Are you a physician, dentist or other type of medical professional looking for a doctor home loan?
Note that each of the lenders listed have different qualifications for doctor mortgages. Be sure to inquire further with each lender about their specific qualifications.
Note that by far, the biggest benefit of a doctor mortgage is that you can buy your dream home right now instead of waiting until you have a much larger down payment.
Doctor mortgages could also offer lower interest rates than jumbo mortgages if you're looking to borrow more than the conventional mortgage limit (around $726,200 in most states, as of 2024).
We see most successful prospective homeowners fit the following profile:
- No history of adverse credit events, such as a bankruptcy or short sale within the past seven years (in most cases, but not all)
- A credit score in the high 600s, if not higher
- Medical Professionals: Generally must be a physician, dentist, dental specialist, or podiatrist to be eligible. Some banks offer programs for other professional degrees as well.
You want to reach out to at least two banks if you want to have a higher chance of securing the best interest rate.
Physician mortgage loans: More than just for physicians
If you’re in any of the following professions, you could qualify for a doctor mortgage:
- Physician
- Dentist or Dental Specialist
- Veterinarian
- Optometrist
- Certified Registered Nurse Anesthetists (CRNA)
- Nurse Practitioner
- Attorney
- Podiatrist
It’s called a physician mortgage because that’s the group that banks marketed this kind of mortgage to when it first started. It should really be called a grad school professional mortgage these days.
Banks have gradually figured out that having a multi-year professional degree makes you a far lower risk for default compared to the population at large. That’s why many have expanded their physician mortgage programs to other healthcare professions and a few others.
Dentists will have the easiest time qualifying, as banks lump you in with MDs and DOs. Some banks want to only work with board-certified veterinary specialists, although others extend the program to anyone with a Doctor of Veterinary Medicine (DVM).
Other professions tend to be bank by bank. Some will have good programs for say a CRNA with a high salary, while others won’t lend but might have options for podiatrists. I’d expect banks will continue to expand access to this mortgage type for other professions in the coming years and may have fewer restrictions.
Characteristics of physician loans
Here are four key ingredients of a physician home loan:
- Required down payment is well below 20% of the house’s purchase price for borrowers. Some banks will even do 100% financing with no money down.
- Relaxed income documentation. Many banks with physician loan programs accept signed offer letters as much as three months ahead of your start date. For 1099 or self-employed physicians, banks often require fewer years of tax returns than with conventional mortgages.
- No private mortgage insurance (PMI), even though your down payment can be very low.
- Easy treatment of student loans. Physician mortgage loan programs expect you to have a lot of student debt post-medical school (or grad school). They generally use your actual monthly payment under Income-Based Repayment (IBR), Pay As You Earn (PAYE) or Saving on a Valuable Education (SAVE), formerly called REPAYE. Other mortgage lenders sometimes take 1% of the loan amount and use that in the debt-to-income (DTI) calculation of what you can afford.
What’s the catch? Physician loans usually have higher interest rates than conventional loans and traditional mortgages, where you put down 20% of the purchase price. Closing costs could also be higher for physician loans, but they're sometimes comparable to traditional loans. It really depends on the lender.
Generally, physician loans may be used only for a primary residence. They cannot use be used on an investment property or a second home, though there may be some exceptions to this.
How to use a physician loan to save money on your student debt
Pretend you have $200,000 of student loans and earn $200,000 yearly as a dentist. You’re married to a physician assistant (PA) who paid off all her loans already and earns $120,000 a year. You just found out you’re expecting your first child, so you decide the time is right to buy a house for the family.
You find the perfect place for $500,000, but it would take you a while to save $100,000 for a down payment. Assume you could get there within a year. The 30-year conventional mortgage rate is 6.25%. Pretend you use a comparison shopping tool for doctor loans and find a 6.5% loan for 0 percent down. I used our Physician Mortgage Loan Calculator to compute the numbers below.
| Payment | Doctor loan ($500k at 6.5%) | Conventional ($400k at 6.25%) |
|---|---|---|
| Monthly payment | $3,160 | $2,462 |
| First year monthly interest | $2,708 | $2,083 |
The vast majority of a payment made in the first year on a 30-year mortgage goes to the interest and not the principal. This is because of how amortization tables work.
That means with the physician mortgage, you would pay more interest in Year 1 compared to the conventional mortgage, but this interest might be tax deductible.
In this example, the dentist needs to eventually pay off his student loan, which is not tax deductible.
