Best Physician Mortgage Loans in Utah

A physician mortgage loan in Utah can be an essential tool for your upcoming move or refinance in The Beehive State.

Moving to Utah would make you one of the 7,200+ practicing physicians in the state––practicing in specialties such as internal medicine, pediatrics, anesthesiology, psychiatry, neurology, and general surgery.

Utah offers more than 3,380,800 residents a lifestyle full of majestic scenery and abundant outdoor activities.

Utah offers plenty of room to spread out and enjoy everything from mountain biking, to rock climbing and skiing, but there are also plenty of top-tier hospitals across the state to continue your career.

If you’re ready to find the best doctor home loan in Utah for you and your family, then trust one of these experienced lenders to help you get started.

8 Best Utah Physician Home Loan Lenders

Here are the top physician mortgage loan lenders in UT:

  1. BMO Harris
  2. Citizens Bank
  3. Evolve Bank & Trust
  4. Huntington Bank
  5. KeyBank
  6. Flagstar Bank
  7. UMB Bank
  8. US Bank

Discover The Best Lenders in Utah

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 Harris

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

BMO Harris Bank’s Physicians Program is available for the following degrees:

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

Duplexes, single-family homes, townhouses, and condominiums are eligible for financing, but investment properties and second homes are excluded.

Doctors more than 10 years into their training will be required to pay at least 10% of the total loan amount to participate in the program.

A closing cost discount of $500 is provided to borrowers who also hold a BMO checking account and are enrolled in AutoPay.

If you haven’t yet started your residency program, your employment contract will qualify you as long as you will begin work within 90 days of closing.

The bank offers fixed and adjustable-rate mortgage products on loans up to $2 million. Refinancing is available, but the property must be your primary residence.

2. Citizens Bank

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

Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Surgery (DDS), and Doctors of Dental Medicine (DMD) are eligible for Citizen Bank’s Doctor Loan Mortgage Program.

The program offers the following terms:

  • 5% down payment on loans up to $850,000
  • 11% down payment on loans up to $1,000,000

Residents, fellows, and interns are limited to a total loan amount of $600,000 and unlicensed doctors are capped at $400,000. Private mortgage insurance (PMI) is not required.

If your student loan debt is deferred, it is excluded from your debt-to-income ratio. For those using an income-driven repayment plan, the underwriters will consider your monthly payments relative to your income.

3. Evolve Bank & Trust

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

Evolve Bank & Trust’s Doctor Mortgage Loan is available to the following healthcare professionals:

  • Chiropractor (DC)
  • Dental Surgeons
  • Dentists
  • Medical Doctors
  • Nurse Anesthetist
  • Nurse Practitioner (NP)
  • Optometrist (OD)
  • Pharmacists (RPH)
  • Physician’s Assistant (PA)
  • Podiatrist (DPM)
  • Veterinarians

If you have one of these degrees, you can close on a home in Utah with an employment contract that begins within 90 days.

Primary mortgage insurance isn’t required. You can finance a home with the following down payment options:

  • 0% on loans up to $1,000,000
  • 5% on loans up to $1,250,000
  • 10% on loans up to $1,500,000
  • 15% on loans up to $2,000,000

Evolve Bank & Trust’s doctor loan program is facilitated by loan officers who specialize in the unique needs of medical professionals.

4. Huntington Bank

  • BBB Grade: A+
  • JD Power Score: 788

Huntington Bank offers The Doctor Loan: a program specially designed for practicing physicians, residents, and other healthcare workers planning to purchase a home in Utah.

The Doctor Loan’s underwriters are lenient on debt-to-income ratio and student loans. They’ll approve borrowers with DTI up to 50%. Deferred student loans are excluded or income-driven repayment amounts are considered.

Medical doctors, dentists, and veterinarians with MD, DO, DVM, DPM, DDS, and DMD degrees are eligible for the following financing options:

  • 0% down payment with no PMI for loans up to $1,000,000
  • 5% down payment with no PMI for loans up to $1,250,000
  • 10% down payment with no PMI for loans up to $2,000,000

Financing for condominiums may be limited to 90%. All standard fixed and adjustable-rate mortgage products are available. Cash-out refinances up to $250,000 are available as well.

