Best Mortgages for Dentists: 2024 Guide

As high-earning medical professionals, dentists have a lot of doors open for them in life, but careers can take years to build.

Early-career dentists, especially those in private practice or focusing on self-employment, may feel they have little money to put away for a 20% down payment. As such, home ownership can feel like it’s reserved for later in life.

But it doesn’t have to be. There are a variety of mortgages for dentists that can make homeownership a reality for hardworking professionals who are newly licensed and working in the field.

What is a Dentist Mortgage?

A dentist mortgage is another way to refer to a physician mortgage loan.

Mortgage lenders offer physician mortgage loans to early career medical doctors (MD), doctors of osteopathy (DO), dentists (DMD), and dental surgeons (DDS) who don’t meet the qualifications for conventional loan programs.

• Low Down Payment: One of the biggest advantages of physician loans is the low down payment requirement. Many doctor mortgage programs will provide as much as $750,000 in financing without a down payment, but it’s typical to see down payments as low as 5% on even larger loan amounts.
• No PMI: Unlike conventional loans, physician loans don’t require private mortgage insurance (PMI). Waiving this requirement can save you thousands of dollars over the lifetime of your loan.
• Lenient with Employment History: Physician loans are also more lenient regarding employment history. Self-employed dentists can qualify with two years of tax returns or other financial statements. Dentists with signed employment contracts can also qualify, even before starting work. Employment contracts serve as suitable proof of earning potential.
• Must be Primary Residence Purchase: Physician loans must be used to purchase a primary residence, so it’s not a great option for homeowners who intend to use the property as a rental or investment.
• Must Have Higher Credit Score: Physician loans also have higher credit score requirements than other loan programs to make up for the more lenient requirements in other areas. In general, a credit score of at least 700 is preferable but in some cases, a credit score of 720 will be required for 100% financing.

It’s a good idea to meet with a loan officer or mortgage broker to find out the loan programs you qualify for and which options work best for your priorities.

12 Top Dentist Mortgage Lenders

Here are the top mortgages for dentists:

1. BMO Bank
2. Berkshire Bank
3. Flagstar Bank
4. First National Bank of Omaha
5. Evolve Bank & Trust
6. First Citizens Bank
7. The Federal Savings Bank
8. KeyBank
9. Huntington Bank
10. S&T Bank
11. TD Bank
12. Truist

1. BMO Bank

• BBB Grade: A+
• D. Power Score: 805
• State availability: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

BMO Bank (formerly BMO Harris Bank) offers its physician mortgage program to medical doctors, doctors of osteopathy, and dentists (DDS and DMD). These loans may be used to purchase or rate/term refinance a 1-2 unit property you’ll use as your primary residence.

Single-family homes, condominiums, and townhouses are included in the program. There isn’t an age limit for medical professionals to qualify for the program, but there are a few key differences for newer dentists versus those later in their careers.

For example, dentists within the first 10 years of practicing can put zero money down on loans up to $1 million. They can also put just 5% down on loans up to $1.5 million and 10% on loans up to $2 million.

Later career dentists will have to put down a minimum of 10% regardless of the loan amount. All loans exclude PMI.

BMO Bank offers fixed and adjustable-rate mortgages (ARMs). Fixed-rate mortgages have 10, 15, 20, or 30-year terms. ARMs have 5, 7, and 10-year terms of fixed-rate interest before eventually resetting to a new interest rate.

Self-employed medical professionals can qualify without two years of employment history if they can show proof of an employment contract with guaranteed base pay.

This lender will also work with DTI ratios up to 45%, which is more lenient than other loan programs.

Learn More:

• BMO Bank Physician Loan Review

2. Berkshire Bank

• BBB Grade: A+
• D. Power Score: N/A
• State availability: CT, FL, NH, NY, MA, ME, RI, VT

Berkshire Bank offers its physician mortgage loans to medical doctors, doctors of osteopathy, podiatrists, dentists, dental surgeons, oral surgeons, and veterinarians. Residents and fellows are also eligible for home loans.

The following down payment options are available, all of which exclude PMI:

• 0% on loans up to $1 million
• 5% on loans up to $1.25 million
• 10% on loans up to $2 million

Deferred student loan debt is excluded from DTI calculations, but you will be required to have a minimum credit score of 700.

