Best For: Physicians and dentists who want to buy or refinance a primary residence with less than 20% down.
- Down Payment: 5% for loans up to $1M, 10% for loans up to $1.5M
- PMI: Not required
- Loan Types: 15- and 30-year fixed, adjustable-rate mortgages
- Eligible Professions: MD, DO, DDS, DMD, OD, DPM
- Credit Score: 700+ required
- Special Feature: Student loan debt often excluded from underwriting
What Is Bank of America’s Physician Mortgage?
Bank of America’s physician mortgage program is designed for medical professionals who carry high student loan balances but want to purchase or refinance a home. The program provides up to 95% financing for loans up to $1 million and 90% financing for loans up to $1.5 million. Borrowers can choose between fixed-rate or adjustable-rate mortgage options. Unlike conventional mortgages, physician loans typically waive private mortgage insurance (PMI), making them especially attractive for doctors with limited down payment savings.
About Bank of America
Bank of America, founded in 1904, is one of the largest banks in the United States with more than $2.59 trillion in assets. Beyond traditional banking products, it offers credit cards, business financing, and wealth management. Its physician mortgage program reflects the bank’s longstanding focus on professional customers. With an A+ BBB rating and nationwide availability, Bank of America remains a major player in the doctor loan market.
Bank of America Physician Loan Highlights
To qualify for a Bank of America physician mortgage, applicants must:
- Hold an eligible degree (MD, DO, DDS, DMD, OD, or DPM)
- Be employed or have a signed contract beginning within 90 days of closing
- Use the loan for a primary residence purchase or refinance
- Maintain a minimum credit score of 700 (higher scores secure better rates)
- Have a checking/savings account with Bank of America or an affiliated account with Merrill Lynch or Private Bank
Click here to compare all physician mortgage programs in your state!
Pros and Cons of Bank of America Physician Loans
✅ Pros
- Student loan debt often excluded from debt-to-income calculation
- Multiple mortgage options, including fixed and ARM products
- Refinancing available for current homeowners
- Bank of America also offers practice loans for medical professionals
❌ Cons
- No true 0% down payment option (5% minimum)
- Limited to specific degrees (not all healthcare professionals qualify)
- Higher credit score requirements than some competitors
- Must maintain a Bank of America-affiliated account
Alternatives to Bank of America’s Physician Loan
Bank of America isn’t the only financial institution offering physician mortgage programs. When you are borrowing hundreds of thousands of dollars (or more!) it is important you know your options. Here are a few alternatives to check out:
UMB Bank
UMB Bank has an incredible financing solution for doctors, offering 100% financing up to $1MM. However, full financing requires the doctor to be attending, not still in school. And the bank has a limited footprint, so be sure and check their coverage in your state.
Learn More: UMB Physician Mortgage Review
Citizens Bank
Citizens Bank has a great physician mortgage program for MD, DO, DDS and DMDs. They offer construction financing and 95% financing for loans up to $650k.
Learn More: Citizens Bank Physician Mortgage Review
BMO
BMO extends physician mortgages to MDs, DOs, DDS and DMD designations. The loan is available for purchase or refinance and whether you are still in school or practicing, you can get 100% financing up to $1MM. If you’ve been attending for longer than 10 years, you can qualify for 90% financing up to $2MM.
Learn More: BMO Physician Mortgage Review
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Key Takeaways
Bank of America’s physician mortgage program is a solid choice for doctors and dentists who want to buy or refinance a home without saving a full 20% down payment. The program’s biggest advantages are the exclusion of student loan debt in underwriting and the elimination of PMI, which makes qualifying easier for physicians with heavy debt loads. However, the lack of a true zero-down option and the requirement to hold a Bank of America account may limit its appeal compared to competitors like UMB or BMO Harris. For many borrowers, Bank of America will be a strong contender, but it’s worth comparing rates and terms from multiple physician lenders before making a decision.
In less than 2 minutes, see all physician mortgages here and compare.
No. The minimum down payment is 5% for loans up to $1 million.
Yes. A signed employment contract within 90 days of closing is accepted.
No. PMI is waived, even with down payments below 20%
Yes. Bank of America offers its doctor loan program across all 50 states.
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