5. KeyBank

  • BBB Grade: A+
  • JD Power Score: 798

KeyBank offers loans up to $3.5 million to interns, residents, fellows, doctors, dentists, clinical professors, researchers, and licensed physicians with a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD).

Unlike many other physician loan programs, KeyBank will provide financing for the purchase of second homes and primary residences. Properties must be attached or detached single-family homes, condos, or planned unit developments.

Fixed and variable interest rate products are available as well as rate/term and cash-out refinancing options.

6. Flagstar Bank

  • BBB Grade: A+
  • JD Power Score: 781

Flagstar Bank’s physician mortgage program includes more professions than any other provider on this list. The following professions can borrow up to $1.5 million with 0-5% down:

  • Medical Doctor (MD)
  • Doctor of Osteopathy (DO)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Optometry (OD)
  • Doctor of Ophthalmology (MD)
  • Doctor of Podiatric Medicine (DPM)
  • Certified Public Accountant (CPA)
  • Nurse Practitioner (NP)
  • Registered Nurse (RN)
  • Physician Assistant (PA)
  • Pharmacist (PharmD)
  • Veterinarian (DVM)
  • Clinical Nurse Specialist
  • Attorney
  • ATP Pilot

Even H1-B visa and green card holders are eligible for a physician loan from Flagstar Bank. However, only adjustable-rate mortgage products are available.

Borrowers will be required to have a minimum score of 700, but a score of at least 720 will qualify them for 100% financing.

For graduates with high student loan debts, income-driven repayment amounts will be used to calculate their DTI ratio.

Condos, townhouses, and vacation properties are excluded from the program.

7. UMB Bank

  • BBB Grade: A+
  • JD Power Score: 791

UMB Bank’s Physician Mortgage Loan will provide up to $2 million for the purchase or refinancing of a primary or secondary residence. Medical doctors, doctors of osteopathy, dentists, and optometrists are included in the program.

UMB Bank offers 90% financing without PMI requirements to interns, fellows, and medical residents, but attending physicians can qualify for 95-100% financing. Unlike many other physician loan programs, UMB Bank does not have age limits. Doctors at any stage in their careers are invited to apply.

8. US Bank

  • BBB Grade: B+
  • JD Power Score: 820

Medical physicians, including residents, fellows, doctors of osteopathy (DO), and lawyers are eligible for U.S. Bank’s specially designed physician loan program.

The following down payment options are available:

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

Underwriting will use your income-driven repayment amount or 2% of your student loan amount if you are in deferment. Borrowers who open a platinum checking account can save 0.25% on closing costs, up to $1,000.

Its brokers know the challenges doctors face when purchasing property and they will provide hands-on support throughout the entire process. A minimum credit score of 710 is required, but you won’t have to pay PMI.

How Physician Mortgage Loans Work in Utah

Physician loans provide financing options to medical doctors and other high-earners who may have high debt, minimal cash in their savings accounts, and the need to relocate to continue their training.

The University of Utah Hospital has dozens of residency programs attracting doctors to Salt Lake City and the surrounding area.

According to Realtor.com, the median sale price of a Salt Lake City home is $529,900. With a conventional loan, you’d have to put a down payment of more than $100,000 to qualify.

An FHA loan may allow you to put down less than $25,000, but you’d have to pay private mortgage insurance (PMI) every month. Physician mortgage loans don’t require PMI.

Even $25,000 is a significant amount of money for a recent medical school graduate with significant credit card or student loan debt. Physician loans are designed to make the home-buying process accessible for medical professionals across Utah.

Physician mortgage loans often don’t require a down payment. Many lenders will accept employment contracts as proof of earning potential, allowing upcoming medical residents and qualified medical professionals to establish permanent roots in Utah.

Physician loans aren’t exclusively for the purchase of new properties, though. If you’re already a homeowner and you’re interested in refinancing, a physician loan may help you lower your mortgage payments.

In some cases, physicians must be within 10 years of graduating medical school to be eligible for a doctor loan. Contact a loan officer to learn more about the various eligibility requirements for different programs.

There may also be restrictions on the type of property you can purchase and how much financing you are eligible for, but a loan officer will be able to walk you through all the important disclosures to find a loan program that meets you where you are.

Pros and Cons

Weighing the pros and cons of physician mortgage loans in Utah will help you make a balanced decision that fits your unique needs.

