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
S&T Bank
Loan Officers:
Phone: 614- 563-4086
Mercantile Bank
Phone: 517-256-5364
Bell Bank Mortgage
We are one of the largest privately held banks in the country. We pride ourselves by going above and beyond. From your first interaction with us we simplify a process that’s often complex. We understand that your time is precious and our technology allows us to work together as efficiently as possible. We are also very competitive in finding you the lowest rate possible with the lowest possible costs and fees. We understand there may be real estate agents that don’t understand the physician loan program and we like to educate them on the benefits of using this program.
Bell Bank offers home financing options geared specifically for physicians and dentists with term options of a 30 year fixed. In addition we also offer ARM options with a 5, 7 and 10 year ARM. Depending on your loan amount you would have 3 options.
Option #1
Loan amounts up to $1,000,000
Requires a 5% down payment
Requires 3 months of reserves
No mortgage insurance
Option #2
Loan amounts from $1,000,000 to $1,500,000
Requires a 10% down payment
Requires 6 months of reserves
No mortgage insurance
Option #3
Loan amounts from $1,500,000 to $2,000,000
Requires a 15% down payment
Requires 6 months of reserves
No mortgage insurance
Above options require:
Minimum credit score of 720
US Citizen
Must be an active medical doctor or resident or dentist
Fully executed employment contract with no contingencies is allowed for income verification. Application must start work within 90 days of loan closing.
MD, DO, DDS, Resident, Fellows
Low fixed and variable APRS. Streamlined approval and application process. Here at Bell Bank we also service all of our loans and do not sell or transfer the loans to another servicer. Student loan payments can be omitted from the debt structure if we can show the payments will be deferred for at least 12 months.
Phone: 651-248-1936
United Financial Services
United Financial Services is located in California and was founded in 2007.
10% down to 1.5MM and 15% down to 2MM. No PMI, 10, 7, and 5 yr ARMS
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, CPA, DNAP, DC, OD, DPM, APRN, CNM, Pharmacist, Attorney, Pilot, PhD, Any Profession, CFNA, Clinical Nurse Specialists, Professional Athletes, High Tech Executives, Psychologist
Low downpayment with NO PMI, 10% down to 1.5MM 15% to 2MM. Closing in 15 days. Have options to offset lender fees.
Phone: 916-214-0326
CrossCountry Mortgage ∉
Mortgage Solutions Aren’t One-Size-Fits-All
At CrossCountry Mortgage, we separate ourselves from other mortgage lenders by offering exceptional customer service and a broad selection of home financing products. In addition to Physician Mortgages, our portfolio has an extensive range of products — from conventional and jumbo mortgages, to government-insured programs for veterans and rural home buyers, to programs that enable you to make full-cash offers — each homebuyer is different, so we make sure there is a solution for every lifestyle and personal situation.
7, 10 and 15 year ARM. 15 and 30 Year Fixed
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Jeff Baker has advised clients in search of residential mortgages for over twenty years. His honest, consultative style stems from an unwavering commitment to putting his clients first. Whether you're a first-time homebuyer or seasoned veteran, Jeff's goal is get your loan to the closing table with minimal stress and under the best terms available.
Jeff specializes in CrossCountry’s Physician Loan Program which offers low and no down payment options for Medical Doctors, Dentists and Veterinarians. Our program includes flexible underwriting guidelines such as the ability to use future employment, 1099 contract income, gift funds, and relaxed student loan qualifications.
We value your contributions as healthcare professionals, so we also offer our Preferred Mortgage Savings to members of the White Coat Investor community. Through this affinity program, we will waive our lender and appraisal fees, providing a savings of up to $2198.
Ready to get started? Click below to learn more and complete our online application.
Phone: 773-230-8656
First Bank ∇
Why First Bank Home Mortgage Stands Out Above the Rest
When it comes to securing the most important loan of your life, why would you settle for anything less than the best? First Bank Home Mortgage, with its Professional Loan package, has consistently proven to be a top choice among discerning homebuyers, and here's why.
Unmatched Expertise: Our team comprises of seasoned professionals who bring decades of experience. They understand the nuances of the mortgage industry, ensuring you get the most tailored advice.
Competitive Rates: At First Bank, we pride ourselves on offering some of the most competitive rates in the market. We believe in making homeownership accessible and affordable.
Flexibility: Our Professional Loan is designed with your needs in mind. Whether you're a first-time homebuyer or looking to refinance, we have customizable solutions just for you.
Transparent Processes: Forget about hidden fees and surprise costs. We maintain utmost transparency throughout the loan process, so you know exactly where every penny goes.
Swift Approvals: Our streamlined processes mean faster loan approvals, ensuring you can move into your dream home sooner than you imagined.