Interest rates are constantly changing with market conditions, but Berkshire Bank does its best to offer competitive pricing. In many cases, Berkshire Bank physician loans can be as much as half a percent below comparable loan programs.

Learn More:

• Berkshire Bank Physician Loan Review

3. Flagstar Bank

• BBB Grade: A-
• D. Power Score: 781
• State availability: AL, AZ, CA, CO, CT, FL, GA, ID, IL, IN, LA, MA, MI, NC, NJ, NM, NV, NY, OH, OR, RI, TX, UT, VA, WA, WI

Flagstar Bank is one of the most inclusive physician loan programs on the market. The following degrees can qualify for special financing options through this program:

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

H1-B visa and green card holders are also eligible for a home loan, however, all qualified borrowers must be within 10 years of starting their careers.

The program will use your income-driven repayment amount when calculating your monthly DTI ratio, which can make it easier to qualify.

It’s important to note that Flagstar Bank only offers adjustable-rate mortgages through this program.

Borrowers with a 720 credit score or higher can qualify for loans up to $1 million without a down payment. All other borrowers are eligible for 5% down payments on loans up to $1.5 million.

Learn More:

• Flagstar Bank Physician Loan Review

4. First National Bank of Omaha (FNBO)

• BBB Grade: A+
• D. Power Score: 847
• State availability: CO, IL, IW, KS, NE, SD, TX, WY

First National Bank of Omaha (FNBO) extends its physician loan program to healthcare workers and other highly skilled professionals with the following degrees:

• CFA
• CPA
• CRNA
• DDS
• DMD
• DO
• DVM
• JD
• MD
• NP
• PA

Through this program, you can borrow up to $850,000 without a down payment. You’ll be required to place a minimum down payment of 5% on loans up to $1.25 million and 10% on loans up to $1.5 million.

Like many physician loan programs, the PMI requirement is waived regardless of your down payment amount. FNBO offers fixed and variable-interest-rate products.

FNBO mandates that all borrowers open an account and enroll in AutoPay as part of the application process.

Learn More:

• FNBO Bank Physician Loan Review

5. Evolve Bank & Trust

• BBB Grade: A+
• D. Power Score: N/A
• State availability: All 50 states

Evolve Bank & Trust extends its physician loan program to the following medical professionals in the following areas:

• Clinical Nurse Specialists
• CRNA
• DC
• DDS
• DMD
• DO
• DPM
• DVM
• MD
• NP
• OD
• PA
• PharmD

Dentists can secure up to $1 million in home financing without a down payment, but loans up to $1.25 million will require at least a 5% down payment. A $1.5 million loan will require a 10% down payment and a $2 million loan will require at least 15%.

PMI is not required. While most physician loan programs are only available for single-family homes, Evolve Bank & Trust will work with borrowers on multi-unit properties as long as you intend to live in one.

You can even close on your home before you start work with proof of an employment contract that starts within 90 days.

Learn More:

• Evolve Bank & Trust Physician Loan Review

6. First Citizens Bank

• BBB Grade: A
• D. Power Score: 838
• State availability: AZ, CA, CO, FL, GA, KS, MD, MO, NE, NV, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV, WI

First Citizens Bank offers two specialized loan options to the following medical professionals with a 700 credit score or higher:

• CRNA
• CRNP
• DDS
• DM
• DMD
• DO
• DPO
• DPT
• MD
• PA

The first option is a 100% mortgage. With this option, borrowers make one streamlined monthly payment. The other option is an 80/20 mortgage.

With this option, 80% of the loan amount is financed through a conventional loan and 20% is financed as a home equity line of credit.

80/20 mortgages allow you to build equity quicker, but it has the downside of multiple bills, closing costs, and interest rates to keep track of.

Both loan options can be used to build new construction, purchase a primary residence, or refinance your existing home without a down payment. Both options offer 15, 20, and 30-year loan terms.

Learn More:

• First Citizens Bank Physician Loan Review

7. The Federal Savings Bank

• BBB Grade: A+
• D. Power Score: N/A
• State availability: All 50 states

The Federal Savings Bank opens its physician loan program to the following professionals:

• Doctor of Dental Science (DDS) or DMD
• Doctor of Medicine (MD)
• Doctor of Osteopathic Medicine (DO)
• Doctor of Pharmacy (PharmD)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Veterinary Medicine (DVM)
• Nurse Anesthetist (CRNA)
• Nurse Midwife (APRN)
• Nurse Practitioner (NP)
• Optometrist (OD)
• Physician Assistant (PA)
• Psychologist

Loan officers will ask for proof of your degree and medical license during the application process.

