Which Lenders Offer Pharmacist Mortgage Loans?

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IN THIS ARTICLE
IN THIS ARTICLE

Do Pharmacists Qualify for Physician Mortgages?

Not all mortgage lenders with doctor loan programs extend their program pharmacists. If you’re a pharmacist, this may seem unfair since you received a doctor of pharmacy degree (PharmD) and therefore are technically a doctor. However, each program is different. For example, some physician mortgage programs invite veterinarians to apply, and some don’t. Some physician mortgage programs allow optometrists to apply, and some don’t. So how are you supposed to know which lenders with doctor loan programs include pharmacists and which don’t?

The easy way is to use LeverageRx and input your information (location, designation, down payment, loan amount, etc.) and we will match you with the lenders who consider pharmacists eligible in your state. Where you live and work as a pharmacist is important. That’s because one lender’s doctor loan program may be available in [Texas](), but not in Florida — and vice versa.

Ready to see if you qualify for a physician mortgage as a pharmacist? Click here!

Is a Pharmacist Mortgage Better than a Conventional One?

If you can find a physician mortgage program in your state that allows pharmacists to apply, your next question should be: Are physician mortgages better than conventional mortgages? In short, yes. Physician mortgages require less savings, have forgiving DTI ratios and typically even charge less in interest rates. Reasons why a physician mortgage is better than a conventional or FHA mortgage:

Down Payment Not Required

Most lenders who offer a doctor mortgage offer residents and practicing doctors (and pharmacists if you qualify!) a 100% financing mortgage. That means you would not have to come up with the savings for a down payment.

Lenient Debt-to-Income Ratios

Physician mortgages recalculate the impact of student loan debt or dismiss it altogether. Getting a degree in pharmacology is not cheap, but if you find a physician mortgage, you don’t have to worry about your debt counting against you.

No Work History?

No work history? No problem. Given the training that doctors and pharmacists have to go through, lenders do not require work history to qualify for a physician mortgage.

No Private Mortgage Insurance (PMI)

Conventional mortgages require the borrower to purchase private mortgage insurance (PMI) if they put down less than 20%. The cost of PMI ranges between less than 1% – 5% of the loan, depending on the lender. That said, physician mortgages don’t require PMI!

Jumbo Mortgages Available

Doctor home loans are much larger than a conventional loan or FHA. A physician mortgage lender may enable you to buy homes for $1 million, $2 million, or more.

Lower Interest Rates

In general, the medical professionals who qualify for a physician mortgage will receive a lower rate on their mortgage than the general public. Lucky you!

See if you qualify for a physician mortgage today! Click here.

Which Pharmacology Degree You Have Matters

LeverageRx works with just about every physician mortgage lender in the country and we can safely say that if a pharmacist qualifies for a physician mortgage, it will be one of two degrees: RPh or PharmD. So what is the difference?

Registered Pharmacist (RPh)

A registered pharmacist is someone with a license to practice pharmacy. An RPh has received the appropriate degree, a Bachelor’s in Pharmacy, and is equipped to practice pharmacy at the local level. In other words, an RPh is fully qualified to measure and sell medicine, open a pharmacy and serve his or her community.

Doctor of Pharmacy (PharmD)

A PharmD is someone who received a Bachelor’s in Pharmacy and went on to receive a Doctorate in Pharmacy. The increase in PharmDs in America is relatively new (circa 2006). And is not popular since there is only slight nuance between a RPh and a PharmD. So, you could be working as a pharmacist in any one of the capacities below and qualify for a physician mortgage whether you are an RPh or PharmD (depends on the lender).

  • Academic Pharmacist
  • Clinical Pharmacy Specialist
  • Community Pharmacist
  • Compounding Pharmacist
  • Consultant Pharmacist
  • Drug Information Pharmacist
  • Home Health Pharmacist
  • Hospital Pharmacist
  • Industrial Pharmacist
  • Informatics Pharmacist
  • Locum Pharmacist
  • Managed Care Pharmacist
  • Military Pharmacist
  • Nuclear Pharmacist
  • Oncology Pharmacist
  • Regulatory-Affairs Pharmacist
  • Veterinary Pharmacist
  • Pharmacist Clinical Pathologist
  • Pharmacist Clinical Toxicologist

Which Lenders Extend Physician Mortgages to Pharmacists?

At the time of publishing, the following lenders with physician mortgage programs extend their loans to either RPh or PharmDs. However, it is worth checking back with LeverageRx since lenders modify and improve their doctor home loan programs on an annual basis.

