Unlocking Homeownership for Galveston Doctors: Physician Mortgages Explained

Galveston, Texas, with its charming coastal beauty and thriving student medical community, is an attractive destination for doctors to establish their careers. Physician mortgages are tailor-made solutions designed to help Galveston physicians overcome obstacles and achieve homeownership.

Feel free to compare physician lender benefits, eligibility criteria, and why they are the perfect choice for doctors looking to invest in the vibrant Galveston real estate market.

Physician mortgages usually offer low or no down payment. Traditional mortgages often require a 20% down payment, which creates a significant barrier for many buyers. Physician loans, on the other hand, may require as little as 0-5% down, making homeownership more accessible. Physician lenders have programs that often consider only the future income potential of the doctor, rather than the current debt load. Conventional mortgages usually mandate PMI (Private Mortgage Insurance) if the down payment is less than 20%. Physician loan programs typically waive this requirement, saving hundreds to thousands each month. While interest rates can vary, physician mortgages generally offer competitive rates, making them an attractive choice for Galveston doctors.

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 Galveston, 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 Galveston, 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 Galveston, 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 Galveston, 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 Galveston, 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 Galveston 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 Galveston, 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.

These specialized loans provide the financial flexibility doctors need to overcome student loan debt and achieve homeownership, making it possible to enjoy both a successful medical career and the pleasures of coastal living in Galveston. If you’re a physician in Galveston dreaming of homeownership, explore physician mortgages to turn that dream into reality.