LeverageRx Logo
LeverageRx Logo

Compare the Best Physician Mortgage Loans Online

What is a physician mortgage loan?

A physician loan is a low to no down payment mortgage designed specifically for physicians, dentists, and other doctors. Physician mortgage loans offer jumbo loan balances, relaxed debt-to-income ratios, and do not require private mortgage insurance (PMI). Physician loans are also commonly referred to as doctor loans, doctor home loans, and doctor mortgage loans.

At LeverageRx, we make it incredibly simple to find the best physician mortgage loan for your home financing needs.

Get Your Mortgage Rate
Physician Mortgage Loan FAQsBest Physician Mortgage LoansPhysician Mortgage Loan Articles

The LeverageRx Experience

Find a Physician Mortgage Loan in 3 Easy Steps

  1. Fill out a quick form

    Tell us a little about yourself so we can match you with the best mortgage lenders for your home financing needs.

  2. Select mortgage lenders

    Review the lenders that match your mortgage criteria and select the ones you would like to comparison shop with.

  3. Compare mortgage rates

    Check physician loan interest rates from multiple lenders to find the best doctor mortgage for you.

Best Physician Mortgage Loans in 2021

Curious about which banks offer physician mortgage loans? Compare the best doctor loan programs online here!
Filter
23 companies match your search
CompanyLoan Amounts For
Residents & Fellows
Loan Amounts For
Practicing Physicians
Minimum
Credit Score
States available in
States AvailableAL, AR, GA, LA, MS, MO, OK, TN, TX
About

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.

Learn More: BancorpSouth Physician Loan Review

States AvailableAL, AZ, CA, CO, FL, NV, NM, TN, TX
About

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

BBVA Compass Doctor Mortgage Program
BBVA Compass offers a physician loan program that 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

  • 5% down up to $1.5 million
  • 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)

Learn More: BBVA Compass Physician Loan Review

States AvailableAZ, FL, IL, IN, KS, MN, MO, WA, WI
About

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 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 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)

Learn More: BMO Harris Bank Physician Loan Review

States AvailableAR, AZ, CO, KS, MO, NM, OK, TX
About

Based in Tulsa, OK, BOK Financial is a top 25 bank in the country with more than $35 billion in assets. Although it offers some lending services in all 50 states, BOK Financial Mortgage's Advanced Medical Professionals (AMP) program is only available in eight full-service banking markets.

Whether you are new to practice or a seasoned pro, BOK's AMP loan program provides innovative home financing solutions for select medical professionals. It allows small down payments, competitive pricing, and unique qualifying criteria on various loan products.

  • Eligible medical professionals include: MD, DO, DDS, DMD, Medical Residents, Medical Fellows, DNAP, CRNA.
  • Primary residence only.
  • Maximum loan amount: $650,000 (available to all eligible medical professionals - subject to collateral and credit requirements).
  • Maximum loan amount: $1,000,000 (MD, DO, DDS, DMD - subjects to collateral and credit requirements).
  • Minimum down payments as low as:

    • 3% for loans up to $650,000.00
    • 5% for loans up to $850,000.00
    • 10% for loans up to $1,000,000.00
  • No private mortgage insurance.
  • Can close 60 days prior to employment start date.
  • Purchase or refinances (no cash out).
  • Fixed and variable rate options.
  • Student loans deferred greater than 12 months from closing do factor into DTI ratio.
  • Discounted 0.25% interest rate option available to borrowers who have a qualifying BOKF checking/savings account and agree to make mortgage payment via ACH from that account.

Read our BOK Financial review.

States AvailableAL, MS, TX
About

The Doctor Loan Program from Cadence Bank is available to MDs, DOs, DDSs, DMDs, 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.

Learn More: Cadence Bank Physician Loan Review

States AvailableFL, GA, IL, IN, KY, MI, NC, OH, PA, SC, TN, WV
About

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)

Learn More: Fifth Third Bank Physician Loan Review

States AvailableWV, VA, TN, SC, PA, OH, NC, NY, NJ, MD, GA, FL, DC, DE
About

Based in Pittsburgh, First National Bank of Pennsylvania (FNB of PA) is the largest subsidiary of F.N.B Corporation — a financial services holding company with over $33 billion in total assets as of 2019.

