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.

AL AK AZ AR CA CO CT DE FL GA HI ID IL IN IA KS KY LA ME MD MA MI MN MS MO MT NE NV NH NJ NM NY NC ND OH OK OR PA RI SC SD TN TX UT VT VA WA WV WI WY DC

The questions we asked were the following.

  1. What are the terms of your physician mortgage product?
  2. What types of professionals qualify for your program?
  3. 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

Liberty Financial - Brookelynn Ewing

Terms:

Our Physician Loan program allows for 100% on purchases up to $950,000, 5% down up to $1,500,000 and 10% down $1,501,000 and above. This program has no monthly mortgage insurance (PMI).

Professionals:

Available to Residents, Fellowship, Newly Established, or Established Physicians

Options available with NO PMI to those who are professionals but do not meet the licensing guides for a traditional Physician Loan!

Strengths:

Liberty Financial Credit Union’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.

  • GUARANTEED LOWEST RATE !!
  • Liberty Financial Credit Union can close a physician loan based on an employment contract if the start date is within 90 days. Many of our competitors will only use new employment start dates within 30-60 days. Exceptions to extend longer can happen if warranted/approved.
  • Flexible options for self-employed borrowers (less than 2 years) who W2 themselves!
  • ONE TIME CLOSE: Construction draw loans available
  • Student loan repayments are calculated MINIMALLY to ensure the best qualification
  • Long term locks up to 6 months available
  • $500 gift card back at closing!
  • Brookelynn’s average close time is 21 days
  • We portfolio these loans which means you stay with Liberty Financial for the life of the loan
  • Vacation home and Investment property loans available under a different product type
  • Commercial/Business Loans available for Physicians to build the practice and career of their dreams!

Brookelynn Ewing (NMLS #1623490) can be reached at 812-457-9814 or [email protected]


First National Bank of Omaha - Michael Bruegel

Terms: We offer ARM loans only, amortized over 30 years and fixed for the 1st 10 years. There are 3 main options:  All have student loan deferment.

Option 1

  1. Requires a min of 0% down
  2.            Loan Amounts up to $600k
  3. No Mortgage Insurance
  4.            Requires 4 months of reserves
  5.            Min Credit Score of 720
  6.            Employment contracts that have been fully executed with no contingencies are permitted for verification of income. Applicant must start work within 90 days of loan closing if employment contract is being used

Option 2

  1.            Requires a min of 5% down
  2.            Loan Amounts up to $850k
  3.            No Mortgage Insurance
  4.            Requires 4 months of reserves
  5.            Min Credit Score of 720
  6.            Employment contracts that have been fully executed with no contingencies are permitted for verification of income. Applicant must start work within 90 days of loan closing if employment contract is being used

Option 3

  1.            Requires a min of 10% down
  2.            Loan Amounts up to $1.25 Million
  3.            No Mortgage Insurance
  4.            Requires 6 months of reserves
  5.            Min Credit Score of 720
  6.            Employment contracts that have been fully executed with no contingencies are permitted for verification of income. Applicant must start work within 90 days of loan closing if employment contract is being used

Professionals: 

Physicians and Dentists

Strengths:

We are a family owned and operated bank for over 160 years.  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 service each and every loan we originate.  We close every loan on time. We have the mortgage technology that allows customer to access their information quick and accurate. Each client can directly reach me on my cell phone on any given day.  We do offer full loan approvals with out a property address, that is a fully underwritten loan.

Michael Bruegel (NMLS #496393) can be reached at 469-633-8429 or [email protected]


Premier Bank - Bill Lavelle

Terms:

Flexible Debt to income ratios, No PMI, No specific reserve requirements, $0 Down options, Seller can contribute 3% towards borrower costs, Deferred student loans do not count in debt ratios.

Professions:

Doctor, Nurse Anesthetist, Certified Nurse Practitioner, Physician’s Assistant, Veterinarians, Dentists, Orthodontists, Physical Therapists, Optometrists, and Chiropractors.

Strengths: 

Transaction types include purchase, construction, refinance,  and renovation.

Bill Lavelle (NMLS #712886) can be reached at 614-563-4086/800-761-0194 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]


Revolution Mortgage * - Brett Thomas

Brett Thomas (NMLS #1686046) can be reached at 614-581-1921 or [email protected]

*

Equal Housing Lender


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]


Suntrust now Truist - Suzy Savod

Suzy Savod (NMLS #505434) can be reached at 866-810-4404 or [email protected]


BOK Financial - Bo Brown

Terms:

3% down to $805,350 loan sizes, 5% down to $1,053,150 loan sizes with no PMI.

**The following Higher limits apply to the following Colorado counties: 3% down to $1,000,003 loan sizes, 5% down $1,180,000 loan sizes. CO counties: Adams, Arapaho, Boulder, Broomfield, Clear Creek, Denver, Douglas, Eagle, Elbert, Garfield, Gilpin, Jefferson, Lake, Park, Pitkin, Routt, San Miguel, and Summit.

