Physician Lenders: Best of 2021 MD Mortgage

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physician home loan program

The Physician Home Loan Program is a mortgage that makes it both quicker and easier for medical professionals such as residents, attending physicians, those right out of med school and even veterinarians, Podiatrists and Optometrists to buy a home with a low down payment. These loans are also available minus private mortgage insurance (PMI.) 

Advantages of a Physician Home Mortgage Loan include:

  • Competitive Fixed and Adjustable rates available
  • Lenders are flexible with debt-to-income (DTI) ratios due to high med-school debt
  • Up to 100% financing 
  • Higher maximum loan amounts 
  • Early closing on a loan
  • If starting new job, employment contract can be used as evidence of income 

Two other major advantages of this type of loan are that lenders are able to offer a mortgage with zero to very little money down – only 0%, 5% and 10% down depending on the lender. MD Mortgage Loans have compiled a list of Physician Mortgage Lenders and Banks by both state and qualifications. The MD Mortgage Loan website can also help narrow it down so potential borrowers find the right fit for their individual needs. 

Here are 24 featured lenders for a Physician Home Loan:

TD Bank

Available in the following states: CT, DE, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VT, VA, DC. TD Bank offers up to 100% financing with no PMI for loan amounts up to $750,000, 

up to 95% financing with no PMI for purchases up to $1.3M, and up to 90% financing with no PMI for purchases up to $2M. 

Huntington Bank

Available in the following states: IL, IN, KY, MI, OH, PA, WV, WI, MN, CO

Up to 100% financing with no PMI for loan amounts up to $750,000, up to 95% financing with no PMI up to $1,250,000, and up to 90% financing with no PMI up to $2,000,000. Refinance options available. Available loan products: 30 and 15 Year Fixed, 15/1 arm, 10/1 arm, 7/1arm, 5/1 arm, 3/1 arm (Amortized over 30 years.) Closing may occur prior to employment start date with an acceptable signed contract and start date.

Golden 1 Credit Union

Available in California only.

30 and 15 year fixed as well as 5, 7, and 10 year ARMs

95% LTV to $1 million, 90% LTV to $1.5 million, 85% LTV to $2.0 million and 80% LTV to $4.0 million.Personalized Credit Union Service. Loan options available for purchase, as well as rate/term refinances. 

KeyBank

Available in the following states: AK, AZ, CA, CO, CT, DC, FL, GA, ID,IL, IN, ME, MA, MD, MI, NC, NH, NJ, NV, NY, OH, OR, PA, RI, SC, TX, UT,VA, VT, WA.

Fixed-and variable-rate options available with loan amounts up to $3.5 million. 95% LTV to $1 million and 90% LTV to $1.5 million. Loan options available for purchase, as well as rate/term and cash-out refinances. 

BBVA Compass Bank

Available in the following states: AL, AR, AZ, CA, CO, FL, GA, ID, KS, LA, MA, NM, NV, OH, OK, OR, PA, TN, TX, VA, and WA.

100% loan to $750K, 95% loan to $1.25M, 90% loan to $1.5M, 80% loan to $1.75M. 

30, 20 and 15 year fixed loans as well as a 5 and 7 year ARM.

Can be used for Refinance. 

Construction Loan Program only available in the following states: CA, AZ, CO, NM, TX, FL, and AL.

Citizens Bank

Available in the following states: CT, DC, DE, IL, IN, KY, MA, MD, ME, MI, NC, NH, NJ, NY, OH, PA, RI, SC, TN, VA, VT, WV, GA, KS, LA, MS and MO

Up to 95% financing for up to $850,000 and up to 89% financing for up to $1M. 

Fulton Mortgage, a division of Fulton Bank

Available in the following states: DC, DE, MD, NJ, PA and VA

100% financing up to $1M, 95% financing up to $1.5M and 95%-90% financing to $2M.

Can close on purchase up to 90 days in advance of employment contract start date

and they offer terms 15 & 30 year fixed, 3/1, 5/1, 7/1, 10/1 and 15/1 fixed ARM. However,

physicians must not be out of training for more than 15 years.

