Do Physician Assistants Qualify for Physician Mortgages?

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IN THIS ARTICLE

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?

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

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  • 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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