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Physician Mortgage Loans

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What is a Physician Mortgage Loan?

A physician mortgage loan is a low down payment mortgage available to physicians, dentists and other eligible medical professionals. They do not require mortgage insurance and are often considered jumbo mortgages as they allow higher loan balances than conventional and FHA mortgage loans. We’ve made it easy for doctors to compare lenders that offer these mortgage loans.
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Compare Mortgage Loans for Doctors and Dentists

Loan Amounts For Residents & Fellows $650k (no down payment required)

Loan Amounts For Practicing Physicians $650k (no down payment required)

Minimum Credit Score 640

Available in 9 states

Bancorp South, headquartered in Tupelo, Mississippi, has a physician loan product available to physicians (MD and DO) and dentists (DDS and DMD) at any stage of their medical career. Under this doctor home loan program, borrowers can obtain 100% financing for both purchase loans and cash out refinance loans up to $650,000. Both single family and condos are eligible under this mortgage program. Borrowers must have a minimum credit score of 640. No private mortgage insurance or reserves are required.
Alabama, Arkansas, Georgia, Louisiana, Mississippi, Missouri, Oklahoma, Tennessee, Texas

Loan Amounts For Residents & Fellows Not Available

Loan Amounts For Practicing Physicians $417k (no down payment required) / $3MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 4 states

BankSNB offers a doctor loan mortgage program for physicians and dentists. Under this program, doctors can borrow up to $417k with no down payment and as much as $3 million with flexible down payments based on the loan amount. Fixed and Adjustable Rate interest options are available for all products and BankSNB lends in Texas, Colorado, Oklahoma and Kansas.
Colorado, Kansas, Oklahoma, Texas

Loan Amounts For Residents & Fellows Not Available

Loan Amounts For Practicing Physicians $650k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 9 states

The physician mortgage program offered by BBVA Compass is available in 16 states to MDs, DOs, DDSs and DMDs with a minimum FICO score of 700. Borrowers can choose between 15 and 30 year fixed rate loans and 5 and 7 year adjustable rate mortgages.
Alabama, Arizona, California, Colorado, Florida, Nevada, New Mexico, Tennessee, Texas

Loan Amounts For Residents & Fellows $750k (no down payment required)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 9 states

The doctor mortgage loan program offered by BMO Harris Bank is available in 9 states to physicians and dentists with a minimum FICO score of 700. No income history is required for this loan program and BMO can close the loan within 60 days of the start date for the new contract. Mortgage loans available include 10, 15, 20, & 30 year fixed rate or 3/1, 5/1, 7/1, and 10/1 ARM loans. There is no PMI or Mortgage Insurance required.
Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, Washington, Wisconsin

Loan Amounts For Residents & Fellows $1MM (no down payment required)

Loan Amounts For Practicing Physicians $2MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 3 states

The Doctor Loan Program from Cadence Bank is available to MD’s, DO’s, DDS’s, DMD’s, DPMs, ODs and PHARMDs that are currently in training as well as practicing professionals. Cadence's "Early Professional" loan program allows up to $1 million with no mortgage insurance or down payment for eligible specialties in training and those practicing for no more than 5 years.
Cadence also offers a "One-Time Close" construction loan with 10/1 ARM, 15 Year Fixed, and 30 year Fixed Rate loan programs up to $2 million.
Alabama, Mississippi, Texas

Loan Amounts For Residents & Fellows $600k (flexible down payment options available)

Loan Amounts For Practicing Physicians $3MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 22 states

Citizens Bank offers a doctor loan program for MDs, DOs, DMDs and DDSs, both practicing and in training. Borrowers can obtain up to $850,000 in financing for a home purchase. Citizens Bank also offers no PMI construction loans up to $2 million for physicians with low down payment options available.
Connecticut, Delaware, Washington D.C., Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Virginia, West Virginia

Loan Amounts For Residents & Fellows $500k (no down payment required) / $1MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $500k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score 680

