The Complete 2022 Guide to Physician Home Loans

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physician mortgage

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 Mortgage Loan include:

  • Competitive Fixed and Adjustable rates are 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 a new job, an 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. MD Mortgage Loans can also help narrow it down so potential borrowers find the right fit for their individual needs. 

Here are 8 featured physician mortgage lenders:

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. 
  • Qualifying license MD, DO, DPM, DDS, DMD  for primary residences only

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.
  • Medical doctors, dentists and Veterinarians with M.D, D.O., D.D.S or D.M.D degree and an employment contract are eligible as are Medical Doctors including podiatrists and Ophthalmologists. 
  • Student loans in deferment for at least 12 months are excluded from DTI ratio and a
  • 700 Minimum Credit Score ( Allowable to 680 with down payment of 5 to 10% depending on loan amount )

Fifth Third Bank

  • Available in the following states: IL, IN, OH, KY, MI, TN, GA, FL, NC, SC, WV
  • Up to $750K with no down payment required; 5% down on loan amounts of $750,001 –$1,000,000; 10% down required if greater than $750K up to $1,000,000; 15% down required if greater than $1MM up to $1.5MM. Soft or declining markets do not require an additional down payment. No PMI required. Purchase or refinance loans available.Can close up to 90 days before future employment begins new Physician Loan Program-Intern/ Resident/ Fellow OR Practicing/ Attending Physician for less than 1 year. 
  • Credit scores 680 – 720. 
  • Established Physician Program-Attending/ Practicing Physicians greater than 1 year
  • Dentist now available.MD, DO, DPM, or designations only

Regions Bank

  • Available in the following states:  AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, OH, SC, TN, TX
  • 0% Down up to $750,000; 5% up to $1,000,000. No PMI required. 
  • Ability to exclude certain deferred student loan payments from the DTI and close your loan before employment. 
  • Available to resident doctors or dentists and doctors in the medical or dental profession.

First Horizon Bank

  • Available in the following states: AL, AR, CT, FL, GA, LA, ND, NJ1, NY 2, SC, TN, TX
  • 100% financing for loan amounts up to $1.5 Million. 0% down up to $1,500,000;5% up to $1,999,999; 10% $2,500,000. No PMI. 30 Year Fixed Rate. Adjustable Rate Mortgages available.
  • 90 days financing prior to Employment (with signed contract.) Student debt not included in qualifying if deferred for more than 12 months
  • Eligible Medical Professions include: MD, DO, OMS, DPM.
  • Minimum 680 Credit Score

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. No PMI.
  • 10, 15, 20 & 30 year fixed rates
  • 3/1, 5/1, 7/1 & 10/1 year ARMs
  • Available to Residents, Fellowships, and existing Medical Doctors.
  • Eligible Medical Professions include MD’s, DO’s, DMD’s and DDS’s

Wintrust

  • Low down payment options and Adjustable Rate Mortgages. No PMI required.
  • Up to 12 months deferred medical student debt
  • Available to existing or newly licensed MD, DO, DDS, DMD and Veterinarians.

TRUIST

  • Available in the following states: AL, AR, CA, CT, DE, FL, GA, IN, KY, MD, MS, MA, NJ, NC, OH, PA, SC, TN, TX, VA, DC, WV
  • 30 & 15 Year Fixed, 5,7,10/6 ARM’s available. No PMI required. Cash out and Refinances allowed
  • Flexible FTI requirements for high income earners, up to 50% DTI and student loan debt deferred for at least 12 Months – excluded from debt-to-income ratio or IBR payments.
  • 680 Minimum Credit Score 
  • Permanent and Non-Permanent Resident Aliens Eligible
  • Employer Recruitment Loans Allowed
  • Eligible Medical Professions include: MD, DO, DPM, DDS, DMD

For more information, please visit www.mdmortgageloan.com

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