The Physician's Program at First National Bank features 10, 15, 20, 25, and 30 year fixed rate loans; and ARM 7/1, 10/1, and 15/1 ARM loans on loan amounts up to $1.5 million.

The program supports both primary residences and second homes for purchase, rate/term refinance, cash-out refinance, and construction perm. Property types include single-family dwellings, planned unit developments, condos, fee simple townhomes, and cluster or zero lot line homes.

Eligible borrowers include:

  • Medical Doctor (MD)
  • Doctor of Osteopathy (DO)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Veterinary Medicine (DVM)

Maximum Loan-To-Value (LTV):

  • Purchase Transactions:

    • Primary Residence

      • 100% CLTV on loan amounts $750,000 or less
      • 95% CLTV on loan amounts to $1MM
      • 89.99% CLTV on loan amounts to $1.5MM
    • Second Homes

      • 80% CLTV on all loan amounts up to $1,000,000
  • Refinance Transactions:

    • Primary Residence

      • 100% CLTV for Rate/Term Refinance up to 750K
      • 95% CLTV on Rate/Term Refinance to $1MM
      • 89.99% CLTV on Rate/Term Refinance to $1.5MM
      • 85% CLTV for Cash-Out Refinance
    • Second Homes

      • 80% CLTV for Rate/Term Refinance (Cash-out refinances are not permitted)
  • Construction Perm:

    • Primary Residence Only (condos and second homes not permitted)

      • 89.99% CLTV - No PMI Required
      • 95% CLTV - PMI Required

Other Requirements & Exclusions:

  • Maximum Debt-To-Income (DTI) Ratio: 43%
  • Reserve Requirement: Per AUS (accept or approve ratings)
  • Mortgage Insurance:

    • Purchase or refinance: No MI required.
    • Construction perm (primary residence only): Required over 90% LTV
  • Pricing: 0.25% added to applicable interest rate plus all applicable LLPA except:

    • No credit score / LTV fee for credit scores 740 or higher.
  • Physician eligibility is predicated on an FNB Checking account. IF the borrower does not have one, they are not eligible.
  • Closing may occur prior to the employment start date with an acceptable signed contract and start date prior to the first payment.
  • Title insurance is not required on loan amount $500,000 or less (will accept attorney's final opinion of the title).
  • For medical residents, FNB will permit the exclusion of student loan debts under deferment or forbearance once the residency program is validated. If there is a minimum payment required under an income or forbearance plan, that payment is to be included. Loans with these parameters need to be marked as Non-QM in the LMS system.
  • Physician loans in Florida limited to:

    • Licensed resident/interns, fellows in MD, DO and DPM programs are limited to 750K.
    • Doctors in practice 10 years or more are limited to 89.99%.

Learn More: First National Bank of Pennsylvania Physician Loan Review

States AvailableAK, 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
About

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

Learn More: Flagstar Bank Physician Loan Review

States AvailableDE, DC, MD, NJ, PA, VA
About

Fulton Mortgage Company offers no down payment on 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 a 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.

Learn More: Fulton Mortgage Physician Loan Review

States AvailableIL, IN, KY, MI, OH, PA, WV, WI
About

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.

Learn More: Huntington Bank Physician Loan Review

States AvailableAL, AR, CT, FL, GA, LA, MS, MO, NJ, NY, NC, SC, TN, TX
About

IBERIABANK Doctor Mortgage Program
IBERIABANK 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)

Learn More: IBERIABANK Physician Loan Review

States AvailableAK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
About

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 $3.5 million with no PMI for single-family housing and condos. Fixed and variable rate options are available for this program.

  • 0%¹ down for loan amounts up to $750,000
  • 5%¹ down for loan amounts up to $1,000,000
  • 10%¹ down for loan amounts up to $1,500,000

Eligible borrowers include:

  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
  • Doctor of Podiatric Medicine (DPM)

Highlights:

  • Loan options available for purchase, as well as rate/term and cash-out refinances
  • Eligible property types include owner-occupied primary residences and second homes
  • Available for 1-unit single-family homes, attached or detached, condos, or planned unit developments

Learn More: KeyBank Physician Loan Review

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit and collateral approval. Not all loans or products are available in all states.

KeyBank is Member FDIC and an Equal Housing Lender NMLS# 399797.

¹Geographic restrictions may apply. Ask us for details.