Available in 12 states

Fifth Third is a national bank that offers two physician mortgage programs depending on the stage of your career. Their new doctor loan program covers MDs, DOs and DPMs in residency or fellowship and practicing doctors that completed residency within the last 12 months. Under this program, physicians can borrow up to $500k with no down payment or up to $1 million with low down payment options available, both options with no PMI required. For more established physicians that have been practicing for longer than 12 months (or 24 months if self employed), Fifth Third will lend up to $650,000 with no down payment or up to $1.5 million with flexible down payment options based on loan size, again with no PMI required. Fixed and Adjustable Rate options are available for all products.
Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, West Virginia

Loan Amounts For Residents & Fellows $850k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $850k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score 720

Available in all 50 states

The Physician Mortgage Loan Program from Flagstar Bank is available to medical residents (Educational License), medical doctors (MD), doctors of dental sciences (DDS), doctors of dental medicine or surgeon (DMD), doctors of optometry (OD), doctors of ophthalmology (MD), doctors of podiatric medicine (DPM), doctors of osteopathy (DO) and doctors of veterinary medicine (DVM). The program offers no down payment financing up to $850,000 and up to $1.5 million with down payments based on loan amounts. The mortgage loan program is available in all 50 states for both new purchases and refinancing existing mortgage loans. Non-occupant co-borrowers are allowed. Product available only on 5-1 and 7-1 adjustable rate mortgages. Flagstar has a minimum credit score requirement of 720.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Washington D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Loan Amounts For Residents & Fellows $1.5MM (no down payment required)

Loan Amounts For Practicing Physicians $1.5MM (no down payment required)

Minimum Credit Score 700

Available in 6 states

Fulton Mortgage Company offers no down payment for loans up to $1.5 million for MDs, DOs, DDSs, DMDs, PHARMDs and DVMs with a credit score of 700 or higher. Borrowers can purchase up to 60 days in advance of their employment contract start date. Mortgages available include 30 and 15 year fixed rate and 3/1, 5/1, 7/1 and 10/1 ARM. Eligible medical professionals must not be out of training for more than 10 years unless relocating, in which the 10 year rule does not apply. No reserves are required by Fulton Mortgage Company to close.
Delaware, Washington D.C., Maryland, New Jersey, Pennsylvania, Virginia

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 3 states

Horizon Bank offers a doctor loan program for physicians, dentists and optometrists in Indiana, Illinois and Michigan that are within 90 days of their contract start date. Borrowers can obtain up to $750,000 with no down payment and up to $1.5 million with low down payment options and no PMI based on credit score. A payroll deposit is required with an auto-debit from a Horizon bank account.
Indiana, Illinois, Michigan

Loan Amounts For Residents & Fellows $750k (no down payment required)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $2MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 8 states

Huntington Bank offers a doctor loan program for MDs, DOs, DMDs and DDSs, both practicing and in training. For those practicing, borrowers can obtain up to $2 million with low down payment options available. This amount is reduced to $750,000 for residents and fellows. This program is available to MDs, DOs, DDSs, DMDs, ODs, DPMs and DVMs.
Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, West Virginia, Wisconsin

Loan Amounts For Residents & Fellows $1MM (no down payment required)

Loan Amounts For Practicing Physicians $1MM (no down payment required)

Minimum Credit Score Not Available

Available in 14 states

IBERIABANK Mortgage offers doctor loans to physicians, dentists and veterinarians both in residency and practice. Mortgage loans are offered in 5/1 ARM, 7/1 ARM and 30 year fixed options with no mortgage insurance needed and no reserve requirements. One-time close construction loans are also available to prospective borrowers.
Alabama, Arkansas, Connecticut, Florida, Georgia, Louisiana, Mississippi, Missouri, New Jersey, New York, North Carolina, South Carolina, Tennessee, Texas

Loan Amounts For Residents & Fellows $1MM (no down payment required)

Loan Amounts For Practicing Physicians $1MM (no down payment required)

Minimum Credit Score Not Available

Headquartered in Cleveland, Ohio, KeyBank is a regional lender that offers a doctor loan program for physicians, dentists, podiatrists and veterinarians. KeyBank will provide up to $1 million in financing through this mortgage program with no PMI. This program is available for single family housing and condos and is available in both fixed and adjustable rate options.

