Whether Indiana is your home base or it’s practicing medicine that brings you there, using a physician mortgage loan in Indiana can help you settle down in The Crossroads of America.
Almost 17,500 physicians practice in Indiana and are leading the way to better healthcare in the heartland.
Indiana continues to attract new residents, with over 6,805,000 who call it home.
But Indiana is more than the Hoosier State and miles of farmland. You’ll find a variety of suburbs, big cities, and small towns. It’s also a state home to multiple major universities, thriving healthcare, and fantastic hospitals.
If you’re ready to get started on your doctor home loan in Indiana, then start with one of these lenders ready to help you move forward.
7 Best Indiana Physician Home Loan Lenders
1. BMO Harris
BMO Harris offers several mortgage options for physicians. Physicians can borrow up to 100% on mortgages up to $1M, 95% on mortgages up to $1.5M, and 90% on mortgages up to $2M.
There is no PMI on physician mortgage loans through BMO Harris. The loan programs are available with either fixed or adjustable rates and without any special fees.
BMO Harris is headquartered in Chicago, IL, and also operates in the states of AZ, FL, IN, KS, MN, MO, and WI – excludes NY.
2. TCF Bank
TCF Bank has approximately 475 banking centers primarily located in Michigan, Illinois, and Minnesota with additional locations in Colorado, Ohio, South Dakota, and Wisconsin.
They offer a doctor home loan designed to fit the unique needs of physicians, dentists, chiropractors, veterinarians, and more! No down payment for those who qualify (closing costs could apply).
No private mortgage insurance is required for those who qualify. Their mortgage loan officers are experienced in working with medical professionals and are ready to guide them through the loan process for their purchase or refinance.
3. US Bank
U.S. Bank is a leader in the mortgage industry. Many of their customers have said they would recommend them in the future.
They offer loans that meet almost every mortgage need. You may be eligible for the U.S. Bank Customer Credit with a new or existing U.S. Bank Personal Checking Package, or with an existing first mortgage with U.S. Bank.
Take 0.25% of the loan amount and deduct it from the closing costs, up to a maximum of $1,000. At U.S. Bank, they know that your home is one of the biggest investments you’ll ever make.
And whether you’re looking for a new mortgage loan, a mortgage refinance or a home equity loan, you want a partner you can trust.
The doctor home loan program from Truist is available to MDs, DOs, DDS,s and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years.
Residents and fellows are eligible for a SunTrust physician loan of up to $750,000 with no down payment.
Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts of up to $1,500,000 with down payment options based on loan size.
5. Citizens Bank
Citizens Bank offers a special mortgage program for physicians and dentists through their doctor loan program.
Their doctor loan is available for purchases and limited cash‑out refinances of the primary residence. A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage.
Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
6. Regions Bank
Regions Bank can help borrowers finance a loan with no down payment options for loans up to $750,000 or a 5% down option for those who need up to $1M.
In addition, PMI will be excluded. Regions bank will also exclude certain student loan debt when calculating your debt-to-income ratio.
7. Level One Bank
Level One Bank offers up to $1,000,000 with 0% down and up to $1,500,000 with 5% down. Financing up to $3M is available.
Applicants can close up to 90 days prior to the start of an employment contract.
Term: 30 Year fixed, 15/6, 10/6, 7/6, 5/6-year arms available for purchase and refinance. New Construction loans are available upon request.
No Private Mortgage Insurance (PMI) is required and student loan debt deferment is allowed for resident physicians.
The program allows: Residents, Fellows, MD, DO, DMD, DVM, DDS, and PharmD, and most Visa holders are eligible.
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