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BMO Physician Loan Review (Updated 2025)

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Navigating the mortgage world can be tough, especially for medical professionals. BMO Bank understands these challenges. They offer special physician loans to help those in the medical field buy homes. This article looks at BMO physician loans. It explores their features and benefits, and also talks about some drawbacks – so you can see if these loans fit your goals and financial needs.


 

What is BMO Bank?

BMO Bank is a strong American bank that is part of the Bank of Montreal from Canada. This bank has over 200 years of experience in the banking world. BMO is known for providing good financial services that people can trust.

What makes BMO Bank special is how it focuses on helping different types of customers. It is the 8th largest bank in the United States and offers many financial products. These include personal and business banking services. One important offering is the BMO Physician Loan program. This program is designed to help medical professionals with their specific financial needs.

 


 

BMO Physician Loan Highlights

The BMO Bank doctor loan program is a solid choice for medical professionals seeking a mortgage. One of its biggest advantages is its broad eligibility. Unlike some other lenders that focus only on new doctors, BMO offers help to residents, fellows, and attending physicians.

BMO also understands that student loan debt is a big issue for many medical professionals. Their flexible rules and lending practices allow those with student loans to qualify – this makes it possible for more medical practitioners to own homes.

Key Features of BMO Physician Loans in 2025

One of the best parts of BMO Bank’s physician loan program in 2025 is its flexible rules for approvals, aided by insights from the 2023 Home Mortgage Disclosure Act data and HMDA data. They know that doctors may have special financial challenges. These can include high student loan debt or a short credit history. 

Another great benefit is the chance for 100% financing. This means you do not need a down payment. This can help doctors who are just starting their careers and may not have saved much money yet. With no down payment, you can keep your money for other important things.

Also, BMO Bank offers good interest rates on its physician loan program. This can help you save money over the loan’s duration. All these advantages make BMO one of the best lenders for those who want good financing terms and a lender who understands the needs of medical professionals.

Loan Limits and Terms for Physicians

BMO Physician Loans in 2025 offer medical professionals competitive loan limits and favorable terms. With flexible underwriting, physicians can qualify for large loan amounts, often with better variable interest rates than traditional mortgages. 

Physicians can benefit from higher loan limits, accommodating their specific needs, whether for a primary residence or investment property. It also makes qualifying easier by considering factors like employment contracts or years of experience. With these tailored terms, BMO’s physician loan program is a solid choice for doctors financing a home or property.


 

Is a BMO Physician Loan Right for You?

A BMO doctor loan can be great if you are a medical worker wanting to buy a home. This mortgage is made for your needs, offering perks like no PMI and flexible rules that look at your student debt, along with potential downs, including a VA loan option, and closing cost assistance based on the purchase price.

But, you should think about your situation before you move forward. This loan is for people buying a primary residence – if you’re looking to purchase a second home or an investment property, you might need to explore other options. Take time to think about your needs and long-term money goals. This will help you see if a BMO physician loan is right for you.


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Pros and Cons of BMO Physician Loans

The bank offers physician loans with great benefits from a qualified BMO Bank account. These mortgages have flexible rules for approval. They also do not require private mortgage insurance (PMI) and can cover different types of properties for your primary residence. This is very helpful, especially for medical professionals with student debt.

Still, there are some things to consider for residents of New York. BMO’s doctor mortgage cannot be used for investment properties or second homes. They also do not allow cash-out refinancing. Plus, the program is available only for certain medical professionals, such as MDs, DOs, DMDs, and DDSs.

Advantages of Opting for BMO’s Physician Loans

For medical professionals looking at mortgage choices, BMO’s physician mortgages come with some great benefits:

  • No Private Mortgage Insurance (PMI): BMO Bank typically doesn’t require private mortgage insurance, even if your down payment is on the smaller side. This can save you money and help keep your monthly payments lower
  • Rate Discount for Customers: If you are a current customer with a qualifying checking account, you might get a discount on your loan rate – this makes the mortgage options even better.
  • Closing Cost Credits: The bank knows that closing costs can be high, especially for first-time buyers. You may be able to get credits that can help with these costs, making it easier to buy a home.

These benefits show that BMO Bank is dedicated to helping medical professionals achieve homeownership.

Considerations and Drawbacks of BMO Physician Loans

BMO physician loans have some great features, but like any financial product, they also have some downsides:

  • Only for Primary Homes: BMO doctor loans are usually limited to buying your main home. If you want to invest in real estate or buy a vacation home, you’ll need to look for other mortgage options.
  • Possible Higher Interest Rates: BMO offers good rates, but your credit score, term, and market conditions can affect the interest rate you get. It’s important to compare rates from different lenders before you decide.
  • Risk of Variable Interest Rates: If you pick an adjustable-rate mortgage (ARM), remember that your interest rate, and your monthly payments, could go up based on market changes after a certain time.


 

Alternatives to BMO Bank Physician Mortgage

BMO Bank has a good physician loan program. However, it’s smart to check other options from different lenders too. Some financial institutions focus on physician mortgages. They each have their own features and benefits:

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 Mortgage Review

TD Bank

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

Truist

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 mortgage

Make sure to think about interest rates, terms, closing costs, and eligibility when looking at different physician mortgage options.

When to Consider Non-Physician Specific Mortgage Options

While physician mortgages have unique benefits, you might want to look at traditional mortgage options in some cases:

  • Jumbo Mortgages: If you’re about to buy a high-value property that goes above the loan limits of physician mortgage programs, you will need a jumbo mortgage. These loans often have stricter rules because they carry more risk for lenders.
  • Investment Property Purchases: Physician mortgages are mostly for buying your main home. If you want to add an investment property to your real estate holdings, look for regular mortgage lenders that focus on these types of loans.
  • Securing a Better Deal: Don’t just consider physician-specific loans. Depending on your financial situation, you might find a lower interest rate or better terms with a traditional mortgage, especially if you have strong finances and can put down a larger down payment.

Be sure to explore options and compare interest rates, fees, loan terms, and requirements from different lenders. This will help you find the best mortgage option for your needs.

 

Key Takeaways

The BMO Physician Loan is built to meet the specific financial challenges that doctors deal with. With competitive rates and flexible terms, it could be a strong choice for medical professionals buying a home. That said, it’s really important to look at the pros and cons and think about how it lines up with your financial situation. Don’t skip checking out other mortgage options or even refinancing—you might find something that fits better. If you’re curious about BMO Physician Loans or other programs, you can go ahead and request rates from LeverageRx to get started.

BMO Bank FAQ


We answer some common questions regarding BMO Bank.

You can refinance your mortgage through the BMO Bank physician loan program, but it mainly focuses on changing the interest rate and loan terms. To get a clearer understanding of your refinancing options and see what might work best for your situation, it’s a good idea to check rates with LeverageRx.

A good credit score can help you get a physician loan more easily. The minimum credit score needed may change depending on the lender. If you have a good to excellent credit score, your chances of getting approved and receiving better interest rates go up. Each lender also has different rules for approving mortgages.

Doctors do not automatically get better mortgage rates. But physician mortgages usually offer benefits like lower rates, low or no down payment options, and flexible approval processes, which are characteristic of a physician mortgage for a home purchase. Understanding payment requirements can help determine if these features can lead to better loan terms for medical professionals.