Finding a physician mortgage loan in Wyoming may be the perfect tool for your upcoming move or refinancing in the Equality State.
Connecting with an experienced lender can take much of the stress out of the process by making sure you have all your ducks in a row to make a competitive offer in any market.
If you’re ready to find the best physician loan in Wyoming for you and your family, then turn to one of our trusted lenders to walk you through the process.
9 Best Wyoming Physician Home Loan Lenders
Here are the top physician mortgage loan lenders in WY:
- BMO Bank
- Citizens Bank
- Evolve Bank & Trust
- First National Bank of Omaha
- Flagstar Bank
- Huntington Bank
- NEO Home Loans
- U.S. Bank
Discover The Best Lenders in Wyoming 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!
Discover The Best Lenders in Wyoming
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: 653
BMO Bank, formerly BMO Harris Bank, offers its physician mortgage program to medical professionals at any stage of their careers. Borrowers must have a current license and at least one of the following degrees:
- Medical Doctor (MD)
- Doctor of Osteopathic Medicine (D))
- Doctor of Dental Medicine (DMD)
- Doctor of Dental Surgery (DDS)
Residents and fellows are eligible as well. Loans may be used to purchase or rate/term refinance a primary residence. The eligible property types include duplexes, single-family homes, condominiums, and townhouses.
The program’s underwriters offer flexible debt-to-income (DTI) ratio calculation guidelines, which can make it easier for borrowers with student loan debt to qualify.
The program doesn’t have any income history requirements. Instead, it will accept future-dated residency agreements and employment contracts that will begin within 90 days of closing.
Borrowers within the first 10 years of their careers have 95% financing options on loans up to $1.5 million or 90% financing options on loans up to $2 million. Borrowers who have been practicing for more than 10 years can still qualify, but they’ll be limited to 90% financing, regardless of the loan amount.
Private mortgage insurance (PMI) isn’t required at any down payment amount. All the standard fixed-rate and adjustable-rate mortgage products are available through this program.
Borrowers who open a qualifying BMO Bank account and enroll in AutoPay for monthly payments may be eligible for a $500 closing cost discount.
2. Citizens Bank
- BBB Grade: B+
- JD Power Score: 627
Citizens Bank’s physician loan program is open to residents, fellows, dentists, and physicians within 10 years of completing residency. The following degrees are included in the program:
Borrowers have a few down payment options––all of which exclude PMI, which can save borrowers hundreds of dollars on their mortgage payments.
Loans up to $850,000 require a small 5% down payment, but larger loans will require larger down payments. Loans up to $1 million require a 10% down payment and loans up to $1.5 million require a 15% down payment.
Borrowers with deferred student loans will have that debt entirely excluded from the DTI calculation, but borrowers on income-driven repayment plans still have options. Those with reduced loan payments can use that amount to qualify.
Loans may be used to purchase a new home or cash-out refinance a property borrowers already own.
Borrowers can choose 10, 15, 20, or 30-year fixed-rate mortgage options or adjustable-rate mortgages with competitive rates.
3. Evolve Bank & Trust
- BBB Grade: A+
- JD Power Score: Insert Score
Evolve Bank & Trust offers one of the more inclusive physician mortgage programs in Wyoming. The program is limited to medical professionals within the first 10 years of their careers, but it includes more medical designations than many of the physician loans on the market.
The following medical professionals are eligible:
- PA (Physician Assistant)
- NP (Nurse Practitioner)
- DVM (Veterinarian)
- CRNA (Nurse Anesthetist)
- DC (Chiropractor)
- OD (Optometrist)
- DPM (Podiatrist)
- PharmD/RPH (Pharmacist)
- Clinical Nurse Specialist
Borrowers can apply for fully underwritten pre-approval at no cost. Evolve Bank & Trust assigns a dedicated team to process physician mortgage loans, so borrowers are sure to get to personalized experience.
Loans may be used for the purchase or refinance of 1-4 unit properties, condominiums, and single-family homes. Construction loan options are also available.
