If purchasing or refinancing a doctor home loan in California is on your to-do list, then keep reading for a guide to lenders ready to work with you.
With over 112,000 doctors practicing in the Golden State, you’ll find several lenders who can help you navigate the doctor home loan process.
Home to over 39,000,000 residents, California is the most populous state in the country. From the coast to the mountains, to the valleys and the desert, you can find almost any climate or terrain to fit your lifestyle. But California is more than the Land of Milk and Honey. It represents a state that’s home to many different health care systems, centers for technology, and research – all of which continue to make it attractive for doctors to practice here.
Recommended Lender for Doctor Home Loans in California
Jonathan Brozek, Mortgage Loan Officer | U.S. Bank | NMLS# 850168
Equal Housing Lender
Contact for available states.
“Pinch me. I must be dreaming!” is what one of Jonathan’s physician endorsers expressed after reflecting on his mortgage experience. Others state their experience allowed them to enjoy the process of buying a home. We’re optimistic you’d experience the same. But, there’s only one way to find out.
Contact Jonathan by emailing him here: firstname.lastname@example.org (email preferred) or call (916) 788-7982
Whether it’s residency or starting your career as an attending that brings you to California, you’ll have many different choices when it comes to buying a home. A doctor home loan can help you as you take on one of the biggest financial commitments of your life.
No matter which part of the massive state of California you choose to live in, you’ll find several lenders ready to walk you through the doctor home loan process. You will want to go through the pre-qualification process if possible. This will guide you through your payment options, as well as show the seller you are serious about your purchase.
If you need more information regarding doctor home loans in California, be sure to contact one of our preferred lenders. You can get the information you need and find someone who is knowledgeable about the entire home loan process.
The Complete List of Lenders for Doctor Home Loans in California
Union Bank – Union Bank has a fantastic physician home loan that includes some of the best rates in the nation. Key features include: 10% down to $1.25MM loan amount, they can close up to 6 months from start date of new contract (if exiting residency or fellowship). Your down payment, reserves, and closing costs can be gifted from family with no seasoning requirements (a HUGE benefit). There is no Mortgage Insurance or PMI and you can receive a lender credit for 0.25% of the loan amount up to $1,000 for opening a platinum checking account.
Bank of America – Get started with the Digital Mortgage Experience with Bank of America. Preferred Rewards clients may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application). Some of the home loan products they offer include fixed-rate mortgages, adjustable-rate mortgages, FHAs, and VA loans. Already pre-approved with Bank of America? View your pre qualification letter, or contact a lending officer about taking the next steps towards home financing.
KeyBank Mortgage – KeyBank Mortgage offers several options for your unique physician mortgage needs. Whether you are purchasing your first home or looking for cash-out or rate/term refinance, KeyBank can personalize a program for you. They offer up to 5% down up to $1,000,000; 10% down payment up to $1,500,000. 15% down up to $2,000,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. Physician mortgage loans are available for both your primary residence and second homes, as well as single-family houses and condos. KeyBank has branches in numerous states, with over 17,000 employees throughout the 1000+ branches.
LoanDepot – LoanDepot offers innovative solutions for your physician home loan needs. Working with LoanDepot means you are working with a national consumer lender. LoanDepot is headquartered in Southern California and employs 6,400 team members across the country. This also includes 2,000+ licensed loan officers who hold more than 10,000 licenses. The company operates 150+ local loan locations nationwide.
SoFi – SoFi is known for refinancing choices, but physicians might not be aware of the mortgage options available. Although the mortgage option isn’t limited to only physicians, it is targeted towards highly-educated individuals. One alternative mortgage to consider includes a 10% down for up to $3M in financing. There are also fixed rate and ARM options, without any hidden fees for prepayment penalties.
Revolution Mortgage – Revolution Mortgage has 21 branch locations with over 105 mortgage loan officers nationwide. Contact Revolution Mortgage today for complete details on their physician mortgage loan program or get started with the process through their online portal.
TIAA Bank – TIAA Bank is a large, national bank headquartered in Jacksonville, FL. They operates in all 50 states and offers a variety of physician mortgage loan products. Their doctor loan mortgage program is only available to existing medical doctors (and DO’s, veterinarians, dentists and dental surgeons) who are actively practicing and have completed residency in the past 10 years. TIAA Bank offers loan amounts up to $2M and without any PMI. A down payment is required and you must start employment within 60 days of the loan closing.
Willow Bend Mortgage – Willow Bend has multiple loan options to suit your financial needs. Designed for physicians, dentists, and veterinarians, there are many benefits to the medical loan program. You can utilize terms such as a 5% down payment for loans up to $1M, 10% down up to $1.5M, or 15% down up to $2M – all without PMI. There is also a 0% VA loan program for vets and active military personnel. You can inquire about the 3% down option (but with PMI) for smaller loans. The loans can include either a fixed or adjustable rate.
Fairway Independent Mortgage – Fairway offers borrowers the options of fixed-rate conventional loans and adjustable-rate mortgages. Prospective borrowers can apply for a loan with Fairway Independent Mortgage online, with the closing process taking place in person. Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches.
BBVA Compass – BBVA operates in 9 states and is headquartered in Birmingham, AL. The BBVA physician mortgage program offers benefits such as low down-payment options, expanded loan-to-value ratios, programs with up to 100% loan financing and loan amounts available up to $1,750,00. There is also no requirement for PMI. BBVA offers physician mortgages to medical residents and practicing physicians.
Citizens Bank – Citizens offers a special mortgage program for physicians and dentists through their doctor loan program. The Citizens Bank Doctor Loan is available for purchases and limited cash‑out refinances of primary residence. A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage. Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
Flagstar Bank – Flagstar bank offers a Professional Loan series available to physicians, dentists, attorneys and other high-income professionals. Features of the Flagstar Bank Professional Loan includes financing for loan amounts up to $1.5M. There are also low or no down payment options with adjustable rates. You will not have to pay PMI for the loans. You can also use these benefits for a purchase or refinance for your primary residence only.
Chemical Bank – Chemical Bank has 500 branches primarily located in Illinois, Michigan and Minnesota. There are additional locations in Arizona, Colorado, Indiana, Ohio, South Dakota and Wisconsin and operates in partnership with several other programs across the country. Chemical Bank offers financing for Residents, Fellows and Practicing Physicians in amounts up to $3M. Depending on the mortgage product, physicians may qualify for up to 100% financing, including the purchase of condos.
Midland States Bank – Midland States offers a comprehensive program for physician loans. Midland States Bank offers maximum loans up to $1.5M without any money down. You won’t have to pay any PMI either. There are traditional and adjustable rates and terms for your consideration. If you have a minimum credit score of 720, then you can begin the qualification process for a physician loan with Midland Bank.
Recommended Real Estate Agents In California
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in California.
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