1. Physician Mortgage Loans

Find a Physician Mortgage Loan

What is a Physician Mortgage Loan?

A physician mortgage loan is a low down payment mortgage available to physicians, dentists and other eligible medical professionals. They do not require mortgage insurance and are often considered jumbo mortgages as they allow higher loan balances than conventional and FHA mortgage loans. We’ve made it easy for doctors to compare lenders that offer these mortgage loans.

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Compare Mortgage Loans for Doctors and Dentists

KeyBank mortgage doctor loan

Loan Amounts For Residents & Fellows Up to $3.5 million

Loan Amounts For Practicing Physicians Up to $3.5 million

Minimum Credit Score 680

Available in 20 states

About States Available

Headquartered in Cleveland, Ohio, KeyBank is one of the nation's largest banks with $137 billion in assets and over 1,100 full service branches in 15 states. KeyBank provides retail and commercial banking services, investment management and consumer lending products across the United States.

KeyBank's doctor loan program provides up to $1 million with no PMI. This program is available for single family housing and condos and is available in 30, 25, 20, 15, and 10-year fixed 5/1, 7/1, and 10/1 ARM:

  • 100% financing to $750K loan amounts

  • 5% down to $1M

  • 10% down to $1.5M

  • 15% down to $2M

  • 25% down to $3.5M

Eligible borrowers include:

  • Medical Doctor (MD)

  • Doctor of Dental Surgery (DDS)

  • Doctor of Dental Medicine (DMD)

  • Doctor of Optometry (OD)

  • Doctor of Ophthalmology (MD)

  • Doctor of Osteopathy (DO)

  • Veterinarian (DVM) - with certified board specialty recognized by AVMA.

Highlights:

  • Rate and term refinance permitted

  • Income Driven Repayment (IDR) allowed when computing debt to income ratios with student loans

  • Non-occupant co-borrowers permitted

  • Gifts permitted

  • 680 credit score

  • Non-permanent resident alien permitted

  • Close up to 90 days prior to start date with employment contract

WA, VT, UT, PA, OR, OH, NY, NJ, NC, MI, MA, ME, IN, ID, FL, CT, CO, CA, AZ, AK
UMB Bank mortgage doctor loan

Loan Amounts For Residents & Fellows Up to $2 million

Loan Amounts For Practicing Physicians Up to $2 million

Minimum Credit Score Not Available

Available in 47 states

About States Available

UMB Financial Corporation (Nasdaq: UMBF) is a $21.5 billion financial services company headquartered in Kansas City, MO, and founded in 1913 - offering personal banking, commercial banking, healthcare services and institutional banking, which includes services to mutual funds and alternative-investment entities and registered investment advisors.

UMB Bank, n.a., a subsidiary of UMB Financial Corporation, provides a comprehensive suite of banking products and services. The Mortgage Portfolio Professional Loan program is designed to lend to the doctorate professionals who are licensed in their profession.

Eligible borrowers include:

  • MD – Doctor of Medicine

  • DO – Doctor of Osteopathy

  • DDS – Doctor of Dental Surgery

  • DMD – Doctor of Medicine in Dentistry

  • OD – Doctor of Optometry

  • DC – Doctors of Chiropractic

  • PharmD – Doctor of Pharmacy

  • PHD – Doctorate

  • DVM – Doctor of Veterinarian Medicine

  • JD Doctor of Juris Prudence (Attorney)

Maximum LTV Options:

  • Purchase: 100%; R/T Refinance: 95%; Loan Limits: $0 - $750,000

  • Purchase: 95%; R/T Refinance: 90%; Loan Limits: $750,001 - $1,250,000

  • Purchase: 90%; R/T Refinance: 85%; Loan Limits: $1,250,001 - $2,000,000

Current Products:

  • 30-Year Fixed Rate Loan

  • 20-Year Fixed Rate Loan

  • 15-Year Fixed Rate Loan

Highlights:

  • Available in 47 States (except Alaska, Hawaii, New York and D.C.)

