Best Physician Mortgage Loans in Hawaii

Is your career taking you to the paradise of Hawaii? While there are many logistics to consider as you move or refinance a home, a physician mortgage loan in Hawaii can streamline much of the process by reducing the obstacles you’re likely to encounter.

We’ve vetted dozens of providers across the United States and narrowed down our list to the best physician mortgage loans in Hawaii.

If you want to join the nearly 4,500 practicing physicians who call The Aloha State home, then home ownership in Hawaii could soon be a reality for you with a physician loan.

Hawaii offers its 1.4 million residents a variety of lifestyles. From surf and sand to mountains and valleys, it’s hard to compare the natural beauty of Hawaii to anything else.

If you’re ready to get started to find the best physician mortgage loan in Hawaii, then you’ll find these experienced lenders ready to move you forward.

5 Best Hawaii Physician Home Loan Lenders

  1. BMO Bank
  2. Flagstar Bank
  3. KeyBank
  4. NEO Home Loans
  5. US Bank

Discover The Best Lenders in Hawaii

Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!

1. BMO Bank

  • BBB Grade: A+
  • JD Power Score: 805

BMO Bank offers special mortgage options to medical professionals through its Physicians’ Mortgage Program. The mortgage program is open to medical residents, fellows, and licensed doctors within the following designations:

  • Medical doctor (MD)
  • Doctor of osteopathic medicine (DO)
  • Doctor of dental surgery (DDS)
  • Doctor of dental medicine (DMD)

BMO Bank will provide financing for the purchase of a 1-2 unit property, single-family home, townhouse, or condominium. Rate/term refinancing options are available. Financing is limited to primary residences; investment and rental properties are not eligible.

Eligible applicants can borrow up to $1.5 million with just 5% down or up to $2 million for 10% down. All down payment options exclude private mortgage insurance (PMI). The program doesn’t have a strict age limit, but physicians who have been practicing for more than 10 years will be limited to 90% financing.

Underwriting will be flexible with student loan debt when calculating the debt-to-income (DTI) ratio. It will also work with applicants who have yet to start work as long as they can provide an employment contract with a start date within 90 days of closing.

All standard adjustable and fixed-rate mortgage products are available. Borrowers may be eligible for a $500 closing cost discount if they open a qualifying BMO Bank account and enroll in AutoPay for mortgage payments.

2. Flagstar Bank

  • BBB Grade: NR
  • JD Power Score: 781

Flagstar Bank offers one of the most inclusive physician mortgage options on this list. Instead of just providing financing to medical professionals, it opens the program to other high-income earners in other industries.

However, Flagstar Bank’s Professional Loans are limited to borrowers within the first 10 years of their careers.

The full list includes the following professionals in Hawaii:

  • Medical Resident (Educational License)
  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Optometry (OD)
  • Doctor of Ophthalmology (MD)
  • Doctor of Pharmacy (PharmD/RPH)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Osteopathy (DO)
  • Physician Assistant (PA)
  • Registered Nurse (RN)
  • Nurse Anesthetist (CRNA)
  • Nurse Practitioner (NP)
  • Clinical Nurse Specialist
  • ATP Pilot
  • Certified Public Accountant (CPA)
  • Attorney (JD)
  • Veterinarian (DVM)

Borrowers must have a 720 minimum credit score to qualify for 100% financing on loans up to $1 million, but other down payment options are available on loans up to $1.5 million.

All down payment options exclude private mortgage insurance, but it’s important to note that the Professional Loan program only offers adjustable-rate mortgages.

Adjustable-rate mortgages start with an introductory fixed interest rate that later resets at the interval outlined in the loan agreement. Borrowers can choose a 60, 84, or 120 month fixed interest rate period. After this period expires, the interest rate will reset every six months.

Loans may be used to purchase or rate/term refinance a single family home, condominium, or unit in a planned unit development. The property must be used as an owner-occupied primary residence to qualify.

Borrowers who do not have enough saved to cover a down payment, closing costs, and cash reserves may use interested party contributions or gift funds.

3. KeyBank

  • BBB Grade: A+
  • JD Power Score: 794

KeyBank’s Medical Professional Mortgage Program provides flexible financing options for actively practicing physicians and dentists, including interns, residents, fellows, clinical professors, and researchers. The following medical designations are included:

  • MD
  • DO
  • DPM
  • DDS
  • DMD

Applicants can secure up to $3.5 million for the purchase or refinance of a primary residence or second home. Rate/term and cash-out refinancing options are available.

