Physician Mortgage Loans in Florida

The doctor mortgage loan program offered by BMO Harris is available in 9 states to physicians and dentists with a minimum FICO score of 700. No income history is required for this loan program and BMO can close the loan within 60 days of the start date for the new contract. Mortgage loans available include 10, 15, 20, & 30 year fixed rate or 5/1, 7/1, and 10/1 ARM loans. There is no PMI or Mortgage Insurance required.

Pros

• 100% financing up to $750,000
• Fixed and adjustable-rate mortgage options available
• Close up to 60 days prior to starting employment
• The physician loan program can be used for new purchases and no cash-out refinances

Cons

• Not available in all states
• Physicians that have been practicing for more than 10 years are limited to 90% financing
• Reserves may be required and seller credit limitations may apply depending on the loan amount and down payment amount

Learn More: BMO Harris Bank Physician Loan Review

The Fifth Third Bank's doctor loan program covers MDs, DOs, and DPMs in residency or fellowship and practicing doctors that completed residency within the last 12 months. Under this program, physicians can borrow up to $500k with no down payment or up to $1M with low down payment options available, both options with no PMI required.

For more established physicians that have been practicing for longer than 12 months (or 24 months if self-employed), Fifth Third will lend up to $650,000 with no down payment or up to $1.5M with flexible down payment options based on loan size, again with no PMI required. Fixed and Adjustable Rate options are available for all products.

Pros

• 100% financing available
• Close up to 90 days prior to employment start date
• Can be used for new purchases or refinancing
• Fixed and adjustable-rate options available
• Student loans in deferment or forbearance are not counted towards the borrower's debt to income ratio

Cons

• Not available in all states
• Loans are capped at $1.5 million
• Eligibility for mortgage loan programs depends on current career status

Learn More: Fifth Third Bank Physician Loan Review

The Physician's Program at First National Bank features 10, 15, 20, 25, and 30 year fixed rate loans; and ARM 7/1, 10/1, and 15/1 ARM loans on loan amounts up to $1.5M. The program supports both primary residences and second homes for purchase, rate/term refinance, cash-out refinance, and construction perm.

Pros

• Closing may occur prior to the employment start date
• Title insurance is not required on loan amount $500,000 or less
• For medical residents, FNB will permit the exclusion of student loan debts under deferment or forbearance once the residency program is validated.

Cons

• Eligibility is predicated on an FNB Checking account

Learn More: First National Bank of Pennsylvania Physician Loan Review

Huntington Bank offers a doctor loan program for MDs, DOs, DDSs, DMDs, DPMs, and DVMs. Borrowers can obtain up to $2 million with low down payment options available:

• 100% financing on loan amounts up to $1M
• 95% financing on loan amounts up to $1.25M
• 90% financing on loan amounts up to $2M

Learn More: Huntington Bank Physician Loan Review

Regions offers their physician mortgage product in 15 states and is available for residents, fellows and practicing physicians with no restriction regarding the number of years in practice, which is unique relative to other lenders. Like most doctor loan programs, borrowers can close on a new home up to 60 days prior to the start of their employment.

Pros

• 100% financing available to physicians and dentists
• Bi-weekly payment options available
• Both fixed and adjustable-rate options available
• Can be used for new and refinancing existing homes
• Can close up to 60 days prior to starting new employment
• Available regardless of the number of years in practice (unless self-employed)

Cons

• Not available nationwide
• Additional down payment may be required if the property is in a declining market

Regions Bank, Member FDIC, Equal Housing Lender, NMLS# 174490. This is not a commitment to lend or extend credit. Terms, conditions, and restrictions may apply. All loans are subject to credit and collateral approval.

TD Bank's medical professional mortgage program offers fixed-rate and adjustable-rate loans up to $1.25 million with no private mortgage insurance.

Pros:

• Flexible debt-to-income ratios based upon verified income
• 1099 contracts with less than 2-year history allowed
• 90-day future employment contracts allowed
• Minimal reserves for new doctors

Cons:

• Not available in all states

Learn More: TD Bank Physician Loan Review

The doctor loan program from Truist is available to MDs, DOs, DDSs, and DMDs that are in residency, and practicing professionals that have completed their training within the last 10 years.

Residents and fellows are eligible for a Truist physician loan up to $750,000 with no down payment. Those within ten years of residency completion are eligible for larger loans up to $1.5M with down payment options based on loan size.