Best Physician Mortgage Loans in Mississippi

If you’re contemplating a home purchase or considering your refinancing options in Mississippi, then a physician mortgage loan can be a smart financial move.

Mississippi offers its 2.9 million residents a variety of lifestyles. Mississippi residents can enjoy anything from a life on the coast to rural areas and small towns––there’s no shortage of places to call home.

Whether you prefer life in the country or the vibe of a college town, Mississippi has a lot to offer, especially to medical professionals looking to make a difference in historically underserved communities.

If you’re ready to get started finding the best physician loan in Mississippi, then you’ll find these lenders ready to assist you with your new loan.

9 Best Mississippi Physician Home Loan Lenders

Here are the top physician mortgage loan lenders in MS:

  1. BMO Bank
  2. Evolve Bank & Trust
  3. Citizens Bank
  4. First Horizon Bank
  5. Flagstar Bank
  6. NEO Home Loans
  7. Regions Bank
  8. Truist
  9. U.S. Bank

Discover The Best Lenders in Mississippi

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 extends special financing to medical doctors (MDs), doctors of osteopathic medicine (DOs), doctors of dental surgery (DDS), doctors of dental medicine (DMD), current residents, and fellows through its Physicians’ Mortgage Program.

Early-career medical professionals within the first 10 years of their career can qualify for down payment options as low as 5% on loans up to $1.5 million, but later career professionals will need to put down at least 10% to meet BMO’s doctor mortgage requirements. The program has a maximum loan amount of $2 million.

As with many physician loan programs, BMO Bank does not require private mortgage insurance (PMI).

Underwriters are flexible with student loan debt and income history. Student loan debt will be considered on an individual basis and employment contracts that start within 90 days of closing will be accepted as proof of earning potential.

Borrowers who open a BMO Bank account and enroll in AutoPay for mortgage payments will be eligible for a $500 closing cost discount, which can further reduce the financial burden of purchasing a home.

Loans may be used to purchase or refinance an eligible property type used as an owner-occupied primary residence. Eligible properties include 1-2 unit buildings, single-family homes, townhouses, and condominiums.

2. Evolve Bank & Trust

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

Evolve Bank & Trust offers an inclusive Medical Professional Loan program to the following designations, including residents and fellows:

  • Medical doctors (MD)
  • Doctors of Osteopathic Medicine (DO)
  • Doctors of dental surgery (DDS)
  • Doctors of dental medicine (DMD)
  • Physician Assistant (PA)
  • Nurse practitioner (NP)
  • Veterinarians (DVM)
  • Nurse anesthetist (CRNA)
  • Chiropractor (DC)
  • Optometrist (OD)
  • Podiatrist (DPM)
  • Pharmacist (PharmD)
  • Clinical Nurse Specialists

All applicants must currently be enrolled as a resident or fellow or less than 10 years out of their residency program.

Loans may be used to purchase 1-4 unit properties, single-family homes, and condominiums. Special financing options may also be available for new construction.

All down payment options exclude PMI requirements. Loans up to $1 million can qualify for 100% financing,  up to $1.25 million require at least 5% down, up to $1.5 million require at least 10% down, and loans up to $2 million require 85% down.

While the program will approve borrowers with non-occupant cosigners and gift funds from immediate family members, there are minimum cash reserve requirements depending on the total loan amount.

The bank also has a dedicated team that exclusively processes physician loans and it’s a portfolio product, so they’ll never sell the loan to another provider.

Contact a loan officer for more information about discounts on closing costs, flexible debt-to-income ratio calculations, and no-cost preapproval.

3. Citizens Bank

  • BBB Grade: A+
  • JD Power Score: 818

Citizens Bank extends its physician loan program to medical professionals with an MD, DO, DDS, or DMD degree. Current residents who meet the eligibility requirements are also included.

It will provide up to $1.5 million in financing for borrowers to build their own home, purchase an existing home, or refinance a home they already own.

Borrowers have the following down payment options, none of which require PMI:

  • 5% on loans up to $850,000
  • 10% on loans up to $1 million
  • 15% on loans up to $1.5 million

Deferred student loan debt is excluded from DTI calculations, but income-driven repayment plans may provide flexibility as well.

Borrowers who hold a Citizens bank account may be eligible for closing costs or interest rate discounts.