  • Owner Occupied and Second Homes.

  • Single Family, Condo and Townhomes (No Multi-Family Properties)

  • Minimum FICO Score is 700.

  • Max DTI is 43%.

  • NO Mortgage Insurance!

  • 3 Months Reserves Required.

  • NO Gift Funds Allowed.

  • Copy of License - needed.

  • Escrow for Taxes and Insurance is Required.

  • Close 60 Days prior to Start Date of New Employment Contract!

  • Allows for Seller Contributions of 3% towards Closing Cost and Prepaids.

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

Loan Amounts For Residents & Fellows Up to $2 million

Loan Amounts For Practicing Physicians Up to $2 million

Minimum Credit Score Not Available

Available in 12 states

About States Available

HI, GA, FL, DC, DE, CT, CO, CA, AR, AZ, AK, AL
BancorpSouth mortgage doctor loan

Loan Amounts For Residents & Fellows $650k (no down payment required)

Loan Amounts For Practicing Physicians $650k (no down payment required)

Minimum Credit Score 640

Available in 9 states

About States Available Based in Tupelo, Mississippi, BancorpSouth is a public bank holding company with roughly 300 branches spanning nine states. BancorpSouth provides basic checking, savings, lending, credit card, wealth management and insurance solutions to both individuals and businesses. The company seeks to develop public-private partnerships that foster growth in communities.

BancorpSouth offers a flexible physician mortgage loan product available at any stage of your medical career. If you have a contract of employment, it will be accepted 90 days prior to beginning practice. However, you will be required to present your first pay stub once it is received. Under this doctor home loan program, you can obtain 100% financing for purchase loans. You can also cash out refinance loans up to $650,000. Both single family homes and condos are eligible for this mortgage program. Borrowers must have a minimum credit score of 640. No private mortgage insurance or reserves are required.

Eligible borrowers include:
  • Medical Doctor (MD)
  • Doctor of Osteopathy (DO)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
BancorpSouth will offer up to:
  • 103% financing for loans to $453,100
  • 100% financing for loans to $650,000
  • 95% financing for loans to $1 million
  • 89.9% financing for loans to $1.5 Million
  • 85% financing for loans to $2 million
  • 80% financing for loans over $2 million
Pros
  • The service of a community bank.
  • The convenience of a regional bank.
  • Available to residents, fellows and practicing physicians.
  • Available to US citizens and resident and non-resident aliens
  • Available for single family homes and condos.
  • Minimum credit score of 640 is accommodating.
  • No bank closing costs, PMI, reserves or escrow required.
  • Non-occupant co-borrowers and gift funds are allowed.
Cons
  • Overall, BancorpSouth's solutions and services are quite basic.
  • Limited lending options - for example, currently no student loans
  • Monthly service charge.
AL, AR, GA, LA, MS, MO, OK, TN, TX
BankSNB mortgage doctor loan

Loan Amounts For Residents & Fellows Not Available

Loan Amounts For Practicing Physicians $417k (no down payment required) / $3MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 4 states

About States Available 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 flexible down payments based on the loan amount. Fixed and Adjustable Rate interest options are available for all products and BankSNB lends in Texas, Colorado, Oklahoma and Kansas. CO, KS, OK, TX
BBVA mortgage doctor loan

Loan Amounts For Residents & Fellows Not Available

Loan Amounts For Practicing Physicians $650k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 9 states

About States Available About BBVA Compass Bank
Headquartered in Birmingham, Alabama, BBVA Compass is the 30th largest bank in the United States. It's footprint is primarily in the southern U.S and has 672 branches spanning across six states. BBVA Compass was listed among Money Magazine's "Best Banks in America" in 2016.

BBVA Compass Doctor Mortgage Program
BBVA's doctor mortgage program allows borrowers to obtain up to $1.5 million in financing for new home purchases. Eligible properties include single family, multi-family and condo units.

