As a medical professional, your journey towards homeownership in Arlington, Texas, can be both exciting and challenging. While the pursuit of your dream home is a significant milestone, understanding the unique financial options available to doctors can make the process smoother and more affordable.
One of the most standout features of a physician mortgage is the low down payment requirement, often as low as 0-5%. This allows doctors to conserve their savings for other financial priorities. Unlike conventional loans, doctor mortgages typically do not require PMI (Private Mortgage Insurance). Some doctor mortgage programs may be more forgiving of limited credit history or student loan debt.
MD Mortgage Loan has lenders with unique home loan solutions for licensed and practicing doctors, dentists, medical residents and fellows, and other eligible medical professionals.
It is easy to get paired with a Texas-based doctor mortgage lender. Simply click here.
Seven of the top Texas licensed Physician Mortgage Lenders are:
First Horizon of Arlington, TX Physician Mortgage Program
- Eligible Medical Professions include: MD, DO, OMS, DPM
- Up to 100% financing for loans up to $1,500,000
- For the purchase of primary residence only
- 30-Year Fixed Rate
- Student debt is not included in qualifying if deferred for more than 12 months
- Loan amounts up to $2,500,000
- Adjustable Rate Mortgages are available
- Minimum 680 Credit Score
- Advantages – HIGHLY competitive interest rates, No mortgage insurance, Favorable repayment terms, No prepayment penalty
Wintrust of Arlington, TX Physician Mortgage Program
- Eligible Professionals Include actively practicing:
- Existing or newly licensed Medical Doctors (MD)
- Doctors of Osteopathic Medicine (DO)
- Doctors of Dental Science (DDS)
- Doctors of Dental Medicine (DMD)
- Veterinarians
- Highlights:
- Low down payment options
- Up to 12 months of deferred medical student debt
- Adjustable-Rate Mortgages
- Financing available for primary residence properties
- No private mortgage insurance required
Truist of Arlington, TX Physician Mortgage Program
- Eligible Professionals Include actively practicing: MD, DO, DPM, DDS, DMD
- Highlights:
- No Private Mortgage Insurance
- CONDOs – Max Loan Amount $1,000,000
- 30 & 15 Year Fixed, 5,7,10/6 ARM’s available
- Cash out and Refinances allowed
- Primary residences only
- Flexible FTI requirements for high-income earners, up to 50% DTI
- Student loan debt deferred for at least 12 Months excluded from debt-to-income ratio or IBR payments.
- Single Family Residence, PUDs and Condos (reduced 5% LTV with Condos)
- 680 Minimum Credit Score with minimal reserve requirements
- Gift Funds Allowed
- Minimal Reserves Required
- Permanent and Non-Permanent Resident Aliens Eligible
- Employer Recruitment Loans Allowed
Keybank of Arlington, TX Physician Mortgage Program
- Eligible Medical Doctors: MD, DO, DPM Eligible Dentists: DDS, DMD
- Highlights:
- Single Family, PUD, Townhome, and Warrantable Condos are eligible
- Close on loan up to 90-days prior to new employment start date
- Eligible Medical Doctors: MD, DO, DPM Eligible Dentists: DDS, DMD
- Debt Ratio Limit: 50%
- No Private Mortgage Insurance
- Credit Score: 700+
- Down Payment CAN be a gift
- Reserves CAN be a gift: Loan amounts under $500,000: 2-4 months, Loan amounts over $500,000: 4-6 months PLUS gap between contract close date and employment start date.
Northpointe of Arlington, TX Physician Mortgage Program
- Eligible Medical Doctors: Training or Attending or Employment contract fully executed up to 90 days
- Highlights:
- Offer: 100% Financing up to $1.1MM (2 months reserves) 700 Fico
- Offer: 95% Financing up to $1.6MM (2 months reserves) 700 Fico
- Offer: 90% Financing up to $1.850MM (2 months reserves) 700 Fico
- Offer: 85% Financing up to $2.0MM (2 months reserves) 700 Fico
Regions Physician Mortgage Program in Arlington Texas
- Eligible Medical Doctors: Training or Attending or Employment contract fully executed up to 90 days
- Highlights:
- No Private Mortgage Insurance required
- Available to resident doctors or dentists and doctors in the medical or dental profession.
- Ability to exclude certain deferred student loan payments from the debt-to-income calculation
- Ability to close your loan before you begin employment
- Available regardless of how long you have been practicing
- Reduced monthly payments since monthly Private Mortgage Insurance (PMI) is not required
BMO Harris Bank of Arlington, TX Physician Mortgage Program
Eligible Medical Doctors: MD, DO, DDS, & DMD
- Highlights:
- Purchase and Rate/Term Refinance loans available.
- Primary Residences only.
- Detached single-family, two-unit/duplexes, Condos, and Townhouses eligible.
- No Private Mortgage Insurance is required.
- Down Payment Requirements for borrowers with less than 10 years of practicing:
- 0% down for loan amounts to $1MM
- 5% down for loan amounts to $1.5MM
- 10% down for loan amounts to $2MM
- Down Payment Requirements for borrowers with 10 or more years practicing:
- 10% down for loan amounts to $2MM
- 10, 15, 20, or 30-year fixed rate options available
- 5, 7, or 10-year ARM options available.
- 680 middle credit score from all borrowers required for $0 down.
- DTI up to 45% allowed
- H1B visa eligible
- Deferred student loans default to the IBR payment for underwriting.
By understanding the requirements and advantages of these physician mortgage loans, you can make an informed decision that sets you on the path to owning your dream home in Arlington.
