $1,500,000 with a down payment as low as 10%
Up to $2,000,000 with a down payment as low as 15%
Up to $3,000,000 with a down payment as low as 20%
Up to $4,000,000 with a down payment as low as 25%
Professionals:
Strengths:
Enjoy features that could include fixed rates, adjustable rates, and interest-only adjustable rate option. Discover the Credit Union Difference!
Bertha De La Torre (NMLS #1245606) can be reached at 858-294-8409 or [email protected]
Level One Bank - Tony Cabrera
Terms:
Available programs include 30 and 15 year fixed rates; 5, 7, and 10 year adjustable rate mortgages. Zero down payment available up to $1,000,000 with a minimum 700 credit score. Can close with employment contract up to 60 days prior to start date. Do not require new account with auto pay to qualify for rate discounts. No Mortgage Insurance required. Condos are eligible. Gift funds are allowed.
Professions:
MD, DO, DMD, DDS, Pharm D, and DVM degrees allowed
Strengths:
You will be working with a very experienced team that will ensure that you have a positive mortgage experience and meet your contract date. We pride ourselves on outstanding customer service and fast execution! You are not required to establish a banking relationship and set up auto pay in order to qualify for rate discounts.
Tony Cabrera (NMLS #533270) can be reached at 734-417-6008 or [email protected]
BankMD - Moses Luevano
Contact: Moses Luevano (NMLS #1426259) or contact us 24/7 at 855-422-6563 or [email protected] (preferably prequalify online)
Prosperity Bank - Darren Davey
Professionals:
DO, MD, DPM, DDS, DMD & DVM.
Darren Davey (NMLS #258314) can be reached at 214-780-2217 or [email protected]
Lake Michigan Credit Union - Corbin Buttleman
Terms: 0% down to $650 (sometimes $1M), 5% down to $1M, 10% down to $1.25M, 20% down > $1.25M. 15-30 year fixed and 5/1-15/1 ARMs. Available for purchase, refinance, and construction.
Professionals: Physicians, dentists, podiatrists.
Strengths: As a Credit Union, we offer lower rates and costs as well as a 3% checking account (up to $15K balance).
Corbin Buttleman (NMLS #220543) can be reached at 231-941-6565 (MI) or 239-908-5867 (FL) or [email protected]
BMO Harris Bank - Marc Evans
Terms:
100% financing to $1MM, 95% to $1.5MM, 90% to $2MM, less than 10 years practicing(not including residency or fellowship) for down payments less than 10%. Primary Residence SFR, Condo, 2 unit properties eligible. Can close up to 90 days prior to employment start date with signed contract or signed offer letter. 30 year fixed rate options along with shorter term fixes and ARM’s. No PMI/MI. Rate/Term Refi or Purchase only. Gift funds allowed for down payment, closing costs, and reserves. We are no able to us 1099 contract income for doctors who have a guaranteed minimum salary in their contract without a 2 year history of income established.
Professions:
MD, DO, DDS, or DMD degree required, residents, fellows, and practicing physicians/dentists are eligible for the program with BMO Harris. Must be actively seeing patients.
Strengths:
BMO Harris has been offering the physician loan program for 7 years and has been expanding the product along the way. Personally I have specialized in the Physician loan program for 6 years working with clients from coast to coast. In that time I have worked with almost any scenario imaginable and can quickly determine what I am able to offer and how we can structure a loan to fit a client’s needs. I work with a dedicated team of processors and underwriters that only work with physician loans so we can provide the best service and customer experience.
Marc Evans (NMLS #362579) can be reached at 920-831-7721 or [email protected]
Defined Mortgage - Brandon Rubenstein
Terms:
We have zero down, fixed, ARM's.
Professionals:
Doctors, Residents, Dentists, Vets, and Chiropractors
Strengths:
Rates, zero down, and service
Brandon Rubenstein (NMLS #1730188) can be reached at 248-804-5733 or [email protected]
Whew! That was quite the list. I hope you find this resource helpful as you search for a physician mortgage and if you need a realtor too, check with our partner Curbside Real Estate for a recommendation.
What do you think? Have you purchased a physician mortgage? Who did you use and what was your experience like? Who else did you consider and what made your decision? Comment below!
What a helpful post, WCI!
We will be buying a house in 15 months once all of our student loans are paid off. So, I will be sure to check back to this page then to check out the deals. We won’t have 20% saved for a down-payment by that point and have other factors forcing us to move (school concerns for my little girl starting in 15 months for the specific grade she will be in…family first!).
I also love that interactive map. Really cool. I’ve seen it before on your site, but always think its a pretty awesome feature.
Do any of these banks offer mortgages to 1099 physicians with less than 1 year of 1099 income? (I.e. accepting a 1099 job right out of residency)
I’m not sure, that’s always a tricky issue for mortgage underwriting. I think 1 year of 1099 income may be required. But it may depend on how the contract is written. If it is pretty guaranteed, they might.