Pros
  • 100% financing up to $650,000
  • Both fixed and adjustable rate options available
  • Can be used for both new purchases and refinancing existing homes
Cons
  • Not available in all states
Eligible Borrowers
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
  • Doctor of Optometry (OD)
AL, AZ, CA, CO, FL, NV, NM, TN, TX
BMO Harris Bank mortgage doctor loan

Loan Amounts For Residents & Fellows $750k (no down payment required)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 9 states

About States Available About BMO Harris Bank
Headquartered in Chicago, Illinois, BMO Harris Bank is a subsidiary of BMO Financial Corporation. The bank has over $110 billion in assets and over 570 branches spanning 8 states.

BMO Physician Loan Program
The doctor mortgage loan program offered by BMO Harris Bank is available in 9 states to physicians and dentists with a minimum FICO score of 700. No income history is required for this loan program and BMO can close the loan within 60 days of the start date for the new contract. Mortgage loans available include 10, 15, 20, & 30 year fixed rate or 3/1, 5/1, 7/1, and 10/1 ARM loans. There is no PMI or Mortgage Insurance required.

Pros
  • 100% financing up to $750,000
  • Fixed and adjustable rate mortgage options available
  • Close up to 60 days prior to starting employment
  • The physician loan program can be used for new purchases and no cash out refinances
Cons
  • Not available in all states
  • Physicians that have been practicing for more than 10 years are limited to 90% financing
  • Reserves may be required and seller credit limitations may apply depending on the loan amount and down payment amount
Eligible Borrowers
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
AZ, FL, IL, IN, KS, MN, MO, WA, WI
Cadence mortgage doctor loan

Loan Amounts For Residents & Fellows $1MM (no down payment required)

Loan Amounts For Practicing Physicians $2MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 3 states

About States Available 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" loan program allows up to $1 million with no mortgage insurance or down payment for eligible specialties in training and those practicing for no more than 5 years.
Cadence also offers a "One-Time Close" construction loan with 10/1 ARM, 15 Year Fixed, and 30 year Fixed Rate loan programs up to $2 million.
AL, MS, TX
Citizens mortgage doctor loan

Loan Amounts For Residents & Fellows $600k (flexible down payment options available)

Loan Amounts For Practicing Physicians $3MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 22 states

About States Available 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. Citizens Bank also offers no PMI construction loans up to $2 million for physicians with low down payment options available. CT, DE, DC, IL, IN, KY, ME, MD, MA, MI, MN, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VA, WV
FifthThird mortgage doctor loan

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 12 states

About States Available

About Fifth Third Bank
Headquartered in Cincinnati, Ohio, Fifth Third Bank is one of the largest banks in the United States with over 1,100 branches throughout 10 states. The bank provides commercial banking, branch banking, consumer lending and wealth and asset management services to its customers.

Fifth Third Doctor Loan Program
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 low down payment options available, 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 down payment or up to $1.5 million with flexible down payment options based on loan size, again with no PMI required. Fixed and Adjustable Rate options are available for all products.

Pros

  • 100% financing available

  • Close up to 90 days prior to employment start date

  • Can be used for both new purchases and refinancing existing homes

  • Both fixed and adjustable rate options available to borrowers

  • Student loans in deferment or forbearance are not counted towards the borrower's debt to income ratio

Cons

  • Not available in all states

  • Loans are capped at $1.5 million

  • Eligibility for mortgage loan programs depends on current career status

Eligible Borrowers

  • Medical Doctor (MD)

  • Doctor of Dental Surgery (DDS)

  • Doctor of Dental Medicine (DMD)

  • Doctor of Osteopathy (DO)

  • Doctor of Podiatric Medicine (DPM)

FL, GA, IL, IN, KY, MI, NC, OH, PA, SC, TN, WV
Flagstar mortgage doctor loan

Loan Amounts For Residents & Fellows $850k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $850k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score 710

Available in all 50 states

About States Available

About Flagstar Bank
Flagstar Bank is a $16.9 billion savings and loan holding company headquartered in Troy, Michigan. Flagstar provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 90 retail locations in 29 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division.

