A medical degree comes with a high price tag, leaving most new doctors with a lot of student debt. But lenders understand that doctors are low-risk borrowers, so your medical school debt won’t throw a wrench in your homebuying plans, and physician mortgage loans can make the process even easier.
If you’re a doctor, you have access to exclusive physician mortgages with special terms that can make buying a home a faster, easier, and more affordable process, with fewer hurdles to jump through.
Read on to discover the best lenders to finance your home in addition to the advantages of a physician mortgage loan.
19 Best Physician Mortgage Loans
If you’re in search of a physician loan, these banks and lenders have the best physician mortgage programs at your disposal.
- TD Bank
- Huntington Bank
- Regions Bank
- Fifth Third Bank
- Fulton Mortgage Company
- BMO Bank
- BankMD
- Fairway Independent Mortgage Corporation
- Arvest Bank
- KeyBank
- Cadence Bank
- Synovus
- First National Bank
- Lake Michigan Credit Union
- Flagstar Bank
- Horizon Bank
- Northwest Bank
- UMB
- First Horizon Bank
Discover The Best Lenders 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. TD Bank
- State Availability: CT, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT, and Washington DC
- Eligibility: MD, DPO, DPM, DDS, DMD, and oral surgeons
TD Bank’s Medical Professional Mortgage offers 100% financing on a loan of up to $750,000. You can take out as much as $1.5 million with a 10% downpayment and choose from an adjustable or fixed interest rate.
One perk of TD Bank’s physician loans is that they’re available to residents and fellows, who can get a loan up to 90 days before their employment starts.
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2. Huntington Bank
- State Availability: 40 states
- Eligibility: MD, DO, DDS, DVMM, DMD
Huntington Bank offers up to $2 million mortgages for doctors. The Physicians Only Loan Program offers up to $2 million and is also open to residents with proof of employment.
These loans have no PMI and don’t penalize you for early repayment. Here’s a look at Huntington’s downpayment options:
- $1,000,000: 100% financing
- $1,250,000: 95% financing
- $2,000,000: 90% financing
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3. Regions Bank
- State Availability: AL, AR, FL, GA, IA, IL, IN, KY, LA, MS, MO, NC, SC, TN, TX
- Eligibility: MD, DO, DMD, and DDS
Regions’ Doctor Mortgage Program is open to residents, fellows, practicing doctors, and dentists with proof of upcoming or current employment.
It doesn’t require PMI or count student loans in your DTI. You can get 100% financing on mortgages of up to $750,000 or pay 5% down on $1 million loans.
Regions also offer several mortgage calculators to help you determine your borrowing and home-buying needs.
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4. Fifth Third Bank
- State Availability: FL, IL, IN, KY, MI, OH, TN, WV, GA, NC, SC
- Eligibility: MD, DO, DDS, DMD, DPM, DVM, OD
Fifth Third Bank’s Physician Mortgage Loan Program is open to a wider range of healthcare professionals than some of its competitors. It offers flexible ARM (adjustable rate mortgages) and fixed rate loans.
Established physicians can take out up to $2 million, and residents, fellows, and newer doctors can borrow up to $1 million. New doctors can also refinance with Fifth Third’s physician loans.
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5. Fulton Mortgage Company
- State Availability: DE, MD, NJ, VA, and Washington DC
- Eligibility: MD, Pharm D, DDS, DVM
If you live in one of the states it serves, Fulton Mortgage Company is worth considering for a physician loan. You can get up to a $1 million loan with 0% down, a $1.5 million loan with 5% down, or a $2 million with 10% down.
The bank only factors student loan payments that are due within 12 months into your DTi, and you can close on a home up to 90 days before starting a job. FMC offers 15 and 30-year fixed-rate and adjustable-rate options.
6. BMO Bank
- State Availability: All states but NY
- Eligibility: MD, DDS, DMD, DO
The BMO Bank Physicians’ Mortgage Program offers flexible financing, with fair credit requirements, no income history requirements, and no PMI.
