Which Lenders Offer Pharmacist Mortgage Loans?
Do Pharmacists Qualify for Physician Mortgages?
Not all mortgage lenders with doctor loan programs extend their program to 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.
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!
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 Bank – S&T allows PharmDs to qualify for their doctor loan program. The lender offer 95% financing up to $5MM.
- Fulton Mortgage Company – Fulton 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 Company – West Coast Mortgage allows both registered pharmacists (RPh) and those with a Doctorate of Pharmacy (PharmD) to qualify for their physician mortgage program.
- Frandsen Bank & Trust – Frandsen 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 Bank – First National extends its doctor loan program to PharmDs. The bank offers 100% financing up to $1MM. Learn more about First National Bank here.
- Mercantile Bank – Mercantile 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.