  • S&T BankS&T allows PharmDs to qualify for their doctor loan program. The lender offer 95% financing up to $5MM.
  • Fulton Mortgage CompanyFulton Mortgage allows borrowers with a PharmD designation to qualify for their doctor home loan program. The bank offers 100% financing up to $1MM. Read more about Fulton Mortgage’s physician loan here.
  • West Coast Mortgage CompanyWest Coast Mortgage allows both registered pharmacists (RPh) and those with a Doctorate of Pharmacy (PharmD) to qualify for their physician mortgage program.
  • Frandsen Bank & TrustFrandsen Bank & Trust is a lender with a doctor loan program that includes the most medical specialities. Whether you are an RPh or PharmD, you will be eligible. Learn more about Frandsen here.
  • First National BankFirst National extends its doctor loan program to PharmDs. The bank offers 100% financing up to $1MM. Learn more about First National Bank here.
  • Mercantile BankMercantile Bank allows PharmDs to qualify for their physician mortgage program. The company offers 100% financing up to $850k to residents in training, and 100% financing up to $1.25MM if you’ve been practicing for at least one year.

Which Banks Offer Physician Mortgage Loans?

Compare rates, features, and more from the best physician mortgage loan programs of 2022.

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companies match your search (Reset all filters)

  • Company
  • Loan Amounts ForResidents & Fellows
  • Loan Amounts ForPracticing Physicians
  • MinimumCredit Score
  • States available in

States Available

AK, AZ, CO, FL, GA, HI, IA, ID, IL, IN, KS, MI, MN, MO, MT, ND, NE, NM, NV, OK, OR, SD, TN, UT, WA, WI, WY

About

BMO Harris offers doctor loans for primary residences, for purchase or refinance.

  • 100% financing up to $1MM for training or attending
  • 95% financing up to $1.5MM for training or attending
  • 90% financing up to $2MM

States Available

FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV

About

Fifth Third Bank offers residents and physicians a primary residence loan for either purchase or refinance:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (attending more than 1 year)
  • 90% financing up to $2MM (attending more than 2 years)

States Available

AL, AR, FL, GA, LA, MS, NC, SC, TN, TX, VA

About

First Horizon’s doctor loan program is available for primary residence, for purchase or refinance:

  • 100% financing up to $1.5MM (training or attending)
  • 95% financing up to $2MM (training or attending)
  • 90% financing up to $2.5MM (training or attending)
  • First National Bank
  • Up to $1.5MM
  • $1.5MM
  • 700
  • 11 states (View states)
  • Learn More

States Available

DC, DE, GA, MD, NC, OH, PA, SC, TN, VA, WV

About

First National Bank offers residents and physicians financing on primary or secondary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)

States Available

MN, WI

About

Frandsen Bank & Trust’s doctor loan program is available for primary or secondary residences, for purchase, refinance or equity:

  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (training or attending)

States Available

DC, DE, NJ, PA

About

Fulton Mortgage Company has a doctor loan program available for home purchase only on primary residences:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)

States Available

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

About

Huntington Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $1MM (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $2MM (attending)

States Available

AK, AZ, CO, CT, HI, ID, IN, MA, ME, MI, MT, NM, NV, NY, OH, OR, PA, RI, SC, TN, UT, VT, WA, WY

About

KeyBank’s doctor loan program is available for primary or secondary residences, for purchase or refinance. For residents or attending physicians alike:

  • 100% financing up to $1MM
  • 95% financing up to $1.5MM
  • 85% financing up to $2MM

Geographic restrictions may apply.

States Available

MI

About

Level One Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 100% financing up to $500k (training)
  • 100% financing up to $1MM (attending 1+ year)
  • 85% financing up to $2MM (training or attending)
  • Mercantile Bank
  • 100% Financing Options
  • 100% Financing Options
  • Call Lender
  • 4 states (View states)
  • Learn More
  • Get Rates

States Available

IN, KY, MI, OH

About

Mercantile Bank’s doctor loan program is for primary residences, for purchase or refinance:

  • 100% financing options for residents & fellows
  • 100% financing options with loan amounts up to $2MM for practicing physicians

Equal Housing Lender

Member FDIC

States Available

AL, AR, FL, GA, IA, IL, IN, KY, MO, MS, NC, SC, TN, TX

About

Regions’ doctor loan program is available for primary residences, for purchase or refinance:

  • 100% Financing up to $750k (training or attending)
  • 95% financing up to $1MM (training or attending)

States Available

DE, IN, KY, MD, MI, NJ, OH, PA, VA, WV

About

S&T Bank’s doctor loan program is available for primary residences, for purchase or refinance:

  • 95% financing up to $5MM (training or attending)
  • TD Bank Logo
  • $1.5MM
  • $1.5MM
  • N/A
  • 16 states (View states)
  • Learn More

States Available

CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

About

TD Bank’s doctor loan program is available for primary residences, for home purchase only:

  • 100% financing up to $750k (training or attending)
  • 95% financing up to $1.25MM (training or attending)
  • 90% financing up to $1.5MM (training or attending)

States Available

AL, AR, CA, CT, DC, DE, FL, GA, MS, TN, VA

About

Truist’s doctor loan program is available for primary residences, for purchase or refinance.

For training or attending physicians with less than 10 years experience:

  • 100% financing up to $750k
  • 5% down up to $1MM
  • 10% down up to $1.5MM

**if you have been attending for more than 10 years but less than 15, Truist requires a 10% down payment

Elizabeth Shutty

Elizabeth is helping grow LeverageRx and occasionally writes articles. She has written in the past for Investor Junkie and StartupNation.

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