Loan Amounts For Residents & Fellows $850k (flexible down payment options available)

Loan Amounts For Practicing Physicians $850k (flexible down payment options available)

Minimum Credit Score Not Available

Available in 6 states

The Physician Mortgage Loan Program from NBT Bank is available to physicians, dentists, optometrists and podiatrists.. The program offers low down payments up to $850,000 in Main, Massachusetts, New Hampshire, New York, Pennsylvania and Vermont. NBT Bank's physician loan has a minimum credit score of 700.
Maine, Massachusetts, New Hampshire, New York, Pennsylvania, Vermont

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 15 states

Regions offers their physician mortgage product in 15 states and is available for residents, fellows and practicing physicians with no restriction regarding the number of years in practice, which is unique relative to other lenders. Like most doctor loan programs, borrowers can close on a new home up to 60 days prior to the start of their employment. Eligible medical professionals include MDs, DOs and DDSs. *Additional down payment may be required if property is in a declining market.
Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Missouri, North Carolina, Ohio, South Carolina, Tennessee, Texas

Loan Amounts For Residents & Fellows $750k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

Available in 13 states

The Doctor Loan Program from SunTrust Mortgage is available to MD’s, DO’s, DDS’s and DMD’s that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for loan amounts up to $750,000 with no downpayment* while those within ten years of residency completion are eligible for higher loan amounts up to $1,500,000 with down payment options based on loan size.

*Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if the property is located in a declining market or if required by state regulations. Additional down payment may be required if property is in a declining market or if required by state regulations.
Alabama, Arkansas, Delaware, Washington D.C., Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia

Loan Amounts For Residents & Fellows $750k (no down payment required) / $2MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $750k (no down payment required) / $2MM (flexible down payment options available)

Minimum Credit Score Not Available

The doctor loan program from Synovus Mortgage is available to practicing physicians, dentists and podiatrists primarily in the southeast. Through this loan program, borrowers can obtain up to $750,000 with no down payment and up to $2 million with down payments based on the loan size. The doctor loan program through Synovus does not require mortgage insurance and borrowers must be a US citizen or permanent resident alien to qualify.

Loan Amounts For Residents & Fellows $424k (no down payment required) / $1.5MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $424k (no down payment required) / $1.5MM (flexible down payment options available)

Minimum Credit Score Not Available

The Doctor Loan Program from University Federal Credit Union is available to MD's, DO's, DDS's and DMD's in both training and practice. Residents and fellows are eligible for loan amounts up to $424,000 with no down payment and can obtain up to $1.5 million in financing with down payments based on the loan size.

Loan Amounts For Residents & Fellows $3MM (flexible down payment options available)

Loan Amounts For Practicing Physicians $3MM (flexible down payment options available)

Minimum Credit Score 710

Available in all 50 states

The Jumbo Loan Program from US Bank is available to MD’s and DO’s that are currently in training or practicing.
Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Washington D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming

Current Physician Mortgage Loan Rates

Here's our weekly mortgage market update for the week beginning July 16, 2018

Mortgage rates remain mostly unchanged, according to the most recent Freddie Mac Primary Mortgage Market Survey.

For the week ending July 12, the average rate on a 30-year fixed mortgage was 4.53 percent, in line with rates a week ago at 4.52 percent.

While the average 30-year rate is considerably higher than it was this time last year — 3.96 percent — it has fallen in five of the past seven weeks.