Your journey to homeownership deserves a trusted partner. Choose First Bank Home Mortgage, where your dream and our expertise come together seamlessly.
0% down to $400K and 95% down to $1MM
MD, DO, DDS, DMD, Resident, Fellows, Attorney
No down to low down options, NO PMI. Fixed and ARM options. Deferred student loans may be ignored during
residency / fellowship period.
Phone: 916-601-8782
Equal Housing Lender, Member FDIC
Services By Signature (SBS Mortgage)
100% Financing with No PMI with 680 Minimum Score. Can close 12 months PRIOR to start date with “Reserves”.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Easy Qualification Process.
Phone: 614-989-2718
PNC Bank ☄
At PNC, our knowledge, experience, and innovation can help you achieve your financial goals today. PNC Bank is one of the nation’s top retail lenders and servicers of residential mortgage loans, and for more than 160 years, we have been committed to providing our clients with great service and powerful financial expertise to help them meet their financial goals. Combine approximately 2,200 retail banking branches and 8,900 ATMs throughout the U.S., with competitive products and online and mobile solutions, and you’ll find we’re ready to provide you with convenient and sure access to a great customer experience. To learn more about your lending options, or to start an application, visit us online or contact our customer care center today!
Phone: 713-843-8807
Equal Housing Lender ©2023 The PNC Financial Services Group, Inc. All rights reserved.
PNC Bank, National Association.
Synovus Bank ∂
Financing up to $2 million on primary and secondary residences, purchase and refinances.
No down payment or Private Mortgage Insurance (PMI) required.
Projected income accepted if borrower is scheduled to begin new employment within 90 days of closing.
Eligible during first 10-years of licensed and practicing.
MD, DO, DDS, DMD, DPM
100% to $1 Million
Primary and Secondary residences
Projected income used if scheduled to begin new employment within 90 days
Construction to Permanent mortgage available on Physician Mortgage
Phone: 205-567-3061
Phone: 404-290-8258
Phone: 864-419-2300
Phone: 239-777-5407
Subject to credit and underwriting approval. Allowable LTV dependent upon primary or secondary residence, combined loan amount, and risk level. Property appraisal required. Cash-out refinancing not available on secondary residences. Synovus Bank, Member FDIC. Loans subject to approval, including credit approval. 
Liberty Federal Credit Union ∀
Liberty Federal Credit Union is a member-owned financial institution focused on returning value through innovative products and services. Liberty has been recognized on a state level by Forbes as one of Indiana’s best financial institutions. In recent years, the credit union has also received acclaim on a national level, including being named the nation’s Best Credit Union for Checking by Investopedia in 2021 and appearing on Newsweek’s list of America’s Best Banks in 2022.
Liberty Federal Credit Union excels in providing value through better loan options for borrowers. For instance, the credit union offers an uncommonly wide variety of mortgage options to ensure the best fit for its members. According to the American Credit Union Mortgage Association, Liberty FCU was the Midwest’s top credit union in 2021 total first mortgage originations.
Program features:
- No Private Mortgage Insurance (PMI)
- 100% financing up to $970,800 loan amounts
- 95% financing for $970,801 to $1,500,000 loan amounts
- 90% financing for $1,500,001 to $2,000,000 loan amounts
- Purchases and rate/term refinances are eligible
- Low credit score requirement of 680, plus free in-house credit repair
- We are committed to offering your lowest rate. If you find a lower rate, we’ll match it.1
Receive a gift card worth up to $500 on closing! 2 Plus, pair your mortgage with your Liberty FCU checking account and debit card to receive a 1/8% APR interest rate discount. 3
MD, DO, DDS, DMD, Resident, Fellows, OD, DPM, Pharmacist
Whether you just began your residency or you are an established physician, Liberty FCU is dedicated to helping you secure the home of your dreams.
This program is available to residents, fellows, new, and established physicians alike. 4 We will gladly work with you and your busy schedule. Pre-qualification can be done easily online or through email.
Phone: 502-767-7867
Loans are subject to credit review and approval. Closing costs may apply. Liberty FCU mortgage lending product availability may vary based on property location. A sample principal and interest payment on a (7)-year $500,000 adjustable-rate loan amount with a 3.500% interest rate (3.575% APR) is $6,719.93. Taxes and insurance are not included; therefore, the actual payment obligation will be greater. Actual interest rate may vary based on credit history. Additional rates and programs available. Visit us online for current rate information. Contact a Liberty FCU mortgage loan officer for more details.
