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
Truist
Loan Officers:
Phone: 866-810-4404
BankMD *
100% to $850M, 95% to $1,000M, 90% to $2,000M, 85% to $3,000M
MD, DO, DDS, DMD, Resident, Fellows
50% DTI, 1099 accepted less than one year, future income and self employed allowed
Loan Officers:
Phone: 855-422-6563
BankMD NMLS ID: 1426259 : BankMD is a division of TransPecos Banks, SSB Member FDIC, Equal Housing Lender
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).
Loan Officers:
Phone: 855-260-9932
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.
Loan Officers:
Phone: 512-954-3891 Cell or 512-997-4668 Office
First Bank ∇
5/6 ARM, 7/6 ARM and 10/6 ARM
MD, DO, DMD, Resident, Fellows, Attorney
100% (Zero Down-Payment) to $400,000 and 95% (5% Down-Payment) to $1,000,000; No PMI; Portfolio Loan – First Bank Underwriters (in-house decisions)!
Loan Officers:
Phone: 314-503-1083
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.
First Bank | Co. NMLS# 551928 | All Rights Reserved | FirstBank.com
Member FDIC | Equal Housing Lender
Citizens Bank
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
Loan Officers:
Phone: 603-944-2119
Phone: 586-904-5555
Simmons Bank +
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
Loan Officers:
PNC Bank ☄
Loan Officers:
EHL ©2021 The PNC Financial Services Group, Inc. All rights reserved.
PNC Bank, National Association.
Laurel Road ~
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
Loan Officers:
Phone: 203-842-8921
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.
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.
Loan Officers:
Northwest Bank
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.
Loan Officers:
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.
Loan Officers:
Phone: 865-548-7313
Phone: 813-603-4255
First Community Mortgage >
100% up to $1.25MM. Student loans not counted towards ratios.
MD, DO, DDS, DMD, Resident, Fellows
Inhouse processing and underwriting. We are the lender and decisions are made internally.
Loan Officers:
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.
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
Loan Officers:
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.
Amerant Mortgage
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
Loan Officers:
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
Loan Officers:
Phone: 904-208-1349
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.
Loan Officers:
Phone: cell 616-446-2567, office 616-208-1304
Frandsen Bank & Trust †
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.
Loan Officers:
Member FDIC – Equal Housing Lender
US Bank ††
Loan Officers:
Phone: 916-788-7982
Equal Housing Lender. Member FDIC.
First Citizens Bank
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.
Loan Officers:
Phone: 864-630-0921
Fifth Third
Loan Officers:
Phone: 708-351-6416
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.
Loan Officers:
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
Loan Officers:
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.
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.
Loan Officers:
Phone: 781-367-6808
Phone: 615-484-6690
First National Bank of Omaha
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 2 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
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.
Loan Officers:
Phone: 402-602-6746
Liberty Federal Credit Union ∀
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.
Loan Officers:
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.
Evolve Bank and Trust <
100% financing to $1,000,000. 95% financing to $1,250,000. 90% financing to $1,500,000. 85% financing to $2,000,000+.
No mortgage insurance. Property types are 1 to 4 family homes, condo, coop, land and new construction. Aggressive debt-to-income ratios, lower Fico scores then competitors, future employment contract, underwriting exceptions per individual.
You qualify for our EBT Medical Professional Program if you are just graduating from medical school, dental school, veterinarian school or 10 years or less out of residency or fellowship.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, CRNA, DC, OD, DPM, Pharmacist, Clinical Nurse Specialists
Gift funds allowed; Non-occupant Co-borrower; Flexible debt-to-income ratios; Commonsense underwriting; Discounts on closing cost; Minimum reserves required; Self-employed allowed; Dedicated team for processing loans; Portfolio product – we do not sell our loans.
No cost for a fully underwritten pre-approval – Evolve Express Mortgage
Loan Officers:
Phone: 914-434-5036
Evolve Bank & Trust Home Loan Centers (HLCs) are not full service branch locations of Evolve Bank & Trust. These HLCs do not engage in general banking transactions, such as deposits or payments, and only provide Residential Mortgage Loans. Equal Housing Lender. All loans subject to credit approval. Corporate NMLS# 509256.
The Federal Savings Bank ++
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)
Loan Officers:
Phone: 571-331-5161
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
PhysicianLoans
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
Loan Officers:
Phone: 877-593-9313
Fulton Mortgage
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.
Loan Officers:
Phone: 240-620-1414
Bank First
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
Loan Officers:
Phone: office 920-469-3923 cell 920-246-3255
South State Bank
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.
Loan Officers:
Phone: 260-418-3742
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).
Loan Officers:
Phone: 231-941-6565 (MI) or 239-908-5867 (FL)
Green State Mortgage
0% down up to $1,000,000, 5% down to $1,250,000, 10% down to $2,000,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Our 15-year ARM is a unique product, and the rate is AMAZING!!! The rate is fixed for 15 years but amortizes over 30 years! No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves for W2 positions. 60 days prior to start date for 1099 positions.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
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.
Loan Officers:
Phone: 630-697-7148
American National Bank and Trust
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.