Suntrust did for me in 2016 but it probably depends on the wording of your contract (mine had a minimum guarenteed hours with guarenteed hourly pay). I do not think any other banks would work with me in my area which destroys the idea of competitive rates. But I got back then 4.125% 30yr fixed zero down (not jumbo sized though and neither were my student loans).
Bank of America will permit 1099 income without previous history if the future contract provides for minimum guaranteed hours and rate of pay.
There is a fascinating new development recently highlighted by the WSJ. It is too early to tell if it can be recommended, but it would make a good topic for further research. There is a company entitled Unison. They help a home buyer with a down payment. In exchange for this service, Unison becomes an investor in your home. The down payment money is not a loan. Unison will contribute up to 1/2 of your down payment of 20 percent. In exchange, Unison gets a portion of the profit (or loss) you make when you sell the home. Unison takes a share of the profit, but also suffers a loss if you lose money when you sell the home. My vision is that this might help a doc in high cost of living area. More research into this product has to be undertaken, but it sounds promising and worthy of a post by the WCI. But on your “to do” list! If it is worth recommending, they could become an affiliate advertiser for you. Could you make more money by putting 1/2 of your down payment in an index fund versus sacrificing some home equity over 30 years? I think the numbers on average would say yes, but formal analysis is required.
Interesting. I don’t think I’d recommend it from the investment side- you’re basically banking completely on price appreciation which historically occurs at about inflation or inflation + 1% with plenty of risk. But from the consumer side….could be useful, but I’d rather not complicate my life with something like that unless the deal looked really, really good which I can’t imagine it will if this company is to stay in business.
Perhaps a silly question….growing a real estate portfolio, can I use these for investment purposes or primary residence only?
Thanks as always WCI
JustSayin’
At least one will do a second home, but in general, they’re not going to work for real estate investing. Plus, it’s tough to be cash flow positive only putting 0-10% down.
Similar to comment above, hoping to buy a vacation home/lake house 30 miles away to use on weekends. Not really an investment home but treated similarly by banks I think. Most of these physician loans are marketed towards new physicians buying their first home to be used as a primary residence. Anybody know if any of the lenders will let you do a low down payment and no PMI on a vacation home? We have 2 physician income and think we could save up a good down payment over the next 24 months but hoping to not wait so long when we can afford the monthly mortgage now. Limited to banks that loan in Wisconsin.
Thanks
Daniel
Yes, at least one will do a second home. Not sure they lend in your state though.
Here it is: Chemical Bank. Not in WI unfortunately. Sure you don’t want that second home in MI or OH?
I’m a little surprised and bothered that WCI is giving this topic so much attention. Curbside Real Estate is sponsoring WCI? I think this goes against most of what WCI has been saying for years. I hope this is not a sign of things to come.
If you want a ” physician loan” and no PMI and have poor documentation of current income then rent until you can afford a down payment.
You will be getting a higher Interest rate and paying more in fees if you use these products.
You’re surprised that I’m talking about buying homes and about mortgages? Are you new to the blog? A simple search of “mortgage” on the site shows 10 pages of results.
You’re surprised that I partner with a company that connects people with recommended realtors? This is at least the third year I’ve been doing that.
Or are you surprised that I partnered with Curbside. Have you had some kind of a poor experience with Curbside?
Or you’re surprised that I think there are situations where it makes more sense to use your cash to pay down loans and max out retirement accounts instead of using it for a down payment?
Or you’re surprised that I have advertisers at all? I mean, this is a for-profit site I’m running here. Always has been.
I’m astounded you’re surprised by any of this, but I’d like to hear why any of it bothers you. Based on your last three sentences, you’re just not a fan of physician mortgages. Okay, here’s a situation where I think you’ll agree it makes sense:
You’ve got a doc with $400K in student loans relocating to his and his wife’s hometown after residency. He is making $250K, his wife makes $100K. He has access to a 401(k)/PSP ($55K), a cash balance plan ($30K), an HSA ($6,850), and a Backdoor Roth IRA ($5,500). His wife has access to a 401(k) ($18,500) an a Backdoor Roth IRA ($5,500). Total available tax advantaged space = $121,350, or 35% of their gross income. They have been at their jobs for 12 months. They love their jobs and their jobs love them. He just made partner with a private group. They want to buy a $500K house. They have $100K. What do you think they should use it for?
1) Max out retirement accounts
2) Pay down student loans
3) Down payment
I would pick both 1 and 2 over 3. Nor do I think they need to wait until the student loans are gone to buy a house with a stable professional and family situation.
I agree with you on your example. I’m supportive of this for profit site and it’s great. I’ve learned a lot. I’m a smarter investor because of it and I thank you. I’ve had no experience with Curbside.
