A physician home loan in Florida can make it possible for medical residents and attending physicians to relocate to the state for training, research, or practice.
Florida is not only home to over 21,780,000 million people, but it’s also where over 60,500 physicians choose to practice. Even still, there’s a physician shortage across the state that extends into every specialty.
A physician loan, also known as a doctor home loan can help you establish a permanent residence while you practice. In many cases, you can even purchase a home for no money down. For physicians with little cash on hand and high debt, a physician loan alleviates much of the initial financial burden of purchasing a home aside from closing costs.
There are seemingly endless mortgage programs available for medical professionals and it can be hard to know the best one to pick when you’re organizing your life for a major transition or working as a doctor.
We’ve rounded up the best physician home lenders for Florida residents to help you make the right decision.
9 Best Florida Physician Home Loan Lenders
Here are the top physician mortgage loan lenders in FL:
- BMO Bank
- Fifth Third Bank
- First Horizon Bank
- First National Bank
- KeyBank
- Regions Bank
- TD Bank
- Truist
- U.S. Bank
Discover The Best Lenders in Florida 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: 805
BMO Bank (formerly BMO Harris Bank) offers all the standard fixed-rate and adjustable-rate mortgage products through its Physicians Program.
Doctors of Medicine (MD), Doctors of Dental Surgery (DDS), Doctors of Dental Medicine (DMD), and Doctors of Osteopathic Medicine (DO) can use a BMO physician loan to purchase a single-family home, condominium, or townhome.
In Florida, the Physicians’ Program requires a 5% down payment on all mortgages, but you can earn a $500 discount on your closing costs if you enroll in AutoPay.
In Florida BMO offers two financing options:
- 95% financing up to $1.5 million
- 90% financing for $1.5 – $2 million
Medical residents who have not yet started their jobs can still purchase a home as long as they can show proof of employment within 90 days of closing.
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2. Fifth Third Bank
- BBB Grade: A+
- JD Power Score: 823
Fifth Third Bank offers a variety of physician mortgage loans for residents, fellows, new physicians, and established doctors with the following degrees:
- MD
- DO
- DPM
- DDS
- DMD
- DVM
- OD
Physicians can finance up to $750,000 without a down payment or up to $2 million with a low down payment. Private mortgage insurance (PMI) is not required and refinancing options are available.
You can choose a fixed or adjustable-rate mortgage depending on your needs.
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3. First Horizon Bank
- BBB Grade: A+
- JD Power Score: 825
Medical doctors, Doctors of Osteopathy, dentists with their Oral and Maxillofacial Surgery certification, and podiatrists are eligible for First Horizon Bank’s Medical Private Banking offers.
While the bank encourages its customers to reach out to loan servicing specialists for more information, we know that borrowers must have a FICO score of at least 670, one of the aforementioned degrees, and a new or existing customer with a deposit account.
Customers can secure up to $2.5 million toward their home with as little as a 10% down payment.
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4. First National Bank
- BBB Grade: A+
- JD Power Score: 801
First National Bank provides 100% financing for medical doctors, DOs, and dentists and none of its physician loans include PMI. Its specialists offer a hands-on and personalized approach. They will work with your schedule to help you gather all the necessary documents for approval.
First National Bank’s physician loans can be used to purchase new construction, existing real estate, and refinancing for a home you already own. Investment properties are excluded from the program.
You can choose between fixed or adjustable-rate mortgage options depending on what works best for your needs.
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5. KeyBank
- BBB Grade: NR
- JD Power Score: 794
Key Bank’s Medical Professional Loans are customized for medical doctors and dentists. Its lending officers have flexible availability to fit into the hectic schedules of busy professionals.
Unlike many other doctor loan programs, Key Bank doesn’t exclude second homes, condos, or planned unit developments.
In addition, Key Bank authorizes up to $3.5 million for purchase and refinancing, which is the highest loan amount on this list. PMI is not required. Customers can choose between fixed and adjustable-rate mortgages.
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6. Regions Bank
- BBB Grade: B+
- JD Power Score: 836
Regions Bank offers doctor mortgage programs for medical doctors, dentists, and DOs at all stages of their training.
Borrowers can receive up to $750,000 with no down payment and up to $1 million with a 5% down payment.
Regions Bank simplifies the closing process by allowing borrowers to upload documents and track their loan’s progress through its Loan Application Status Portal.
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7. TD Bank
- BBB Grade: A
- JD Power Score: 837
TD Bank Medical Professional Mortgages are designed with practicing physicians, dentists, and oral surgeons in mind. Borrowers may be self-employed, but they must be practicing for at least two years.
You are eligible if you meet these criteria and you’ve been out of medical school for less than 10 years. Employment contracts qualify as proof of earning potential, even if you haven’t started work yet.
TD Bank will authorize up to $750,000 with no down payment. For a low down payment of 5%, customers can be approved for up to $1,250,000 and as much as $1,500,000 with 10% down.
Adjustable and fixed-rate mortgage options are available and loans can be used toward the purchase or refinancing of single-family homes, condos, and planned unit developments. Purchases in co-ops may be approved in specific markets.
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8. Truist
- BBB Grade: A+
- JD Power Score: 650
Truist’s Physician Mortgage Loan programs consider student loan debt, but they’re far more lenient than conventional loans. Podiatrists, medical doctors, DOs, and dentists are eligible for up to $2 million toward purchases or refinancing.
Applicants within 10 years of graduation can purchase a home without a down payment. Applicants outside this threshold can still gain financing, but they’ll have to put at least 10% down. Doctors who have been practicing for more than 15 years are not eligible for the program.