States AvailableHI, GA, FL, DC, DE, CT, CO, CA, AR, AZ, AK, AL
About

Here is a brief rundown of LoanDepot's guidelines as of 2021:

  • 95% loan to $1.5M with no mortgage insurance
  • 80% loan to $2M with no mortgage insurance
  • Credit score as low as 700 minimum
  • Low reserves required and may be 401k/retirement
  • Purchase or rate/term refinance
  • Fixed and ARM options, fixed only on 5% down
  • Available to MD, DO, DDS, DMD, OD, DPM, NP, others
  • Single Family or Condo’s allowed
  • May close within 2 months of new employment
  • May exclude student loans if deferred more than 12 months
  • Currently licensed in AZ, CA, CO, FL, HI, KS, MO, OK, OR, and WA; currently seeking licenses for over 10 more states.
  • Gifts allowed (including international), 5% personal funds minimum
  • 1099 income is accepted as long as 1 year of taxes showing similar income to qualifying

Learn More: LoanDepot Physician Loan Review

States AvailableMI, IN, OH, KY
About

Mercantile Bank of Michigan's doctor loan program offers 100% financing options to practicing physicians, residents, and fellows in four states. No private mortgage insurance is required.

Eligible medical specialties include:

  • Doctors of Medicine (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Dental Surgery (DDS)
  • Doctors of Dental Medicine (DMD)
  • Doctors of Chiropractic (DC)
  • Doctors of Pharmacy (PharmD)

Loan amounts up to $2 million with zero down payment options are available for practicing physicians. For residents and fellows still in training, zero down options are available on loan amounts up to $650,000.

Learn More: Mercantile Bank of Michigan Physician Loan Review

States AvailableME, MA, NH, NY, PA, VT
About

The physician mortgage loan program from NBT Bank is available to physicians, dentists, optometrists, and podiatrists. The program offers low down payments on loan amounts up to $850,000 in Maine, Massachusetts, New Hampshire, New York, Pennsylvania, and Vermont. NBT Bank's physician loan has a minimum credit score of 700.

Learn More: NBT Bank Physician Loan Review

States AvailableWY, WI, WA, VA, UT, TX, TN, SD, SC, PA, OR, OK, OH, ND, NC, NM, NH, MT, MS, MN, MD, LA, KY, KS, IA, ID, FL, DC, DE, CA, AR, AZ, AK, AL
About

About NEO Home Loans
Based in Salt Lake City, the NEO Home Loans team is a division of Celebrity Home Loans that focuses on helping medical professionals avoid the landmines during the home buying process. The NEO Home Loans team has helped thousands of medical professionals secure mortgage loans nationwide.

NEO Home Loans Doctor Mortgage Program
NEO Home Loans offers medical loan programs that allow 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 $750k (not available in all states)
  • Both fixed and adjustable-rate options available
  • Can use gifted or borrowed funds for your down payment

Cons

  • 100% financing 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)
  • Physician Assistant (PA)
  • Certified Registered Nurse Anesthetist (CRNA)
States AvailableCO, KS, OK, TX
About

Simmons Bank (formerly BankSNB) offers a doctor loan 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.

Learn More: Simmons Bank Physician Loan Review

States AvailableAL, AR, CA, CT, DE, DC, FL, GA, IN, KY, MD, MA, MS, NC, OH, PA, SC, TN, TX, VA, WV
About

The doctor loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDSs, and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for a SunTrust physician loan up to $750,000 with no down payment. Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,500,000 with down payment options based on loan size.

Learn More: SunTrust Bank Physician Loan Review*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.

States AvailableAZ, CO, IA, IL, IN, KS, KY, MI, MN, MO, MT, ND, NE, OH, OK, PA, SD, UT, WI, WV, WY
About

Detroit-based TCF Financial Corporation offers consumer and commercial banking, trust and wealth management, and specialty leasing and lending products and services to consumers, small businesses, and commercial clients. The premier Midwest bank has roughly 475 banking centers throughout Michigan, Illinois, and Minnesota, with additional locations in Colorado, Ohio, South Dakota, and Wisconsin.

