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Physician Mortgage Loans in Nevada

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How to Get a Physician Mortgage in Nevada

 

When it comes to obtaining a physician mortgage in Nevada, the first step is to compare different lenders and evaluate their terms, interest rates, and down payment options. To simplify this process, it is advisable to work with a mortgage broker who specializes in physician mortgage programs, like LeverageRx.

While any broker can assist you with conventional loans, it is important to find one with expertise in physician mortgage loan programs. These loans have unique terms and eligibility requirements, making it crucial to work with a broker who understands the specific needs of medical professionals.

To compare terms and rates offered by lenders in Nevada, you can rely on LeverageRx. Their dedicated team has helped over 50,000 physicians and healthcare providers, connecting them with suitable banks and top mortgage lenders.

Once you have selected a preferred lender, you will need to complete a loan application and submit it. Be prepared to provide necessary documentation, such as proof of employment and evidence of your certifications, education, or licensing as a healthcare professional. The bank will review your application, conduct a credit check, and provide a preapproval based on the information you provide.

 

Where to Find a Physician Loan in Nevada

 

It is essential to keep in mind that mortgage loan programs can vary from state to state, and the loans available in one state may differ from those in another. Therefore, when searching for a physician mortgage in Nevada, you need to find lenders and programs specifically tailored to residents of the state.

Here are six reputable physician mortgage loan lenders for physicians in Nevada.

 

BMO

BMO offers a comprehensive physician loan program designed to meet the needs of medical professionals in Nevada. This program eliminates the hurdles doctors face when purchasing a home, such as high student loan debt and the challenge of saving for a conventional loan’s 20% down payment requirement.

Here are the key features of BMO physician loans:

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

BMO extends its physician loan program to qualified licensed medical doctors, residents, and fellows in Nevada. To explore your options and find a suitable lender, you can consult with LeverageRx.

 

Evolve

Qualifying for a conventional loan and achieving homeownership can be a significant challenge for many physicians in Nevada due to their substantial student loan debt. Physician loans from Evolve offer a unique approach to assessing student loan debt, providing an opportunity for immediate homeownership that may otherwise require years to qualify.

Here are the highlights of Evolve physician loans:

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

Evolve Bank & Trust specializes in physician mortgages for medical professionals within 10 years of completing their residency or fellowship. Physicians with over a decade of practice are not eligible for a doctor loan. To get connected with an Evolve lender, you can explore your options through LeverageRx.

First Horizon

First Horizon understands the unique financing needs of medical professionals. First Horizon offers physician mortgage loans in Nevada and 13 other states. Here are the key highlights of their program:

  • Eligible designations: MD, DO, DDS, DMD, CRNA, CPA, DPM
  • Available in 14 states, including Nevada
  • 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 Private Mortgage Insurance (PMI) required

First Horizon is an excellent option for medical professionals seeking a physician mortgage loan in Nevada. To find a First Horizon lender that suits your needs, you can explore your options through LeverageRx.

 

Heritage Bank NA

If you’re a physician or medical professional in Nevada looking for 100% financing options for your home purchase, Heritage Bank NA is an excellent choice. Here are the key features of their program:

  • $0 down payment option for homes up to $1 million
  • Eligible designations: MD, DDS, DO, OD, DPM, and DVM
  • Available for practicing physicians and residents
  • 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

Heritage Bank NA’s physician mortgage loan provides a lower down payment requirement, a higher loan-to-value ratio, and flexible repayment options. To explore your options and find a suitable lender from Heritage Bank NA, you can consult with LeverageRx.

 

Truist

Truist understands the unique financing needs of medical professionals in Nevada and offers a specialized physician loan program tailored to their requirements. The program is open to individuals with designations such as MD, DO, DPM, DDS, and DMD, including practicing physicians, dentists, oral surgeons, residents, and fellows. Truist provides financing options specifically for primary residences.

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

  • Options for home purchase or refinancing
  • Up to 100% financing for loan amounts up to $1 million
  • Up to 95% financing for loan amounts up to $1.5 million
  • Up to 90% financing for loan amounts up to $2 million
  • Flexible adjustable-rate mortgages (ARMs) and fixed-rate mortgages available
  • Eligible properties include single-family homes and condos
  • Relaxed debt-to-income requirement
  • No requirement for private mortgage insurance (PMI)

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

 

US Bank

US Bank recognizes the financing needs of medical professionals in Nevada and offers physician mortgage loans to support their new home purchases. Whether you’re nearing the end of your residency program or have been practicing for many years, US Bank is committed to assisting you.

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

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

It’s important to note that US Bank has a more specific eligibility criteria compared to other physician loan programs. Among the doctor home loan programs available through LeverageRx, US Bank considers a narrower range of medical professionals (MD and DO only) to be eligible. Additionally, 100% financing is not available. For more comprehensive information, we recommend reading our detailed US Bank Physician Loan Review.