BMO offers three financing options in all states except California, Florida, Hawaii, Idaho, Maryland, Nevada, New York, Rhode Island, or Washington DC:
- 100% financing up to $1 million
- 95% financing for $1 – $1.5 million
- 90% financing for $1.5 – $2 million
In California, Florida, Maryland, Idaho, Rhode Island, Nevada, Hawaii, and Washington DC they offer 2 financing options:
- 95% financing up to $1.5 million
- 90% financing for $1.5 – $2 million
BMO Bank (formerly BMO Harris Bank) lets you close on your home 90 days before beginning a new position, making it a good fit for recent grads. The bank also offers perks like closing cost discounts.
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7. BankMD
- State Availability: All 50 states
- Eligibility: MD, DDS, DMD, DO, DVM
BankMD specializes exclusively in financial products for medical professionals. You can use the Home Lending for Physicians program for construction, cash outs, purchases, or refinancing.
These mortgages have no PMI or cash reserve requirements, and student loans are completely excluded from your debt-to-income ratio. You can also use unlimited gift funds, and sellers can provide up to 6% for closing.
8. Fairway Independent Mortgage Corporation
- State Availability: All 50 states
- Eligibility: Varies
Fairway offers a flexible lineup of mortgage options for doctors. Some of their options ignore student loans that are deferred for more than a year when they calculate your DTI, and others ignore it altogether.
You can purchase a home with a Fairway physician loan up to 90 days before starting your residency or new job.
You can also use Fairway’s doctor loans to refinance your home after at least six months. Fairway encourages potential applicants to work with one of their mortgage specialists to learn more about all of their offerings.
9. Arvest Bank
- State Availability: AR, KS, MO, OK
- Eligibility: Varies
Arvest offers non-conforming loans to practicing doctors and residents in Arkansas, Kansas, Missouri, and Oklahoma. They offer adjustable rate mortgages and a 15-year fixed rate option.
You can get 103% financing, which covers 3% of closing costs, on loans of up to $1.25 million. Like the other banks in this review, Arvest doesn’t require PMI for eligible physicians, and it provides flexible underwriting.
10. KeyBank
- State Availability: AK, CO, CT, DE, FL, IA, ID, IL, IN, MA, ME, MD, MI, MN, NJ, NY, OH, OR, PA, RI, TX, UT, VA, VT, and Washington DC
- Eligibility: MD, DO, DPM, DDS, DMD
If you’re looking to buy a more expensive home but don’t want to take out a jumbo loan, KeyBank could be a good fit.
The bank’s physician loans max out at $3.5 million, which is significantly higher than many of the other physician loan lenders in this guide.
You can get up to 100% financing with no PMI requirements and choose from variable or fixed interest rates.
11. Cadence Bank
- State Availability: AL, AK, FL, GA, LA, MI, MS, TN, TX, IL
- Eligibility: MD, DO, DPM, DDS, DMD
Cadence Bank’s Mortgages for Medical Professionals program should be on your shortlist if you live in one of the Southern states where the bank operates and want hands-on assistance.
You can work with a local loan officer to tailor your mortgage to your needs. Cadence Bank’s physician loans have no PMI and require little to no downpayment, depending on the amount of money you borrow. The bank offers adjustable and fixed-rate mortgages.
12. Synovus
- State Availability: AL, FL, GA, TN, SC
- Eligibility: MD, DO, DDS, DMD, DPM
Synovus’ physician loans are available to a handful of medical professionals across the Southeast. The program is open to interns, fellows, residents, and licensed practicing doctors, dentists, and podiatrists.
These mortgages don’t require PMI and provide up to full financing, with fixed and adjustable rate options. Synovus doesn’t provide extensive information about its physician loans online, encouraging you to speak with their loan officers to learn about loan terms.
13. First National Bank
- State Availability: DE, FL, GA, MD, NC, PA, OH, SC, TN, NJ, NY, and Washington DC
- Eligibility: MD, DO, DDS, DPM, and vets
First National Bank’s physician loan program is open to a range of doctors, and it offers flexible financing options.
It provides full financing with no money down on loans up to $1 million for doctors who completed their education within the last 10 years. Physicians who have been practicing for longer than 10 years are eligible for 90% financing, with a 10% downpayment.