The recent decline has pushed the benchmark mortgage rate 14 basis points lower than its recent 7-year high in late May. Rates started the year rising week-to-week in 15 of the first 21 weeks.

Freddie Mac Chief Economist Sam Khater said mortgage rates may have even more room to fall over the short-term.

After holding steady last week, 15-year fixed rates dropped from 4.04 percent to 3.99 percent. This is the first time since the last week of April that average 15-year rates fell below 4 percent. A year ago at this time, the 15-year average rate was 3.22 percent.

The average rate on a 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) fell sharply from the week before, ending last week at 3.74 percent. It was 3.87 percent the week before last and 3.21 percent at this point in 2017.

What Doctors Are Saying About LeverageRx

This is a really helpful service to get in contact with the physician loan specialists at all of the different banks more quickly, instead of needing to call each bank separately and wait to hear back from the loan officers who specialize in these loan products. We actually switched from the lender we were working with to one that we found through LeverageRx.
- Dr. Katie Cole, Psychiatrist

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Doctor Mortgage Loan FAQs

How are physician mortgages and doctor loans different than traditional mortgages?
Physician mortgage loans, also known as doctor loans, are different than traditional mortgages in that they are exclusively offered to medical professionals and require little to no money down and no personal mortgage insurance (PMI). Lenders are willing to offer these products early in a physician's career as they know that the possibility of default is relatively low among medical professionals.

Doctor loans typically have the following characteristics:
  • Low to no down payment. One of the most well known characteristics of doctor loans is they require little to no down payment on the loan. No down payment loans are typically capped by most lenders between $500,000 and $750,000 and will require a down payment if the loan amount is higher.
  • Relaxed debt to income ratios. For doctors with student loans, meeting normal debt to income restrictions can be a hurdle to getting a mortgage loan. Doctor loans have more relaxed guidelines and some lenders won't include student loans in their underwriting calculations.
  • No income history needed. Doctor loan lenders will allow borrowers to close on a home before they start working as long as they have a signed employment offer. Many lenders will allow closing up to 90 days prior to starting a job. Self employed doctors are sometimes able to qualify with as little as 6 months of income history.
  • No PMI. Almost all lenders require private mortgage insurance if the borrower puts less than 20 percent down on a home loan. However, doctor loans rarely require PMI on the loan despite a low down payment.
What are the rates and fees associated with a physician mortgage loan?
Interest rates for physician loans vary by lender but are typically higher than what you would see from a conventional mortgage with a higher down payment. However, physician loans don't require PMI whereas conventional mortgages with a down payment less than 20% will require you to obtain PMI.

Putting a smaller down payment on a home will also result in higher interest over the life of the loan. Consider the following example:

Scenario 1: $500,000 mortgage with no down payment
  • $400,000 mortgage balance
  • 30 year fixed rate at 4.50%
  • Monthly payment of $2,027 (not including taxes)
Under this first scenario, the borrower would be making monthly payments of $2,027. The total cost of the loan over the entire term would equal $729,627 with a total interest cost at $329,627.

Scenario 2: $500,000 mortgage with no down payment
  • $500,000 mortgage balance
  • 30 year fixed rate at 4.50%
  • Monthly payment of $2,533 (not including taxes)
In the second scenario, while the borrower has more flexibility in not making a down payment, the total monthly payment rises to $2,533. Additionally, the total cost of the loan over the 30 year term increases to $912,034. With no down payment, the borrower will pay an extra $82,407 in interest cost.
Are there any other mortgage resources out there that are useful?
There are several great resources to help you learn more about mortgage loans and purchasing a home. Here are a few that we like:
  • Mortgage Calculator: This is a free resource to help you determine how much you can afford and help estimate your monthly mortgage and insurance payments.
  • Student Doctor Network: This is a great thread on the Student Doctor Network forum that discusses the doctor loan program.
What other lenders offer a physician mortgage loan program?

Physician Mortgage Loans by State