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BMO Physician Loan Review (Updated 2024)

Medical professional looking at BMO doctor loan paperwork

The BMO Physician Loan program offers a great chance for medical professionals who want to buy or refinance their home. This detailed review will give you all the info you need to make a smart choice.

What is BMO Bank?

BMO Bank, a part of the Canadian conglomerate Bank of Montreal, is the 8th largest bank in America. They have a lot of financial products available, including the BMO physician loan program. This program is specifically designed for medical professionals in all stages of their careers, including residents, fellows, and established doctors.

With over 200 years in the banking industry, BMO Bank has built a solid reputation for its broad range of personal and commercial banking products. It serves around 12 million customers across the United States. BMO Bank is known for its doctor and dentist loan program, which is intended to assist these professionals in securing mortgage financing.

BMO Physician Loan Highlights

The BMO Bank physician loan program is available to doctors regardless of their career stage. This includes residents, fellows, newly qualified doctors, and established medical practitioners. Unlike many other banks, BMO Bank also extends its physician loans to established doctors, albeit with a higher down payment.

BMO Bank offers up to 100% financing to eligible physicians and dentists, allowing them to borrow as much as $2 million based on their affordability. They have also relaxed their guidelines to cater to doctors who may have a significant amount of student loan debt or little money for a down payment.

The down payment varies depending on the loan amount and the stage of your career. For example, if you’re a resident, fellow, or a newly qualified doctor with less than ten years of experience, you may be eligible for the following down payments:

  • 0% on up to $1 million
  • 5% on $1 million to $1.5 million
  • 10% on $1.5 to $2 million

As a doctor with over 10 years of experience seeking the adaptability of a physician loan, you could qualify for it with only a 10% down payment, regardless of the loan’s size.


Is a BMO Physician Loan Right for You?

LeverageRx works hard to break down and compare physician mortgage loans for our readers. To help you decide if a BMO loan is right for you, here’s a look at some of the pros and cons of choosing BMO as your lender.

BMO Bank offers its physician loan program to specific types of doctors and medical professionals, including MD, DO, DDS, and DMD. You can be a resident, fellow, or a practicing doctor. The sooner you apply for the program in your career, the less you’ll need for a down payment. But, putting more money into your home upfront is always smart.

To qualify for the BMO Bank physician mortgage program, you need to meet the following criteria:

  • You must work in an eligible profession.
  • You must be employed or have an employment contract that begins within 90 days.
  • The property must be your primary residence.


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Pros and Cons of BMO Physician Loans

Before you choose the BMO Bank physician loan program, it’s important to weigh its advantages and disadvantages.


  • No PMI: With BMO Bank physician loans, you won’t have to pay Private Mortgage Insurance, even if you borrow 100% of the purchase price. This can save borrowers a significant amount over the life of the loan.
  • Flexible underwriting guidelines: BMO Bank offers flexible guidelines that make it easier for doctors and dentists to secure the financing they need. You must show evidence of future earnings from your present or upcoming job and the capacity to manage your debts, though they are understanding about student loan payments.
  • Open to various property types: Unlike many physician loan programs, BMO Bank allows financing for condos and 1 to 2-unit properties, as long as it’s your primary residence.
  • Closing cost discounts available: BMO Bank offers a $500 closing credit to physicians who set up autopay for their mortgage payments from a qualified BMO Bank account.
  • Qualify before starting your position: You can get approved and close your physician loan if you have an employment contract with a start date of within 90 days.


  • Limited to specific types of doctors: The BMO Bank physician loan is only open to MDs, DOs, DMDs, or DDSs. Therefore, if you work in another specialty, you may have to look elsewhere for a physician loan.
  • Only available on primary residences: You cannot use the loan program to buy a second or investment home. This is because BMO Bank takes a risk lending such large loan amounts with low down payments that they only allow primary residences to reduce their risk.
  • Risk of overspending: The relaxed guidelines make it easy to overspend. However, just because you qualify doesn’t mean you can or should afford the higher loan amount.
  • No cash-out refinance option: The only refinance option for the BMO Bank physician mortgage is a rate/term refinance for doctors who need different terms on a current loan.


Alternatives to BMO Bank Physician Mortgage

While BMO Bank offers a robust physician loan program, it’s not the only choice. Here are some alternatives:

Cadence Bank

Cadence Bank recently merged with BancorpSouth to become an even larger bank than it was before. It still has a limited footprint (southern states) but an excellent doctor home loan program where you can get 100% financing up to $1.5MM. Learn More: Cadence Bank Physician Loan Review

TD Bank

TD Bank’s physician mortgage is a popular choice among LeverageRx readers. The bank provides 100% financing up to $750k for both residents in training and attendings. The loan is for primary residents only. Learn More: TD Bank Physician Loan Review


Truist was formed through the combination of BB&T and SunTrust. The program provides full financing up to $1MM for the following designations: MD, DO, DPM, DDS, DMD. Learn More: Review of Truist Physician Loan


We answer some common questions regarding BMO Bank.

With the BMO Bank physician loan program, you can refinance your loan, but it’s limited to just changing the rate and the terms of the loan. You can’t refinance for a loan amount higher than you owe and use the cash for other purposes.

Most lenders prefer credit scores of 700 or higher for physician loans, but each bank differs. The more money you have to put down on the home, or the lower your DTI is, the easier it is to qualify if you have less than perfect credit.

Doctors don’t get better mortgage rates than anyone else. Instead, they may pay higher rates because the risk is higher for banks. Lending $1 million+ with no down payment increases lenders’ risk, but they do it for doctors with high-income potential while charging higher interest rates.

To sum up, the BMO Bank Physician Loan Program is a good choice for medical professionals wanting to buy or refinance a home. It offers flexible conditions and high loan amounts, making it easier for doctors to get a mortgage when they might struggle with traditional loans. Still, it’s important to look at your finances and compare different mortgage options before making a decision.