Pros:

  • Low down payment options: Many physician loan programs will provide 90–100% financing to medical doctors, dentists, doctors of osteopathy, and other high earners in healthcare.
  • Move before you start work: Physician mortgage lenders will often accept medical school transcripts, offer letters, and employment contracts as proof of earning potential so you can buy a home before you start your new job.
  • No PMI: Private mortgage insurance isn’t required with physician mortgage loans, which can lower monthly payments.
  • Refinance or purchase a new home: Physician mortgage loans can be used to purchase a new home or refinance your existing home.
  • Relaxed student loan debt considerations: Physician loan underwriting may not even consider student debt if you are in deferment. Your debt-to-income ratio will also be considered differently than with conventional loans.

Cons:

  • Variable interest: Many physician loan programs are adjustable rate mortgages, which can make budgeting for your mortgage challenging year-to-year.
  • Residence restrictions: Some physician loan providers outline residence restrictions. For example, the property must be your primary residence in some cases. In others, you may not be able to purchase a condo.
  • Jumbo loans: Due to the high limit of many doctor mortgage programs, it can be easy to live outside your means or borrow more than you can afford.

Frequently Asked Questions

What credit score do you need for a physician loan in Utah?

You need a credit score of around 700 for a physician loan in Utah. Some loan programs may be flexible with credit scores as low as 680.

In general, the higher your credit score, the more favorable your interest rate will be.

You can find out if you qualify for a physician loan by getting pre-approved and working with a loan officer to find a program that meets your needs.

Do doctors get lower mortgage rates?

No, doctors don’t get lower mortgage rates. Physician loans may have more lenient qualifications, but physician loans in Utah often have higher interest rates than conventional mortgages to compensate for the lower down payment amount.

Many physician loans have variable interest rates, which means the interest rate will fluctuate relative to the loan’s index.

However, physician loans do not require private mortgage insurance, which may keep your monthly payments lower than a conventional loan of the same amount.

How many years is a physician loan?

Physician loans are available as all standard mortgage products. You can choose an adjustable-rate mortgage where you have up to 30 years to pay back the loan amount or you can choose a fixed-rate mortgage with 15 or 30 years until the loan matures. Your monthly payments will vary based on the length of your financing term.

How much does it cost to take out a physician loan?

The total cost to take out a physician loan will depend on your interest rate and how long it takes you to pay off the loan. Many physician loan programs offer 100% financing, meaning you can purchase your home without an initial down payment.

What is the average physician loan amount?

The average physician loan amount varies. According to Redfin, the median sale price of Utah homes was about $527,300. In Utah, the conforming loan limit is $850,000. If your physician loan amount exceeds this limit, it would be considered a jumbo loan.

Who is a Physician Loan in Utah Best For?

Physician loans in Utah are great for medical professionals who wouldn’t qualify for a lot of conventional mortgage options. If you identify with any of the following scenarios, you may be an excellent candidate for a physician loan in Utah.

Medical resident relocating to continue training

Many medical residents don’t have much choice in their residency program after they’ve submitted ranked order lists. After that, bright-eyed young doctors move to all areas of the country to continue their training, often bringing families, pets, and cars.

Relocating is a significant expense that can exhaust the meager savings accounts of medical residents. Because physician loans often don’t require a down payment or PMI, you can purchase a home without the typical initial costs.

Veterinarian or dentist who owns a private practice

Veterinarians, dentists, and other doctors may choose to start a private practice after finishing residency, which can add a lot of financial responsibility that others may not have to deal with.

As such, it may be more difficult to save for a down payment. Owning real estate doesn’t have to be delayed though.

Because these medical professionals are often able to show proof of high earnings–making them statistically less likely to default on their loans–they may be eligible for financing options not available to the general public.

Any medical professional with significant credit card or student loan debt

It’s incredibly challenging to balance other sources of income when you’re in medical school. According to Debt.org, more than 90% of U.S. college students carry a monthly balance on their credit cards in addition to high student loan balances.

Many conventional mortgage loans will require you to have a debt-to-income (DTI) ratio below 28%, which can seem impossible for medical students trying to feed themselves through medical school.

Physician loan programs have a more lenient DTI ratio calculation, which can allow medical professionals with significant credit card and student loan debt to put down roots in the communities near their workplaces.

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