How to Get a Physician Mortgage in Alaska

To see your options for a physician mortgage in Alaska, the first step is to compare various lenders to assess the terms, rates, and down payment options they offer. The most straightforward way to achieve this is to connect with a mortgage broker with specific expertise in physician mortgage programs.

While any broker can help potential homeowners find financing through conventional loans, many lack specialized knowledge of physician mortgage loan programs. As doctor loans have unique terms and eligibility requirements compared to conventional loans, it’s essential to find a broker with expertise in this specific area.

To begin comparing rates and terms for lenders in Alaska, you can reach out to LeverageRx. Our team has assisted over 50,000 physicians and healthcare providers in finding mortgage lenders for their home purchasing requirements.

Once you’ve determined which lender you want to work with, you need to fill out and submit a loan application. Be ready to provide additional documentation such as proof of employment, education, certifications, and licensing as a healthcare professional.

Where to Get a Physician Loan in Alaska

Mortgage loan programs differ from one state to another, so the loans offered in Alaska may not be the same as those available in other states. When searching for a physician mortgage, it is important to concentrate only on lenders and programs that are accessible in Alaska.

Here are four top-rated physician mortgage loan lenders for physicians in Alaska.

BMO 

The physician loan program from BMO provides a variety of home financing options for medical professionals. The program is designed to eliminate the barriers to homeownership that doctors face, namely high amounts of student loan debt and little money in savings to make the 20% down payment required for a conventional loan.

Here are the highlights of what BMO physician loans have to offer:

• Designations: MD, DDS, DMD, DO
• 95% financing up to $1.5 million*
• 90% financing up to $2 million
• Primary residence only
• Mortgages available for purchase or refinance
• Construction financing options available

BMO Harris physician loans are available to qualified licensed medical doctors, residents, and fellows in all states except New York.

First Horizon

First Horizon offers physician mortgage loans to medical professionals in 14 states, primarily in the southern United States. Here are the program highlights:

• Designations: MD, DO, DDS, DMD, CRNA, CPA, DPM
• Available in 14 states
• 100% financing up to $1.5MM
• 95% financing up to $2MM
• 90% financing up to $2.5MM
• Can close up to 6 months prior to employment start date
• No PMI

Get matched with a First Horizon lender by checking your options with LeverageRx.

Heritage Bank NA

Heritage Bank may be the ideal option for physicians and medical professionals who want 100% financing for home purchases.

• $0 down payment on homes up to $1MM
• Designations: MD, DDS, DO, OD, DPM and DVM
• Available to practicing and resident physicians 
• No private mortgage insurance requirement
• Move-in up to 60 days prior to starting your next position
• Available for primary and secondary homes

A Physician Mortgage Loan with Heritage Bank NA has low payments, a higher loan-to-value ratio, is flexible in how payments can be calculated, and has flexible repayment options. Additionally, you can choose between a fixed-rate loan and an adjustable-rate loan. Get matched with a Heritage Bank NA lender by checking your options with LeverageRx.

U.S. Bank

In Alaska, doctor loans from US Bank are only available to medical doctors and doctors of osteopathy, so it’s not an option for dentists, doctors of pharmacy, or nursing professionals of any type. US Bank also does not offer 100% financing, so it isn’t the best option for physicians who have nothing saved for a down payment.

US Bank does, however, offer both fixed and adjustable-rate mortgages as well as new construction financing, which some lenders do not offer in Alaska. A loan up to $1.25 million requires a down payment of 5%, while loans up to $1.5 million require a 15% down payment.

Available to: MD and DO designations, as well as medical residents within six months of completing residency

Read our U.S. Bank Physician Loan Review for more details.

To start obtaining quotes and comparing lenders for a physician mortgage, contact LeverageRx today.