How to Obtain a Physician Mortgage in Illinois

Obtaining a physician mortgage in Illinois requires finding the right lender. Begin by comparing lenders that specifically operate in Illinois and offer physician mortgage programs. It is highly recommended that you do this by working with a specialized mortgage broker who has expertise in physician mortgage programs. They will connect you with reputable lenders who know the needs of medical professionals, allowing you to compare rates, terms, and down payment options available in the state.

It’s important to note that not all brokers possess an in-depth knowledge of physician mortgage loan programs, so finding one with expertise in this area is vital. LeverageRx can assist you in finding lenders in Illinois who specialize in serving physicians and healthcare providers.

Once you have selected a lender, your next step is to complete and submit a loan application. You will need to be prepared to provide necessary documentation, including proof of employment, educational background, certifications, and healthcare professional licenses.

Where to Find a Physician Loan in Illinois

When searching for a physician loan in Illinois, it is crucial to focus on lenders with programs available within the state. This ensures that you work with lenders who have a deep understanding of the local market and adhere to state-specific regulations. It’s important to remember that loan programs can vary between states, so the options available in Illinois may differ from those in other states.

Here are eight reputable lenders offering physician mortgage loans in Illinois.

BMO

To cater to the unique financing needs of medical professionals in Illinois, BMO provides a specialized physician mortgage program. It is specifically designed to assist doctors in overcoming challenges to homeownership, such as significant student loan debt and limited funds for a traditional down payment.

Here are the notable features of BMO physician loans in Illinois:

• Financing of up to 95% for loans up to $1.5 million
• Financing of up to 90% for loans up to $2 million
• Exclusive to primary residences
• Available for both purchase and refinancing
• Construction financing options are also available
• Available for  MD, DDS, DMD, and DO

BMO physician loans are accessible to practicing physicians, residents, and fellows in all states (except New York). For a more full understanding of this program, we recommend referring to our detailed BMO Physician Loan Review.

Evolve

Evolve Bank & Trust offers a specialized mortgage for physicians in Illinois. It is particularly helpful for young physicians who face difficulties qualifying for conventional loans due to substantial student loan debt,. With a mortgage from Evolve, physicians can achieve immediate homeownership without the requirement of a down payment.

Here are the key features of Evolve physician loans in Illinois:

• Up to 100% financing available for loans up to $1 million
• Up to 95% financing available for loans up to $1.25 million
• Up to 90% financing available for loans up to $1.5 million
• Up to 85% financing available for loans exceeding $2 million
• Applicable for primary residences, co-ops, condos, land purchases, and construction financing
• Qualifying designations include MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists.

It’s important to note that physicians who have been practicing for more than ten years are not eligible for this mortgage program. You can explore your options and find the right mortgage solution in Illinois through LeverageRx.

Fifth Third

Fifth Third Bank recognizes the specific financial needs of residents, new physicians, and established doctors in Illinois, and offers a physician mortgage loan program to cater to them. Here are the key features of Fifth Third’s physician mortgage loans:

• Eligible designations include MD, DDS, DMD, DO, and DPM
• 100% financing available for loans up to $750,000
• 95% financing available for loans up to $1 million
• No private mortgage insurance (PMI) requirement
• Flexibility to choose between fixed or adjustable-rate loans
• Available for both home purchase and refinance 
• Construction financing available

Fifth Third Bank’s physician mortgage loans are tailored to address the unique financing needs of residents, fellows, and established doctors in Illinois. For a comprehensive assessment of this program, we recommend reading our detailed review of Fifth Third Physician Mortgages.

First Horizon

First Horizon knows the unique needs of medical professionals in Illinois and offers specialized physician mortgage loans to meet their needs. While their program primarily in the southern United States, it also extends its services to Illinois. 

Here are the key features of their program:

• 100% financing available for loans up to $1.5 million.
• 95% financing available for loans up to $2 million.
• 90% financing available for loans up to $2.5 million.
• Flexibility to close on the loan up to 6 months prior to the employment start date.
• Accessible to MD, DO, DDS, DMD, CRNA, CPA, and DPM.
• No requirement for private mortgage insurance (PMI).

To explore your options and connect with a physician mortgage lender from First Horizon, you can request your mortgage rates through LeverageRx.

FNBO

First National Bank of Omaha (FNBO) extends its physician loan program to physicians and healthcare workers in Illinois who hold the following degrees: MD, DO, DDS, DMD, CRNA, NP, PA, and DVM.

Key features of FNBO’s physician loan program in Illinois include:

• 100% financing available for loans up to $850,000.
• 10% down payment option for loans up to $1.5 million.
• Competitive rates for mortgage loans.
• Flexible credit and income guidelines.
• No private mortgage insurance (PMI) requirement

FNBO offers both fixed and variable-interest-rate mortgages to accommodate different preferences. As part of the application process, FNBO requires borrowers to open an account and enroll in AutoPay. To find a suitable FNBO lender in Illinois, you can explore your options and get matched with a lender through LeverageRx. 

Heritage Bank NA

Heritage Bank NA is a top choice for physicians and medical professionals in Illinois who are seeking 100% financing for their home purchases. Their Physician Mortgage Loan program offers several advantages to meet the unique needs of healthcare professionals. Here are the key highlights of the program:

• No down payment required on loans up to $1 million.
• Low down payment requirements.
• High loan-to-value ratios are offered.
• Open to MD, DDS, DO, OD, DPM, and DVM designations.
• It is accessible to both practicing physicians and residents.
• There is no requirement for private mortgage insurance (PMI).
• Available for both primary and secondary homes.

To explore your options and connect with a lender from Heritage Bank NA in Illinois, simply complete a mortgage form through LeverageRx. 

Huntington Bank

Huntington Bank offers a specialized physician loan program tailored to the requirements of physicians. This program caters to a range of medical specialties, including MD, DO, DDS, DMD, DPM, and DVM. Here are the key advantages of Huntington Bank’s physician loan program in Illinois:

• Up to 100% financing is available for loans up to $1 million, allowing physicians to secure their primary residence without a down payment.
• Loans up to $1.25 million offer 95% financing
• Loans up to $2 million allow for 90% financing
• Can only be used for primary residences
• Applicable for both purchase and refinance 

It’s important to note that loans exceeding $1.25 million require at least one year of attending status, making them unavailable for residents and fellows. However, loans below $1.25 million are accessible to physicians at all stages of their careers, including residents, fellows, and attending physicians.

For a more comprehensive understanding of the Huntington Bank Physician Loan program and its offerings in Illinois, we encourage you to refer to our detailed Huntington Bank Physician Loan Review. 

Lake Michigan Credit Union

Whether you are a resident in training or long-practicing physician looking to relocate, Lake Michigan Credit Union’s doctor mortgage program delivers real value to medical, dental and orthodontic professionals.

• Available for MD, DO, DDS, DPM, and CRNA designations
• Up to 100% special financing of the household value
• No mortgage insurance requirements
• 0% Down payment for loans up to $1.25 million
• 5% down payment for loans up to $1.5 million
• 10% down payment for loans up to $1.75 million
• 15% down payment for loans up to $2 million
• 30% down payment for loans up to $2.5 million
• Deferred student loan debt is not included in calculations
• No minimum requirement of cash on hand after closing

Because LMCU is a credit union, the rates they offer are very competitive. Compared to traditional banks, you could end up with a lower loan rate, lower closing costs, and fewer expenses over the life of the loan. Get matched with an LMCU lender here.