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9. US Bank
- BBB Grade: B+
- JD Power Score: 817
US Bank’s Physician Mortgage programs exclude dentists, but MDs, DOs, and lawyers are eligible. Its lending offers qualify you based on your income-driven repayment costs per month or 2% of your total student loans if you’re in deferment.
Customers who open a platinum checking account can save up to 0.25% on closing costs, up to $1,000.
This bank doesn’t offer a zero down payment option, but borrowers can receive up to $1 million with 5% down, up to $1.5 million with 10% down, and up to $2 million with 15% down.
Depending on your loan amount, you may even have to show between three and twelve months’ worth of savings.
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How Physician Mortgage Loans Work in Florida
In Florida, physician mortgage loans allow interns, medical residents, and other professionals to establish long-term roots in the state while they’re still early in their careers.
Due to the high cost of their education, many high earners graduate with a debt-to-income (DTI) ratio––disqualifying them from conventional loan options.
Physician loans are one of the few financing options allowing borrowers to pursue homeownership with little to no money down. You can even secure a loan with your medical school transcripts, an offer letter, or an employment contract for a job you’ll start within 90 days.
However, it’s important to read the loan disclosures carefully to make sure you understand the terms of your loan, especially if you have an adjustable-rate mortgage.
Physician loans can be considered jumbo loans if they exceed the loan-servicing limit set by the Federal Housing Finance Agency (FHFA). As of 2023, the current limit is roughly $726,000 for a single-family home in all states except Alaska and Hawaii.
Pros & Cons
We’ve prepared a few notable pros and cons of physician mortgage loans in Florida to help you make an informed decision when you begin the home-buying process.
Pros:
- Excludes student loan debt: Many physician loans don’t factor in student loan debt when calculating your debt-to-income ratio (DTI). If it does, it’s more lenient than conventional loans.
- Low or no down payment: Doctors and other high-earners can purchase homes with a low down payment. In some cases, you can even finance 100% of the purchase price.
- Waives PMI: Private mortgage insurance isn’t required for physician loans, so you can end up with a lower mortgage payment than a loan program that does require it.
- Not just for first-time homeowners: Refinancing with a physician loan can help lower your monthly payments if you’re already a homeowner.
- Buy before you move: Employment contracts and offer letters can often be used to secure a physician loan for doctors relocating for residency.
Cons:
- Higher interest rates: Compared to conventional loans, physician loan programs can have higher interest rates to compensate for the down payment.
- Jumbo loans: Physician loan amounts aren’t capped the same way other loans are so it can lead to living outside your means if you’re not careful.
- Restrictions: Doctor mortgage loans usually stipulate the property must be the owner’s primary residence, which means you can’t use it for a rental or investment property. Some doctor mortgage programs may also exclude condos.
Frequently Asked Questions
How much can you borrow with a physician loan?
How much you can borrow with a physician loan will depend on the loan program and your down payment. In general, physician mortgage programs have higher limits than conventional mortgages. Many physician mortgage loans will allow you to borrow up to $1 million with no money down, but you can borrow $2 million or more in some cases if you put 5–10% down. Your mortgage lender can explain the best down payment options for your budget.
What is the average physician loan interest rate in Florida?
Average physician loan rates in Florida depend on the state of the economy and the way your mortgage is structured. Your loan officer will be able to explain the current interest rates and help you find a program that meets your needs.
Some mortgages will have a fixed rate, which means the interest rate doesn’t change unless you decide to refinance. Adjustable rate mortgages (ARMs) have interest rates that fluctuate with the financial index associated with your loan.
What credit score do you need for a physician loan in Florida?
You need a credit score around 700 to qualify for a physician loan, but some mortgage programs will make allowances for high earners. Borrowers with better credit scores will be eligible for lower rates, but it’s important to talk to your lender so you understand all your loan options.
What are the qualifications for a physician loan in Florida?
To qualify for a physician loan in Florida, borrowers must be within 10 years of graduating medical school and have a decent credit score. Lenders will request proof of earning potential with an employment contract or other documents.
Physician loans are only available to a select group of professionals, such as:
- Advanced Degree Nurses (NP, DNP, RN)
- Chiropractors (DC)
- Dentists (DDS or DMD)
- Medical doctors (MD or DO)
- Optometrists (OD)
- Pharmacists (PharmD)
- Physical therapists and occupational therapists
- Physician Assistants (PA)
- Podiatrists (DPM)
- Veterinarians (DVM)
Some doctor loan programs are available to other high earners and people in the medical field, such as lawyers and acupuncturists.
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Who is a Physician Loan in Florida Best For?
Physician loans in Florida can be a great option for medical professionals interested in homeownership. Below are a few examples of people who may benefit from a physician loan program.
1. Interns and other medical residents who want to live near their hospitals
Many interns and medical residents have to move to unfamiliar areas of the country to continue their training. Physician loans can allow these individuals to purchase permanent housing near their hospitals, so they have one less stressor in their hectic schedules.
2. Doctors within 10 years of graduation who have significant debt
Even doctors making six-figure salaries can struggle to purchase a home due to their debt-to-income ratios. Student loan repayment can also make it incredibly difficult to save money for a down payment. Physician loans have laxer requirements than conventional loans, which can make it easier to purchase a home for medical professionals with significant debt and little cash.
Physician loans in Florida are most often utilized by MDs and DOs, and more specifically physicians that are early in their careers and lack funds for a large down payment.Doug Crouse Physician Loan Specialist with BMO Bank
3. Other medical professionals who want to understand all their financing options
Despite the name, physician loans aren’t always exclusive to doctors. Doctor loan programs can be a great alternative for high earners who don’t qualify for FHA or other conventional loans. You’ll want to read the fine print to ensure your degree is included in your loan program.
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