For purchase and rate/term refinance of primary homes, TCF Bank's physician mortgage loan program currently offers 5, 7, and 10-year adjustable-rate loans, and 15 and 30-year fixed-rate loans with the following guidelines:

  • 100% financing up to $750K
  • 95% financing up to $1M
  • 90% financing up to $1.65M

Eligible medical professionals include:

  • Doctors of Medicine (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Dental Surgery (DDS)
  • Doctors of Dental Medicine (DMD)
  • Doctors of Chiropractic (DC)
  • Doctors of Veterinary Medicine (DVM)
  • Doctors of Pharmacy (PharmD)
  • Doctors of Osteopathic Medicine (OD)

Read our TCF Bank review.

States AvailableVA, VT, SC, RI, PA, NC, NY, NJ, NH, MA, MD, ME, FL, DC, DE, CT
About

With over 27,000 employees and 150 years of experience, TD Bank is one of the 10 largest banks in the U.S today.

America's Most Convenient Bank® provides a variety of retail, small business, and commercial banking products and services to upwards of 9 million customers through its extensive network throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas, and Florida.

The Bank's medical professional mortgage program offers fixed-rate and adjustable-rate loans up to $1.25 million with no private mortgage insurance.

Highlights:

  • Maximum LTV Options: 0% down, 100% financing (loans up to $750,000); 5% down, 95% financing (loans up to $1,250,000)
  • Purchase or refinance a primary residence, including single-family residences, condominiums, co-ops (certain markets), and PUDs.
  • Flexible debt-to-income ratios based upon verified income
  • 1099 contracts with less than 2-year history allowed
  • 90-day future employment contracts allowed
  • Minimal reserves for new doctors

Eligible borrowers include:

  • Licensed medical or dental residents and fellows with a minimum of two years' completed residency
  • Practicing Physicians (MD, DO, DPM), dentists (DDS, DMD), and oral surgeons less than 10 years out of residency
  • Self-employed borrowers with a minimum of two years' work history

Learn More: TD Bank Physician Loan Review

States AvailableAL, 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
About

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)

Learn More: TIAA Bank Physician Loan Review

States AvailableWY, 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
About

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 occcupied 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.

Learn More: UMB Bank Physician Loan Review

States AvailableAll States
About

The Doctor Loan Program from University Federal Credit Union (UFCU) 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.

Learn More: University Federal Credit Union Physician Loan Review

10,000+users and counting...
We've helped thousands of doctors comparison-shop for loans.
From anesthesiologists to urologists, we've helped over 10,000 doctors find the right physician loan program for their needs.

Frequently Asked Questions About Physician Mortgage Loans

Who qualifies for a physician loan?

You must be an eligible medical professional to qualify for a physician loan. Although the list of eligible medical specialties and designations varies by lender, it will likely include some combination of the following:

  • Medical Doctors (MD)

  • Doctors of Osteopathy (DO)

  • Doctors of Dental Medicine (DMD)

  • Doctors of Dental Surgery (DDS)

  • Doctors of Podiatric Medicine (DPM)

  • Doctors of Veterinary Medicine (DVM)

  • Doctors of Optometry (OD)

  • Doctors of Pharmacy (PharmD)

  • Doctors of Chiropractic (DC)

  • Nurse Practitioners (NP)

Every mortgage lender that offers a physician loan program will also tell you which states it is available in and if it is available to residents and fellows in training or only to those in practice.

Do doctors get special mortgages?

Yes, doctors get special mortgages — called physician loans or doctor loans — that do not require a downpayment or private mortgage insurance. Lenders offer doctors special mortgages because most doctors begin their careers later in life with a lot of student loan debt and little income history, which makes it harder for them to qualify for conventional mortgages. At the same time, they have very high income potential and a very low risk of default, which is why lenders are comfortable with offering doctors special mortgages.

How does a physician loan work?

A physician loan — also known as a physician mortgage loan or a physician home loan — is a special type of mortgage that caters exclusively to medical professionals. Physician loans offer jumbo loan balances with low to no down payments, no private mortgage insurance (PMI), and relaxed debt-to-income ratios. This makes physician loan programs very appealing to young physicians, dentists, and other doctors who are looking for home financing.

What banks offer doctor mortgages?

These 22 banks offer doctor mortgages in 2021:

At LeverageRx, we make it incredibly simple to check your eligibility and compare rates from all of the lenders shown here.

Do physician loans have PMI?

Physician loans do not require private mortgage insurance (PMI) despite the low to no downpayment lenders are willing to accept. This is important for doctors to understand because most conventional mortgage loans require PMI if you make a downpayment of less than 20%. It's yet another example of how mortgage lenders are willing to relax their requirements to accommodate the unique financial needs of high-income, low-risk medical professionals such as physicians and doctors.

