Nevada has more than 6,100 practicing physicians practicing here, and you could join them if you purchase or refinance a home with a physician mortgage loan.
Nevada’s 3 million residents enjoy a unique lifestyle––close to natural and commercial tourist attractions and plenty of room to spread out. If city life is what you prefer, then Las Vegas, Henderson, or Reno may suit your preference.
Nevada is home to a changing healthcare landscape for its residents and physicians. Whether it’s a residency program, joining a new practice, or moving closer to your extended family, a physician loan can help you make your dreams of homeownership a reality.
It’s important to work with a lender who understands the ins and outs of doctor home loans, so you can make sure you’re choosing the best physician loan in Nevada for your needs.
Working with an experienced physician loan provider can help you better understand the home-buying or refinancing process. Knowledgeable loan providers will also be more intuitive to the common roadblocks and various needs of medical professionals.
We’ve dug deep into mortgage lenders across the country and vetted them to recommend the best physician mortgage loans in Nevada
7 Best Nevada Physician Home Loan Lenders
Here are the top physician mortgage loan lenders in NV:
Discover The Best Lenders in Nevada 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. Alerus Financial
- BBB Grade: A+
- JD Power Score: N/A
Alerus Financial’s Doctor Loan Program is open to current medical residents and physicians within the first four years of practice. Borrowers should have a 680 minimum credit score, which is a bit more forgiving than other physician loans on the market. Its underwriters will work with debt-to-income (DTI) ratios up to 43%, which is on par with many conventional loans.
The program will provide 100% financing on loans up to $750,000, 95% financing on loans up to $1 million, or 90% financing on loans up to $1.5 million. All these down payment options waive private mortgage insurance (PMI).
The lender offers fixed-rate and adjustable-rate mortgage options. Loans may be used to purchase a new home or refinance a property you already own.
Alerus Financial also offers a compelling seller’s guarantee for homebuyers in particularly competitive markets. The $20,000 Guarantee ensures the lender will pay out $20,000 to the seller if the loan doesn’t close by the expiration date outlined in the borrower’s pre-approval letter.
This guarantee can assuage the concerns of hesitant buyers who may not have heard of physician loan financing previously.
2. BMO Bank
- BBB Grade: A+
- JD Power Score: 805
BMO Bank extends its Physician’s Mortgage Program to licensed physicians and dentists with an MD, DO, DDS, or DMD degree.
The program is open to providers at all stages in their careers, but those who have been practicing for more than 10 years will need to put down at least 10% of the home’s purchase price to qualify for financing, regardless of the total loan amount.
Early-career medical professionals can qualify for 95% financing on loans up to $1 million or 90% financing on loans up to $1.5 million. PMI is not required.
Loans may be used to purchase or refinance a 1-2 unit property, single-family home, condominium, or townhouse.
Loan officers will also be lenient on employment history for medical professionals who haven’t started work yet. Employment contracts that start within 90 days of closing can be used as proof of earning potential.
BMO Bank doesn’t explain exactly how it calculates DTI, but it will be flexible on a case-by-case basis. Borrowers with high student loan debt can still qualify.
Borrowers who open a qualifying BMO Bank account and enroll in AutoPay for mortgage payments can qualify for a $500 closing cost discount.
All the standard fixed and adjustable-rate mortgage products are available.
3. Citizens Bank
- BBB Grade: A+
- JD Power Score: 818
Citizens Bank offers special financing through its physician loan program to physicians and dentists at any stage in their careers. Borrowers must have an MD, DO, DDS, or DMD to qualify and current medical residents are eligible.
Borrowers can put a 5% down payment on loans up to $850,000. Loans up to $1 million will require a slightly larger down payment of 10%. The program has a maximum loan amount of $1.5 million, which will require at least a 15% down payment. None of these loan programs require PMI.
The physician loan program is limited to the purchase or refinance of a primary residence. Cash-out refinancing and construction home loan options are available.
Student loans deferred for at least 12 months won’t be included in DTI calculations. Borrowers on an income-driven repayment plan can use their monthly payment amount, which can make it easier to qualify.