He could use the $100,000 of capital for a down payment on his mortgage, or he could use it to pay down his student debt. He could save money by paying down his student debt first instead (unless he somehow had an ultra low rate on the student loans).
So even if you have the money for a large down payment, there might be reasons to use those funds somewhere else.
How a physician mortgage loan can save money on taxes
If you itemize on your tax return, much of your mortgage interest on a physician mortgage would be fully deductible. Instead of a 30-year mortgage at 5% to 7%, your true interest rate could be 25% to 50% lower, depending on your income tax bracket.
Paying down your student loans before your mortgage might also allow you to start with a more aggressive student loan refinancing loan term using the refinancing ladder approach. This could further reduce your after tax loan costs.
The takeaway should be that physician loans are a no-brainer if you have student loan debt to repay. That’s because most professionals with mortgages in the $200,000 to $750,000 range will be writing off the mortgage interest on their taxes. That makes student debt far more toxic with its non-deductibility.
Using a physician mortgage loan when you plan to remodel
If you use up most of your savings on a down payment, you might have fewer funds available for remodeling and renovating.
I used a physician mortgage for my recent home purchase, and our 0% down payment gave us six figures to use towards remodeling our master bedroom, bath and kitchen.
You can utilize the more flexible options available with a physician mortgage to have additional funds left over to improve your home.
Comparison shop physician loan options if you’re ready to buy
You should only check to see what your rate could be on a physician mortgage if you’re ready to buy within the next six months. Please feel free to compare other sources besides the ones mentioned on this site. It’s not meant to be an exhaustive list, but hopefully, it’s a great starting point.
If you’re being responsible with your home purchase, then buy the house of your dreams! I don’t believe that homeownership counts as an investment. It’s something you do when you can’t rent what you want for less than 0.5 percent of the purchase price, and you plan to live somewhere for longer than five years. If that’s you, then compare away!
What options exist besides physician loans for buying a house?
Physician mortgages are just one way to borrow for a house. Here are some other options.
- Conventional: Not insured or guaranteed by the government; hence, the requirements tend to be more stringent. Primarily this means having a 20% down payment. Conventional mortgages have limits on how much you can borrow for a maximum loan amount. High-cost-of-living areas will have higher limits. As of 2023, most states have a conventional loan limit of $726,200. These limits can pose problems for some high-income professionals.
- Federal Housing Administration (FHA): You need 3.5% for a down payment. This is a popular program for first-time homebuyers, but you can qualify even if it isn't your first house. Credit score limits are very low, at only a 580 minimum. In contrast, most physician mortgages require over a 700 credit score. FHA loans have an upfront 1.75% charge plus PMI, which can easily add 0.5% to 1% to your mortgage rate.
- U.S. Department of Veterans Affairs (VA): If you’re eligible for a VA loan, it will likely be your best option. Rates compare favorably with conventional mortgages, and there’s no PMI. Down payment requirements are low as well. You’re only eligible if you’re active duty or a veteran.
I think physician loans are going to generally be better than FHA ones. VA loans should beat them on everything, but most people can’t use that kind of mortgage. Conventional loans have a rate advantage, but a lower purchase price limit and a higher down payment requirement.
All 19 Physician Mortgage Loan Lenders Compared
A variety of banks and financial institutions offer physician loans tailored to the unique needs of medical professionals. Some notable lenders providing physician loans include:
- Berkshire Bank
- BMO Financial Group
- Fifth Third Bank
- First Bank
- First Horizon Bank
- First National Bank
- FNBO Mortgage
- Fulton Mortgage Company
- Huntington National Bank
- KeyBank
- Northwest Bank
- Old National
- Regions Bank
- TD Bank
- Truist
- UMB Bank
- Wintrust
- U.S. Bank
These banks understand the distinct financial situation of physicians and offer specialized loan products featuring lower down payment requirements, no private mortgage insurance (PMI), and flexible underwriting guidelines. Keep in mind that the availability of physician loans and their specific terms may vary by location, so it's essential to research and compare offerings from multiple banks to find the best fit for your needs.
Stephen Morrison
About:
Berkshire Bank is one of the largest regional banks in the Northeast. They offer several mortgage products, including a physician mortgage loan for primary home purchases or refinances.
Degrees that qualify:
DDS, DMD, DO, DPM, DVM, MD, OD
Eligible states:
MA, NY
Contact:
Stephen Morrison
Full Berkshire Bank Review
BMO Bank, N.A.
About:
With BMO Bank, N.A., you can get an affordable home loan with no PMI requirement and flexible debt-to-income underwriting options.