1 Rate Match Guarantee available for new purchases and refinanced first mortgage loans of primary residences with conventional conforming financing. Certain product exclusions may apply. Loan Estimate from competing lender must be dated and received within three calendar days prior to locking your interest rate at Liberty FCU. The terms of the competing loan must be identical to Liberty FCU’s loan. If the loan does not close within the commitment period, the rate match may be voided. This offer is subject to credit approval and may change or terminate without notice. Offer is not applicable to government loans, including FHA, USDA, and VA financing. Not valid in combination with 1/8% rate discount. Product offerings may vary by state or region.
2 Gift card offer is available on financing of purchase or construction loans for primary residences only. Purchase or construction loan amounts up to $149,999 will receive a $250 gift card. Purchase or construction loan amounts of $150,000 or greater will receive a $500 gift card. Not valid in combination with any other offer.
3 Discount available on conventional conforming financing of purchases for primary residences only. Offer available for new primary mortgage loans and mortgage loans already established at Liberty FCU when refinanced with at least $10,000 new money. Closing costs may apply. Liberty FCU verifies the past checking history of applicants with ChexSystems, a national consumer reporting network. Information obtained from the report could result in checking account denial. Certain product exclusions may apply.
4 Available to residents, fellowship, newly established, or established physicians with MD, DO, DDS, DMD, OD, or DP credentials. Rates listed are specific to the Physician Loan mortgage program. Standard mortgage rates may vary.
First Merchants Bank ^^
First Merchants Bank is a community bank with our roots firmly in the Midwest. We got our start in Muncie, Indiana in 1893 and we’re proud to serve customers across Indiana, Ohio, Illinois, and Michigan. At First Merchants, we believe in providing dependable, big-bank services while maintaining the welcoming, close-knit feel of a community bank. We are attentive to our customer’s needs, with a focus on building relationships and elevating our communities. It’s a combination that’s earned us a Best Bank rating from Forbes and Newsweek.
We offer fixed rate and adjustable rate mortgage (ARM) programs. 100% financing up to $1 million, 95% financing up to $1.25 million, and 89.9% financing up to $2 million. No private mortgage insurance (PMI). Purchase and rate and term refinance available. Primary residence and condos allowed; non-warrantable condos considered. Loan amounts available up to $500,000 for Medical Residents with proof of fully executed employment contract. Can close up to 90 days prior to new employment start date with employment contract. All loans subject to credit approval. Contact for additional details and eligibility requirements.
MD, DO, DDS, DMD, Resident, Fellows, DVM, Pharmacist
The Physician Mortgage Program at First Merchants Bank offers greater flexibility on your debt-toincome (DTI), no private mortgage insurance (PMI), a lower down payment and higher loan limits than most traditional mortgage programs. Student loan debt can be eliminated from debt-to-income calculations when in deferment or forbearance for at least 12 months after loan closing. Gift funds are allowed towards down payment, closing costs and reserves. We do not require a banking relationship or auto pay to qualify for program benefits or rate discounts.
Phone: 734-417-6008
PhysicianLoans
Read below to learn more about us. But if you are on a short time-line and are looking for information quickly, go to www.physicianloans.com, click on Get Started and take one minute to complete the short form. Tal will make sure that you get what you need right away.
PhysicianLoans originated as a family business in 1993 and after being a pioneer in the physician loan space, grew to become one of the most trusted brands for doctors. Our loan officers specialize in working with doctors and are true experts on financing for Doctors. Our team can assist you in 47 states
PhysicianLoans is an approved member benefit for the AMA, AOA and SOMA. We are a trusted name in home financing for doctors.
We are also more than just a place for rate shopping. If expertise, advice and customer service are important to you, always be sure to speak with a PhysicianLoans loan officer.
Visit www.physicianloans.com, click on GET STARTED, and take one minute to complete the short form. Or call us at 877-593-9313. We will be in touch quickly and get you what you need to successfully move forward.
Not a hard sales pitch. Just the advice and information you need.
No Money Down, No PMI, 50% DTI, Special Underwriting, ARMs and Fixed
MD, DO, DDS, DMD, DVM
Pioneers in this space, Best Customer Service, Experienced
Phone: 877-593-9313
The Federal Savings Bank ++
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At The Federal Savings Bank, 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!
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
Min FICO – 660 (lower FICO will not affect your rate)
Owner occupied Primary Residence
1-4 unit residential property
Rental income can be used to meet DTI requirement
No MI
No Reserve Requirement
No Prepayment 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
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, CRNA, DNAP, OD, DPM, APRN, CNM, Pharmacist, Psychologist
Min FICO – 660 (lower FICO will not affect your rate) – Can ask for exception for lower
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)
Phone: 571-331-5161
Phone: 317-501-8860
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.
