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Physician Mortgage Loans in California

Compare current California physician mortgage loans from multiple lenders. Get current interest rates and APRs for 30-year fixed, 15-year fixed and adjustable rate mortgage loans for doctors in California in seconds.

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U.S. Mortgage Loan Rates

7/17/87/157/227/298/58/198/269/99/23
Current rates - September 23, 2021
2.88%30-Year Fixed
2.15%15-Year Fixed
2.43%5/1 ARM

California Mortgage Loan Facts

With a population of 39.2 million people, California is a favorite destination for many physicians. The state ranks as a top contender when it comes to overall wellbeing and happiness, but there are 104 thousand active physicians so salaries are competitive and are in an average range. The largest drawback to living in sunny California is the cost of living, housing costs are high, but if lifestyle, community and wellbeing are important, then this state has a great deal to offer. Home to top universities such as University of California San Francisco, Stanford and the University of Southern California make California a great choice for doctors who consider specializing within their field.

$507,700

Avarage
Home Value

145.6

Cost of Living Index
(49th in the U.S.)

53.8%

Home-ownership
Rate

103,926

Number
of Doctors

Physician Mortgage Loans in California

CompanyLoan Amounts For
Residents & FellowsLoan Amounts For
Practicing PhysiciansMinimum
Credit ScoreStates available in
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 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 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 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 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 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

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