Degrees that qualify:
DDS, DMD, DO, MD
Full BMO Bank, N.A. Review
Sandy Salas
About:
Fifth Third Bank has an exclusive Doctor Loan Program for medical professionals that includes, MD, DO, DPM, DDS, DMD, OD, and DVM who are eligible. The program is ideal for interns, residents or fellows in their medical residency or scheduled to begin residency within 90 days of closing on a new home.
Degrees that qualify:
DDS, DMD, DO, DPM, DVM, MD, OD
Eligible states:
FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV
Contact:
Sandy Salas
Full Fifth Third Bank Review
Private: First Bank
About:
First Bank's Professionals Mortgage Program offers accessibility to zero to low down payments with no PMI to professionals who have their MD, DO or DMD. If you're an attorney looking for a home, don't despair; this program also extends eligibility to attorneys.
Degrees that qualify:
DMD, DO, JD, MD
Eligible states:
CA, IL, KS, MO, NE
Full First Bank Review
Private: First Horizon Bank
About:
First Horizon Bank has a flexible physician mortgage option for MD, DO, OMS and DPM professionals. Residents and fellows within any of these designations are welcome to apply as well. If you are a permanent resident alien or if you have at least six months left on an eligible work visa, working under one of these designations, you are still eligible.
Degrees that qualify:
DO, DPM, MD, OMS
Eligible states:
AL, AR, CT, FL, GA, LA, MS, NC, NJ, NY, SC, TN, TX, VA
Full First Horizon Bank Review
Joe Saleh
About:
For medical professionals living in Indiana or Michigan who are seeking secure financing on a primary residence (including single family, townhomes or warrantable condominiums), Old National's physician home loan program could be a good fit.
Degrees that qualify:
DDS, DMD, DO, DPM, DVM, MD
Eligible states:
IA, IL, IN, KY, MI, MN, WI
Contact:
Joe Saleh
Josh Feldman
About:
First National Bank's Doctor Loan program is available to eligible MDs (Doctor of Medicine), DOs (Doctor of Osteopathic Medicine), CRNAs (Certified Registered Nurse Anesthetists), dentists, veterinarians, and podiatrists who are less than 10 years from training.
Degrees that qualify:
CRNA, DDS, DMD, DO, DPM, DVM, MD
Eligible states:
DE, FL, GA, MD, NC, OH, PA, SC, TN, VA, WV
Contact:
Josh Feldman
Full First National Bank Review
Private: FNBO
About:
FNBO has a strong presence in the greater Dallas / Fort Worth metro area in Texas as well as the Denver metro area in Colorado. In addition to their physician mortgage program, they have one of the broadestprofessional mortgage programs that includes those with a CPA, CFA, JD, PA, NP, CRNA, DVM or PharmD who are eligible.
Degrees that qualify:
CFA, CPA, CRNA, DDS, DMD, DO, DVM, JD, MD, NP, PA, PharmD
Eligible states:
CO, IA, IL, KS, MO, NE, SD, TX, WY
Full FNBO Bank Review
Jim Webster
About:
Fulton MortgageCompany’s physician mortgage loan program is very generous. Theyprovide up to $3 million in financing for pharmacists, veterinarians and podiatrists. A standout quality about this program is that they accept medical professionals up to 15 years out of residency.
Degrees that qualify:
DVM or PharmD who are 15 years or less out of residency
Eligible states:
DC, DE, MD, NJ, VA
Contact:
Jim Webster
Full Fulton Mortgage Review
Private: Huntington Bank
Eligible States
CO,IL,IN,KY,MI,MN,ND,OH,PA,SD,WI,WV
Full Review
Private: KeyBank
About:
KeyBank's doctor and dentist program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.
Degrees that qualify:
DDS, DMD, DO, DPM, MD
Full KeyBank Review
Northwest
About:
Northwest Bank's “Physician's Loan Program” is available to eligible applicants with an MD, DO, DDS, DMD or DPM. With down payment requirements as low as 0% and no required private mortgage insurance (PMI), this program is worth looking into.
Degrees that qualify:
DDS, DMD, DO, DPM, MD
Full Northwest Bank Review
Private: Regions Bank
About:
Regions Bank's Medical Professional Loans program offers the option of no required PMI. If you're an MD, DDS or DO, you can put 0% down for a loan.
