2022 Guide To Physician Mortgage Lenders

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Physician Mortgage Lenders

Physician Mortgage Lenders

At the end of the day, mortgage lenders are in the business to make money. However, many offer a number of different programs to help individuals in their various circumstances afford a home of their own. One such example is the physician mortgage loan (IE the doctor loan) that some lenders offer. 

From large national lenders that are located nation-wide to smaller local banks who offer these types of loans in one specific city, there are a number of options to choose from.

What is a Physician Loan? It’s a type of home loan that offers unique terms not found with conventional loans. These loans are only available to healthcare workers – IE doctors, pharmacists, dentists et al. Doctor loans make it easier for these medical professionals to own their own home. 

These types of mortgage loans have flexible guidelines. However, the guidelines do differ from lender to lender. Doctor loans are available with lower down payments – from 0% to 15%. Additionally, these types of loans don’t require PMI. Also, since healthcare professionals usually carry the financial burden of med school, these lenders calculate debt to income ratio differently in order to accommodate the debt. Lastly, these types of lenders have easier guidelines when it comes to proof of employment.

Physician Loan lenders, in general, work with Residents (MD), Fellows (MD), Attending (MD),Physicians and Doctors (MD), Doctors of Ophthalmology (MD), Doctors of Podiatric Medicine (DPM), Doctor of Osteopathy (DO), Doctors of Dental Science (DDS), Doctors of Dental Medicine (DMD) as well as Veterinarians, Pharmacists, and some Nurses may qualify. 

These types of lenders also allow for various credit scores. The usual minimum credit score for a physician home loan is at least 680. 

Additionally, most lenders require borrowers to be a citizen or permanent resident of the United States. In some cases, a valid H1 Visa will also be considered. 

It’s important to remember that Physician Loans are not considered a Conforming Loan (IE like Fannie Mae or Freddie Mac) or government (IE like FHA or VA). Therefore, not all lenders offer this type of mortgage.

There’s no limit to the number of times a medical professional can obtain a physician loan. However, every lender has its own program with its own set of unique rules. Some no longer offer physician loans to a doctor if they are more than 10 years out from school or residency. However, some allow doctors to have more than one physician loan at a time as they move from home to home. Investment property is not allowed.

Though physician loans are available in all 50 states, not every lender in every state is able to lend.

For this reason, MD Mortgage Loan has compiled a list of Physician Mortgage Lenders and Banks by state and qualifications. Qualified borrowers can narrow down the list to find the right lender for their individual needs. Sorting through industry-leading competitive rates that fit a variety of financing needs, is the first step.

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