4. Evolve Bank & Trust
- BBB Grade: B
- JD Power Score: N/A
Evolve Bank and Trust’s Medical Professional Loan Program is one of the most inclusive loan programs on the market. Not only does it provide special financing for medical doctors and dentists, but it extends to several other high-income earners.
The following medical professionals may apply:
- Medical Doctor (MD)
- Doctor of Osteopathic Medicine (DO)
- Doctor of Dental Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Physician Assistant (PA)
- Nurse Practitioner (NP)
- Veterinarians (DVM)
- Nurse Anesthetist (CRNA)
- Chiropractors (DC)
- Optometrists (OD)
- Podiatrists (DPM)
- Pharmacists (PharmD/RPH)
- Clinical Nurse Specialists
However, the program is limited to medical professionals who have been practicing for 10 years or less.
Borrowers with a qualifying medical degree may secure 100% financing on loans up to $1 million, 95% financing on loans up to $1.25 million, 90% financing on loans up to $1.5 million, and 85% financing on loans up to $2 million. In some circumstances, borrowers can secure more than $2 million.
Like other physician loan programs, it does not require PMI. Eligible property types include 1-4 unit properties, single-family homes, and condominiums. The program also offers construction loans.
Evolve Bank & Trust offers fully underwritten pre-approval and it will make exceptions on an individual basis. It will work with aggressive debt-to-income ratios and lower credit scores than many of its competitors.
Borrowers may use a future-dated employment contract to qualify. The program requires minimum cash reserves depending on the loan amount, but gift funds and non-occupant co-signers are allowed.
5. Flagstar Bank
- BBB Grade: NR
- JD Power Score: 781
Flagstar Bank’s Professional Loan Program is another highly inclusive physician loan program open to an array of skilled professionals across industries. However, like Evolve Bank and Trust, borrowers must be within the first 10 years of their careers.
The following professionals are eligible for special home loan financing:
- 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)
Flagstar Bank’s medical professional home loans may be used to purchase or rate/term refinance a single-family residence, condominium, or property in a planned unit development.
Borrowers must have a 720 minimum credit score to qualify for 100% financing on loans up to $1 million, but low down payment options are available on loans up to $1.5 million. The PMI requirement is waived regardless of the down payment amount.
It’s important to note that all of the loans provided through this program are adjustable-rate mortgages. Borrowers can choose an initial fixed-interest rate period of 60, 84, or 120 months. After which, the interest rate will reset to the current market rate at six-month intervals.
6. KeyBank
- BBB Grade: A+
- JD Power Score: 794
KeyBank designed its Medical Professional Mortgage Program for actively practicing interns, residents, fellows, clinical professors, researchers, doctors, and dentists with an MD, DO, DMD, DDS, or DPM degree. With a maximum loan amount of $3.5 million, KeyBank is one of the most generous lenders on this list.
It will provide up to 95% financing, but the maximum loan amount will depend on each borrower’s unique credit profile. PMI is not required; fixed and adjustable-rate mortgage products are available.
Unlike many physician loan programs, KeyBank provides financing for the purchase or refinance of a primary residence or second home. Loans may be used for an attached or detached single-family home, condominium, or property in a planned unit development.
7. U.S. Bank
- BBB Grade: A-
- JD Power Score: 820
U.S. Bank’s Physician Mortgage Program is open to residents, fellows, medical doctors, and doctors of osteopathic medicine. It does not have age restrictions, but borrowers must have a 710 minimum credit score.
The program has a maximum loan amount of $2.5 million, but the down payment requirement varies depending on the loan amount. Loans up to $1 million require a 5% down payment. Loans up to $1.5 million require a 10% down payment and loans up to $2 million require a 15% down payment.
It’s also important to note that U.S. Bank’s physician loan officers won’t disregard student loan debt.
How Physician Mortgage Loans Work in Nevada
Physician mortgage loans in Nevada work by providing access to physicians and other medical professionals who are interested in purchasing or refinancing their homes but may not qualify for a conventional mortgage.
Because highly skilled professionals, such as medical doctors, are likely to earn well into six-figure salaries, it behooves credit unions, banks, and lenders to attract them early on in their careers and build mutually beneficial relationships.
