Compare Doctor Loans and Mortgages for Physicians and Dentists

Physicians, dentists and other eligible medical professionals have access to some exclusive financial products given the unique financial situation of many in the profession. One of these products are physician mortgages, also known as doctor loans, which require little to no money down and no personal mortgage insurance (PMI) to secure a jumbo mortgage loan. Many regional and national banks have departments dedicated to serving medical professionals and doctor loans - check out the comparisons below on some of the lenders that offer mortgages exclusively for physicians, dentists and other medical professionals.
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Compare Doctor Loans and Mortgages for Physicians and Dentists

Loan Amounts For Residents & Fellows Not Available

Loan Amounts For Practicing Physicians $417k (0% down) / $1.2MM (5% down) / $1.7MM (10% down) / $2.2MM (15% down) / $3MM (20% down)

Minimum Credit Score Not Available

Available in 4 states

BankSNB offers a doctor loan mortgage program for physicians and dentists. Under this program, doctors can borrow up to $417k with no down payment and as much as $3 million with 20% downpayment. Fixed and Adjustable Rate interest options are available for all products and BankSNB lends in Texas, Colorado, Oklahoma and Kansas.
Colorado, Kansas, Oklahoma, Texas

Loan Amounts For Residents & Fellows Not Available

Loan Amounts For Practicing Physicians $1MM (5% down) / $1.2MM (10% down) / $1.5MM (15% down)

Minimum Credit Score 680

Available in 9 states

The physician mortgage program offered by BBVA Compass is available in 16 states to MDs, DOs, DDSs and DMDs with a minimum FICO score of 700. Borrowers can choose between 15 and 30 year fixed rate loans and 5 and 7 year adjustable rate mortgages.
Alabama, Arizona, California, Colorado, Florida, Nevada, New Mexico, Tennessee, Texas

Loan Amounts For Residents & Fellows $1MM (0% down)

Loan Amounts For Practicing Physicians $2MM (10% down)

Minimum Credit Score 720

Available in 3 states

The Doctor Loan Program from Cadence Bank is available to MD’s, DO’s, DDS’s, DMD’s, DPMs, ODs and PHARMDs that are currently in training as well as practicing professionals. Cadence's "Early Professional" 100% loan program allows up to $1 million with no mortgage insurance for eligible specialties in training and those practicing for no more than 5 years.
Cadence also offers a "One-Time Close" construction loan up to 80% Loan-To-Value on 10/1 ARM, 15 Year Fixed, and 30 year Fixed Rate loan programs up to $2 million.
Alabama, Mississippi, Texas

Loan Amounts For Residents & Fellows $600k (5% down)

Loan Amounts For Practicing Physicians $850k (5% down)

Minimum Credit Score Not Available

Available in 19 states

Citizens Bank offers a doctor loan program for MDs, DOs, DMDs and DDSs, both practicing and in training. Borrowers can obtain up to $850,000 in financing for a home purchase with 5% down. Citizens Bank is also the only lender that offers 98% no PMI Construction loans up to $2 million for physicians.
California, Connecticut, Delaware, D.C., Illinois, Indiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, Tennessee, West Virginia

Loan Amounts For Residents & Fellows $500k (0% down) / $1MM (5% down)

Loan Amounts For Practicing Physicians $650k (0% down) / $1.5MM (15% down)

Minimum Credit Score 680

Available in 12 states

Fifth Third is a national bank that offers two physician mortgage programs depending on the stage of your career. Their new doctor loan program covers MDs, DOs and DPMs in residency or fellowship and practicing doctors that completed residency within the last 12 months. Under this program, physicians can borrow up to $500k with no down payment or up to $1 million with only 5% downpayment, both options with no PMI required. For more established physicians that have been practicing for longer than 12 months (or 24 months if self employed), Fifth Third will lend up to $650,000 with no downpayment or up to $1.5 million with a 15% downpayment, again with no PMI required. Fixed and Adjustable Rate options are available for all products.
Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, West Virginia

Loan Amounts For Residents & Fellows $850k (0% down) / $1MM (5% down) / $1.5MM (10% down)

Loan Amounts For Practicing Physicians $850k (0% down) / $1MM (5% down) / $1.5MM (10% down)