Loans can be used to purchase or refinance an owner-occupied residence. The program will provide financing up to a maximum of $2 million without PMI.

Gift funds from immediate family are acceptable. Student loans deferred for 12 or more months are excluded from your credit report. The seller may even pay up to 6% of your closing costs.

Like many dentist mortgage programs, you can use an employment contract to close on your home up to 90 days before you start working.

Learn More:

• The Federal Savings Bank Physician Loan Review

8. KeyBank

• BBB Grade: A+
• D. Power Score: 798
• State availability: AL, CO, CT, DE, FL, ID, IL, IN, IA, ME, MD, MA, MI, MN, NJ, NY, OH, OR, PA, RI, TX, UT, VT, VA, WA

KeyBank is more exclusive than many physician home loan programs as it’s only open to physicians and dentists. Qualifying interns, residents, fellows, clinical professors, and researchers are also included.

KeyBank has one of the highest mortgage loan amounts on this list––loaning up to $3.5 million to qualified borrowers. Loans may be used to purchase, rate/term or cash-out refinance a primary residence or second home.

Second homes are rarely included in physician loan programs. Single-family homes, condominiums, and townhouses are eligible for financing.

KeyBank is unique in that many of its financial services are in-house, which means underwriting, originating, and servicing are all handled by the bank itself.

Borrowers can qualify for up to $1 million without a down payment, but loans up to $2 million require a 5–10% down payment.

KeyBank also prides itself on providing personalized service, so don’t hesitate to ask for mortgage advice as you navigate the home-buying process.

Learn More:

• KeyBank Physician Loan Review

9. Huntington Bank

• BBB Grade: A+
• D. Power Score: 821
• State availability: AR, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, ME, MD, MA, MI, MN, MO, MT, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY

Huntington Bank limits its physician mortgage loans to ​​MDs, DOs, DDSs, DVMMs, and DMDs. During the application process, borrowers will need to provide proof of sufficient income, active employment, and cash reserves. The exact cash reserves required will depend on your loan amount.

The program requires a minimum credit score of 700, which may seem strict compared to conventional loans, but it will approve borrowers with DTI ratios up to 50%.

Loans may be used to purchase or refinance a single-family home, duplex, townhouse, or condominium. Non-warrantable condominiums will require a 10% down payment, though. Cash-out refinances are limited to $250,000.

Borrowers can qualify for 100% financing on loans up to $1 million, 95% on loans up to $1.25 million, or 90% on loans up to $2 million. Your loan amount and down payment will depend on your credit approval.

For example, you’ll need a minimum credit score of 700 to qualify for 100% financing. Huntington Bank will be flexible for 680 credit scores for borrowers able to afford a 5–10% down payment.

Learn More:

• Huntington Bank Physician Loan Review

10. S&T Bank

• BBB Grade: A+
• D. Power Score: 871
• State availability: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY

S&T Bank opens its physician mortgage loan program to a variety of high-earning professionals, including:

• DDS
• DMD
• DO
• DVM
• JD
• MD
• OD
• Ph.D.

Residents and fellows are also included. S&T Bank is unique in that its physician loan program allows a 5% down payment on any loan amount. There’s also no limit on the total loan amount.

Fixed and variable interest rate products are available. Fixed interest rate mortgages are available in terms of 10, 15, 20, and 30 years, while ARMs have five and seven-year fixed terms before resetting to the current interest rate dictated by the market.

The program requires a 700 credit score, but H-1B and green card holders are also eligible.

Learn More:

• S&T Bank Physician Loan Review

11. TD Bank

• BBB Grade: A
• D. Power Score: 837
• State availability: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

TD Bank’s Medical Professional Mortgage Program is designed for practicing physicians (MD, DO, DPM), dentists (DDS, DMD), and oral surgeons. Residents and fellows are also eligible for special financing.

The program is limited to medical professionals within the first 10 years of their careers.

Eligible borrowers can qualify for 100% financing on loans up to $750,000. Loans up to $1.25 million will require a 5% down payment and loans up to $1.5 million will require a 10.01% down payment.