Professionals:

Doctors, Dentist, CRNA’s, and DNAPs,

Strengths:

30 year notes with rates locked in for up to the first 15 years. 5, 7, 10, or 15 year locks available on 30 year amortization.

Bo Brown (NMLS #499414) can be reached at 816-309-5571 or [email protected]


NBT Bank - Michael Huot

Michael Huot (NMLS #49782) can be reached at 603-582-6492 or [email protected]


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]


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]


BankMD

Contact: BankMD.com (NMLS #1426259) or contact us 24/7 at 855-422-6563 or [email protected]


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]


KeyBank ^ - Mike DeRaspe

Terms:

0%* down up to $750,000; 5%* down payment up to $1,000,000. 10%* down up to $1,500,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances.

Close up to 90 days prior to your employment contract start date.  Minimum credit score of 700. Max DTI 50%. H1B Visa permitted.

Professions: 

Interns, Residents, Fellows, MD, DDS, DMD, DPM, DO and clinical professors, researchers, or managing physicians with a current medical license or diploma.

Strengths: 

Great rates, processing, communication, and underwriting! No minimum or maximum years in practice.  Down payment, closing costs, and reserves may be gifted. Only 2 months reserves for loan amounts under $500K, 4 months over $500K, and 6 months over 1MM loan amounts (additional 2 months required if closing before start date); retirement assets count.  Loan servicing will be provided by KeyBank. Mike has specialized in doctor loans for the last 10 of his 20 years in mortgage lending, helping thousands of doctors achieve homeownership.

*Geographic restrictions apply. Ask for details.

Mike DeRaspe (NMLS #470264) can be reached at 603-828-1743 or [email protected]

^

NMLS #399797 Equal Housing Lender


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]


Arvest Bank ** - John Kelley

Terms:

  1. 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). 
  2. 95% LTV up to a loan amount of $1.75mil
  3. We offer 5YR ARM, 7YR ARM, & 10YR ARM, all of which are amortized of 30 years.
  4. We offer a 15YR fixed rate Physician Mortgage Loan in addition to our ARMs.
  5. 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:

  1. 103% financing, I believe I am the only lender that allows closing cost to be financed.
  2. H1B & J1 work Visa accepted.
  3. 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.
  4. 660 minimum score for practicing physicians, 640 for residents
  5. No monthly PMI and no prepayment penalty if you want to pay the loan off early.
  6. My clients have my cell number and can get a hold of me 24/7, I pride myself on my customer service.
  7. 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.
  8. 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.
  9. Debt Ratio goes up to 50%

John Kelley (NMLS #1484736) at 660-287-4462 or [email protected]

**

Equal Housing Lender


S&T Bank - Kris Harbour

Terms:

5%, No max loan limi

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]


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]


U.S. Bank ++

Contact: Jonathan Brozek (NMLS #850168) at 916-788-7982 or [email protected] (email preferred)

++

Equal Housing Lender. Member FDIC.


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]


UMB Bank - Bryan Humphreys

Bryan Humphreys (NMLS #90495) can be reached at 636-207-2015 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 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]


Mercantile Bank * - Barbara Reamer

Contact: Barbara Reamer (NMLS #783173) at 517-853-2692 Office or 517-256-5364 Cell or [email protected]

*

Equal Housing Lender


Fulton Mortgage Company - Jim Webster

Terms:

No mortgage insurance and no prepayment penalties. We can also not count student loans if the borrower is in residency and they have 6 months or more left until program ends.    Our program allows for gifts from family members for closing costs.

I can offer a zero down payment loans up to $1,000,000. A 5% down payment loan for loans from $1,000,001 to $1,500,000. Loans from $1,500,001 to $2,000,000 require only 10% down.

We offer fixed rate loans and adjustable rate loans. 15 year and 30 year fixed. 5 yr, 7 yr, 10yr and 15 yr ARMS.

Primary resident homes only. Must be US Citizen or have valid Green Card.

Professions:

Medical Doctors, Dentists, Veterinarians and Pharmacists
Resident Doctors are eligible and if starting a program we don’t count student loan payments in the debt in the debt to income ratio.

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]


West Coast Mortgage Group - Matt Brozek

Terms:

0% down up to $1,000,000; 5% down payment up to $1,500,000. 10% down up to $2M; and 20% down up to $3M. NO Mortgage Insurance. Fixed rate and Adjsuabtle rate mortgages options available. Primary Residence and Second Home.  Loan available for Purchase and Refinance.  0% down requires 720 credit score, with options down to 640 credit score.

5% down to $1.5M and 10% down up to $2M.  Can fund 90 days prior to start date off new employment contract.  Alternative documentation options for Self-Employed less than two years and asset depletion options available.  Minimal and no reserve requirements.