The Federal Savings Bank | Co. NMLS# 411500 | All Rights Reserved | thefederalsavingsbank.com
Member FDIC | Equal Housing Lender
Amerant Mortgage
Amerant has unique product offerings with competitive rates and niche guidelines to ensure you get personalized advice. We offer construction to permanent doctor loans, doctor loans on primary and second homes (stricter DTI and reserve requirements and higher minimum downpayment for second homes), and DSCR (Investor cash flow loans with no income document required).
Arms and Fixed Rates available. Unique Guidelines tailored to professionals; Doctor loans available for second homes.
Any Profession
Available on primary homes, Construction to Permanent loans and Second Homes with competitive rates
Phone: 727-644-3889
Fifth Third
Phone: 708-351-6416
US Bank ††
Residents with 6 months or less left in their residency or Fellowship programs who have accepted permanent positions or doctors that have completed residency within the past 10 yrs are eligible for the physician mortgage loan.
MD, DO, Resident, Fellows
Phone: 916-837-4531
Equal Housing Lender. Member FDIC.
UMB Bank
Phone: 636-207-2015
Citizens Bank
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. 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.
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.
MD, DO, DDS, DMD, Resident, Fellows
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
Phone: 603-944-2119
Phone: 586-904-5555
BankMD *
BankMD is the only Specialized Physician Bank in the country. BankMD offers Specialized, Simple and Reliable services, focussing on the unique needs of Physician's to offer customized solutions to meet the challenging demands of your career and lifestyle.
90% to $850M, 85% to $1,000M, 80% to $2,000M, 75% to $3,000M
MD, DO, DDS, DMD, Resident, Fellows
44% DTI, 1099 accepted less than one year, future income and self employed allowed
Phone: 855-422-6563
BankMD NMLS ID: 1426259 : BankMD is a division of TransPecos Banks, SSB Member FDIC, Equal Housing Lender
First Federal Lakewood
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).
MD, DO, DDS, DMD, DVM, OD, DPM
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
Phone: 419-318-8985
Northwest Bank
We specialize in Physician loan lending at Northwest Bank. Northwest Bank is a $15 Billion-dollar regional bank that has organically grown from a community bank that was founded in 1896 in Bradford PA. Winner of 6 JD Power awards including highest customer satisfaction with retail banking and the most trusted bank in Pennsylvania, also voted America’s best banks by Forbes and Time Money magazine, Northwest Bank puts customer service first. With over 25 years of mortgage lending experience specializing in Physician and Private Client lending we provide my clients with transparent and honest mortgage advice that helps each individual client achieve his or her goals. We work with a dedicated assistant, processor, and underwriter who all understand Physician loan lending to deliver an experience that exceeds your expectations, let our experienced team help you achieve your dream of home ownership.
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.
MD, DO, DDS, DMD, Resident, Fellows, OD, DPM
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.
Phone: 614-581-2727
Frandsen Bank & Trust †
Local community banking for Physicians; as your mortgage lender with Frandsen Bank & Trust, we pride ourselves on superior service from application until your final payment and beyond. Our expertise is mortgage lending anywhere in Minnesota and Wisconsin; where our offices are located, areas we know and can best service our borrowers. As a community banker, we genuinely understand every situation is unique, deserving special attention. Frandsen Bank & Trust gives me the ability to customize our offerings to buy, build, remodel or refinance your home to fit your unique situation and goals. We know local lending with offices in over 35 communities across Minnesota and Wisconsin. We are committed to gathering all information while giving every available financing option to my customers to help achieve their financial goals and dream of home ownership.
Frandsen Bank offers financing options for primary homes, second homes, and investment properties. We are here to answer all your questions and create specific scenarios to fit your needs. With our ability to hold/service your loan, we are your primary contact from application through your final loan payment. Get approved today, so you are ready to buy next week, next month, or next year!
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.
MD, DO, DDS, DMD, PA, NP, DVM, CRNA, OD, DPM, Pharmacist
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.
Phone: 507-353-7427
Member FDIC – Equal Housing Lender
Prosperity Bank **
Prosperity Bank is a regional bank and serves clients throughout Texas and Oklahoma. Prosperity was founded in 1983, is headquartered in Houston, TX and currently operates 272 full-service banking locations. Forbes has once again ranked Prosperity Bank as one of the top 10 Best Banks in America for 2022.
Please contact Darren Davey for current rates and terms.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Phone: 214-780-2217
Loans subject to credit approval. Terms and conditions subject to change without notice. This is not a commitment to lend. See Loan officer for details. Prosperity Bank NMLS #466414
TD Bank
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 $1,000,000, 95% financing up to $1,500,000, and 89.99% financing up to $2,000,000. Additionally, our terms allow for medical professionals to purchase a single-family residence, a condominium, planned unit development, a COOP, providing flexibility as they assess what type of home will best suit their needs.