It’s always nice to have a recommended realtor but if you’re paying for that recommendation there may be some fees associated with the purchase that you may not otherwise have. Maybe not…
Realtor referral fees are pretty common in the realtor business. It’s ripe for disruption. There’s a fair amount of money sloshing around in that 6% fee on a $1M house. But I don’t think paying a referral fee will cost the seller MORE than 6%. As a buyer, the seller technically pays, although it’s probably embedded in the price of houses.
@Ben…Bank of America was one of the few lenders that will do 1099 (about 5 shot me down….). US Bank seems ok with it as well (just started chatting with them today). BankSNB does as well.
Thanks for sharing your experience. Super helpful for others.
We just went through this. If you have an RVU based contract, especially if there is no guaranteed minimum $/hr, the big banks have a very hard time with it (BofA, US Bank). They *may* be able to grant exception approval, but we ended up pulling out of the application due to significant processing delays and poor communication before a decision was made. We are in process (and already credit/income approved) with one of the smaller lenders on your list and it has been much, much easier.
Thanks for sharing your experience!
Hello!
I am in a similar situation. Would you mind telling me which small lender you ended up choosing?Thank you!
Shreya
I hope everyone goes into their home purchase with eyes wide open. Just because a physician family qualifies for a big loan with a small down payment doesn’t necessarily mean it is a good idea.
WCI, do you feel it could be helpful to link this blog post to other information offering advice on how much debt is reasonable to take on?
I did personally purchase a home for over 1M later in my career, but at that point we had the ability to purchase without a mortgage. Our mortgage decision was more of an investment and tax arbitrage decision.
It’s already linked to my original article about physician loans. Which other ones do you think it should be linked to?
Sorry WCI, I initially missed it but found it when I went back to look more closely.
For anyone who wants more information about some pros and cons of buying a house and taking on a big mortgage, check out the underlined “read this” link in the early part of the blog post.
Is there a anyone who let you not charge interest for like first 6 months.
What will be the best way to borrow between $100-200k. Is there a way to avoid interest if I am able to pay back in less than a year .
No. I don’t know of anyone who will loan you $200K for 6+ months without being paid interest.
You can get smaller amounts from a 0% introductory credit card deal.
I recently interacted with Jonathan Brozek at US Bank when we almost bought a house about a week ago. Very friendly and professional, rates among the best I found when I shopped. Will be at the top of my list when we finally make a purchase!
WCI,
Amazing site! Thank you for all the help over the years.
Do any of these companies offer construction loans for doctors? Or loans to purchase just the land for a future new construction? The housing market in my area is overly inflated and many of the homes are 40-50 years old. New construction seems to make more financial sense.
Yes, at least one does. I don’t think most do though.
Check with Josh Mettle of Fairway Mortgage. I realize this is an older post, but in case someone needs to know for future. We were looking at a construction to permanent loan and they said they offer one for physicians.
Which one is that? I couldn’t find it after going over the list.
Appreciate the input
Chemical Bank – Kenneth Moore
Terms: 0% down up to $1M, 5% down up to $1.5M. Purchases, refinances, new construction. 15 and 30 year fixed and ARMs.
Professionals: Physicians, dentists, veterinarians, and chiropractors
New: More flexible options for IDR participants- i.e. we use the IDR payment to qualify residents for loans.
Strengths: Lower down payments on jumbo loans. Residents treated same as attendings. Second homes and construction loans.
Competitors: Fairway Independent Mortgage Corporation out of Utah does a nice job on social media!
Kenneth can be reached at [email protected]
Just wondering if any of these lenders will work with residents?
Bank of America seems to be missing from at least a couple of the state lists (clickable from the map) that I checked. I thought they are in all 50 states?
Yes, they do lend in all 50 states. Which states did you notice they were missing from?
TX and KS.
Thanks. We’ll get it fixed.
Happy to help!
Bank of America is not listed in Fl neither
They’re not listed anywhere right now. They’ve asked to be temporarily removed from the listing. Hopefully they’ll be back soon.
Flagstar Bank gave me a pre-approval knowing full well I am a recent business owner. We put an offer on the house and today I find out that since I don’t have a year as a business owner, they can’t approve the loan. So warning with Flagstar and David Edmondson.
Also, BOA won’t lend for new business owners either.
I feel like in future posts/updates, this should be a required question.
Thanks for the feedback. Lots of little quirks in the underwriting and it’s hard to think of all the problems you can run into in advance, much less listing them all out. Imagine how long this post would be if I asked each person another 5 questions.