Borrowers have the following down payment options:
- 0% on loans up to $1 million
- 5% on loans up to $1.25 million
- 10% on loans up to $1.5 million
- 15% on loans up to $2 million
PMI isn’t required at any down payment amount. The underwriting team will work with aggressive debt-to-income ratios and lower credit scores than many of its competitors. Exceptions can be made on an individual basis.
Borrowers who have yet to start their new jobs can qualify with a future employment contract.
There are minimum reserve requirements, but that will depend on the total loan amount. Borrowers may also use gift funds or a non-occupant co-signer if they can’t qualify on their own.
4. First National Bank of Omaha
- BBB Grade: A+
- JD Power Score: N/A
First National Bank of Omaha (FNBO) extends its physician loan program to medical professionals and other high-income earners at any stage in their careers. The program is open to the following degrees:
- CPA (Accountant)
- CFA (Financial Advisor)
- JD (Attorney)
Borrowers can qualify for no-money-down financing options on loans up to $850,000, but the program has a 720 minimum credit score requirement. Loans up to $1.25 million require a 5% down payment and loans up to $1.5 million require a 10% down payment.
All down payment options waive PMI, which can reduce monthly payments, especially for large loan amounts.
The program has flexible income and credit approval guidelines, but FNBO encourages interested borrowers to contact its loan officers directly for personalized information.
5. Flagstar Bank
- BBB Grade: NR
- JD Power Score: 625
Unlike other physician mortgage lenders, Flagstar Bank offers an inclusive professional loan program for medical professionals and other high-income earners across various industries. The following professionals are included:
- Medical Resident (Educational License)
- Clinical Nurse Specialist
- ATP Pilot
The program is limited to professionals within the first 10 years of their careers. Borrowers with a 720 minimum credit score can qualify for 100% financing on loans up to $1 million, but there are low down payment options available on loans up to $1.5 million.
Like many physician loan programs, PMI is not required. Loans may be used to purchase or rate/term refinance a single-family home, condominium, or property in a planned unit development that will be used as a primary residence.
It’s worth noting that Flagstar Bank’s professional loans can only be structured as adjustable-rate mortgages (ARMs).
Borrowers can choose a fixed interest rate period of 60, 84, or 120 months. After this period, the rate will reset to the current market rate at six-month intervals for the life of the loan.
6. Huntington Bank
- BBB Grade: A+
- JD Power Score: 696
Huntington Bank’s physician mortgage loans are designed for physicians, dentists, and veterinarians who are actively practicing. Borrowers must have one of the following minimum degrees to qualify:
All borrowers must be able to demonstrate sufficient income, active employment, and the required cash reserves. The minimum reserve requirements depend on the loan amount, but borrowers can qualify for 100% financing on loans up to $1 million.
Loans up to $1.25 million require a 5% down payment. Borrowers can secure up to $2 million for a low down payment of 10%. The available loan amount and required down payment will depend on each borrower’s credit background. PMI is waived.
Borrowers can refinance with a maximum $250,000 cash-out option. All financing options are limited to the purchase or refinance of a primary residence.
- BBB Grade: A+
- JD Power Score: 635
KeyBank’s Medical Professional Mortgage options are available to actively practicing interns, residents, fellows, clinical professors, researchers, doctors, and dentists with a current license. The following degrees are accepted:
The program is one of the most generous physician mortgage options in Wyoming. Borrowers can secure up to a maximum of $3.5 million with 95% financing. The maximum loan amount and required down payment depend on the borrower’s credit approval.
Loans may be used to purchase or refinance an attached or detached single-family home, condominium, or property in a planned unit development. Rate/term and cash-out refinancing options are open to borrowers with qualifying loan-to-values.
PMI is not required. Fixed and adjustable-rate mortgage products are available.
8. NEO Home Loans
- BBB Grade: A+
- JD Power Score: N/A
NEO Home Loans provides local physician mortgages to residents, fellows, practicing physicians, dentists, and self-employed medical professionals. The following professionals are eligible:
- DCH (Diploma of Child Health)
J-1 visa holders are also eligible.