Minimum Credit Score Not Available

Available in all 50 states

The Physician Mortgage Loan Program from Flagstar Bank is available to medical residents (Educational License), medical doctors (MD), doctors of dental sciences (DDS), doctors of dental medicine or surgeon (DMD), doctors of optometry (OD), doctors of ophthalmology (MD), doctors of podiatric medicine (DPM), doctors of osteopathy (DO) and doctors of veterinary medicine (DVM). The program offers 0% financing up to $850,000, 5% down up to $1 million and 10% down up to $1.5 million. The mortgage loan program is available in all 50 states for both new purchases and refinancing existing mortgage loans. Non-occupant co-borrowers are allowed. Product available only on 5-1 and 7-1 adjustable rate mortgages.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, D.C., Florida, Georgia, 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, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Loan Amounts For Residents & Fellows $1.5MM (0% down)

Loan Amounts For Practicing Physicians $1.5MM (0% down)

Minimum Credit Score 700

Available in 6 states

Fulton Mortgage Company offers 100% financing for loans up to $1.5 million for MDs, DOs, DDSs, DMDs, PHARMDs and DVMs with a credit score of 700 or higher. Borrowers can purchase up to 60 days in advance of their employment contract start date. Mortgages available include 30 and 15 year fixed rate and 3/1, 5/1, 7/1 and 10/1 ARM. Eligible medical professionals must not be out of training for more than 10 years unless relocating, in which the 10 year rule does not apply. No reserves are required by Fulton Mortgage Company to close.
Delaware, D.C., Maryland, New Jersey, Pennsylvania, Virginia

Loan Amounts For Residents & Fellows $750k (0% down) / $1MM (5% down) / $1.2MM (10% down) / $1.5MM (25% down)

Loan Amounts For Practicing Physicians $750k (0% down) / $1MM (5% down) / $1.2MM (10% down) / $1.5MM (25% down)

Minimum Credit Score Not Available

Available in 3 states

Horizon Bank offers a doctor loan program for physicians, dentists and optometrists in Indiana, Illinois and Michigan that are within 90 days of their contract start date. Borrowers can obtain up to $750,000 with 0% down and up to $1.5 million with no PMI based on credit score. A payroll deposit is required with an auto-debit from a Horizon bank account.
Indiana, Illinois, Michigan

Loan Amounts For Residents & Fellows $600k (0% down)

Loan Amounts For Practicing Physicians $600k (0% down) / $850k (5% down)

Minimum Credit Score Not Available

Available in 8 states

Huntington Bank offers a doctor loan program for MDs, DOs, DMDs and DDSs, both practicing and in training. For those practicing, borrowers can obtain up to $1 million with 11% down and $850,000 with only 5% down. This amount is reduced to $650,000 for residents and fellows. Mortgage loans above $1 million are available to practicing physicians but are approved on a case-by-case basis.
Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, Wisconsin

Loan Amounts For Residents & Fellows $2.5MM (10% down)

Loan Amounts For Practicing Physicians $2.5MM (10% down)

Minimum Credit Score 720

Available in all 50 states

This Jumbo Loan Program is from a nationally recognized lender and is available for both purchasing new homes and refinancing existing homes. The minimum loan amount is $636,151 and the program allows doctors to obtain up to $2.5 million. The following medical degrees are eligible for this program: MD, DO, DDS, DMD, OD, PHARMD, DVM. There is no mortgage insurance and the lender can close up to 60 days prior to starting a new job. Note that 12 months reserved are required to close.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, D.C., Florida, Georgia, 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, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Loan Amounts For Residents & Fellows $650k (0% down) / $750k (5% down)

Loan Amounts For Practicing Physicians $650k (0% down) / $750k (5% down)

Minimum Credit Score Not Available

Available in 15 states

Regions offers their physician mortgage product in 15 states and is available for residents, fellows and practicing physicians with no restriction regarding the number of years in practice, which is unique relative to other lenders. Like most doctor loan programs, borrowers can close on a new home up to 60 days prior to the start of their employment. Eligible medical professionals include MDs, DOs and DDSs.
Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Michigan, Missouri, North Carolina, South Carolina, Tennessee, Texas

Loan Amounts For Residents & Fellows $750k (0% down) / $1MM (5% down) / $1.5MM (10% down)

Loan Amounts For Practicing Physicians $750k (0% down) / $1MM (5% down) / $1.5MM (10% down)

Minimum Credit Score Not Available

Available in 13 states

The Doctor Loan Program from SunTrust Mortgage is available to MD’s, DO’s, DDS’s and DMD’s that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for loan amounts up to $750,000 with no downpayment* while those within ten years of residency completion are eligible for loan amounts up to $1,000,000 with 5% down*, or $1,500,000 with 10.01% down*.

*Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if the property is located in a declining market or if required by state regulations. Additional down payment may be required if property is in a declining market or if required by state regulations.
Alabama, Arkansas, Delaware, D.C., Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia

Loan Amounts For Residents & Fellows $1MM (10% down) / $1.5MM (15% down) / $2MM (20% down) / $3MM (30% down)

Loan Amounts For Practicing Physicians $1MM (10% down) / $1.5MM (15% down) / $2MM (20% down) / $3MM (30% down)

Minimum Credit Score 710

Available in 49 states

The Jumbo Loan Program from US Bank is available to MD’s and DO’s that are currently in training or practicing.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Current Physician Mortgage Loan Rates

Here's our weekly mortgage market update for the week beginning September 17, 2017

Mortgage rates hold steady


Despite an increase in Treasury yields last week, average mortgage rates remained unchanged, according to the latest Freddie Mac Primary Mortgage Market Survey.

The average rates on 30-year and 15-year fixed rate mortgages held steady at 3.78 percent and 3.08 percent, respectively. Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 3.13 percent in the past week, down slightly from 3.15 percent the previous week.

Bankrate.com listed the average 30-year fixed mortgage rate for the last three months at 3.99 percent;15-year fixed at 3.22 percent; 30-year jumbo rates at 4.01 percent; and a 5-year ARM at 3.46 percent. Bankrate’s average refinance rates were 3.05 for a 10-year, 2.96 percent for a 15-year, and 3.74 percent for a 30-year.

Wells Fargo’s rates for the past week were 3.875 percent on a 30-year fixed; 4 percent on a 30-year jumbo mortgage; 3.25 percent on a 15-year fixed; 3.75 on a 15-year jumbo; and between 3.375 percent and 3.75 on ARMs.

U.S. Bank listed its average 30-year fixed at 3.875 percent, 20-year at 3.625 percent, and 15-year and 10-year at 3.25 percent. Its 5-year ARM is 3 percent and 10-year ARM is 3.5 percent.

The lack of movement in mortgage rates occurred during a week when the yield on the 10-year Treasury rose 11 basis points. Prior to this week, mortgage rates had fallen for six consecutive weeks as Treasury yields dropped to their lowest level in almost a year.

Freddie Mac’s report indicates that if yields continue to rise, mortgage rates could see an increase next week.

Articles about doctor loans & physician mortgages

Should doctors buy a house in training?
There are a host of arguments for and against buying a house as a resident: You don’t have much money now, but you will in a few years It’s better than throwing away money on rent, except when the market tanks You have to live somewhere, but that
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Mortgage Market Update - September 17, 2017
Mortgage rates hold steady Despite an increase in Treasury yields last week, average mortgage rates remained unchanged, according to the latest Freddie Mac Primary Mortgage Market Survey. The average rates on 30-year and 15-year fixed rate mortgages held steady at 3.78 percent and 3.08 percent, respectively. Five-year Treasury-indexed
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Mortgage rates fall to another 2017 low
Rates for 30-year fixed mortgages fell to another year-to-date low in the past week, according to the latest Freddie Mac Primary Mortgage Market Survey. The average rate declined for the fifth consecutive week to an average of 3.82 percent. That was down from 3.86 the week before and
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The Word Is Out

LeverageRx is the easiest way to find financial services for doctors

Doctor Loans for Physicians & Dentists FAQs

How are physician mortgages and doctor loans different than traditional mortgages for physicians?
Physician mortgage loans, also known as doctor loans, are different than traditional mortgages in that they are exclusively offered to medical professionals and require little to no money down and no personal mortgage insurance (PMI). Lenders are willing to offer these products early in a physician's career as they know that the possibility of default is relatively low among medical professionals.
What states have doctor loan programs available?
Physicians and dentists can obtain physician mortgage loans and doctor loans in the following states: Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia 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 Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming
What are the rates and fees associated with a physician mortgage loan?
Interest rates for physician loans vary by lender but are typically higher than what you would see from a conventional mortgage with a higher down payment. However, physician loans don't require PMI whereas conventional mortgages with a down payment less than 20% will require you to obtain PMI.