Loan Officers:
First United Bank
Loan Officers:
Berkshire Bank
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.
Loan Officers:
Phone: 781-640-6798
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
Loan Officers:
Phone: 419-318-8985
Prosperity Bank **
Please contact Darren Davey for current rates and terms.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Loan Officers:
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
UMB Bank
Loan Officers:
Phone: 636-207-2015
First National Bank of Pennsylvania
0% down to $1million, 10.01% down to $1.5million. 30 and 15 Fixed. 15/6, 10/6, 7/6 ARMs. Purchase or Refinance. Student loans excluded from Underwriting. Seller assist permitted to 4% on up to 10% down, 6% permitted over 6% down.
MD, DO, DDS, DMD, Resident, Fellows, DVM
Construction/Permanent available with 15% down, no PMI.
Loan Officers:
Phone: 412-951-6793
Michigan State University Federal Credit Union
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.
Loan Officers:
Huntington Bank
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!!
Loan Officers:
Phone: 586-749-8355
Premier Realty and Lending
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.
Loan Officers:
First Merchants Bank ^^
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.
Loan Officers:
BMO Bank
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!
Loan Officers:
Phone: 920-831-7721
Phone: 773-412-4250
Phone: 862-375-6267 (862-DrLoans)
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!
Does anyone have any experience with Arvest Bank? They are quoting somewhat suspiciously low interest rates on their physician mortgages, with the explanation that they portfolio their loans, which allows them to be as competitive as they want with physician mortgages. They have been very responsive and clearly very eager for my business, but I’m a bit wary.
Sounds promising. What are you wary of? That they won’t actually be able to close the loan?
Well, for one, their mortgage division has innumerable bad reviews online (which I understand to take with a grain of salt, especially since they have a good BBB rating). They are also not local – within the same state but with no branches locally, which worries me in terms of the closing process. I’m also concerned that I will choose a property based on the terms currently being offered and then it turning out that they are not available after all. While I certainly won’t be choosing a house I couldn’t otherwise afford solely based on their interest rates, I am shooting for a particular target monthly payment.
Just an update – I had a great experience getting a loan through Arvest. I worked with Jim Secrest and he was awesome – he was always available for questions, everything went smoothly, and we even ended up closing early.
First time homeowner, finishing my 2nd fellowship within 6 months. Looking for 200-400K worth of house this summer in Ft Wayne IN. Initial opportunities 5/1 5% 7/1 5.125% 10/1 5.5% ARM with an excellent credit score. We are awaiting offers from a local bank. Anticipating 300K salary in my coming position, 20K in savings. Your site has been an incredible resource including this article. My plan was 0 down with no PMI and then refinance when I have 20% equity in the home, with hopes that PSLF stays around for the next 3-4 years so I can remain eligible, then switch all of the funds from student loans to mortgage payments. . What other resources would you recommend to us and how to compare interest rates among lenders or products to current national standard. Any other recommendations you can give to a first time owner I’d deeply appreciate.
Sounds like you’re doing it right to me. Just make sure your personal and professional life is stable before buying. If you buy, then realize you don’t like the job, you’ll regret buying.
I would strongly discourage using US bank and Jonathan Brozek. I laid out my situation very clearly and with a lot of detail (1099 earnings with a shift of income in the past several months, credit score 800+, no debt, many years in practice, etc). He listened to nothing that I said, put me through a several week process and then had his assistant inform me that this situation – which I explained upfront – didn’t qualify for a mortgage. Because of this, our house, which is under contract, may not close. I am having to scramble to find other financing, but have been fortunate to find a fabulous broker who actually does listen and has been working to find an appropriate product. If your needs are straight-forward, use someone who is at least a decent person and if you needs aren’t straight-forward, this guy certainly isn’t going to care about putting you through the ringer then not even bothering to say sorry I wasted your time and may have ruined your chance to get a home for your family. Disgusting. Steer clear.
Thanks for your valuable feedback.
I have been reading this site on and off for the last 10 years and I truly appreciate all the valuable and informative posts.
I am seeking some advice to my situation which I believe is unique. I am 3 months away from finishing fellowship and have secured a partnership track job in the San Fran bay area and have started to look at housing options since I currently rent, I will have to move to my new practice location starting this fall. My starting salary will be $350k (to increase to over $500k once I am make partner) and my wife’s salary is $90k. We do not have much saved up but if I continue to moonlight might have about $50k to put as down payment but I have no student debt, my wife also had no debt. Our credit scores are excellent. The houses we are looking to buy are in the $1.5-2Mil range but its seems that most physician loans do not offer loans of that size for a down payment of that percentage.
So as I see it our options are to either A) Settle for a smaller house in the 1 million range (remember this the San Fran bay area, housing is ridiculous here) and then upgrade several years down the line or B) have to rent for 1-2 years (which again is expensive, rent here is about $4-5k per month for a 2bd apartment) and save up enough for a larger down payment then buy the house that we want to be in the long term.
Any advice or insight?
