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Do Physician Assistants Qualify for Physician Mortgages?

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Do Physician Assistants Qualify for Physician Mortgages?

Unfortunately, it depends. Some lenders consider physician assistants eligible for their doctor home loan program, and some do not. The following three lenders on LeverageRx at the moment that extend their doctor home loan programs to physician assistants (PA) are:

Flagstar

Out of all the lenders with special medical professional mortgage programs, Flagstar is the broadest and does include physician assistants in its physician mortgage program:

  • MD, DDS, DMD, OD, MD, DPM, DO, NP, RPh, PharmD, DVM, PA, CRNA

Most lenders limit their programs to MDs and DDs, so the fact that Flagstar includes so many specialties is unique. If you are a resident in training, you can qualify for 100% financing on a loan up to $650k. If you are already practicing, you can get 100% financing up to $1.5MM. Learn More about Flagstar’s physician loan program here.

Consumers Credit Union

Consumers Credit Union also includes physician assistants in their physician mortgage program. These are all the designations that Consumers Credit Union allows:

  • MD, DO, DDS, DMD, PA, NP, CRNA

Whether you are in training or already attending, you can get 100% financing at Consumers Credit Union for up to $750k. If you’re willing to put a little bit down, you can get 95% financing up to $2MM.

Frandsen Bank & Trust

The third lender at LeverageRx that extends its physician mortgage program to physician assistants is Frandsen Bank & Trust. These are the medical specialties that qualify:

  • MD, DO, DDS, DMD, OD, DVM, NP, PA, PharmD, RPh, CRNA

The only drawback to Frandsen’s physician mortgage program is they require a minimum of 5% down payment. You can get 95% financing up to $1.25M or 90% financing up to $2M. The benefit of making a down payment, however, is you are likely to get a lower interest rate. Click here to learn more about Frandsen.

Are Physician Assistant Mortgages Available in all 50 States?

Many of us are used to national banks that are available in all 50 states, such as Bank of America, Wells Fargo or J.P. Morgan Chase. However, mortgage lenders are more likely to be regional. This is even more true when it comes to lenders who have a dedicated doctor home loan program. For example, TD Bank has an excellent program for medical professionals, but you will only qualify if you live in the Northeast. Another lender, such as U.S. Bank, offers a physician mortgage program but it is available in every state except New York>.

So not only does your medical specialty matter when it comes to qualifying for a physician mortgage, but your physical location matters as well. For that reason, LeverageRx makes it easy by matching prospective borrowers like you, with loan officers that work with physician assistants. In less than two minutes, you can be connected to a loan officer who specializes in physician mortgages in your state.

Ready to get started? Click here (two minutes!) to talk to a loan officer.

Why Should Physician Assistants Get a Physician Mortgage?

If you had to choose between a physician mortgage and a conventional loan, there is no doubt the physician mortgage is superior. Banks want high net-worth customers. Which cohort of the population has a stable, secure and high-paying salary for life? You guessed it! Medical professionals. These are the benefits of a physician mortgage:

Lower Interest Rates

This is a huge one. In a bid to win your business, lenders with doctor loan programs offer medical professionals a lower rate on their mortgage than the general public. Lucky you!

No Down Payment

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

Easy Debt-to-Income Ratios

Physician mortgages recalculate the impact of student loan debt or dismiss it altogether. Getting a medical degree 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 Required

Given the training that physician assistants 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.

Which Banks Offer Physician Mortgage Loans?

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17 companies match your search
States
BBB Rating
A.M. Best Rating
Corporate Structure
Company
Loan Amounts for Residents & Fellows
Loan Amounts for Practicing Physicians
Minimum Credit Score
States Available In
Bank of America
Loan Amounts for Residents & Fellows N/A
Loan Amounts for Practicing Physicians N/A
Minimum Credit Score N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
BBVA
Loan Amounts for Residents & Fellows N/A
Loan Amounts for Practicing Physicians N/A
Minimum Credit Score N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
BMO Harris Bank BMO
Loan Amounts for Residents & Fellows 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 27 states. (View States)

