How to Obtain a Physician Mortgage in Montana

To find the ideal physician mortgage in Montana, it is important to compare lenders and understand their terms, interest rates, and down payment options. Simplify this process by seeking assistance from a specialized mortgage broker who has expertise in physician mortgage programs.

While any broker can help you secure financing through conventional loans, it is crucial to find one with in-depth knowledge of physician mortgage loan programs. These loans often come with unique terms and eligibility requirements, making it important to work with a broker who specializes in this field.

To explore rates and terms offered by lenders in Montana, LeverageRx can assist you. With a dedicated team that has helped over 50,000 physicians and healthcare providers, they can connect you with suitable banks and the best mortgage lenders.

Once you have identified your preferred lender, you will need to complete a loan application and submit it. Before doing so, ensure you have the necessary documentation ready, including proof of employment and evidence of your education, certifications, or licensing as a healthcare professional.

Where to Find a Physician Loan in Montana

When searching for a physician loan in Montana, remember that mortgage loan programs vary from state to state. Therefore, it is crucial to focus your search on lenders and programs specifically available in Montana.

Here are seven reputable physician mortgage loan lenders for physicians in the state of Montana.

BMO

BMO offers a physician loan program in Montana that is designed to address the unique challenges faced by medical professionals. This program aims to remove obstacles to homeownership that doctors often encounter, such as significant student loan debt and limited savings for a traditional 20% down payment.

Here are the key features of BMO’s physician loans for physicians in Montana:

• Eligible designations: MD, DDS, DMD, DO
• Up to 95% financing for loan amounts up to $1.5 million*
• Up to 90% financing for loan amounts up to $2 million
• Available for primary residence only
• Options for both home purchase and refinancing
• Construction financing options are also available

BMO’s physician loans are accessible to qualified licensed medical doctors, residents, and fellows in all states except New York. For more detailed information about BMO’s physician loan program and its offerings in Montana, you can read our comprehensive BMO Physician Loan Review.

Evolve Bank & Trust

Physicians can face challenges when trying to qualify for conventional loans due to their substantial student loan debt. In Montana, Evolve Bank & Trust offers an alternative solution by providing a pathway to immediate homeownership.

Here are the highlights of Evolve Bank & Trust’s physician loans in Montana:

• Available for MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM
• Up to 100% financing available for loan amounts up to $1,000,000
• Up to 95% financing available for loan amounts up to $1,250,000
• Up to 90% financing available for loan amounts up to $1,500,000
• Up to 85% financing available for loan amounts over $2,000,000
• Useable for primary residences, co-ops, condos, land purchases, and construction

Evolve Bank & Trust offers physician mortgages to medical professionals within ten years of completing their residency or fellowship training. Physicians with over a decade of practice are not eligible for a doctor loan. To find an Evolve lender, you can explore your options with LeverageRx.

First Horizon

First Horizon offers physician mortgage loans to medical professionals in Montana, including those with designations such as MD, DO, DDS, DMD, CRNA, CPA, and DPM.

Here are the key features of First Horizon’s physician mortgage loans:

• Up to 100% financing for loan amounts up to $1.5 million
• Up to 95% financing for loan amounts up to $2 million
• Up to 90% financing for loan amounts up to $2.5 million
• Flexibility to close the loan up to 6 months prior to the start date of employment
• No requirement for Private Mortgage Insurance (PMI)

First Horizon is an excellent choice for a wide range of medical professions in Montana. To find a lender from First Horizon, you can explore your options with LeverageRx.

Heritage Bank NA

Whether you are a practicing physician or a resident, Heritage Bank NA offers attractive financing options for purchasing a home in Montana.

Here are the key features of Heritage Bank NA’s physician mortgage loan program:

• $0 down payment on homes up to $1 million.
• Eligible designations include MD, DDS, DO, OD, DPM, and DVM.
• Available for both practicing and resident physicians.
• No requirement for private mortgage insurance (PMI).
• Flexibility to move in up to 60 days prior to starting your next position.
• Suitable for both primary and secondary homes.
• High loan-to-value ratios.

Heritage Bank NA’s physician mortgage loan program provides convenience, flexibility, and favorable terms to assist physicians in achieving their homeownership goals in Montana. To explore your options and take the next step towards owning a home, you can explore your choices with LeverageRx.

Huntington Bank

Huntington Bank offers a physician loan program for medical professionals in Montana with designations including MD, DO, DDS, DMD, DPM, and DVM.

Here are the key highlights of Huntington Bank’s physician loan program:

• Limited to primary residences only.
• No new construction financing available.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.25 million.
• 90% financing up to $2 million.

For loans exceeding $1.25 million, Huntington Bank requires you to have been in practice for at least one year, making it unavailable for residents. Loans below $1.25 million are available whether you are in training or attending. For more detailed information about Huntington Bank’s physician loan program, you can read our comprehensive Huntington Bank Physician Loan Review.

Truist

Truist’s physician loan program is designed for medical professionals with the designations MD, DO, DPM, DDS, or DMD. Note that Truist does not consider practicing physicians and dentists with over 10 years of experience to be eligible.

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

• Limited to primary residences only.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.5 million.
• 90% financing up to $2 million.
• Adjustable and fixed-rate options are available.
• Can be used for single-family homes or condos.

Truist’s physician loan program offers relaxed debt-to-income requirements and eliminates the need for private mortgage insurance (PMI). For more detailed information about Truist’s physician loan program and its offerings in Montana, you can read our comprehensive Truist Physician Loan Review.

US Bank

US Bank provides physician mortgage loans in all 50 states, including Montana. Whether you are currently in training or have been practicing for a decade, US Bank offers physician mortgage options for your new home.

Here are the key highlights of their physician loan program:

• Eligible designations: MD, DO
• Limited to primary residences only
• Enjoy 90% financing for loan amounts up to $1.25 million
• Loans up to $1.5 million qualify for 85% financing
• Loans up to $2 million are eligible for 80% financing

US Bank only extends their physician loans to a limited number of medical professional designations (MD and DO only). It’s important to note that US Bank doesn’tt offer 100% financing options. For more information about US Bank’s physician loan program and its offerings in Montana, you can read our comprehensive US Bank Physician Loan Review.