Lenient with Qualifying Terms
As such, physician loan lenders are willing to be more lenient with some of the qualifying terms of a mortgage. Physician loans may be used to purchase a new home, refinance a property you already own, or secure financing for a new build. However, it’s important to note that not all physician mortgage programs in Nevada offer construction loans.
Generous Financing Options
Physician loans provide generous financing––sometimes millions of dollars––with low down payment options. In some cases, physician lenders will offer no-money-down financing options to borrowers with sufficient income, cash reserves, and credit scores.
Low to No Down Payment
Even with the low down payment requirements, physician loans don’t require private mortgage insurance. Private mortgage insurance is an extra fee tacked onto mortgage payments when borrowers have less than 20% equity in their homes.
The insurance protects the lender from the higher risk of accepting a lower down payment. By waiving this requirement, physician lenders save their borrowers thousands of dollars throughout the loan term.
Flexibility with Debt-to-Income Ratio
However one of the biggest benefits of physician mortgage programs is how student loan debt is treated. Every mortgage lender calculates DTI differently, but all physician loans will make special considerations for student loan debt.
Flexibility with Income History
Conventional mortgages require at least two years of income history to qualify most of the time, which medical residents and early-career medical professionals may not have the chance to build as quickly as their peers.
Physician mortgage loan programs combat this obstacle by accepting employment contracts and residency agreements that start within 90 days of closing. Self-employed physicians and private practice owners are also eligible.
Exclusive to Primary Residence
While physician loans are more lenient in many respects, they can also be more restrictive than conventional mortgages in other ways. For example, it’s common for physician mortgages to be exclusive to the purchase or refinance of an owner-occupied primary residence, but certain lenders will also have restrictions on the type of property.
Higher Minimum Credit Score Requirement
It’s also common for physician mortgage programs to require a 700 minimum credit score, which is significantly higher than the credit score requirements for a conventional or FHA loan. Some lenders may require an even higher credit score for borrowers seeking 100% financing.
Eligible Degrees
Finally, every physician loan program in Nevada has different eligible degrees it will accept. Medical doctors, doctors of osteopathic medicine, and dentists are the most likely to be included, but some programs go a step further by including other medical professionals, such as veterinarians, nurse practitioners, and physician assistants.
Pros and Cons
Borrowers need to consider the various pros and cons of their mortgage options to make an informed decision. Weighing the advantages and disadvantages can help you choose the best physician loan in Nevada for your unique financial situation.
We’ve prepared the following to guide you in your home-buying process:
Pros
- No or low down payment: Doctor mortgage loans will approve higher loan-to-value ratios than other loan programs––often providing 85–100% financing for qualified medical professionals.
- Refinancing options: Physician loans aren’t exclusive to new home purchases; existing homeowners can rate/term or cash-out refinance their home equity.
- Guided home buying experience: Physician mortgage lenders are deeply knowledgeable about the scheduling and financial challenges medical professionals are likely to face. As such, loan officers will be able to provide personalized support as borrowers navigate the home-buying process.
- Flexible on student loan debt: Physician loan underwriters are understanding that early-career medical professionals have most of their income consumed by student loan payments. For this reason, they’re willing to make special considerations for student loan debt.
- No private mortgage insurance: Doctor mortgage loans don’t require PMI. Waiving PMI requirements can reduce mortgage payments by hundreds of dollars per month.
- Buy with an employment contract: Physician loans don’t require lengthy income history. Instead, loan officers will accept employment contracts for new jobs that will start within 90 days of closing.
- Higher loan limits: Physician loans have loan options with higher limits than conforming conventional mortgages.
Cons
- Primary residence restrictions: Physician mortgage lenders often limit financing to owner-occupied primary residences; investment properties and second homes are rarely included.
- Age limits: Some doctor mortgage loans are only available to medical professionals within the first ten years of their careers.
- Large monthly payment: Because many physician mortgages are jumbo loans, the monthly payment can be a significant expense.
- Higher credit score: Physician loan programs in Nevada often stipulate a 700 minimum credit score.