Flagstar Doctor Mortgage Program
Flagstar's doctor mortgage program offers no down payment financing up to $850,000 and up to $1.5 million with down payments based on loan amounts. 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.

Products available only on 5-1 and 7-1 adjustable rate mortgages; no fixed rates. Flagstar has a minimum credit score requirement of 710.

Pros

  • Available many types of healthcare professionals

  • Can be used for both new purchases and refinancing existing homes

  • Non-occupant co-borrowers are allowed on the loan

  • Can close up to 60 days prior to starting employment

  • No PMI required

Cons

  • Only adjustable rate mortgages available (no fixed rates)

Eligible Borrowers

  • Medical Resident (Educational License)

  • Medical Doctor (MD)

  • Doctor of Dental Surgery (DDS)

  • Doctor of Dental Medicine (DMD)

  • Doctor of Optometry (OD)

  • Doctor of Ophthalmology (MD)

  • Doctor of Podiatric Medicine (DPM)

  • Doctor of Osteopathy (DO)

  • Nurse Anesthetist

  • Nurse Practitioner

  • Clinical Nurse Specialist

  • Veterinarian

AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Fulton Mortgage mortgage doctor loan

Loan Amounts For Residents & Fellows $1.5MM (no down payment required)

Loan Amounts For Practicing Physicians $1.5MM (no down payment required)

Minimum Credit Score 700

Available in 6 states

About States Available Fulton Mortgage Company offers no down payment 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. DE, DC, MD, NJ, PA, VA
Horizon Bank mortgage doctor loan

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 3 states

About States Available 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 no down payment and up to $1.5 million with low down payment options and no PMI based on credit score. A payroll deposit is required with an auto-debit from a Horizon bank account. IN, IL, MI
Huntington Bank mortgage doctor loan

Loan Amounts For Residents & Fellows $750k (no down payment required)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $2MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 8 states

About States Available 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 $2 million with low down payment options available. This amount is reduced to $750,000 for residents and fellows. This program is available to MDs, DOs, DDSs, DMDs, ODs, DPMs and DVMs. IL, IN, KY, MI, OH, PA, WV, WI
IBERIABANK Mortgage mortgage doctor loan

Loan Amounts For Residents & Fellows $1MM (no down payment required)

Loan Amounts For Practicing Physicians $1MM (no down payment required)

Minimum Credit Score Not Available

Available in 14 states

About States Available IBERIABANK Mortgage Doctor Mortgage Program
IBERIABANK Mortgage offers doctor loans to physicians, dentists and veterinarians both in residency and practice. Mortgage loans are offered in 5/1 ARM, 7/1 ARM and 30 year fixed options with no mortgage insurance needed and no reserve requirements. One-time close construction loans are also available to prospective borrowers.

Pros
  • Both fixed and adjustable rate options available
  • No reserve requirements for mortgage loan borrowers
  • One-time close construction loans are available
Cons
  • Not available in all states
Eligible Borrowers
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
  • Doctor of Veterinary Medicine (DVM)
AL, AR, CT, FL, GA, LA, MS, MO, NJ, NY, NC, SC, TN, TX
NBT Bank mortgage doctor loan

Loan Amounts For Residents & Fellows $850k (flexible down payment options available)

Loan Amounts For Practicing Physicians $850k (flexible down payment options available)

Minimum Credit Score Not Available

Available in 6 states

About States Available The Physician Mortgage Loan Program from NBT Bank is available to physicians, dentists, optometrists and podiatrists.. The program offers low down payments up to $850,000 in Main, Massachusetts, New Hampshire, New York, Pennsylvania and Vermont. NBT Bank's physician loan has a minimum credit score of 700. ME, MA, NH, NY, PA, VT
Regions mortgage doctor loan

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 1 state

About States Available About Regions Bank
Headquartered in Birmingham, Alabama, Regions Bank is a regional lender that primarily operates in the southeastern United States. It is one of the largest full-service providers of commercial, consumer, mortgage and investment management banking products and services.