Are physician loans a good idea?

Physician loans are a good idea if you’re ready to become a homeowner, but can’t afford to make a sizeable down payment and still have student loan debt. If you’re well-established in your career and can afford to make a down payment on a home, a physician loan may not be the best idea for you.

Every doctor loan program is unique in one way or another. That’s why it’s so important to perform your due diligence by comparison shopping before making a final decision.

Is a physician loan a conventional loan?

No, a physician loan is not a conventional loan.

Physician loans are far more accommodating to the medical profession than conventional loans. In fact, physician loans were created by mortgage lenders specifically because conventional loans do not meet the unique financial backgrounds of physicians, dentists, and other high-earning medical professionals.

For starters, physician loans are exclusively offered to doctors. Lenders who offer doctor mortgage programs rarely require private mortgage insurance (PMI) and will accept little to no money down. Lenders are willing to offer these products early on in a physician's career because the risk of default among the medical profession is much lower than that of other professions.

Here are two other unique features of doctor mortgage loans:

  • Relaxed debt-to-income ratios. Nowadays, the vast majority of new doctors enter professional practice with significant student loan debt. This makes meeting the debt-to-income requirements on traditional mortgages a major hurdle to obtaining financing and becoming a homeowner. Fortunately, doctor loans feature much more relaxed guidelines. In fact, some lenders do not even factor student loan debt into the mortgage underwriting process.

  • No income history needed. Doctor loan programs allow eligible borrowers to close on a home before they begin professional practice as long as they can provide proof of 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.

While features and requirements may vary from lender to lender, this is what the typical physician mortgage loan looks like.

Can I buy a house with no down payment?

If you're a new doctor who is just beginning professional practice, homeownership may still seem unrealistic due to the down payment that a traditional mortgage requires. Sure, your earning potential is sky-high. But a decade of education and training has likely left you with minimal savings and a mountain of debt.

This common doctor dilemma underscores what is perhaps the most appealing benefit of doctor loans: they require little to no down payment to obtain financing. Most lenders typically place a cap on no down payment home loans between $500,000 and $750,000; loan balances that exceed the cap will require the borrower to place a downpayment. Even then, these relaxed guidelines knock down barriers for many young medical professionals who could not otherwise become homeowners.

Can you refinance a physician loan?

Yes, you can refinance a physician loan. Given the cost analysis shown above, it's important to understand the value of physician loan refinancing and how it works.

Most doctors stand to gain a great deal from the flexibility of a physician mortgage loan early on in their professional careers — even if it comes at a higher interest rate for the time being. However, once doctors have become more established in their careers and accumulated home equity, they can then refinance their physician mortgage loan into a conventional loan with a lower interest rate. It's important to note that there are additional costs associated with physician loan refinance, as there are with the refinance of any other type of mortgage.

Are physician home loans worth it?

Although physician loan interest rates vary by lender, they are typically higher than what you would see from a conventional mortgage with a higher down payment. That's because physician loans do not require PMI, whereas conventional mortgages with a down payment of less than 20% will require you to obtain PMI. This trade-off is important to consider when asking yourself: How much home can I qualify for?

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

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)

In 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 of $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, the borrower has more flexibility in not making a down payment, but the total monthly payment rises to $2,533. The total cost of the loan over the 30-year term also increases to $912,034. With no down payment, the borrower will pay an extra $82,407 in interest cost.

How do I choose a lender?

Whether you are in the market for your first home or your dream home, finding the right mortgage loan for your financing needs is no small task. That's why LeverageRx helps doctors cut through the noise to determine which bank has the lowest home loan interest rate.

By partnering with over 20 of the best mortgage lenders for doctors nationwide, we help medical professionals compare their best available options all in one place. Fill out a simple online form, select the lenders you would like to work with, and compare physician mortgage loan rates with ease.

What other mortgage resources are useful?

Looking for more great physician mortgage loan articles and resources? Check out our 2021 Ultimate Guide to Physician Mortgage Loans and the Physician Mortgage Loans section on the LeverageRx Blog.

Get Up To Speed

Read the latest articles from LeverageRx

Physician Mortgage
Loans by State

Get Your Mortgage Rate

Find the best physician mortgage loan for you.

Get Your Rate