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.
MD, DO, DDS, DMD, Resident, Fellows, DPM
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.
Phone: 781-367-6808
Phone: 615-484-6690
Washington Trust Mortgage Company
0% down up to $750K, 5% down up to $1.25M, 10% down up to $2M. Down payment and closing costs may be gifted.
MD, DO, DDS, DMD, DVM, DPM
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 strong borrowers and those outside traditional guidelines. We can also assist with non-warrantable condominiums, recently self-employed, and foreign nationals.
Phone: 617-429-2059
University Federal Credit Union
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
Primary residences only, No PMI. No Prepayment Penalty. Eligible borrowers include US Citizens, Permanent Resident Aliens, and Non-Permanent Resident Aliens
MD, DO, DDS, DMD, Resident, Fellows, PA, DVM, CRNA, Pharmacist, Clinical Nurse Specialists
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.
Phone: 512-954-3891 Cell or 512-997-4668 Office
Simmons Bank +
Whether you’re beginning Residency, Fellowship, or a Practicing Physician, Simmons Bank offers a Physician Mortgage Loan designed to meet the needs of Medical Physicians, Oral Surgeons, and Dentists.
Our team of dedicated Medical & Professional Bankers serve as a single point of contact, providing personalized concierge service and comprehensive expertise to assist with personal banking and lending needs. In addition to our Physician Mortgage Loan program, we offer the following products and services:
- Personal & Business Deposit Accounts
- Auto, Boat, ATV, and RV Loans
- Home Equity Loans and Lines of Credit
- Personal Unsecured Loans
- Construction/Renovation Loans
- Lot/Land Loans
- Bridge Loans
- Credit Cards
- Mortgage Loans
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
MD, DO, Resident, Fellows
Phone: 314-503-1083
Phone: 501-259-1193
Happy Mortgage a Division of Centennial Bank ^
MD, DO, DDS, DMD, CPA, OD, DPM, Attorney
- Up to 100% financing for Primary Residence*
- Purchase or refinance*
- Construction or renovation loans*
- Mortgage insurance not required
- Second home financing options available
Phone: 469-438-5931
All products herein are subject to credit and property approval. Program terms & Conditions including interest rates, annual percentage rates (APRs) and points or fees are subject to change without notice. Your APR will vary based on your final loan amount and applicable finance charges. Not all products are available in all states or for all amounts: consult your mortgage loan originator for additional details. There are no restrictions to the length of time since the medical professional has completed their residency. All loans subject to credit and property approval.*Restrictions apply, consult your mortgage loan originator for additional details.
First United Bank
Phone: 512-632-1731
First Horizon
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
MD, DO, DDS, DMD, CRNA, CPA, DPM, Pharmacist, Attorney
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.
Phone: 865-548-7313
Phone: 813-603-4255
Consumers Credit Union
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.
MD, DO, DDS, DMD, PA, NP, CRNA
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.
Phone: cell 616-446-2567, office 616-208-1304
City National Bank
100% up to $1 million
95% up to $1.5 million
90% up to $2 million
MD, DO, DDS, DMD, DVM, OD, DPM
Primary, secondary, cash out refinances, low credit scores
Phone: 904-208-1349
Berkshire Bank
The Physician Loan Program is designed for medical professionals who are purchasing their Primary Residence. Practicing doctors must be out of residency/internship/fellowship less than 10 years. All Borrowers and Co-Borrowers must occupy the home and only one is required to be a medical professional. This program requires the client to have a Berkshire Bank checking account and set up auto pay of their mortgage payment. Eligible properties include single family, condominiums, and PUDs.
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
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Product Eligibility: 30 Year Fixed, 15 Year Fixed, as well as 5/6, 7/6, and 10/6 ARM.
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.
Phone: 781-640-6798
Bank First
Bank First recognizes your professional success and the financial success that accompanies it. If you are a physician, our Professional Mortgage Program offers unique benefits compared to a traditional mortgage. Contact Bill today to find the perfect mortgage solution for you!
Terms:
- 30, 20, 15, 10 year fixed
- 10, 7, 5 year ARMs
- 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
- Can do out of state financing for a Bank First customer with max 80% LTV
- Owner occupied 1st and 2nd homes
- Can lock out to 120 days
- Expanded loan-to-value ratios
- No income history requirement
- Can use proof of future income (employment contract) within 60 days of closing.
- No private mortgage insurance requirement
- Retirement individuals from approved professions are eligible.
