U.S. Bank is one of the Big 6 banks in the United States, according to J.D. Power. As such, U.S. Bank has the name recognition and longstanding history in the mortgage industry to provide consumers with competitive interest rates, personalized service, and attractive terms.
The Physician Loan Program is a specially designed mortgage option for medical professionals who may otherwise not qualify for a conventional mortgage.
Physician mortgages have more relaxed qualifying terms, such as low––or no––down payment options, closing with limited income history, waived private mortgage insurance (PMI), and flexible debt-to-income (DTI) calculations.
Read on to dive deep into U.S. Bank’s physician loans, including possible discounts, eligible degrees, interest rates, and maximum loan amounts.
About U.S. Bank
U.S. Bank was founded in 1929 in Minneapolis, Minnesota. Its headquarters are still there today. The bank has more than 2,400 full-service branches and 4,000 ATMs across the country.
- BBB score: B+
- CEO: Andy Cecere
- D. Power Score: 817
- Parent company: US Bancorp
- Phone number: 800-365-7772
- Services offered: Consumer and business banking, payment services, corporate and commercial banking, wealth and investment management
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!
U.S. Bank Physician Loan Fast Facts
Here are a few fast facts about U.S. Bank’s physician mortgage loan program.
- Discounts: Platinum checking account holders receive a lender credit of 0.25% of the total loan amount; up to $1,000
- Financing options: 95% on loans up to $1 million, 90% on loans up to $1.5 million, 85% on loans up to $2 million
- Physician loan products: Fixed-rate and adjustable-rate mortgages
- Maximum loan amount: $2.5 million
- Qualifying degrees: MD, DO, JD
- Private mortgage insurance: Not required
U.S Bank Physician Loan Qualifications
Physician loans aren’t an advertised product. In most cases, it’s a set of allowances that loan officers will make for high-earning professionals who are less likely to default on their loans and more likely to bring business to the bank as they advance through their careers.
U.S. Bank’s physician loan qualifications are:
- Good to Excellent Credit: 710 minimum FICO score
- Down Payment: 5–15% down payment depending on the loan amount
- Owner-Occupied Property: Must be used to purchase or refinance a primary residence
- Eligible Degree: Must have a medical doctor, doctor of osteopathy, or juris doctor degree
- Significant Savings: Cash reserves of three, six, or 12 months (varies by loan amount)
- Verified Income: Future-dated employment contract, residency agreement, or two years of income history
How to Apply
Knowing what to expect from the mortgage application process can help you prepare for each step.
Prequalification is a simple step in which you provide an estimate of your household income and debt and your lender lets you know how much financing you qualify for. Prequalification can be a formal process with a soft credit pull or an informal calculation from your lender.
Prepare Your Documents and Review Your Credit Report
You’ll be required to show a lot of documents throughout the mortgage application and closing process, so it’s a good idea to gather everything you need and review your credit report to ensure there are no inaccuracies, such as credit cards you don’t recognize.
At this time, you should gather your pay stubs, tax returns, employment contract, and any other proof of income you can. You’ll also need proof of assets, which you can show through bank or investment account statements.
You should have a savings account with a minimum of three months’ cash reserves, a 5% down payment, and closing costs. Gift funds are allowed, but you may be asked to prove where they came from.
You’ll want to ensure you have at least a 710 credit score to qualify for a U.S. Bank doctor loan program.
Pre-approval is a more formal process than prequalification. You can make an appointment at a U.S. Bank branch or you can begin the process online.
Pre-approval usually happens after you’ve defined your price range and you’ve started looking at properties.
Your pre-approval will only be valid for 90 days, so it’s important to hold off on this step until you’re prepared to place a serious offer on a home.
Pre-approval can be started online with a mortgage application, but your mortgage lender will ask for your proof of income, assets, and credit report, which they will then verify.
Be prepared to also provide identification documents, such as your social security number and driver’s license.
Confirm and Lock in Rate
After your mortgage application is submitted, a loan officer from U.S. Bank will contact you to confirm your interest rate and loan amount.
Your rate will be locked for 45 days. Final interest rates will vary on your loan product, property type, location, and other factors.
In some cases, your pre-approval can be denied or approved with conditions. Sometimes a lender will recommend you pay down debt before they give final approval.
In either case, your loan officer will provide advice on ways to build your credit profile or suggest loan programs so you have a better chance of being approved.
U.S. Bank Physician Loan Alternatives
If your degree isn’t included in U.S. Bank’s doctor loan program, there are a few other banks with mortgage options designed for medical professionals.
KeyBank’s physician loan program is open to Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Podiatric Medicine (DPM), Doctors of Dental Surgery (DDS), and Doctors of Dental Medicine (DMD).
Interns, residents, and fellows are also eligible. The program will provide up to $3.5 million to purchase or refinance a first or second home, whereas U.S. Bank is capped at $2.5 million and may only be used for a primary residence.
Borrowers can qualify for up to $1 million with zero money down. Loans up to $1.5 million will require a 10% down payment, and loans up to $2 million will require at least a 15% down payment.
Single-family homes, condominiums, and townhouses are included in the program. KeyBank is also considered a full-service mortgage lender. The bank keeps underwriting, originating, and servicing your loan in-house, which can mitigate bureaucracy and improve efficiency.
2. Citizens Bank
Citizens Bank’s physician mortgage loan will provide up to $1.5 million in financing to medical doctors, doctors of osteopathy, and dentists. Borrowers can put 5% down on loans up to $850,000, but loans up to $1 million will require a minimum down payment of 11%.