Degrees that qualify:
CPA, CRNA, DC, DDS, DMD, DO, DPM, DVM, MD, NP, OD, PA, PharmD
Eligible states:
AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, TX
Full Regions Bank Review
Mike Wagner
About:
With S&T Bank's Professional Mortgage Program, physicians and other eligible professionals can get a mortgage loan for 5% down. The minimum loan amount is $500,000, but there is no maximum. No restrictions apply on a physician's age, and newly self-employed (1099 independent contractor) physicians are allowed with a provided employment agreement.
Degrees that qualify:
DDS, DMD, DO, DVM, JD, MD, PharmD
Eligible states:
OH, PA
Contact:
Mike Wagner
Neil Surgenor
About:
TD Bank doctor mortgages are a great option for physicians, dentists, and podiatrists seeking up to 100% financing with no PMI. Residents and fellows can also qualify, with an added bonus of being able to close up to 90 days in advance of your start date.
Degrees that qualify:
DDS, DMD, DO, DPM, MD
Eligible states:
CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
Contact:
Neil Surgenor
Full TD Bank Review
Matt Albert
About:
Truist recently merged with BB&T and is no longer SunTrust Bank. Truist has a great medical professional mortgage program.
Degrees that qualify:
DDS, DMD, DO, DPM, MD
Eligible states:
AL, AR, CA, DC, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV
Contact:
Matt Albert
Full Truist Bank Review
Andrew Berry
About:
UMB Bank's Doctorate Professional Mortgage Loan offers no required private mortgage insurance (PMI), up to 80% cash-out refinancing for up to $2.5 million, no age restrictions, and low down payment options to those with an MD, DO, DDS, DMD, OD, PharmD or JD.
Degrees that qualify:
DDS, DMD, DO, JD, MD, OD, PharmD
Eligible states:
AZ, CO, KS, MO, NE, OK, TX
Contact:
Andrew Berry
Full UMB Bank Review
Private: U.S. Bank
About:
The professional mortgage options at U.S. Bank are available in all 50 states for medical physicians, including doctors of medicine (MD) and doctors of osteopathy (DO).
Degrees that qualify:
DO, MD
Eligible states:
AK, AL, AZ, CA, CO, FL, ID, IL, MA, MI, MN, MS, MT, NC, ND, NE, NM, NV, OK, OR, PA, RI, SC, SD, TX, UT, WA, WI, WY
Full U.S. Bank Review
Mike DeRaspe
About:
Wintrust Mortgage has an exclusive Doctor Loan Program for medical professionals that includes, MD, DO, DPM, DDS, DMD, Chiropractors, and PharmDs who are eligible. The program is also ideal for residents or fellows in their medical residency who have 6 months or less remaining. Loans of up to $3 million are available, and future income is utilized if closing within 90 days of employment start date.
Degrees that qualify:
Chiropractors, DDS, DMD, DO, DPM, MD, PharmD
Eligible states:
AZ, CA, FL, IA, IL, IN, MN, MT, ND, WI
Contact:
Mike DeRaspe
Additional Lenders
See our reviews of other physician mortgage options:
- Alerus Financial
- Amplify Credit Union
- Arvest Bank
- Bank of America
- BankMD
- Cadence Bank
- Citizens Bank
- Fairway Independent Mortgage Co.
- First Citizens Bank
- First Federal Lakewood
- First United Bank
- Flagstar Bank
- Great Southern Bank
- Guaranteed Rate Affinity
- Happy Mortgage
- Lake Michigan Credit Union
- Laurel Road
- Liberty Federal Credit Union
- Midfirst Bank
- Northpointe Bank
- PNC Bank
- Simmons Bank
- SoFi
- Washington Trust
- Wells Fargo
- WesBanco
Physician Loans Programs by State
Alabama Louisiana Montana | Nebraska Nevada Ohio Washington, D.C. |
Options for Doctor Mortgage Loans
You can reach out to the bankers listed above about specific physician and dentist mortgage loans.
So, text, call or email the loan officer for your state by clicking the map above, and please feel free to contact Student Loan Planner if you move forward in the process.
If you're a lender who would like to have your name and contact info listed here, send an email to andrew@studentloanplanner.com.
Disclosures:
*All programs subject to credit approval and loan amounts are subject to creditworthiness. Some restrictions may apply. The term, amount, interest rate, and repayment schedule for your loan, and any product features may vary depending on your creditworthiness and on the type, amount, and collateral for your loan. Repayment structure, prepayment options and early payoff are all subject to product availability and credit approval. Other restrictions may apply. Products and restrictions are subject to change. Each bank listed is not responsible for, and does not guarantee the services and/or products of Student Loan Planner, or any affiliate, subsidiary, or parent company of it. All logos and company names mentioned herein are the property of their respective owners.