Professions:

Program available to Residents, Fellows, MD, DO, DDS, DMD, DC, OD, DPM, RPH, and DVM.  Program also open to Attorneys, CPAs, and other Professional designations, as well as Visa holders.  No restrictions on years in practice, and can utilize Physician Loan multiple times.

Strengths: 

We have the ability to move and closer quicker than most.  We can Pre Approve loans in as little as a day to put you in position to move quickly on homes with comfort in your financing. We have flexible guidelines and loan Underwriting that allow for a more streamline and less stressful process.  We have a dedicated and experienced team to serve our Physician and Professional clients.

Matt Brozek (NMLS #8985) can be reached at 916-671-4028 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


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]


CMG Financial

Contact: Chad Mullenix (NMLS #260298) 512-657-8017 or [email protected]


First Federal Lakewood - Eric Veronica

Terms:

Our Physician Loan program allows for 100% on purchases up to $1,000,000.  This program has no monthly mortgage insurance (PMI). My program is eligible in the following 14 states.  FL, IN, IL, KY, MD, MI, NC, NY, OH, PA, SC, TN, VA, WV

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 6 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]


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 $1,800,000 with 10% down. Additionally, our terms allow for medical professionals to purchase a single-family residence, a condominium, planned unit development, a COOP or even finance a construction-to-permanent loan, 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]


Berkshire Bank - Stephen Morrison

Contact: Stephen Morrison (NMLS #697238) at 781-640-6798 or [email protected]

 


BMO Harris Bank - Marc Evans

Terms:

100% financing to $750k, 95% to $1MM, 90% to $1.5MM, less than 10 years practicing for down payments less than 10%. Primary Residence SFR, Condo, 2 unit properties are eligible. Can close up to 60 days prior to employment start date. 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 but are not a W2 employee and do not have 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]


Evolve Bank and Trust

Terms:

100% financing to $750,000, 95% financing to $1,250,000, 90% financing to $1,500,000 & 80% financing to $2,000,000 – No mortgage Insurance. Property types are  1 & 2 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:

MD, DO, DPM, DDS, DMD, Fellows, Residents, Veterinarians & graduating students. You qualify for our Medical 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. Flexible debt-to-income ratios. Commonsense underwriting.  Flexible fico score grids.  Minimum reserves required.  Self-employed allowed.  Dedicated team for processing loans. –. Portfolio product – we do not sell our loans

Jay Couillard (NMLS #87100) can be reached at 914-434-5036 or [email protected]


Amplify Credit Union - Ian Craig

Terms:

95% financing to $1,250,000, 90% financing to 1,500,000, 80 financing to $1,750,000. NO PMI. Fixed rates and variable rate mortgages available. No prepayment penalty. Purchase and Rate / Term Refinance only. New employment contracts allowed and can close up to 60 days prior to start date of employment. Down payment and closing costs may be gifted. Asset Utilization allowed. Non Occupant Co Borrower allowed.

Professions: 

Borrower must be a resident or practicing physician, Attorney, CPA, Oral Surgeon, Dentist, Pharmacist, Optometrist, Nurse Anesthetist, Physician Assistant, or Ophthalmologist.

Strengths: 

We order the appraisal without collecting funds upfront from the borrower. This allows us to order appraiser earlier than other lenders. This expedites closing and gives us a slight advantage over other lenders to ensure we meet the contract close date. Amplify Credit Union was founded by 10 Austin-Based IBM employees so we are rooted in technology. This gives us the best options and innovative products and services. We are a cooperative and we give back to the community through volunteer hours, American red Cross, Meals on Wheels, Caritas of Austin, and our Safe Place to Call Home initiative.  Austin Business Journal Top Lender. A+ BBB Rating. 5 Star Zillow Lender Rating.

Ian Craig (NMLS #208536) can be reached at 512-968-5874 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]


PNC Bank - Scott Brown

Scott Brown (NMLS #184397) can be reached at 713-843-8807 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]


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].


Fifth Third Bank - Tony Lupescu

Tony Lupescu (NMLS #224410) can be reached at 708-351-6416 or [email protected]


Wintrust Mortgage - Todd Blum

Terms:

100% down to $1M. 95% down to $1.25M. 90% down to $2M. No PMI

Professions:

Physician, DDS, DDO, Veterinarian

Todd Blum (NMLS #1466176) can be reached at 858-252-9301 or [email protected]


Flagstar Bank - Megan Hammett

Terms: 

0% down up to $850K; 5% down up to $1,000,000; 10% down payment up to $1,500,000. NO PMI. NO Prepayment Penalty. ALL 50 States.