- 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
MD, DO, DDS, DMD, DVM, Pharmacist, Attorney, Professional Athletes
Phone: office 920-469-3923 cell 920-246-3255
First National Bank of Omaha
First National of Nebraska and its affiliates have nearly $30 billion in assets and 5,000 employee associates. We are the largest privately owned bank in the country and have over 165 years of history helping the communities that we serve. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming. Learn more at First National Bank of Omaha. We also have additional products to assist Physician Assistants, Nurse Practitioners, CRNAs, and Pharmacists.
FNBO offers home financing solutions geared specifically towards physicians with term options of 15 and 30 year fixed, in addition to ARM products up to 15 years. Depending on your loan amount, you would have 3 options:
Option #1
- Loan amounts up to $850,000
- Requires a 0% down payment
- Requires 4 months of reserves
- No mortgage insurance
Option #2
- Loan amounts from $850,001 to $1,250,000
- Requires a 5% down payment
- Requires 4 months of reserves
- No mortgage insurance
Option #3
- Loan amounts from $1,250,001-$1,500,000
- Requires a 10% down payment
- Requires 4 months of reserves
- No mortgage insurance
Above options require:
- Minimum credit score of 720
- US citizen or permanent resident alien
- Must be an active medical doctor or resident or dentist
- Fully executed employment contract with no contingencies are permitted for income verification. Applicant must start work within 90 days of loan closing.
MD, DDS, DMD, Resident, PA, NP, CRNA, Pharmacist
We are the largest privately owned bank in the country. We understand the importance of the home ownership process and how moving quickly can help with competing offers. Taking care of our customer is our #1 priority and we have the mortgage technology that allows customers to access their information quickly and accurately.
Phone: 402-602-6746
Truist
Phone: 866-810-4404
South State Bank
My love of housing and serving my clients is my driving force! I have moved across this beautiful land of ours multiple times and the worst experience has been when the lender over-promised the close dates. Once I was delayed and had to stay in a hotel for 30 days until they fixed it. Unacceptable!
I have been driven in this industry over the past 19 years, to provide my clients with an experience that gets them into their new home on time this time and every time. Providing that comfort for all of my Doctors & Dentists is number one for me. South State Bank has allowed me to provide an excellent product for our medical professionals as well as the internal support staff to get the job done right the first time… to this we are committed! Our products accommodate citizens, green card holders or visa holders. We provide financing for primary and second homes with no PMI and we allow the client to close up to 120 days before they start their new position, with a signed employment agreement.
0% down loan for primary homes with no PMI up to $1.25mm—(this is a new 100% loan limit)—- But, above that amount the breakdown is from $1.25mm to $1.5mm – 5% down and Above $1.5mm requires – 10% down…. (this includes newly constructed homes when they are finished)-
We offer all loan types but the doctor loan specifically allows you to buy a home like you’re mentioning at 0% down with no PMI and that allows you to future date your income even 120 days before you start work.
MD, DO, DDS, DMD, DVM
We are committed to getting our clients in their homes by contract date every time! 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.
Phone: 260-418-3742
Premier Realty and Lending
A global mortgage lender representing clients throughout the Golden State of California – from Los Angeles to Sacramento, Humboldt to Palm Springs, and Napa to San Diego. Trusted resource to doctors and other professionals doing high-end mortgages for 20+ years. The team at Premier Realty Lending is ready to assist you in every step of the process – whether it be a refinance or a purchase, as a California Refinance and Purchase Specialist. Languages include Urdu and Punjabi. Contact us if you are looking for a knowledgeable and motivated mortgage lender for your next transaction.
MD, DO, DDS, DMD, Resident, Fellows, PA, DVM, RN, DC, OD, DPM, Pharmacist
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.
Phone: 916-247-5427
Physician Group at Neo Home Loans
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.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, CPA, DNAP, DC, OD, DPM, APRN, CNM, Pharmacist
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).
Phone: 855-260-9932
Laurel Road ~
WCI readers can get a 0.25% rate discount+ on mortgage lending with Laurel Road+. You could also save up to $650 off closing costs+. Explore no Private Mortgage Insurance (PMI) options+ with a Mortgage Loan Officer+. There is no Processing/Application Fee, a value of $1,095+.
Check your rates today!
Up to 95% 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.
MD, DO, Resident, Fellows, DPM
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
Phone: 877-801-4686
Notice: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All credit products are subject to credit approval. Mortgage products are also subject to collateral approval. Mortgage products are available in all 50 U.S. states and Washington, D.C. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
1The interest rate discount of 0.25% is offered to borrowers who are active White Coat Investor readers and who are an intern, resident, fellow, doctor, clinical professor, researcher, or managing physician at the time of closing. To be eligible borrowers also must have a current medical license (as applicable) and have earned a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM) evidenced by a diploma. This 0.25% interest rate discount cannot be combined with other offers, except the Rewards Program. For Fixed-rate mortgages, the 0.25% rate discount is a permanent interest rate reduction that will be reflected in the Promissory Note interest rate. For adjustable-rate mortgages, the 0.25% rate discount will apply to the initial Fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note.