Regions Doctor Mortgage Program
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.

Pros
  • 100% financing available to physicians and dentists
  • Both fixed and adjustable rate options available
  • Can be used for both new purchases and refinancing existing homes
  • Can close up to 60 days prior to starting new employment
Cons
  • Not available nationwide
  • Additional down payment may be required if the property is in a declining market
Eligible Borrowers
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
NC
SunTrust mortgage doctor loan

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 13 states

About States Available 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 higher loan amounts up to $1,500,000 with down payment options based on loan size.

*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.
AL, AR, DE, DC, FL, GA, MD, MS, NC, SC, TN, VA, WV
TIAA Bank mortgage doctor loan

Loan Amounts For Residents & Fellows $2MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $2MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in all 50 states

About States Available About TIAA Bank
Headquartered in Jacksonville, Florida, TIAA Bank was launched in 2018 following the merger of EverBank and TIAA Direct. Built on EverBank's banking model, TIAA Bank provides a full suite of financial services for consumer and commercial customers across all 50 states including deposit, residential and commercial lending products.

TIAA Bank Doctor Mortgage Program
TIAA Bank's doctor loan mortgage program is available to existing medical doctors including DOs, dentists, dental surgeons and veterinarians who are actively practicing and are within 10 years of completing residency. Mortgage loans start at $200,000 and extend up to $1.5 million on single family homes and up to $2 million on two-unit properties. This doctor loan program does not require PMI and deferred student loans are excluded from debt calculations. TIAA Bank allows closing up to 60 days prior to starting a new employment position.

Pros
  • Available to borrowers in all 50 states
  • Can be used for both new purchases and refinancing existing homes
  • Can close up to 60 days prior to starting new employment
Cons
  • No 100% financing program available
  • Borrowers that completed residency more than 10 years ago are not eligible for this doctor loan program
Eligible Borrowers
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
  • Doctor of Veterinary Medicine (DVM)
AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
University Federal Credit Union mortgage doctor loan

Loan Amounts For Residents & Fellows $424k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $424k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

About The Doctor Loan Program from University Federal Credit Union is available to MD's, DO's, DDS's and DMD's in both training and practice. Residents and fellows are eligible for loan amounts up to $424,000 with no down payment and can obtain up to $1.5 million in financing with down payments based on the loan size.
US Bank mortgage doctor loan

Loan Amounts For Residents & Fellows $3MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $3MM (flexible down payment options available)

Minimum Credit Score 710

Available in all 50 states

About States Available About US Bank
Headquartered in Minneapolis, Minnesota, US Bank is the fifth largest bank in the United States. The company provides commercial and consumer banking, investment, mortgage and trust services to its customers. It has over 3,000 branches across all 50 states.

US Bank Doctor Mortgage Program
US Bank's doctor mortgage program allows borrowers to obtain up to $2 million in financing for both new purchases and refinancing existing home loans. Eligible properties include single family, multi-family and condo units.

Pros
  • Available to borrowers in all 50 states
  • Both fixed and adjustable rate options available
  • Can be used for both new purchases and refinancing existing homes
  • Can close up to 6 months prior to starting employment
  • Borrowers can use gifted funds for down payment
Cons
  • Requires at least 10 percent down payment
  • May need extra reserves in certain states
Eligible Borrowers
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

Here's what our customers are saying

Current Physician Mortgage Loan Rates

Here's our weekly mortgage market update for the week beginning 12/10

A month after hitting a seven-year high, mortgage rates are showing signs of moderating.

According to the latest Freddie Mac Primary Mortgage Market Survey, rates dropped across the board for the week ending December 6.

“Mortgage rates declined this week amid a steep sell-off in U.S. stocks,” said Sam Khater, Freddie Mac’s chief economist. “This week’s rate reaction to the volatile stock market is a welcome relief to prospective homebuyers who have recently experienced rising rates and rising home prices.”

The average rate for a 30-year fixed rate mortgage was 4.75 percent last week. That was down from 4.81 percent the week before. A year ago at this time, the average 30-year mortgage rate was 3.94 percent.