Loans may be used on eligible properties, including attached or detached single-family homes, condominiums, and townhouses.

The loan program doesn’t provide 100% financing, but it will provide up to 95% financing. All financing options through this program exclude PMI.

The program is spearheaded by knowledgeable loan officers who will provide personalized service to every applicant.

4. NEO Home Loans

  • BBB Grade: A+
  • JD Power Score: N/A

NEO Home Loans offers physician mortgage financing of up to $2 million to J-1 visa holders and medical professionals with the following designations:

  • MD
  • DO
  • DDS
  • DMD
  • RPH/PharmD
  • DC
  • DVM
  • DO
  • DPM
  • DCH

The program provides up to $1 million with 100% financing or up to $2 million with 95% financing. Borrowers may apply gift funds toward the required down payment amount.

Loans may be used to purchase 2-unit properties as long as one unit will be used as a primary residence. Underwriters will also be flexible with student loan debt.

For more information about your personal situation, we recommend contacting a loan officer.

5. U.S. Bank

  • BBB Grade: A-
  • JD Power Score: 820

U.S. Bank offers its physician mortgage products to interns, residents, fellows, medical doctors, and doctors of osteopathic medicine with a 710 minimum credit score. Borrowers have the following down payment options, all of which waive PMI requirements:

  • 5% on loans up to $1 million
  • 10% on loans up to $1.5 million
  • 15% on loans up to $2 million

The loan program has a cap of $2.5 million. Student loan debt is considered, but underwriters will use the actual monthly payment amount for borrowers on an income-driven repayment plan or 2% of the total loan balance for borrowers in deferment.

Borrowers who open a platinum checking account can get a lender credit for 0.25% of the loan amount up to $1,000. This lender credit can further reduce closing costs.

How Physician Mortgage Loans Work in Hawaii

Physician mortgages in Hawaii work by offering more lenient qualifying terms to high-earning professionals who are likely to bring more business to the lender as they grow in their careers.

Hawaii is an island, so real estate and cost-of-living, in general, are much higher than on the mainland. As such, conventional loan limits are higher than in other areas of the country, but it still may not be enough for doctors to purchase their dream homes.

In Hawaii, all loans exceeding $1,089,300 are considered jumbo loans; many physician loans would thus be considered jumbo loans.


Jumbo loans afford physicians access to more competitive markets while purchasing or refinancing a home that checks all their boxes.

In addition to higher loan limits, physician mortgages are often more lenient in the following ways:

  • Underwriting will exclude or use a portion of total student loan debt
  • Can buy with a future-dated employment contract up to 90 days before the start date
  • Waive PMI, even when down payments are less than 20% of the home’s purchase price
  • Lenders accept down payments as low as 0–5% for borrowers with excellent credit and high-earning potential

More Rigid Qualifications

While physician loans are more lenient in some ways, they are more strict in other ways. For example, many physician loan programs have age limits in which all applicants must be within 10 years of completing residency.

Many physician loan programs also have residency restrictions that limit financing to the purchase or refinance of an owner-occupied primary residence.

Physician mortgage programs also tend to require a 700 minimum credit score to qualify for financing, but a higher credit score may be required still for 100% financing.

Finally, every lender has its own eligibility requirements. Medical doctors and doctors of osteopathic medicine are the most likely to be included in most programs, but other healthcare professionals, such as dentists, veterinarians, and podiatrists, may be included in other programs.

Pros and Cons

Borrowers need to be conscious of the pros and cons of their mortgage options as they navigate the home-buying process. All loan programs have positives and negatives that will affect each individual differently.

We’ve prepared a few notable items for borrowers to consider so they can choose the best physician mortgage loan for their needs.


  • Higher loan amount: Doctor mortgage loan programs aren’t conforming conventional loans, so lenders can extend generous loan amounts––often millions of dollars.
  • Low down payment options: Physician mortgage loans in Hawaii aim to eliminate the upfront costs of homeownership by providing 85–100% financing to qualified medical professionals.
  • No PMI: Physician loan programs don’t require private mortgage insurance, which can reduce mortgage payments significantly each month.
  • Can be used to refinance: Physician mortgages aren’t only for purchasing a new home, qualified borrowers can rate/term or cash-out refinance a property they already own and use as their primary residence.
  • Flexible with student loan debt: Underwriters will exclude student loan debt or use a portion of the total balance when calculating the debt-to-income (DTI) ratio, which can make it easier for medical school graduates to qualify.
  • Buy with an employment contract: Incoming medical residents and early-career physicians often have to relocate for work. Physician mortgage loan programs allow these professionals to use a future employment contract for income verification.
  • Open to residents: Physician mortgages can help medical residents at the beginning of their careers purchase a home when they otherwise wouldn’t qualify for a conventional mortgage program.