Fifth Third Bank

Available in the following states: WI, MO, IL, IN, OH, KY, MI, TN, GA, FL, NC, SC, WV

Soft or declining markets do not require an additional down payment.Purchase or refinance loans available. Can close up to 90 days before future employment begins new Physician Loan No limit of years after training

Fairway Independent Mortgage Corp

Available in the following states: AR, AZ, CA, FL, GA, HI, ID, IL, LA, MN, MT, NV, OR, TX, UT, WA, WI

95% Financing up to $1M 89.90% Financing up to $1.5M.

Closing up to 90 days prior to new employment starting date for loan amounts under $548,250 and up to 60 days prior to new employment up to a loan amount of $1.5M

Flagstar

Available in all 50 States.

100% loan to $850,000 and low down payment on loans up to $1.5M. 80% loan to $1.75M. 

5/1 and 7/1 Adjustable Rate Mortgages (ARMs)

Mercantile Bank

Available in the following states: MI, IN, OH, KY

100% Financing options and loan amounts up to $2M.

Washington Trust

Available in the following states: MA, CT, NH, RI

100% financing for loans up to $750,000, 95% LTV on loans up to $1,250,000, 90% LTV on loans up to $2,000,000. 

First National Bank

Available in the following states: VA, DC, MD, WV, NC, SC, PA, DE, GA, OH, TN, FL, NY, NJ

95% on loan amounts to $1M, 89.99% on loan amounts to $1.5M Second Homes 80% on all loan amounts up to $1M. No reserve requirements for Interns, Fellows and Residents

Closing may occur prior to employment start date with an acceptable signed unconditional contract and start date.

First United

Available in the following states: TX, OK

Max LTV 95% up to $500,000, 90% up to $650,000 and 80% up to $1M.

Regions Bank

Available in the following states:  AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, OH, SC, TN, TX

Horizon Bank

Available in the following states: MI, IN, and IL (specific counties served)

100% financing for loan amounts up to $750,000.00 with loans available up to $1.5M with a tiered down payment. 90 days financing prior to Employment (with signed contract)

Financial One Mortgage

Available only in OH

100% LTV up to $750,000, 95% LTV up to $500,000. 1/1, 3/1, 5/1, 7/1, 10/1, 15/1 ARM Accepts executed/signed contract for employment in which all contingencies have been met for qualifying. 

SouthCrest Bank

Available in Georgia Only

IBERIABANK Mortgage

Call of State Coverage

Up to 100% financing for loans up to $1.2M, 30 Year Fixed Rate. Loan amounts up to $2 Million

and adjustable Rate Mortgages are available. No prepayment penalties.

TCF Bank

Available in the following states: AZ, CO, IL, IN, MI, MN, ND, SD, OH, PA, WI, CA, IA, KS, MO, KY, MT, NE, OK, UT, WV, WY

100% financing up to $1M, 95% financing up to $1.5M, 90% financing up to $2.5M (larger loan amounts will be considered.) Cash out refinance available up to 80% loan to value.

90% financing for 2nd homes up to $1M & 80% up to $1.5M.

30 year & 15 year fixed loan programs available along with a 10 year ARM, 7 year ARM & 5 year ARM.

Cadence Bank

Available in the following states:TX, FL, AL, MS

Up to 100% financing to $1.5M for practicing physicians just beginning their professional careers (5 years or less post-graduation or licensure) and up to 95% financing to $1.5M for practicing physicians in established professional careers (between 6 and 10 years less post-graduation or licensure)

BMO Harris Bank

Available in the following states:AZ, FL, IL, IN, KS, MN, MO, WI

Eligible Professionals with 10 years or less practicing: Loans up to $1M with 5% down payment.

and loans up to $1.5M with 10% down payment.

Eligible Professionals with greater than 10 years practicing: Loans up to $1..5M with 10% down payment.

10, 15, 20 & 30 year fixed rates

3/1, 5/1, 7/1 & 10/1 year ARMs

Lake Michigan Credit Union

Available in Michigan only.

For more information, please visit www.mdmortgageloan.com

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