How to Obtain a Physician Mortgage in New Mexico

When you’re in the process of finding a physician mortgage in New Mexico, it’s crucial to compare different lenders and gain a clear understanding of their terms, interest rates, and down payment options. To simplify this process, it is recommended to seek assistance from a specialized mortgage broker who possesses expertise in physician mortgage programs.

Any mortgage broker can assist you with conventional loans, but to find the right physician mortgage it is essential to find a broker with extensive knowledge of physician mortgage loan programs. These loans often come with unique terms and eligibility requirements specific to medical professionals, so it’s important to work with a broker who specializes in this particular type of loan.

To gather information about rates and terms offered by lenders in New Mexico, you can reach out to LeverageRx. Our dedicated team has successfully assisted over 50,000 physicians and healthcare providers in finding suitable banks and connecting them with the best mortgage lenders.

Once you have identified the lender you prefer to work with, the next step is to complete and submit a loan application. Before doing so, ensure that you have all the necessary documentation prepared, including proof of employment and evidence of your education, certifications, or licensing as a healthcare professional.

Where to Find Physician Loan Programs in New Mexico

When searching for a physician loan in New Mexico, it is advisable to focus your search on lenders and programs specifically available in the state. Mortgage loan programs can vary from state to state, so it is crucial to find lenders that cater to New Mexico residents.

Here are six reputable physician mortgage loan lenders that serve physicians in the state of New Mexico.

BMO

In New Mexico, BMO offers a comprehensive physician loan program specifically to address the unique challenges faced by medical professionals. This specialized program lowers the barriers 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 highlights of BMO’s physician loans for physicians in New Mexico:

• 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 physician loans are accessible to qualified licensed medical doctors, residents, and fellows in all states except New York. To learn more, you can read our comprehensive BMO Physician Loan Review.

Evolve

Physicians often face challenges when trying to qualify for conventional loans due to their substantial student loan debt. Evolve offers an alternative solution by providing a pathway to immediate homeownership.

Here are the highlights of Evolve’s physician loans in New Mexico:

• Available for MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM
• Up to 100% financing for loan amounts up to $1,000,000
• Up to 95% financing for loan amounts up to $1,250,000
• Up to 90% financing for loan amounts up to $1,500,000
• Up to 85% financing for loan amounts over $2,000,000
• Options 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 ten years of practice are not eligible for a doctor loan. To find an Evolve lender in New Mexico, you can explore your options with LeverageRx.

First Horizon

In New Mexico, First Horizon extends its physician mortgage loans to physicians and medical professionals, including those with designations such as MD, DO, DDS, DMD, CRNA, CPA, and DPM.

Here are the program highlights for their physician mortgage loans:

• 100% financing for loan amounts up to $1.5 million
• 95% financing for loan amounts up to $2 million
• 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

To find a First Horizon lender in New Mexico, you can explore your options with LeverageRx.

Heritage Bank NA

Heritage Bank NA understands the unique financing needs of physicians in New Mexico and provides attractive options for purchasing a home. Whether you’re a practicing physician or a resident, Heritage Bank NA offers a physician mortgage loan program designed to meet your specific requirements.

Here are the key highlights of Heritage Bank NA’s physician mortgage loan program in New Mexico:

• $0 down payment option for 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 terms to assist physicians in achieving their homeownership goals in New Mexico. To explore your options and take the next step towards owning a home, you can explore your choices through LeverageRx.

Huntington Bank

Huntington Bank extends its physician loan program to a range of medical professionals in New Mexico, including those with designations such as MD, DO, DDS, DMD, DPM, and DVM. Compared to other lenders, Huntington Bank has a wider range of medical specialties that are eligible for their physician loan program.

Here are a few more highlights of Huntington Bank’s physician loan program in New Mexico:

• Limited to primary residences only
• Not available for new construction financing
• Options for both home purchase and refinancing
• 100% financing for loan amounts up to $1 million
• 95% financing for loan amounts up to $1.25 million
• 90% financing for loan amounts up to $2 million

Please note that loans exceeding $1.25 million require at least one year of practice, making them unavailable for residents. However, loans below $1.25 million are accessible whether you are in training or an attending. For more detailed information about Huntington Bank’s physician loan program in New Mexico, we recommend reading our comprehensive Huntington Bank Physician Loan Review.

US Bank

US Bank recognizes the unique financing needs of medical professionals in New Mexico and offers physician mortgage loans to meet these needs. Whether you are currently in training or have been practicing for a decade, US Bank provides financing options for your new home.

Here are the key highlights of US Bank’s physician loan program in New Mexico:

• 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

It’s important to note that US Bank’s physician loan program is limited to MDs and DOs. Additionally, there is not an option for 100% financing. For more detailed information, we recommend reading our comprehensive US Bank Physician Loan Review.