- Closing costs: Even with 100% financing, borrowers will be responsible for all the fees lenders charge for processing the mortgage.
Frequently Asked Questions
Do physician loans have higher interest rates?
Physician loans sometimes have higher interest rates, but home loans are highly personalized and market conditions change often, so it’s not a hard and fast rule. In general, physicians and medical professionals with excellent credit scores will be in the best position to secure favorable loan terms.
Some physician mortgage loans are structured as adjustable-rate mortgages. Adjustable-rate mortgages start with an interest rate that’s often below the rate for a 30-year fixed-rate conventional mortgage, but the rate will later reset, which can lead to unpredictable monthly payments throughout the loan term.
Interest rates can be lowered in some cases when borrowers can put more money down or prepay future mortgage payments at closing.
How much money can a doctor borrow from a mortgage company?
The maximum loan amount a doctor can borrow from a mortgage company is determined by their credit profile, income, and geographic location. Physician mortgage loan programs in Nevada tend to have maximum loan amounts between $750,000 and $3.5 million depending on the lender.
Who qualifies for physician loans?
Every mortgage lender has different eligibility requirements for physician loans. In general, borrowers will need to be high-income earners or otherwise have a qualifying medical degree, a 700 minimum credit score, and a favorable DTI ratio of 50% or less, excluding student loan debt.
Physician loan underwriters are particularly flexible with DTI calculations, so don’t self-disqualify. A loan officer or mortgage broker can walk you through your financing options.
Do physician loans have PMI?
No, physician loans don’t have PMI. PMI is an extra fee charged by mortgage lenders when borrowers have less than 20% home equity and a conventional mortgage. This fee is usually between 0.58% to 1.86% of the original loan amount spread across your monthly payments.
Waiving PMI can save physician mortgage loan borrowers thousands of dollars over the life of the loan.
Who is a Physician Loan in Nevada Best For?
Reviewing all your loan options can be an overwhelming endeavor, but it doesn’t have to be. We’ve compiled a few example scenarios to help you decide if a physician loan in Nevada is the best financing option for your home purchase or refinance.
1. Medical resident with substantial student loan debt
Medical residents are far from their full earning potential. For those with substantial student loan debt, their debt-to-income ratio could be skewed at this stage in their careers. Physician loan underwriters are understanding of this barrier in a way that conventional loans are not.
While it will depend on the mortgage lender, some programs completely exclude deferred student loan debt. Other physician loan programs will use the monthly payment amount for borrowers on an income-driven repayment plan, a portion of the total loan balance, or raise the acceptable DTI ratio.
This flexibility allows early-career medical professionals to purchase their dream home without delaying until they have lowered their student loan balance or earned forgiveness through public service.
2. Private practice owner without a down payment
Private practice owners have to make financial sacrifices to grow their businesses, especially in the early stages. As such, private practice owners may not be able to save as much money for a down payment. Their businesses may be lucrative and their incomes may be significant, but most of the time, extra funds are better invested back into the business than into a savings account.
Physician mortgage lenders understand this plight. A doctor mortgage loan can be an excellent option for private practice owners because it allows them to continue investing in their businesses without sacrificing a stable home for their families. Many doctor mortgages will provide 85–100% financing depending on the loan amount.
3. Medical professional who wants to be more competitive than FHA loans allow
FHA loans have stringent property requirements and a lot of hoops to jump through. They also have lower loan limits than conventional mortgages and physician loans. In competitive markets, FHA-financed offers may be less likely to be accepted.
Physician loans allow physicians to play ball in competitive markets by offering compelling financing options, fewer property restrictions, and generous loan amounts.
4. Medical doctor or veterinarian focusing on retirement planning
Despite being high-income earners, medical doctors and veterinarians can’t accomplish every financial goal at once. As cost-of-living and inflation continue to rise across the country, many Americans have to squirrel away more money if they hope to retire.
Physician loan programs allow medical professionals to continue investing in retirement and other wealth planning strategies without forgoing homeownership. Refinancing an existing home loan can also lower monthly payments or provide a cash infusion for investments.
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