We had a similar timeline/debt/Fico situation… but our house budget was about half yours. I wasn’t finding many lenders that were doing >95% LTV, especially without a “salary” listed on a contract. DH’s contract is strict RVU based, and we had an easy time with one of WCI’s recommended lenders after getting the runaround from B of A. I don’t think they lend in CA though. I think you’re going to have a tough time trying for >95% LTV… good luck.
I’d rent for 1-2 years. You may not like the job and it gives you time to save up. Plus it saves the transaction costs of buying twice. The only downside is losing possible appreciation in the first place, but that would have to be pretty significant to overcome the transaction costs.
This all assumes you’re not willing to consider another geographic area of course.
Here’s an update: SunTrust no longer offers the Medical Professional Loan Program for other health professionals. Still searching for lenders who accommodate NPs.
Thanks for the update.
https://www.whitecoatinvestor.com/physician-mortgage-loans-for-other-high-income-professionals/
First, thank you for this wealth of information and your contribution.
I am currently working with 5/3rd bank on purchasing a condo. It has been three weeks, and I’m am still waiting on the appraisal. I was just notified that the building is “not insurable” given the “health of the HOA.” Appraisal is still pending.Now they are requiring 20% down “to make this work and get me the condo” two weeks before closing. I do have 20% available in funds, but now this is essentially conventional loan (much better rates out there now).
I was wondering if anyone has had a similar experience and if there are other alternatives to this situation. I am considering using a different lender. Any recs?
Sure, shop around. If you’re putting 20% down, there are lots more options.
I’d be a little careful buying a condo in a building with HOA/insurability problems though. Might be tough to sell.
Bad recent experience trying to get financing with Doug at UMB for a loan in CO. Strung us along for weeks promising no down payment, no pmi, low fees, low interest, 3.25% 15 yr fixed. Didn’t work out of course. Now we’re rushing to get financing elsewhere. Would highly recommend against trying to use them.
I had an outstanding experience with my initial doctor loan mortgage with Sandi Jameson-Frith at Huntington Bank in June of 2014, and again now in December 2019 with refinancing.
The rates she was able to offer were extraordinary and much lower than any other competitor–online or local. She takes time to find all the possible qualifications and options for lowering rates and optimal terms during the application and loan process.
She has also always taken the time to explain any detail regarding my loans, is prompt in her response, and clearly has the knowledge and track record of closing many types of mortgages.
Most importantly, she is just a kind person and has treated me with integrity.
I cannot recommend her and her team more highly.
Glad to hear positive feedback about Sandi and Huntington.
Thank you so much for the kind words! Dr King, you were truly a pleasure to work with and can’t wait to work with you again in the future someday! Thanks again for making my day brighter 🙂
I have had three physician loans with 53 (Fifth Third) bank, and I would not recommend them. They bungled our escrow for our first (over/under fund every year) and third mortgages, and rather badly on our third. My new LO (John Taylor TCF, very professional) said he has not seen anything like that in his 20 years experience. They underfunded it substantially due to a closure at the end of the year, and ended up paying the previous years taxes with the new escrow money intended for the following year. With new physician loans you do not get to voice any preferences on this. Nobody appeared to understand why they set up the closing as they did (I have a large string of emails saved), but I went with it anyway as closing loomed.
This year they sent three forms to me asking my preference for tax payment (send a check versus do it for me), and each time I said “sent me the check”, and on two occasions I got “return to sender” responses despite using THIER PREPAID ENVELOPES! Well, the check never arrived, and I had to REMIND their escrow dept to pay my taxes, which they appear to be planning on doing late. They are impossible to get a hold of, with hours spent on hold by my new LO. This delay is preventing me from refinancing, as the new bank is requiring that I pay the entirety of taxes at closing as the escrow remains in limbo. What a frustrating customer experience!
Why do you keep using them if you’re having such bad experiences? Did you get all the mortgages at once or something?
Great question 🙂
Three separate mortgages over 9 years. First beginning of residency – they had excellent rates and were one of the few shows in town w/ physician mortgages. Second after residency first attending house – still had excellent rates (btw I forgot to mention they messed up closing paperwork for that one and it was delayed 1 week). Third was after a job change, still great rates, and familiarity breeds comfort!
Now for my refi they no longer offer physician mortgages in my state (WI) so I never considered them, and that might need updating on your site. I guess I have been sucker for the lowest rate even if it carries some pain.
For my refi, I can tell you I reached out to every WI lender contact on your website and TCF had the best rates by far and run a very professional, tight ship with no signs of shenanigans so far.
Yea, sounds like it. Usually when people don’t like the service they get they stop using a company!
My buyers chose David Edmondson at TD Bank for a Physicians loan. They have been downright incompetent . They forgot to order the appraisal until I brought it to their attention 28 days after the contract was sent to them.
They started asking for last minute documents the day before closing even though they have the file for 60 days. I would not recommend them to anyone.
Thanks for sharing your experience.
Our offer on a home was accepted today. Looking for a lender for primary first home purchase in the Chicago suburbs.
Purchase price: >$1,000,000
Down payment: 20%
Credit Score: 808
Closing: 60 days
After more than 3 years of stable employment as a W-2 employee I became a partner/shareholder in the practice in May 2021 and will receive K-1s.
Any lenders able to help me?
Thank you