I have learned to Be careful with mortgage lenders/agents. They are almost always commission based and eager to have you as a customer. They don’t always intend to mislead but often say what you want to hear to get you sort of locked in. When you are 3 weeks away from closing it then becomes very difficult to switch lending company’s and start over from scratch and they know that. I bought a house through capital one mortgage (they are now closing the mortgage dept). Was supposed to be a “physician loan” with 10% down and no PMI then 2-3 weeks from closing they tell me they changed the program and she was not aware and they can’t do %10 on a second home and needed to be 20%. I had already shopped around specifically for this 10% and no PMI physician loan.. There weren’t other options. The story sounded suspicious… We were able to work it out but essentially became a conventional loan.
The point is, I will always have a little skepticism when dealing with commissioned based sales. They always want a customer and are often willing to mislead to get you yo be there customer.
Not many companies do doctor loans on second homes.
I would avoid Bank SNB. Drew was very disorganized, wasted our time, and made promises he couldn’t keep.
Thanks for the feedback.
Has anybody received a rate better than 3.75% on a 10 year ARM or 4.625% for 30 year fixed recently? No points/no fees. This is with 0% down for 750K, excellent credit scores.
WCI has done a great job by putting a lot of lenders for physician home loan in one place. Really appreciate that.
Unfortunately, many agents are not transparent. Almost nobody wants to tell you the rate difference between their conventional and physician loans. They don’t want you to shop around. I think many financial industry people think they are very smart and physicians are a bunch of stupid folks waiting to fork out money! I wish I can tell them that if physicians (esp those following WCI), were in the finance field, they would have been their bosses!! Most of my friends who went in finance are now at a very senior level positions in places like Goldman Sachs/ JPM Chase/ Citibank, etc.
Sometimes agents are hesitant to give rates because they’ll be different in four hours. Plus a lot of docs don’t realize there are more moving parts than just rate. I can give you the rate you want by changing points/credits/fees.
You know you can easily look up rates without calling agents, right? Just use Amerisave to see what the going rate is right now. As I write this comment, a 30 year fixed with 20% down and good credit in my state is 4.625% with no points and a $360 credit toward closing costs. If you want a larger credit, 4.75% gets you a $2648 credit (this is all on a $400K loan on a $500K house). You can get 4.5% if you pay $1992 in points.
would you rather get a loan from a local lender or a big bank, if interest and apr were the same ?
I prefer local but if everything else were the same I guess I’d go with the better service, which in my experience is usually local.
Do you know if any of these mortgages will finance a coop purchase? this is sort of New York City specific where a majority of the apartments for sale are coops
Good question. I’m not sure. But if you call up the ones who lend in NY, I’ll bet they can tell you in 30 seconds.
Based on this sites recommendation I ended up using Flagstar Bank. While the loan itself was average as far rates and cost I would warn strongly against working with David Edmonson. While he was professional David’s communication and organization skills were horrendous. It got to the point where the sellers sent a CURE notice and if the loan had been delayed even one more day we would have lost the property.
Glad you were able to close on time. Sorry it didn’t go smoother.
As always thanks for the valuable feedback.
Does anyone offer physician loans that will do 6months from contract start date besides USbank? Or more the 90days? In California?
Thank you!
6 months is very rare. More than 90 days is rare too. I don’t have the answer, but it would be great after you call the California lenders if you could report back here in case someone else has the same question!
Josh Mettle of Fairway Mortgage was very helpful when loan shopping. They use a nice interface to present all their loan options. Definitely include them in your loan search!
I had a fantastic home buying experience with Stephanie Arcelay from Suntrust.
I cannot recommend her and her team more highly.
I had heard about some bad experiences with Suntrust MD loans, but she and her team were rock solid.
Initially I contacted several mortgage agents in different companies, she seemed more on top of things and professional, which held true for the entire process.
On a Friday evening, like 6pm, my wife and I found our dream home with our realtor, and realtor asked me to ask Stephanie to addend the preapproval letter and approve a closer closing date as per the seller’s request. We were in a tight housing market so I was nervous about getting things done ASAP for our offer.
I sent Stephanie an email.
2 minutes later Stephanie had resent the document. On a Friday evening. My realtor was like, “what? wow, lets get that offer in!”
Everything else from her side went fantastic. She and her team (Michelle Ellzey) and the underwriter officer Kara Gabriel were prompt, very helpful, and surprisingly supportive during a stressful homebuying experience.
The law firm closing the deal messed up the title work, which delayed closing, which was very stressful, largely because I was not getting communication about what was happening. It was the Suntrust team that actually helped explain to me what was going on and kept me updated day by day, which was really reassuring. Once closing happened there was no question that her team had everything covered.
I never write reviews about anything. But Stephanie Arcelay and her team at Suntrust provided exceptional customer service and got me and my wife into my dream home in a very tight market. She certainly went beyond expectations. I 100% recommend her.
Her contact is above: [email protected]
Thanks for sharing your experience. Always great to hear good feedback about our partners/sponsors/advertisers.