How to Get a Physician Mortgage in Colorado

When it comes to obtaining a physician mortgage in Colorado, the first step is to compare different lenders to assess their terms, rates, and down payment options. To make this task easier, it is advisable to work with a mortgage broker who specializes in physician mortgage programs, like LeverageRx.

While brokers can assist potential homeowners in finding financing through conventional loans, not all of them possess expert knowledge of physician mortgage loan programs. Since doctor loans have unique terms and eligibility requirements compared to conventional loans, finding a broker experienced in this specific type of lending is crucial.

To begin comparing rates and terms for lenders in Colorado, you can reach out to LeverageRx. Their team has assisted over 50,000 physicians and healthcare providers in finding suitable banks and mortgage lenders to fulfill their home buying needs.

Once you have selected a lender, you will need to fill out and submit a loan application. Additionally, be prepared to provide other necessary documentation, such as proof of employment, education, certifications, or licensing as a healthcare professional. The bank will review the application and perform a credit check. It’ll then extend a preapproval based on your provided information.

Where to Get a Physician Loan in Colorado

It’s essential to keep in mind that mortgage loan programs vary from state to state, and the loans available in one state may differ from those in another. Therefore, when searching for a physician mortgage, you will need to find a physician mortgage that is available in Colorado.

Here are eight of the best physician mortgage loan lenders for physicians in the state of Colorado.

BMO

The physician loan program from BMO provides a variety of home financing solutions for medical professionals. The program is designed to eradicate the barriers to homeownership that doctors face, specifically high amounts of student loan debt and a lack of 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.

Evolve

Qualifying for a conventional loan to purchase real estate can be challenging for many physicians due to high amounts of student loan debt. Evolve physician loans look at student loan debt differently, making immediate homeownership a possibility for those who might need to wait for years to qualify otherwise.

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

• Available toMD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
• 100% financing available for up to $1,000,000
• 95% financing available for up to $1,250,000
• 90% financing available for up to $1,500,000
• 85% financing available for over $2,000,000
• Mortgages available for primary residence, co-ops, condos, land purchases, and construction financing.

Evolve Bank & Trust provides physician mortgages to medical professionals who are within 10 years of completing their residency or fellowship training. Physicians who have been practicing for over a decade are ineligible for a doctor loan. Get matched with an Evolve lender by checking your options with LeverageRx.

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.

FNBO

First National Bank of Omaha (FNBO) offers its physician loan program to physicians and healthcare workers with the following degrees: MD, DO, DDS, DMD, CRNA, NP, PA, DVM

• 100% financing up to $850K
• 10% down up to $1.5MM
• Competitive rates
• Flexible credit and income qualifying guidelines
• No private mortgage insurance requirement

FNBO offers fixed and variable-interest-rate mortgages. FNBO requires that borrowers open an account and enroll in AutoPay as part of the application process. Get matched with a FNBO 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 a lower down payment, has 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.

Huntington Bank

The Huntington Bank physician loan program is available for MD, DO, DDS, DMD, DPM and DVMs. That is a wider range of medical specialties than other lenders. Here are a few more highlights:

• Primary residence only
• No new construction financing
• For purchase or refinance
• 100% financing up to $1MM
• 95% financing up to $1.25MM
• 90% financing up to $2MM

For loans over $1.25 million, Huntington requires you be attending for at least one year, so it is not available for residents. Any loans below $1.25 million, however, are available whether you are in training or attending. 

Read our full Huntington Bank Physician Loan Review.

Truist

Truist’s physician loan is available to medical professionals with the following designations: MD, DO, DPM, DDS, DMD. You can be a practicing physician, dentist, or oral surgeon, or a resident or fellow. To note, Truist does not consider practicing physicians and dentists with over 10 years experience to be eligible.

• Primary residence only
• Purchase or refinance
• 100% financing up to $1MM
• 95% financing up to $1.5MM
• 90% financing up to $2MM
• ARMs and fixed available

The property itself can be a single family or condo. As with all doctor loan programs, the debt-to-income requirement is relaxed and you will not pay private mortgage insurance (PMI).

Read our full Truist Physician Loan Review.

US Bank

U.S. Bank offers physician mortgage loans to medical professionals in all 50 states. Whether you are six months away from completing your residency program or have been practicing for a decade, US Bank will finance your new home. Here are the program highlights:

• Designations: MD, DO
• Primary residence only
• 90% financing up to $1.25MM
• 85% financing up to $1.5MM
• 80% financing up to $2MM

You’ll notice that US Bank extends their physician loan to very few designations. Of all the doctor home loan programs on LeverageRx, U.S. Bank considers the fewest medical professionals to be eligible. In addition, there is no loan option with 100% financing. 

Read our full US Bank Physician Loan Review.