4. First Horizon Bank

  • BBB Grade: A+
  • JD Power Score: 825

First Horizon Bank doesn’t publicly advertise many of the details of its medical private banking offerings because it wants to encourage prospective borrowers to connect with a Client Services Relationship Manager for personalized options. However, there are a few key details available.

First, the program is limited to medical professionals with an MD, DO, OMS, or DPM degree. Second, borrowers who don’t already have a First Horizon Bank account will automatically open one with their loan application.

Third, all loans are subject to credit and collateral approval, but 670 is the minimum credit score underwriters will consider.

Finally, the lender will extend up to $1.5 million without a down payment. Loans up to $2 million require a 5% down payment and loans up to $2.5 million require a 10% down payment.

5. Flagstar Bank

  • BBB Grade: NR
  • JD Power Score: 781

Flagstar Bank offers an inclusive professional loan program to educated high-income earners across various industries. Borrowers must be within 10 years of beginning their careers and hold one of the following degrees to qualify:

  • 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)
  • 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)

A 720 minimum credit score is required for 100% financing on loans up to $1 million, but low down payment options are available on loans up to $1.5 million.

PMI isn’t required, but all of Flagstar Bank’s professional loans are structured as adjustable-rate mortgages, which means the monthly payment will likely increase over time.

The lender will accept interested party contributions for borrowers who don’t have the savings to cover all the costs of the loan.

6. NEO Home Loans

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

NEO Home Loans offers local physician loans to Mississippi borrowers within the following medical designations:

  • Medical doctors (MD)
  • Doctors of dental medicine (DMD)
  • Doctors of dental surgery (DDS)
  • Doctors of Osteopathic Medicine (DO)
  • Pharmacists (PharmD/RPH)
  • Chiropractors (DC)
  • Veterinarians (DVM)
  • Optometrists (OD)
  • Podiatrists (DPM)
  • Diploma of Child Health (DCH)

J-1 visa holders currently completing residency or fellowship are also eligible. Borrowers can secure 100% financing on loans up to $1 million or 95% financing on loans up to $2 million.

The program is flexible on student loan debt compared to conventional mortgage programs. It also allows borrowers to apply gift funds to their down payment. Like many physician loan programs, borrowers can close on their homes before starting their new jobs with proof of an acceptable employment contract.

NEO Home Loans is unique in that it will provide financing for 2-unit properties, which can allow physicians to rent out one of the units for additional income––as long as they use one unit as their primary residence.

7. Regions Bank

  • BBB Grade: B+
  • JD Power Score: 836

Regions Bank’s Doctor Mortgage Program is open to residents, fellows, and the following high-income earners across the South and Midwest:

  • Medical doctors (MD)
  • Doctors of Dental Medicine (DMD/DDS)
  • Doctors of Osteopathy (DO)
  • Pharmacists (PharmD/RPH)
  • Nurse anesthetists (CRNA)
  • Nurse Practitioners (NP)
  • Physician Assistants (PA)
  • Veterinarians (DVM)
  • Chiropractors (DC)
  • Optometrists (OD)
  • Podiatrists (DPM)
  • Licensed Attorneys

MDs, DMDs, DDSs, and DOs are able to qualify for zero money down financing options on loans up to $750,000, but all other professionals will need to put at least 3% down. A 5% down payment is required for loans up to $1 million. Loans must be used to purchase or refinance a primary residence.

Borrowers can track the status of their loan application, submit necessary documents, and expedite the process through the Loan Application Status Portal.

The portal provides opportunities for asynchronous communication which can be ideal for medical professionals with busy schedules and those relocating from a distance.

8. Truist

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

Truist Bank provides up to $2 million in home financing for practicing physicians and dentists within the first 15 years of their careers. The following degrees are included:

  • Medical doctors (MD)
  • Doctors of Osteopathic Medicine (DO)
  • Podiatrists (DPM)
  • Doctors of dental surgery (DDS)
  • Doctors of dental medicine (DMD)

Residents are also eligible. Student loan debt isn’t excluded, but Truist says it will make special considerations when calculating debt-to-income ratios.

Borrowers who are within the first 10 years of their careers can qualify for zero money down financing options, but physicians who have been practicing between 10 and 15 years will be required to put 10% down.

Truist physician loans may also be used for cash-out refinances. The lender allows refinances of up to 80% of the home’s appraised value.  Borrowers are able to take up to $50,000 in cash, but all other funds must be used to satisfy debt obligations.