Loans may be used to purchase 1-2 unit properties. Borrowers can secure up to $1 million with 100% financing or up to $2 million with 95% financing without worrying about PMI
The underwriting team is flexible with student loan debt and borrowers can use gift funds toward the down payment. Borrowers can also close prior to starting their new jobs with an acceptable employment contract
9. U.S. Bank
- BBB Grade: A-
- JD Power Score: 667
U.S. Bank extends its physician loan program to physicians and lawyers, which is much more exclusive than some other doctor loan programs. Borrowers can qualify for up to $2.5 million with flexible down payment options, all of which exclude PMI.
Borrowers can qualify for loans up to $1 million a 5% down payment. Loans up to $1.5 million require a 10% down payment. Borrowers can secure up to $2 million for a 15% down payment.
All borrowers must have a 710 minimum credit score and at least three months of cash reserves. Larger loan amounts may require up to 12 months of cash reserves.
Borrowers must also be able to provide income verification through a residency agreement, employment contract, or two years of tax returns.
Unlike other physician loan programs, U.S. Bank’s physician loans may only be used to purchase or refinance a primary residence.
Borrowers who open a Platinum Checking account can qualify for a lender credit up to 0.25% of the total loan amount.
How Physician Mortgage Loans Work in Wyoming
Physician loans in Wyoming help doctors and other qualified medical professionals pursue homeownership without the typical obstacles they’d encounter with conventional financing options.
The typical obstacles for early-career medical professionals include significant student loan debt, not having sufficient income history, not yet being at their full earning potential, and minimal savings to make a down payment.
Physician mortgage lenders tend to have more lenient qualifying terms because medical professionals are more likely to access student loan forgiveness or pay the debt off sooner as they progress throughout their careers.
Because physicians, dentists, and other healthcare professionals have significant earning potential, it benefits financial institutions to establish and maintain relationships early on. As such, they’re more willing to work with qualified borrowers who will bring business to the bank by the time they’re making six-figure salaries.
Lenient with Student Loan Debt
Physician mortgages make it easier to qualify by working with borrowers with significant student loan debt. Every lender handles debt differently, but physician loan programs are the most likely to be flexible when calculating the DTI ratio.
It’s common for deferred student loans to be excluded, but some lenders will use a portion of the total loan balance instead. Early-career medical professionals aren’t yet making their maximum salaries, so their DTI ratios can be skewed outside the acceptable parameters of a conventional mortgage program.
Excluding or using a portion of student loan debt allows medical professionals who aren’t yet at their full earning potential to qualify.
Lenient with Income History
As for sufficient income history, physician loan programs in Wyoming will work with borrowers who have yet to begin their new jobs as long as they can provide a fully-executed employment contract set to begin within 90 days of closing.
Lenient Down Payment Requirements
Physician loans are also more flexible when it comes to down payment requirements. While a conventional loan requires at least 20% down to waive PMI, physician mortgage loans waive PMI at every down payment option.
Qualified borrowers can secure up to $1.5 million in many cases with as little as a 5–10% down payment, which can empower even early-career medical professionals to purchase their dream homes.
Reserved for Primary Residence
While physician loan underwriting teams are more lenient in many respects, there are a few restrictions worth noting. First, physician loans are generally reserved for the purchase or refinance of a primary residence only, so they’re not a great option for medical professionals looking to grow a real estate portfolio.
Higher Credit Score Requirements
Second, most physician loan programs require a minimum credit score between 680 and 700, but borrowers may need to have an even higher credit score to qualify for 100% financing. These score requirements are significantly higher than conventional mortgages, VA, and FHA loans.
Proof of Cash Reserves
Third, physician loans aren’t entirely no-cost even with 100% financing. Borrowers will often need to show proof of sufficient cash reserves to cover several months of expenses and closing costs.
Pros and Cons
Like any major decision, physician mortgage loans have advantages and drawbacks. We’ve gathered a few notable pros and cons for you to consider as you navigate the home-buying process.
- Can be used to refinance: Physician loans in Wyoming can be used to rate/term or cash-out refinance a property you already own. Refinancing can help you lower your monthly payment and use existing equity.
- No PMI: Physician loans don’t require private mortgage insurance regardless of the down payment amount.
- Higher loan limit: Doctor loans aren’t held to the same loan limits as conforming conventional mortgages, so borrowers can access larger loan sums.