However, early-career medical professionals have financing caps. Licensed residents may borrow up to $600,000 and upcoming residents who have not yet obtained an educational license can borrow up to $400,000.
Citizens Bank is a good option for medical professionals interested in purchasing or refinancing a primary residence. Limited cash-out refinancing options are available.
Deferred student loan debt is excluded from DTI calculations or you can use your income-driven repayment amount.
One big caveat of Citizens Bank’s doctor loan program is that it may only be used to purchase a condominium or townhouse, not a single-family residence.
3. Flagstar Bank
Flagstar Bank is more inclusive of a variety of degrees compared to other physician mortgage loan programs. The following degrees are included in the loan program:
- Medical Resident (Educational License)
- Medical Doctor (MD)
- Doctor of Dental Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Doctor of Optometry (OD)
- Doctor of Ophthalmology (MD)
- Doctor of Pharmacy
- Doctor of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
- Physician Assistant
- Registered Nurse
- Nurse Anesthetist
- Nurse Practitioner
- Clinical Nurse Specialist
- ATP Pilot
- Certified Public Accountant
Flagstar Bank works with H-1B visa and Green Card holders interested in pursuing homeownership in the United States. However, the program is limited to early-career professionals who have started working within the last 10 years.
Borrowers with excellent credit can secure up to $1 million without a down payment. It is worth noting that all of Flagstar Bank’s professional loan options are adjustable-rate mortgages (ARMs), which means the interest rate will fluctuate after an introductory fixed-rate expires.
4. BMO Bank
BMO Bank (formerly BMO Harris Bank) offers doctor loans to medical doctors and dentists. Doctors within 10 years of beginning their careers can qualify for up to $1 million without a down payment, but later career professionals will typically have to put down at least 10%.
The program’s maximum loan amount is $2 million. BMO Bank will approve borrowers with DTI ratios of up to 45%, which is more lenient than many conventional mortgage programs.
Loans may be used to purchase or rate/term refinance a 1-2 unit primary residence. Doctors relocating to continue their careers can be approved for a loan as long as they will start work within 90 days of the closing date.
While some physician loan programs are only available in select states, BMO Bank has a far-reaching presence. Physicians in all states except New York should consider a BMO home loan.
5. Huntington Bank
Huntington Bank is another worthwhile consideration for physicians shopping for mortgage options. This physician mortgage loan program is available to dentists, medical doctors, podiatrists, ophthalmologists, and veterinarians.
The program requires a minimum credit score of 700, which is a little more lenient than some of the other doctor loan programs on the market. Lower credit scores may be considered for borrowers able to afford larger down payments. Borrowers can even finance closing costs in some cases.
Borrowers have the following financing options:
- 0% down payment on loans up to $1 million
- 5% down payment on loans up to $1.5 million
- 10% down payment on loans up to $2 million
Huntington Bank will approve physicians with debt-to-income ratios as high as 50%. Deferred student loan payments are excluded from DTI calculations, which can make it easier to qualify if you have significant medical school debt.
Pros and Cons
Like any service provider, U.S. Bank’s physician loan program has pros and cons. You can review those below to make an informed decision that fits your needs.
Here are a few notable pros of U.S. Bank physician mortgage loans:
- Available in all 50 states
- Lender credits available for existing account holders
- Available to residents and fellows
- No PMI requirement
- Provides personalized service and extensive checklist to assist with the home buying process
Here are some of the cons of U.S. Bank physician home loans:
- Requires down payment and cash reserves
- Doesn’t exclude medical school debt from debt-to-income ratio
- Limited qualifying degrees compared to other doctor loan programs
Frequently Asked Questions
How much money can I borrow with a U.S. Bank physician loan?
The amount of money you can borrow with a U.S. Bank physician loan will depend on your down payment, income, credit history, and the property you intend to purchase. U.S. Bank will provide up to $1 million in financing with a 5% down payment. With a larger down payment, you could borrow up to $2.5 million from U.S. Bank.
Physician mortgage loans are risk-based products, which means the lender decides how likely it is for you to default on your loan before approving it. Many physician mortgage loan programs will lend borrowers up to $750,000 with zero down payment and some programs will loan more than $3.5 to qualified borrowers.
What credit score do you need for a U.S. Bank physician loan?
You need a minimum credit score of 710 to qualify for a U.S. Bank physician loan. Some mortgage programs will consider borrowers with scores as low as 660 with a larger down payment.
What is the application fee for U.S. Bank physician loans?
The application fee for a U.S. Bank physician loan is $395. This fee will later be applied to your closing costs as a credit. Not all mortgage lenders charge application fees for home loans, so it can be beneficial to shop around to find the deal and program that fits your budget.
What is the interest rate on physician loans?
U.S. Bank’s physician loan interest rates are set on market conditions and the creditworthiness of the borrower. You can view U.S. Bank’s current mortgage rates on the website. You can also use a calculator to estimate your monthly mortgage payment. We recommend meeting with a mortgage loan officer to discuss the physician home loan options and interest rates you qualify for because your final interest rate will be determined based on several factors.
Do veterinarians and dentists qualify for U.S. Bank’s physician home loans?
No, veterinarians (DVM) and dentists (DMD/DDS) do not qualify for U.S. Bank’s physician home loan program, but the bank offers other loan programs tailored to the needs of high-earning professionals.