Fixed and variable interest rate options are available. Both options exclude PMI requirements.

9. U.S. Bank

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

U.S. Bank extends its physician loan program to residents, fellows, medical doctors, and doctors of osteopathic medicine in Mississippi. The program will provide up to $2.5 million to qualified borrowers with a 710 minimum credit score.

Loans up to $1 million require a 5% down payment, while loans up to $1.5 million require at least 10% down. Loans up to $2 million require at least 15% down. PMI isn’t required.

Loan officers provide a hands-on home-buying experience through responsive support and extensive checklists, so doctors will know what to expect and what documents to have ready.

Underwriters don’t totally exclude student loan debt, but they will be flexible. Borrowers on an income-driven repayment plan will have their actual monthly payment amount used and those in deferment will have 2% of their total balance used in DTI calculations.

Borrowers who open a platinum checking account can receive a 0.25% lender credit up to $1,000.

How Physician Mortgage Loans Work in Mississippi

Physician mortgage loans in Mississippi vary from lender to lender, but there are a few common themes it can be helpful for borrowers to understand.

Higher Loan Limits

In general, physician loan programs provide loans that exceed the loan limits set by Fannie Mae and Freddie Mac. In Mississippi, the conforming loan limit is set at $726,200.

Waived PMI

In addition to the high loan limit, physician mortgage lenders waive the PMI requirement. PMI is a fee charged by conventional lenders when borrowers have less than 20% equity in their homes. This fee increases monthly payments and waiving it can save borrowers thousands throughout the loan term.

Low or No Down Payment

Physician loans will often extend up to $750,000 without a down payment, but some lenders will be more generous to borrowers with strong credit.

Credit Score Requirement

We recommend Mississippi borrowers have at least a 700 minimum credit score so they can shop around for the best loan terms. In general, stronger credit scores result in more favorable loan terms.

Some lenders may work with lower credit scores, but this flexibility will come at the expense of 100% financing. Physician loans are meant to offset the upfront costs of purchasing a home so even cash-poor medical professionals can enjoy the stability of homeownership.

Minimizing the down payment burden is the main way lenders reduce the upfront costs of purchasing a home. While FHA loans require at least 3.5% of the home’s purchase price, physicians and other qualified medical professionals can purchase a home with no money down.

Limited to Primary Residence

Most physician mortgage loans in Mississippi are limited to the purchase or refinance of an owner-occupied primary residence, but shopping around can result in some exceptions.

Flexibility with DTI Ratio

The other big barrier physician loans reduce is debt-to-income calculation. While conventional mortgages and government-backed programs will look at your whole financial picture, physician loans will be more thoughtful in their approach to DTI ratios.

High-earners often have significant student loan debt, which can make it difficult to purchase a home. Lenders understand this barrier and underwriters are willing to be more flexible because high-income borrowers are likely to bring more business to the bank as they reach their full earning potential.

Underwriting guidelines are specific to each loan program, but borrowers may encounter the following scenarios:

  • All student loan debt excluded
  • Student loan debt deferred for 12 months or more excluded
  • 2% of deferred loan balance used
  • Actual repayment amount for borrowers on an income-driven repayment plan

Physician loans are a viable mortgage solution for medical professionals who would otherwise struggle to qualify for a conventional loan but still have an interest in homeownership.

Pros and Cons

Making an informed decision requires a careful review of the pros and cons. Like all financing options, physician loans in Mississippi have advantages and disadvantages to consider.

We’ve prepared a few of the notable callouts to help you make the right decision for your needs.


  • Student loan debt is often excluded: Because doctors and other healthcare professionals have significant student loan debt, physician loan programs are more flexible in this regard. Underwriting will often exclude deferred student loan debt or use a fraction of the total balance to calculate debt-to-income ratios.
  • No PMI: Physician loan programs don’t have private mortgage insurance requirements, which saves borrowers thousands of dollars over the loan term.
  • Low down payment: Borrowers can purchase or refinance their homes with as little as 0–5% down, depending on the loan amount.
  • Knowledgeable loan officers: Physician loan officers have intimate knowledge about the unique needs of medical professionals.
  • Can be used for refinancing: Doctor loan programs may be used to refinance the home you already own, which can reduce monthly payments or allow borrowers to leverage their home equity.
  • Buy with an employment contract: Borrowers can purchase their new homes with an employment contract that clearly outlines a start date within 60-90 days of closing.
  • Higher loan amount: Doctor loan programs provide access to higher loan amounts than conforming conventional mortgages.