You can choose from 15 or 30-year fixed rates, or 5, 7, 10, and 15-year ARMs.
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14. Lake Michigan Credit Union
- State Availability: FL, MI
- Eligibility: MD, DDS, DMD
Credit unions often offer more competitive rates and terms than banks, and Lake Michigan Credit Union is no exception.
If you’re a resident or established doctor or dentist in Florida or Michigan, you can borrow up to $2 million to purchase your home with no PMI.
LMCU also ignores deferred student loan debt when it reviews your application.
Here’s a breakdown of LMCU’s financing terms:
- $1,000,000: 100% financing
- $1,250,000: 95% financing
- $1,500,000: 90% financing
- $2,000,000: 80% financing
15. Flagstar Bank
- State Availability: All 50 states
- Eligibility: Varies
Flagstar Bank has a professional loan program that provides specialized mortgages to advanced degree holders across several fields, including doctors, dentists, and lawyers.
You can qualify for a Flagstar Bank Professional Loan if you’re in the first 10 years of your career. To be eligible, you need to have a signed employment contract that begins within 60 days of closing on your home.
Flagstar offers up to $1.5 million loans with minimal down payments and 100% financing on loans up to $850,000.
16. Horizon Bank
- State Availability: MI, IL, IN
- Eligibility: MD, DO, OD, DDS, DPM, DMD
Horizon Bank’s physician loan is limited to just a few states, but it’s worth considering if you live in an area that’s eligible for the specialized program.
The loan has competitive rates, generous financing for mortgages up to $1.5 million, and no PMI requirement.
The program is open to medical residents as well, as long as your residency begins within 90 days of the closing date.
17. Northwest Bank
- State Availability: IN, NY, OH, PA
- Eligibility: MD, DO, OD, DDS, DPM, DMD
Northwest Bank has a Physician’s Loan Program for a variety of residents and practicing physicians.
The bank offers loans of up to $1.5 million, with down payments as low as 0%, depending on the loan amount. Northwest doesn’t require PMI. You can use the program to purchase or refinance a home.
And Northwest provides a convenient online calculator to get a custom quote with rates based on your profession, credit, and the cost of the home you’re considering.
18. UMB
- State Availability: AZ, CO, IL, KS, MO, NE, OK, TX
- Eligibility: Varies
UMB is a financial powerhouse with nearly nationwide availability. Its professional loans offer tailored mortgages to dentists, pharmacists, doctors, dentists, and optometrists. UMB will accept a signed contract for a job beginning within 60 days of your closing date.
You could get approved for 100% financing on homes up to $750,000, with tiered interest rates. UMB allows you to borrow up to $2 million, with a 10% downpayment requirement.
UMB offers 15, 20, and 30-year fixed interest rates, as well as adjusted-rate mortgage options.
19. First Horizon Bank
- State Availability: AL, AR, CT, GA, FL, LA, MS, NC, SC, TN, TX, VA, NJ, NY
- Eligibility: MD, DO, OMS, DPM
First Horizon Bank’s medical professional mortgages have flexible terms, with no PMI, reasonable credit requirements, and large loan limits.
You can pay 0% down on up to $1 million loans, 5% down on up to $2 million loans, or 10% down for up to $2.5 million.
To qualify for financing, you need a credit score of 670 and a First Horizon Bank account with automated payments.
In terms of employment, you can close on a home if you have a signed offer for a job starting within 180 days.
Full List of Doctor Home Loans by State
The availability of physician mortgage loans may vary by state. Click on the state you live in to get the best physician mortgage loan lenders in your state:
What Is a Physician Loan?
Physician loans or doctor loans are special mortgage programs geared towards medical professionals with advanced degrees.
These loans have no PMI (private mortgage insurance) requirements and let you close with low down payments, or no down payment.
These professions typically qualify for a physician loan:
- Doctors
- Optometrists
- Veterinarians
- Dentists
- Nurse anesthetists
- Nurse practitioners
- Podiatrists
Banks and lenders consider medical doctors and similar professionals with graduate degrees to be some of the most low-risk applicants because of their high-income potential, low default rates, and debt level.
