How to Obtain a Physician Mortgage in Iowa

Obtaining a physician mortgage in Iowa requires finding the right lender to meet your needs. Start by comparing lenders that specifically operate in Iowa and offer physician mortgage programs. To simplify this process, it is advisable to work with a specialized mortgage broker who has expertise in physician mortgage programs. They will connect you with reputable lenders who understand the unique requirements of medical professionals. This will enable you to compare rates, terms, and down payment options available in the state.

It is important to note that not all brokers possess an understanding of physician mortgage loan programs. Therefore, it’s best to find a broker with expertise in this specific area. LeverageRx can assist you in locating lenders in Iowa who specialize in serving physicians and healthcare providers.

After you have selected a lender, the next step is to complete and submit a loan application. Ensure that you are prepared to provide all the necessary documentation, including proof of employment, educational background, certifications, and healthcare professional licenses.

Where to Find a Physician Loan in Iowa

When searching for a physician loan in Iowa, you’ll want 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 is important to remember that loan programs can vary between states, so the options available in Iowa may differ from those in other states.

Here are seven reputable lenders offering physician mortgage loans in Iowa.

BMO

In order to address the needs of medical professionals in Iowa, BMO provides a specialized physician mortgage program. This program is specifically tailored to assist doctors in overcoming challenges to homeownership, such as substantial student loan debt and limited funds for a traditional down payment.

Here are the key features of BMO physician loans in Iowa:

• 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
• Applicable to MD, DDS, DMD, and DO professionals

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

Evolve

Evolve Bank & Trust’s mortgage program is highly advantageous for young physicians who may encounter difficulties in meeting the criteria for traditional loans due to their substantial student loan debt. By opting for a mortgage from Evolve, physicians can attain homeownership without the obligation of a down payment.

Outlined below are the key features of Evolve’s physician loans in Iowa:

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

It is important to note that physicians who have surpassed ten years since completing their training are ineligible for this program. To explore your options and discover the optimal mortgage solution in Iowa, you can seek assistance from LeverageRx.

First Horizon

First Horizon recognizes the distinct needs of medical professionals in Iowa and offers physician mortgage loans tailored to meet those needs. While their program primarily focuses on the southern United States, they also extend their services to Iowa.

Listed below are the noteworthy 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 start of employment.
• Accessible to MD, DO, DDS, DMD, CRNA, CPA, and DPM professionals.
• No requirement for private mortgage insurance (PMI).

To explore the available options and connect with a lender offering physician mortgage loans from First Horizon in Iowa, you can request mortgage rates through LeverageRx.

Heritage Bank NA

Heritage Bank NA is a top choice for fulfilling the home financing needs of physicians in Iowa. The Physician Mortgage Loan program offered by Heritage Bank NA is tailored to meet the unique requirements of healthcare professionals. Here are the key highlights of the program:

• No down payment for loans up to $1 million.
• High loan-to-value ratio.
• Open to MD, DDS, DO, OD, DPM, and DVM designations.
• Accessible to both practicing physicians and residents.
• 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 Iowa, you can request your mortgage rates through LeverageRx.

Huntington

In Iowa, Huntington Bank provides a physician loan program tailored to doctors. This program caters to a wide 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 Iowa:

• 100% financing is available for loans up to $1 million, enabling physicians to secure their primary residence without the need for a down payment.
• Loans up to $1.25 million offer 95% financing.
• Loans up to $2 million allow for 90% financing.
• Applicable only for primary residences.
• It is available for both home purchase and refinancing.

It’s important to note that loans exceeding $1.25 million require at least one year of attending status, making them unavailable to physicians who are still in training. 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 better understanding of the Huntington Bank Physician Loan program and its offerings in Iowa, we recommend reading our Huntington Bank Physician Loan Review.

Truist

In Iowa, Truist offers a physician loan program specifically tailored to meet the needs of medical professionals. This program is available to physicians with the designations of MD, DO, DPM, DDS, and DMD, including practicing physicians, residents, and fellows. It’s important to note that physicians and dentists with over 10 years of experience are not eligible for this program.

Here are the key features of Truist’s physician loan program in Iowa:

• Up to 100% financing is available for loans up to $1 million.
• Loans up to $1.5 million offer 95% financing.
• Loans up to $2 million allow for 90% financing.
• Adjustable and fixed-rate options are available to suit individual preferences.
• The loan can be used for single-family homes or condos.
• The program features a relaxed debt-to-income requirement.
• There is no requirement for private mortgage insurance (PMI).
• The loan is available for primary residences only.
• It is applicable for both home purchase and refinancing.

For more detailed information about Truist’s physician loan program in Iowa, we recommend reading our comprehensive Truist Physician Loan Review.

US Bank

US Bank’s physician mortgage loan program is available in all 50 states. Whether you’re currently in training or have been practicing for many years, US Bank offers financing options for your new home. Here are the key highlights of the program:

• Eligible designations: MD, DO
• The loan is specifically available for primary residences.
• Up to 90% financing is available for loans up to $1.25 million.
• Up to 85% financing is available for loans up to $1.5 million.
• Up to 80% financing is available for loans up to $2 million.

It’s important to note that US Bank has limited the eligibility of their physician loan program to only a few medical professional designations. Among the various doctor home loan programs offered through LeverageRx, US Bank considers the fewest medical professionals to be eligible. Additionally, it’s worth mentioning that US Bank does not provide an option for 100% financing.

For a more comprehensive understanding of the US Bank Physician Loan program, we recommend reading our detailed US Bank Physician Loan Review.