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
    Pros
  • No Income History required. With only proof of future income, you will be eligible for up to $750,000 with no down payment.
  • Closing cost discounts available. When you authorize BMO to automatically withdraw your mortgage payment each month, you will pay less in closing costs.
  • No Private Mortgage Insurance
  • Construction financing available
    Cons
  • Limited designations
  • Limited footprint, only the states listed above are eligible for a BMO physician loan
States Available
  • Alaska
  • Arizona
  • Colorado
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • North Dakota
  • Oklahoma
  • Oregon
  • South Dakota
  • Tennessee
  • Utah
  • Washington
  • Wisconsin
  • Wyoming
  • Nebraska
  • New Mexico
  • Nevada
Fifth Third Bank Fifth Third Bank
Loan Amounts for Residents & Fellows 1MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kentucky
  • Michigan
  • North Carolina
  • Ohio
  • South Carolina
  • Tennessee
  • West Virginia
First Horizon First Horizon
Loan Amounts for Residents & Fellows 2.5MM
Loan Amounts for Practicing Physicians 2.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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)
States Available
  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Louisiana
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
first_national_bank_veulqu-thumb First National
Loan Amounts for Residents & Fellows Up to 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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
  • Delaware
  • District of Columbia
  • Georgia
  • Maryland
  • North Carolina
  • Ohio
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Virginia
  • West Virginia
Frandsen bank and Trust Frandsen Bank & Trust
Loan Amounts for Residents & Fellows 2MM
Loan Amounts for Practicing Physicians 2MM
Minimum Credit Score 700
States Available In Available in 2 states. (View States)

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
  • Minnesota
  • Wisconsin
Fulton Mortgage Company Fulton Mortgage Company
Loan Amounts for Residents & Fellows 1.25MM
Loan Amounts for Practicing Physicians 1.25MM
Minimum Credit Score 700
States Available In Available in 4 states. (View States)

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
  • District of Columbia
  • Delaware
  • New Jersey
  • Pennsylvania
huntington Bank Huntington
Loan Amounts for Residents & Fellows 1.25MM
Loan Amounts for Practicing Physicians 2MM
Minimum Credit Score 700
States Available In Available in 42 states. (View States)

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
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Utah
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
Key Bank Logo Key Bank
Loan Amounts for Residents & Fellows 3.5MM
Loan Amounts for Practicing Physicians 3.5MM
Minimum Credit Score Not available
States Available In Available in 23 states. (View States)

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
  • Alaska
  • Arizona
  • Colorado
  • Connecticut
  • Hawaii
  • Idaho
  • Indiana
  • Maine
  • Massachusetts
  • Michigan
  • Montana
  • Nevada
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Rhode Island
  • Tennessee
  • Utah
  • Vermont
  • Washington
  • Wyoming
  • South Carolina
Level One Bank Level One Bank
Loan Amounts for Residents & Fellows 2MM
Loan Amounts for Practicing Physicians 2MM
Minimum Credit Score 700
States Available In Available in 1 state. (View State)

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)
States Available
  • Michigan
Mercantile Bank Mercantile Bank
Loan Amounts for Residents & Fellows 100% Financing Options
Loan Amounts for Practicing Physicians 100% Financing Options
Minimum Credit Score Call Lender
States Available In Available in 4 states. (View States)

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
  • Indiana
  • Kentucky
  • Michigan
  • Ohio
Regions Regions
Loan Amounts for Residents & Fellows 1MM
Loan Amounts for Practicing Physicians 1MM
Minimum Credit Score 700
States Available In Available in 14 states. (View States)

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
  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kentucky
  • Mississippi
  • Missouri
  • North Carolina
  • South Carolina
  • Tennessee
  • Texas
S&T Bank S&T Bank
Loan Amounts for Residents & Fellows 5MM
Loan Amounts for Practicing Physicians 5MM
Minimum Credit Score 700
States Available In Available in 10 states. (View States)

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

  • 95% financing up to $5MM (training or attending)
States Available
  • Delaware
  • Indiana
  • Kentucky
  • Maryland
  • Michigan
  • New Jersey
  • Ohio
  • Pennsylvania
  • Virginia
  • West Virginia
TD Bank Logo TD Bank
Loan Amounts for Residents & Fellows 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score N/A
States Available In Available in 16 states. (View States)

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
  • Connecticut
  • District of Columbia
  • Delaware
  • Florida
  • Massachusetts
  • Maryland
  • Maine
  • North Carolina
  • New Hampshire
  • New Jersey
  • New York
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Virginia
  • Vermont
truistbank_bzftmn-thumb Truist
Loan Amounts for Residents & Fellows 1.5MM
Loan Amounts for Practicing Physicians 1.5MM
Minimum Credit Score 700
States Available In Available in 11 states. (View States)

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

States Available
  • Alabama
  • Arkansas
  • California
  • Connecticut
  • District of Columbia
  • Delaware
  • Florida
  • Georgia
  • Mississippi
  • Tennessee
  • Virginia
US Bank
Loan Amounts for Residents & Fellows N/A
Loan Amounts for Practicing Physicians N/A
Minimum Credit Score N/A
States Available In Available in 55 states. (View States)
States Available
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Canal Zone
  • Colorado
  • Connecticut
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Guam
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virgin Islands
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming
No companies match your search.