Loans may be used to purchase a single-family home, townhouse, or condominium. In specific markets, co-ops may also be approved.

TD Bank provides personalized service by being flexible with DTI calculations. During the underwriting process, you’ll be asked for documents outlining your student loan debt. To confirm your DTI, they’ll need to get a better idea of your monthly payments.

Like many other programs, a future-dated employment contract can work as proof of your earning potential.

Learn More:

• TD Bank Physician Loan Review

12. Truist

• BBB Grade: A+
• D. Power Score: N/A
• State availability: AL, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV

Truist’s physician loan program is open to physicians and dentists. Qualified borrowers with 10 years of starting their careers can qualify for loans up to $750,000, but later career medical professionals will need to put down at least 10%.

The program is capped at a $2 million maximum loan amount. Cash-out refinances are also an option, but the program stipulates all but $50,000 must cover debts.

Truist is still a relatively new financial institution so information about its programs are sparse. We recommend connecting with a loan officer to better understand your options.

Learn More:

• Truist Physician Loan Review

Pros and Cons of Dentist Mortgage Loans

Weighing the pros and cons of dentist mortgage loans can help you make an informed decision for your needs.

Pros

• More relaxed DTI requirements: Many physician loan programs will exclude student loan debt to make it easier for medical professionals to qualify for home financing options.
• No private mortgage insurance: Physician mortgage loans don’t require PMI, which can save you money on your monthly payments.
• Low down payment: Medical professionals can secure financing up to $1 million with a down payment of 0–5% in many cases.
• Guided through the application process: Loan officers are often sensitive to the needs of medical professionals and they can be flexible with scheduling appointments and helping you gather documents to streamline your mortgage application process.
• Open to self-employed and private practice dentists: Self-employed dentists who own a dental practice are eligible for special financing options that can help maintain cash flow for the business.
• Use employment contract to close: Qualifying borrowers can use a future-dated employment contract as proof of earning potential, so it’s possible to close before starting work.

Cons

• Primary residence requirements: Many physician loan programs will only provide finances for approved primary residences. Funds are typically used to purchase or refinance an owner-occupied property, but the type of properties included will vary across loan programs.
• Variable interest rates: A lot of physician loans are adjustable-rate mortgages, which can make it difficult to predict monthly payments over the loan term.
• Higher credit score: Professional mortgage programs require strong credit scores––typically 700 or higher––to qualify. Compared to conventional loans, this credit score requirement is much higher.
• Easy to borrow outside your means: Because dentist mortgages are non-conforming loans, it can be easy to purchase a home outside your budget.

Other Home Loan Options for Dentists

Physician home loans can be an excellent resource for early-career dentists and other medical professionals who may not have the down payment for a conventional mortgage loan.

We also recommend seeking mortgage advice from a loan officer to find the home financing program that makes the most sense for your budget.

*You’ll receive the best interest rate and loan options with a score of at least 620, but lenders may work with you if you’re willing to put down a larger down payment of 10%.

Frequently Asked Questions

What is a 10/1 ARM physician loan?

A 10/1 ARM physician loan is an adjustable-rate mortgage product that has a fixed interest rate for the first 10 years of the loan. Loans can be 15, 20, or 30 years in many cases. After the fixed loan term expires, the interest rate will adjust each year until the loan is refinanced or paid off.

What is PMI on a mortgage?

PMI is private mortgage insurance. Conventional loans require PMI when you have less than 20% equity in your home. PMI is typically 0.58% to 1.86% of the loan amount added to your monthly mortgage payments. Mortgages for dentists don’t require PMI, which can save you hundreds of dollars per month.

What are some of the benefits of refinancing a mortgage?

Refinancing a mortgage has a few potential benefits, but it depends on your refinancing options. In the case of cash-out refinances, you can leverage your home equity for other worthwhile endeavors. Rate/term refinances can allow you to reduce your interest rate and monthly payments or pay off your mortgage quicker than planned.

What is the median income for a dentist?

The median income for a dentist is $160,370 or $77.10 per hour. Delaware, New Hampshire, Oregon, Rhode Island, and Connecticut had the highest rates of pay, while Texas, South Carolina, Louisiana, West Virginia, and some others lagged behind the national average.