2Laurel Road offers up to $650 in lender's credit towards your mortgage closing costs. Credits cannot exceed borrowers' actual costs to close. For more information on how to obtain the $650 credit, refer to the Rewards Program information here.
395% financing is only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). 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.
Only 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). Retired doctors are not eligible. Additional conditions and restrictions apply.[/scroll-box]
Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. Member FDIC. NMLS # 399797. Equal Housing Lender. © 2022 KeyCorp® All Rights Reserved. Laurel Road is a federally registered service mark of KeyCorp. 3 Corporate Drive. 4th floor Shelton, CT 06484, USA.
Lake Michigan Credit Union
0% Down to $1,250,000.00, 5% down to $1,500,000.00, 10% down to $1,750,000.00, and 15% down to $2,000,000.00. 15-30 year fixed and 5/1-15/1 ARMS. Available for purchase, refinance, and construction.
MD, DO, DDS, DMD, CRNA, DPM
As a Credit Union, we offer lower rates and costs as well as a 3% checking account (up to $15K balance).
Phone: 231-941-6565 (MI) or 239-908-5867 (FL)
Huntington Bank
With a career in the mortgage industry since 1990, we understand that listening to your short-term and long-term goals is key to structuring a loan that will successfully meet your individual needs. We believe in exceeding your expectations throughout the loan process, whether you are purchasing or refinancing your current home, vacation home or income property. We specialize in Physician Loans, Construction Loans, and Luxury Home Financing (Jumbo Mortgages). There is an impressive array of mortgage products available through Huntington, we will work with you to help determine mortgage loans options to meet your needs.
Please contact us today to schedule a convenient time to discuss your home financing options! We want you to become a Huntington customer for life!
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.
MD, DO, DDS, DMD, DVM, DPM
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. We specialize with the program here at Huntington, it is ALL that we do!!
Phone: 586-749-8355
First Citizens Bank
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.
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
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, CRNA, DC, OD, DPM
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.
Phone: 864-630-0921
Michigan State University Federal Credit Union
Founded in 1937, MSUFCU was established 85 years ago to provide a safe place where members could borrow and save money. Over the years, we've built a strong foundation of relationships with our members – ultimately helping them achieve their dreams. Our employees live our mission every day to spark those moments for members to find financial freedom and security, as they purchase their first cars and homes, start their own businesses, and save for their children's futures. There are several options to qualify for membership: MSUFCU provides financial services to the MSU community, select employee and community groups, and anyone who is an immediate family or household member of someone who has an MSUFCU account. We offer services to anyone who lives, works, worships, goes to school, or owns a business in Oakland, Genesee, Lapeer, Livingston, and Macomb Counties. Additionally, individuals seeking membership with the Credit Union may opt to donate a minimum of $10 to the Desk Drawer Fund to become a donor member of the foundation.
No PMI, as low as 3% down, Fixed-Rate up to 30 years. Loan Amounts $100,000 – $3,000,000
MD, DO, DDS, DMD, Resident, PA, DVM, CRNA, CPA, DNAP, DC, OD, DPM, APRN, Pharmacist, Attorney
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.
Phone: 517-333-2424 x2347
First National Bank of Pennsylvania ∉
0% down to $1.25 million with 720 score, 10.01% down to $1.5 million. 30 and 15 Fixed, 15/6, 10/6, 7/6 ARM’s.
Purchase or Refinance.
Federal student loans are excluded from Underwriting for Interns, Residents, and Fellows.
Seller Assist permitted up to 4% at 90% LTV or higher, 6% on LTV below 90%.
No PMI.
Conventional and Jumbo Financing Available.
MD, DO, DDS, DMD, Resident, Fellows, DVM
Construction/Permanent available with 15% down, no PMI.
80% Financing up to $1.5 million for Second/Vacation Homes
1099 Contracted employees acceptable (upon review)
Phone: 412-951-6793
Phone: 440-724-7094
Equal Housing Lender. Member FDIC. Rates and Programs can change anytime without notice.
First Community Mortgage >
Whether you are a first-time homebuyer or have purchased several homes, we support you in a way you have never experienced. Whether you need the one-on-one support with close attention or prefer to utilize our digital experience, you can feel confident knowing you have experienced professionals always on your side. We offer Purchase, Rate/Term Refi’s, Second Home loans up to 90%, Investor Loans and Construction/Rehab loans. FCM has financing programs to tailor a program that fits your financial goals.