  • Higher credit score requirement: Many physician loan programs have a higher credit score requirement than conventional loans and government-insured mortgages. We recommend borrowers have a 700 minimum credit score to qualify for the best rates and loan terms.
  • Non-standardized eligibility requirements: The terms and eligibility requirements vary tremendously from lender to lender and not all medical professionals will qualify for all programs.
  • Primary residence restrictions: While there are a few exceptions, doctor mortgages are typically limited to the purchase or refinance of an owner-occupied primary residence.

Frequently Asked Questions

We’ve answered a few frequently asked questions to guide you through the best physician mortgage loans in Hawaii.

What is the difference between a physician mortgage and a regular mortgage?

The difference between a physician mortgage and a regular mortgage is that a physician mortgage is a loan program exclusive to medical professionals––usually doctors and dentists––that reduces the down payment, fees, and employment requirement compared to a regular mortgage.

What is a good interest rate for a physician mortgage?

A good interest rate for a physician mortgage is relative to the market conditions at the time you decide to finance a home. As of the beginning of 2023, physician mortgages had an interest rate of around 6.5% which was roughly half a point higher than conventional mortgages.

You can lower your interest rate by paying down points and shopping around for the best physician mortgage loans in Hawaii.

What is the maximum mortgage amount for a physician loan?

The maximum mortgage amount for a physician loan varies from lender to lender. In our research of dozens of loan providers, we have seen loan amounts ranging from $750,000 to as much as $5 million.

The upper end of that range is limited to high-income earners and specific loan programs and more often, we see maximum mortgage amounts around $1.5–$2 million.

Do doctors get better mortgage rates in Hawaii?

Doctors don’t necessarily get better mortgage rates in Hawaii, but they can qualify for special financing programs that aren’t available to the general public. Physician mortgage loans offer competitive interest rates and low down payment options without PMI to medical professionals with qualifying degrees.

Who is a Physician Loan in Hawaii Best For?

Are you still unsure if a physician mortgage loan is the best mortgage option for your long-term financial goals? Sometimes it can be helpful to look at example scenarios of people who can benefit the most from a doctor mortgage.

We’ve prepared a few examples of strong fits for a physician loan in Hawaii to help you make confident decisions throughout the home-buying process.

1. Recent medical school graduates relocating for work

Physician mortgage lenders understand that many recent medical school graduates and incoming residents have to relocate to continue their training. A significant portion of medical residents may be considering growing their families or putting down roots and purchasing a home can be a major part of building that stability.

However, recent graduates are often saddled with significant student loan debt and they’re far from their full earning potential, which can skew DTI calculations outside the threshold for many conventional mortgage programs.

Physician mortgage underwriters mitigate this obstacle by making flexible considerations for medical professionals with significant student loan debt. In many cases, excluding or using a fraction of the total loan balance to calculate DTI.

2. Private practice owners

Self-employed medical professionals, such as private practice owners, have to consider the costs of operating their business with every decision they make. Private practices can have immense operating costs during the first few years and it can be more beneficial for owners to keep as much money within the business as possible.

Keeping money within the business doesn’t have to come at the expense of purchasing their dream home with the help of a physician mortgage loan. Physician mortgage loans lower the down payment requirement for new home purchases––often financing between 85 and 100% of the home’s purchase price.

3. Medical professionals playing the stock market or planning for retirement

Like operating a private practice, investing requires a long-term financial commitment. If you’re focused on saving for retirement and growing your wealth in the stock market, saving for a down payment or taking on PMI can take away from that financial commitment.

Physician loans allow doctors to invest more of their disposable income in other assets that matter to them by removing the PMI burden borrowers have to take on,

4. Homeowners shopping around for the best financing options

Comparing lenders is one of the best ways to ensure you are getting the best interest rate. Borrowers with a 700 credit score or higher are in the best position to receive favorable terms and have a variety of mortgage options to choose from.

If you’re already a homeowner, a physician mortgage can help you refinance at an interest rate that works for your current financial situation. Refinancing can also help existing homeowners use their home equity to make home improvements or pay off debt.

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