  • Higher interest rates: Physician loans will often have higher interest rates than conventional mortgages to compensate for the additional risk lenders incur by being more lenient in other areas.
  • Stricter credit score requirements: Doctor mortgages tend to require a 700 minimum credit score, but higher scores may be required for 100% financing.
  • Large mortgage payments: Because physician loans provide larger loan amounts, borrowers will be required to pay large monthly payments. It’s important to be thoughtful about the size of your home you can afford so you don’t live outside your means.
  • Primary residence restrictions: Unlike conventional loans, doctor mortgages are typically reserved for the purchase or refinance of an owner-occupied residence, so it’s not a good financing option for buyers looking for a second home or investment property.

Frequently Asked Questions

Is a physician loan the same as a conventional loan?

No, a physician loan is not the same as a conventional loan. A physician loan is a specialized mortgage product designed to help early-career medical professionals pursue homeownership.

Only certain healthcare professionals qualify, typically medical doctors and dentists, but the terms vary from program to program. In general, physician loans are more flexible with student loan debt and income history, but more strict on eligible properties and credit scores compared to conventional loans.

Conventional loans are the most common mortgage option in the country. A conventional loan is any mortgage not backed by a government agency.

How much does a physician loan cost?

The cost of a physician loan varies based on market conditions, current interest rates, creditworthiness, and total loan amount. Physician mortgage lenders tend to make money on interest as the interest rate is often higher than conventional loans due to the additional risk of providing more lenient financing terms.

Borrowers can reduce the total cost of the loan by paying it off early.

Is there a minimum credit score for a doctor to get a loan?

Yes, there is a minimum credit score for a doctor to get a loan. Physician loans require a 700 minimum credit score, but some lenders may be willing to work with borrowers who can afford a larger down payment. Other lenders may require a higher credit score for 100% financing.

Physicians who have served in the military may be eligible for a VA loan. VA loans don’t have a minimum credit score requirement. FHA loans may also be a worthwhile consideration. FHA loans have a minimum score requirement of 580, which can be a great option for doctors with poor credit.

What are the best loan options for doctors?

The best loan options for doctors depend on the unique circumstances of each applicant. Physician loans are great for doctors who hold a qualifying degree and active employment, but they’re not the only financing option worth considering.

VA loans are a viable mortgage option for qualifying individuals who have served in any branch of the armed forces. FHA loans are another great loan option, especially for first-time home buyers or those with limited funds to apply toward a down payment.

We recommend meeting with a loan officer or mortgage broker to find the best financing option for your needs.

Who is a Physician Loan in Mississippi Best For?

Homeownership is a huge financial decision with massive liability attached. As such, it can be easy to get stuck in decision paralysis when shopping for the right mortgage program for your needs.

We’ve prepared a few example scenarios that would fit the parameters of many physician loan programs in Mississippi.

It’s important to note that these examples are far from exhaustive, so if you’re considering beginning the home-buying process, we recommend discussing your options with a loan officer or mortgage broker.

1. Dentists, veterinarians, or other self-employed physicians

Self-employed medical professionals can be private practice owners, concierge providers, consultants, home service caregivers, and more. Choosing to go into business for oneself comes with its fair share of benefits, but it also comes with significant liability and operating expenditures.

Physician mortgage loans can be particularly advantageous for self-employed medical professionals because it allows them to keep money within the business that might otherwise be tied up in a down payment or wasted on PMI payments.

2. Recent graduates saving up for a down payment

Medical school graduates and other medical professionals sacrifice years of their life to train for their specialties, which often means they enter the workforce later than their peers.

Many physicians graduate and begin working only to feel behind the curve of people of their same age––thinking that student loan debt, limited employment history, and little savings bar them from homeownership.

Physician mortgage loans help close this gap by reducing the down payment requirements, often as low as 0–5%, so even recent graduates can afford the upfront costs of homeownership.

3. Savvy investors playing the stock market

As many millennials and Gen Zers set their sights on work-life balance and early retirement, more people are looking to make lucrative investments that bring in passive income.

Physicians interested in playing the stock market can use the funds that would be contributed to a large down payment or PMI when they choose a physician mortgage product.

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