100% up to $1.25MM. 90% LTV 1.25MM to 1.5MM. Student loans not counted towards ratios.
Minimum credit score of 620. No PMI. No restrictions for time out of residency. Can close up to 90 days prior to employment start date. No Pre-payment penalty. Student loans omitted if deferred. IDR used if in repayment. Gift funds permitted for down payment and reserves.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM, Pharmacist
We offer fully underwritten pre-approvals completed by seasoned underwriters. This allows us to offer a $5,000 21 day close on time guarantee. Set yourself apart from other offers in this tight housing market. We are the lender and decisions are made internally.
Phone: 603-828-1743
Phone: 210-712-2562
This information is offered for informational purposes only. It is not intended as a substitute for, or alteration of, any federal or state law or regulation, company policy, or provision of any written plan document or agreement between the company and any contracted provider. In the event of any inconsistency between information here and any federal or state law or regulation, company policy, written plan document or agreement, the provisions of the relevant law, policy, plan document or agreement will govern, and no person or entity shall be entitled to claim detrimental reliance on any information provided or expressed here. Effort has been made to ensure the accuracy of this information; however, the Company reserves the right to interpret any ambiguity arising from any information provided.
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.
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
MD, DO, DDS, Resident, Fellows, DVM, DPM, Pharmacist
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.
Phone: 240-620-1414
BMO Bank
BMO Bank has developed a class leading Physician & Dentist Mortgage Loan Program. The below Loan Officers have decades of experience not only in the mortgage industry but also working specifically with Physicians and Dentists. We are dedicated to ensuring a qualify experience to all buyers, from start to finish.
Loan Officer Info:
Please contact the listed Loan Officer based on the state in which you are purchasing.
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 fixed and ARM’s. No PMI/MI. Rate/Term Refi or Purchase only. Gift funds allowed for down payment, closing costs, and reserves. We are now able to use 1099 contract income for doctors who have a guaranteed minimum salary in their contract without a 2 year history of income established as a 1099 employee. Must be actively seeing patients.
MD, DO, DDS, DMD, Resident, Fellows
BMO Bank developed and began offering a physician loan program in 2015. The program has been expanding and growing for the past 8 years. All of the Loan Officers listed specialize in the physician loan product. These 4 loan officers have a wealth of knowledge and experience to handle any scenario imaginable. We can quickly determine what options are available within BMO’s loan options to structure a loan to fit your needs. We have dedicated processors and underwriters to ensure a smooth lending process and quick closing. We look forward to earning your business!
Phone: 920-831-7721
Phone: 773-412-4250
Phone: 862-375-6267 (862-DrLoans)
Phone: 916-586-1706
Arvest Bank ∓
Get a mortgage and so much more.
Arvest Bank proudly serves our community’s medical professionals. We’re here to make life easier at every stage of your career, whether you’re just out of school or have practiced for years. We offer competitive local mortgage options, plus a variety of tailored services to manage your professional and personal finances.
- Up to 103% Mortgage Financing* with no money down for physicians and CRNA’s up to $1,250,000,
95% financing up to $1,750,000. - No Private Mortgage Insurance, resulting in lower monthly payments
- Residents/Fellows are eligible if schooling has been completed and under contract for employment/residency
MD, DO, DDS, DMD, Resident, Fellows, CRNA, OD, DPM
- Innovative payment processing solutions.
- Checking/Savings accounts with digital convenience for you and your practice at no extra charge.
- Dedicated Private Banking option to manage business and personal finances.
- Finance in closing costs, close with $0 out of pocket expense.
- H1B Visa accepted.
- Close up to 4 months before you start your job.
- Get an additional 25% of purchase price, separate loan, for home improvement projects.
Phone: 913-634-2323
Any financing over 100% must be used for taxes, insurance and other closing costs. Financing is available for eligible applicants and professions. Credit, income and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change without notice.
American National Bank and Trust
We are a fully customizable mortgage lender that looks for ways to make loans work. We offer out of the box lending options in addition the normal loans all other banks offer. Before pulling the trigger on something, let us look at you situation and find a solution.
Up to 100% financing for all physician loans on single family resident homes, non warrantable condos, 30 years fixed and ARM loan products. Loan programs are often customized for your current situation. We can offer lending options with less than 2 years of being self-employed or newly 1099 with a contract.
Any Profession
Our physician loans are not just black and white like a whole lot of other lenders. We discuss with you what your specific needs are and how we can help facilitate a loan for you. We don’t have a set of “guidelines” or a “grid” that specifically shows what a credit score needs to be or what the down-payment would be. We cater a loan for what you want and we work together to make that happen.
Phone: 817-925-9393
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.