Rates on 15-year fixed mortgages fell from 4.25 percent to 4.21 percent. A year ago at this time, the 15-year rate averaged 3.36 percent. 

Five-year adjustable rate mortgages (ARM) averaged 4.07 percent last week, down from 4.12 percent the week before. Last year’s 5-year ARM averaged 3.36 percent.

At the end of the week, Bankrate.com listed the average 30-year fixed mortgage rate at 4.57 percent; 15-year fixed at 3.98 percent; 30-year jumbo rates at 4.61 percent; and a 5-year ARM at 4.12 percent.

Wells Fargo’s rates for the past week were 4.75 percent on a 30-year fixed; 4.375 percent on a 30-year jumbo; 4.25 percent on a 15-year fixed and 4 percent on a 15-year jumbo; and between 3.75 percent and 4.25 percent on ARMs.

Bank of America listed rates at the end of the week as follows: 4.5 percent for a 30-year fixed; 3.875 percent for a 15-year fixed; 3.625 percent for a 5-year ARM.

U.S. Bank listed its average 30-year fixed at 4.75 percent and 20-year at 4.625 percent. Its 5-year ARM is 4.625 percent and 10-year ARM is 4.125 percent.

What Doctors Are Saying About LeverageRx

This is a really helpful service to get in contact with the physician loan specialists at all of the different banks more quickly, instead of needing to call each bank separately and wait to hear back from the loan officers who specialize in these loan products. We actually switched from the lender we were working with to one that we found through LeverageRx.
- Dr. Katie Cole, Psychiatrist

Doctor Mortgage Loan FAQs

How are physician mortgages and doctor loans different than traditional mortgages?
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.

Doctor loans typically have the following characteristics:
  • Low to no down payment. One of the most well known characteristics of doctor loans is they require little to no down payment on the loan. No down payment loans are typically capped by most lenders between $500,000 and $750,000 and will require a down payment if the loan amount is higher.
  • Relaxed debt to income ratios. For doctors with student loans, meeting normal debt to income restrictions can be a hurdle to getting a mortgage loan. Doctor loans have more relaxed guidelines and some lenders won't include student loans in their underwriting calculations.
  • No income history needed. Doctor loan lenders will allow borrowers to close on a home before they start working as long as they have a signed employment offer. Many lenders will allow closing up to 90 days prior to starting a job. Self employed doctors are sometimes able to qualify with as little as 6 months of income history.
  • No PMI. Almost all lenders require private mortgage insurance if the borrower puts less than 20 percent down on a home loan. However, doctor loans rarely require PMI on the loan despite a low down payment.
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.

Putting a smaller down payment on a home will also result in higher interest over the life of the loan. Consider the following example:

Scenario 1: $500,000 mortgage with no down payment
  • $400,000 mortgage balance
  • 30 year fixed rate at 4.50%
  • Monthly payment of $2,027 (not including taxes)
Under this first scenario, the borrower would be making monthly payments of $2,027. The total cost of the loan over the entire term would equal $729,627 with a total interest cost at $329,627.

Scenario 2: $500,000 mortgage with no down payment
  • $500,000 mortgage balance
  • 30 year fixed rate at 4.50%
  • Monthly payment of $2,533 (not including taxes)
In the second scenario, while the borrower has more flexibility in not making a down payment, the total monthly payment rises to $2,533. Additionally, the total cost of the loan over the 30 year term increases to $912,034. With no down payment, the borrower will pay an extra $82,407 in interest cost.
Are there any other mortgage resources out there that are useful?
There are several great resources to help you learn more about mortgage loans and purchasing a home. Here are a few that we like:
  • Mortgage Calculator: This is a free resource to help you determine how much you can afford and help estimate your monthly mortgage and insurance payments.
  • Student Doctor Network: This is a great thread on the Student Doctor Network forum that discusses the doctor loan program.
What other lenders offer a physician mortgage loan program?