How to Obtain a Physician Mortgage in Hawaii
To find the best physician mortgage in Hawaii, you’ll want to begin by comparing lenders. It’s important to find lenders who can lend in Hawaii first, and then look at the rates, terms, and down payment options. It’s recommended to work with a mortgage broker specializing in physician mortgage programs to simplify this process.
Not all brokers have extensive knowledge of physician mortgage loan programs, so finding one with expertise in this area is important. LeverageRx can help you find the right lenders, who cater specifically to physicians and healthcare providers. That way, you can begin to compare rates and terms available in Hawaii.
After choosing a lender, you will need to complete and submit a loan application. You’ll also need to be prepared to provide supporting documentation such as proof of employment, educational background, certifications, or licensing as a healthcare professional.
Where to Find a Physician Loan in Hawaii
When searching for a physician loan in Hawaii, focus on lenders and programs available within the state. This ensures dealing with lenders who understand the local market and comply with state-specific regulations. Loan programs can vary between states, so the options in Hawaii will be different from those in other states.
Here are four reputable lenders offering physician mortgage loans catering to physicians in Hawaii.
BMO
BMO offers a specialized physician loan program in Hawaii to address the unique financing challenges faced by medical professionals. This program is designed to help doctors overcome barriers to homeownership, such as high levels of student loan debt and limited savings for a conventional down payment.
Here are the key features of BMO physician loans in Hawaii:
- Up to 95% financing for loans up to $1.5 million
- Up to 90% financing for loans up to $2 million
- Available for primary residences only
- Purchase and refinance options available
- Construction financing available
- Eligible designations: MD, DDS, DMD, DO
BMO physician loans are available to practicing physicians, residents, and fellows in all states except New York. For more detailed information about this program, you can read our complete BMO Physician Loan Review.
First Horizon
First Horizon offers physician mortgage loans for medical professionals in Hawaii, as well as 13 other states, primarily in the southern United States. Here are the key features of their program:
- Up to 100% financing available for loans up to $1.5 million
- Up to 95% financing available for loans up to $2 million
- Up to 90% financing available for loans up to $2.5 million
- Flexible closing options allow closing up to 6 months prior to employment start date
- Eligible designations: MD, DO, DDS, DMD, CRNA, CPA, DPM
- No requirement for private mortgage insurance (PMI)
To explore your options and find a suitable lender from First Horizon, you can request your mortgage rates through LeverageRx.
Heritage Bank NA
Heritage Bank NA is a great choice for physicians and medical professionals in Hawaii who are seeking 100% financing for their home purchases. Their Physician Mortgage Loan program offers several advantages, including:
- No down payment for homes up to $1 million.
- Low down payment requirements and higher loan-to-value ratios.
- Available for MD, DDS, DO, OD, DPM, and DVM.
- Accessible to practicing physicians and residents.
- No private mortgage insurance (PMI) required.
- Applicable to both primary and secondary homes.
To see your options and connect with a lender from Heritage Bank NA, simply complete a mortgage form through LeverageRx.
US Bank
US Bank offers physician mortgage loans for medical professionals in all 50 states, including Hawaii. US Bank’s program is open to both practicing physicians and physicians in training. Here are the key highlights of the program:
- 90% financing for loans up to $1.25 million
- 85% financing for loans up to $1.5 million
- 80% financing for loans up to $2 million
- MD and DO designations only
- For rimary residences only
It’s important to note that US Bank’s physician loan program is only available to MD and DO designations, fewer than other doctor home loan programs. Additionally, US Bank does not have a 100% financing option.
For a more full review of the US Bank physician loan program, please refer to our comprehensive US Bank Physician Loan Review.