To attract doctors, they offer advantageous terms and minimal requirements to buy a home.
Eligibility for Physician Loans
Some of the mortgage requirements for physician loans can look different depending on the lender you choose, but here are a few basic criteria you’ll need to meet to qualify with all lenders:
- A minimum credit score of around 700
- Qualifying professional degree
- Signed offer letter effective within 60 to 90 days
- DTI of 45% or lower, not including student loans
Most lenders also look at your credit history to ensure you haven’t had any major credit events such as a bankruptcy in the past seven years.
Advantages of Physician Mortgage Loans
Here are some of the biggest benefits of physician loans:
- Downpayment Requirements: Most physician loans offer 90-100% financing, meaning you could potentially buy a house with $0 down.
- No PMI: Doctor mortgage loans don’t require you to purchase PMI. Most conventional loans require this coverage for down payments of 20% or lower.
- Proof of Income: Lenders are much laxer when it comes to documenting your income for a physician loan. They’ll often accept your signed offer letter as substantial proof of income.
- Student Debt Calculations: Banks that offer physician mortgages know that medical school comes with a lot of debt, and they’re willing to overlook it, calculating your debt-to-income ratio using your monthly payment or a comparable metric. As long as your credit is in good shape, your medical school debt shouldn’t hurt your approval odds.
- Funds for Home Updates: Without a downpayment requirement, physician loans can free up tens or hundreds of thousands of dollars to put towards remodeling or upgrading your new home.
One potential drawback to consider is that physician loan rates can be higher than conventional mortgage rates.
Alternatives to Physician Loans
Physician loans are incredibly rewarding, but they may not be the right call for everyone, and it’s important to do your homework before choosing a lender.
Before you lock into a physician loan, consider these alternatives:
- Conventional Mortgages: Conventional home loans are offered by private lenders. They tend to require at least a 20% down payment and have strict credit requirements and borrowing limits. But they have more competitive interest rates.
- Jumbo Loans: Jumbo loans are for expensive homes in higher-cost-of-living areas. Interest rates are on par with conventional loans, but they come with strict DTI, asset, and credit requirements. Jumbo loans may also require a 10-20% downpayment.
- VA Loans: If you’re an active duty military member or vet, a VA loan is probably your most competitive option. It offers low rates with 100% financing and has no PMI or minimum credit requirement.
- FHA Loans: FHA loans are federal loans designed for first-time home buyers who might not have a stellar credit score or a lot of funds for a down payment. They only require a 3.5% downpayment and come with low credit requirements. However, they require PMI and have an upfront premium.
Learn More:
- Best CRNA Home Loans
- Best Home Loans for Nurses
- Best Mortgages for Dentists
- Best Mortgages for Podiatrists
- Best Nurse Practioner Home Loans
- Best Optometrist Mortgage Loans
- Best Pharmacist Mortgage Loans
- Best Physician Assistant Mortage Loans
- Best Veterinarian Mortgage Loans
Frequently Asked Questions
Do doctors get better mortgage rates?
Physician loans tend to have slightly higher interest rates than conventional loans. In exchange, they don’t require PMI and come with lower (or no) downpayment requirements.
What credit score do you need for a physician loan?
Most physician loans require a FICO credit score of 700, while others have a minimum credit requirement of 680. If your credit score is 750 or higher, you may qualify for lower interest rates.
What properties can you use a physician loan for?
Physician loans are designed to help doctors finance the purchase of primary residences. They typically will not cover vacation homes or investment properties.
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How much can you borrow with a physician loan?
Physician loans come with high borrowing limits, upwards of $1 million. Many lenders offer 100% financing with no money down on mortgages up to $1 million, while they may require a 10% downpayment for a $2 million home purchase.
Should You Take Out a Physician Mortgage Loan?
If you’re planning to lay down roots and leaning towards buying over renting, a physician loan can be a solid financial investment that saves you money and time and helps you secure your dream home.
And as you can see, there’s no shortage of mortgage lenders ready to assist with your homeownership needs.
Before selecting any loan, it’s wise to research all of your options. Speak to different lenders, read the fine print, and compare rates and terms to choose the right mortgage for your needs.