Professions:

Medical Resident (Educational License), Medical Doctor (MD), Doctor of Dental Surgery (DDS),  Doctor of Dental Medicine (DMD), Doctor of Optometry (OD), Doctor of Ophthalmology (MD),  Doctor of Podiatric Medicine (DPM), Doctor of Osteopathy (DO), Certified Public Accountant  (CPA), Attorney, Nurse Anesthetist, Nurse Practitioner, Registered Nurse, Clinical Nurse Specialist, Physician Assistant, Pharmacist, ATP Pilots, Veterinarian

Strengths: All funds (reserves & closing costs) can be gifted. Close up to 60 days prior to employment. We can submit a full file into underwriting without a purchase contract.  Non-occupant co-borrowers now allowed and non-permanent resident aliens. Income based repayment for student loans used for underwriting rather than a percentage of outstanding principle.

Megan Hammett (NMLS #173179) at 318-914-0399 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]

 


Great Southern Bank - Jim Secrest

Terms:

  • 100% mortgage financing up to $1,000,000
  • 95% mortgage financing up to $1,500,000
  • 90% mortgage financing up to $2,000,000
  • Term offered are a 5 year, 7 year or 10 year arm, fixed for that period of time on a 30 year note
  • Single Family, Owner Occupied, Primary Residence only
  • Income based on contract salary and will close up to 90 days before you start, exceptions to extend longer can happen if warranted/approved.
  • Minimum Credit Standards apply.
  • Student loan debt, $0 counts in debt calculation for Residents, .5% of outstanding debt used for debt calculation for practicing MD’s.

Professionals:

  • You have to be a practicing physician, MD or in Residency.

Strengths:

  • I pride myself on communication and being accessible, you can get me on my cell phone 24/7.
  • We portfolio these loans which means you stay with Great Southern Bank for the life of the loan.
  • Common sense underwriting for both Self-Employed and W-2 physicians.
  • We are known in the market for having competitive pricing.
  • No pre-payment penalty.
  • Gift Funds accepted.
  • No Private Mortgage Insurance.
  • Up to 43% debt ratio.
  • H1B Visa accepted.
  • We can use income from the non-physician to help qualify.
  • Non-Warrantable Condo’s OK

Jim Secrest (NMLS #1104170) can be reached at 913-634-2323 or [email protected]


Alerus Mortgage - Erin Moffitt

Terms:

0% down up to $750,000; 5% down payment up to $1,000,000; 10% down up to $1,500,000. No PMI. No Prepayment Penalty. Fixed rates and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. We also have great long term lock options up to 12 months for New Construction Financing. Close up to 90 days prior to your employment contract start date. Minimum credit score of 680. Max DTI 43%.

Professions:

Interns, Residents, Fellows, MD, DDS, DMD, DPM, DO and clinical professors, researchers, or managing physicians with a current medical license or diploma. We also have loan programs for Chiropractors, Doctors of Optometry, Pharmacists and Doctors of Veterinarian Medicine.

Strengths:

Great rates, processing and communication and underwriting. No minimum or maximum years in practice. We can exclude student loan payments. Down payment, closing costs, and reserves may be gifted. Erin has specialized in physician loans for the last 10 of his 22 years in mortgage lending, helping thousands of doctors achieve homeownership.

Erin Moffitt (NMLS #452833) can be reached at 651-248-1936 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]


Citizens Bank - Christopher Minear

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.

Chris Minear (NMLS #273313) can be reached at  [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]


First United Bank - Brian Platt

Contact: Brian Pratt (NMLS #310252) at 512-632-1731 or [email protected]


Evergreen Home Loans - Nikki Sahota Jaeger

Terms:/Professionals:

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 Veterinarian Medicine (DVM), and Doctor of Psychiatric Medicine (DPM)

Strengths:

At Evergreen Home Loans our motto is “On Time and as Promised”, and our Doctor Loan Program has been curated with that in mind. We’ll organized the process from loan application to move-in date to help you get to the finish line. At Evergreen Home Loans, we are a high-tech company, and we have a streamlined process that can be started right from your smartphone. Apply online here.

Nikki Sahota Jaeger (NMLS# 1036248) can be reached at 916-247-5427 or [email protected]


Blueleaf Lending - A subsidiary of Midwest Community Bank - Todd Johnson

Terms:

0% down up to $750, 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.

Todd Johnson (NMLS #224389) can be reached 630-697-7148  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]


Cadence Bank - Drew Steinmeyer

Terms:

Loan amounts up to $1,000,000 with 0% down for the medical professional. Available with loan amounts of $750,000 with 0% down for early professionals. Higher loan amounts available with corresponding down payment amounts. Medical professional must be an occupying borrower. Early professional must be currently employed or have an employment contract.

Professionals:

Medical professional loan: New or established MD or DO, resident, fellow, DDS, and DDM

Early professional loan: pharmacists, optometrists, nurse anesthetist, veterinarian, and nurse practitioner.

Strengths:

Over 20 years specializing in these loans.


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!