Physician Mortgage Loans in Illinois

About BMO Harris Bank
Headquartered in Chicago, Illinois, BMO Harris Bank is a subsidiary of BMO Financial Corporation. The bank has over $110 billion in assets and over 570 branches spanning 8 states.

BMO Physician Loan Program
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

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)

Learn More: BMO Harris Bank Physician Loan Review

About Fifth Third Bank
Headquartered in Cincinnati, Ohio, Fifth Third Bank is one of the largest banks in the United States with over 1,100 branches throughout 10 states. The bank provides commercial banking, branch banking, consumer lending, and wealth and asset management services to its customers.

Fifth Third Doctor Loan Program
Their new 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 $1 million 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 $1.5 million 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 both new purchases and refinancing existing homes
• Both fixed and adjustable-rate options available to borrowers
• 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

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Podiatric Medicine (DPM)

Learn More: Fifth Third Bank Physician Loan Review

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

Huntington Bank offers a doctor loan program for MDs, DOs, DDSs, DMDs, ODs, 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

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

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