- Buy with an employment contract: Because early-career medical professionals often have to relocate for work, physician loans accept fully executed employment contracts that begin within 90 days of closing.
- Flexible debt-to-income ratio calculations: Physician mortgage underwriters may exclude some or all student loan debt when calculating your DTI ratio, which can make it much easier to qualify.
- Guided home-buying process: Physician loan officers have first-hand experience working with both the housing market and the needs of medical professionals.
- Higher interest rate: Doctor mortgages often have higher interest rates than conventional loans due to the additional risk mortgage lenders incur by providing more lenient qualifying terms.
- Age limits: Many, but not all, physician loan programs require borrowers to be within 10 years of completing residency to qualify for financing.
- Primary residence restrictions: Physician loans are generally limited to the purchase or refinance of a primary residence; second homes and investment properties are rarely included.
- Large monthly payment: Due to the larger loan amounts and lower down payments, physician loans often come with the burden of a significant monthly payment.
Frequently Asked Questions
What are the current mortgage rates for doctors?
The current mortgage rates for doctors are not far off the current average interest rates across the country. You can contact a loan officer or track interest rates online. With that said, interest rates are highly personal, and many variables, such as credit score, loan size, and geographic location can impact the interest rate when you decide to lock in.
How much does a physician need for a down payment?
A physician doesn’t need a down payment if they choose a physician loan program with 100% financing. However, the required down payment will come down to the lender, loan amount, and credit profile of the borrower.
Physician loans in Wyoming provide 85–100% financing to qualified borrowers, which can help medical professionals who don’t have a large down payment saved.
Do doctors get better mortgage rates?
No, doctors don’t get better mortgage rates, but their advanced degree gives them unique access to home loans with competitive financing options, including, but not limited to low down payments. Physician loans don’t require PMI, which can save doctors thousands of dollars throughout the life of the loan.
What is the credit score requirement for physician loans in Wyoming?
The credit score requirement for physician loans in Wyoming is around 700. Every lender has its credit score requirements, so you shouldn’t self-disqualify. Some lenders may be willing to work with borrowers with a lower credit score if they’re about to afford a larger down payment.
A 700 credit score puts borrowers in the best position to qualify for multiple loan programs so they can compare the terms and find the best fit for their needs.
Who is a Physician Loan in Wyoming Best For?
Are you still unsure if a physician loan in Wyoming is the best option for your homeownership journey?
Identifying with others can help borrowers get out of perpetual analysis and confidently make a choice that fits their current and long-term financial situation.
If you’re stuck on the fence about whether or not a physician loan in Wyoming is right for you, we recommend considering the following example scenarios.
1. Dentist with student loan debt
Dentists and other healthcare professionals often have hundreds of thousands of dollars in total student loan debt––not including undergraduate debt.
Calculating the DTI ratio is one of the most important parts of the credit approval process, where it is determined if a borrower meets the risk threshold set by the mortgage lender.
Because early-career medical professionals aren’t yet at their full earning potential, having significant debt can disqualify them from the home-buying process.
Physician lenders understand that doctors are more likely to pay off their student loans or access forgiveness while they approach their full earning potential, so they are more willing to be flexible with the qualifying terms of a home loan.
2. Nurse looking to refinance
Nurses who already own their homes may want to look at a physician home loan for refinancing options. Many lenders offer rate/term refinancing for mortgages through other providers, but some lenders offer cash-out refinancing options as well.
Refinancing allows nurses and other qualified healthcare professionals to maximize their home equity while taking advantage of the current market rates.
Many refinancing options don’t require much, or any, money upfront, which can allow borrowers to access funds that can be used to pay off outstanding debt or make home improvements.
3. Veterinarian without a down payment
As much as 42% of veterinarians are private practice owners, which means they have significant business overhead expenses. Starting and growing a business can reduce the owner’s ability to save for a large down payment required by a conventional mortgage program.
Physician loan programs can give veterinarians the freedom to run their private practice while also pursuing their dreams of homeownership by lowering the down payment threshold. Many physician loan programs require as little as 0–10% of the home’s purchase price as a down payment.
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