Saving lives is priceless, but if you want to become a doctor, you have to pay six-figure debt. Medical professionals have to devote a significant portion of their career to paying off student loans before they can even consider making a profit.
Doctors are extremely low risk borrowers despite their high debt, so they are willing to make special provisions. Doctors can usually find a loan or mortgage with terms that are more favorable than those of other borrowers. To help doctors along the way to homeownership, these physician mortgage loans have special terms. Physician mortgage loans allow doctors to access the help they need to become homeowners and achieve their real estate dreams.
Physician Loan Benefits
The benefits of physician loans are appealing, but they don’t make sense for all doctors. It comes down to personal circumstances. Everyone should make a decision that is best for them.
Physician loans have more favorable terms than conventional loans because they are low risk. Lower down payments and lower interest rates are included in these terms. Private mortgage insurance is usually charged to anyone who can’t afford a down-payment of 20% or more on their mortgage. It’s good for people who don’t have enough money to come up with a large down payment.
It is easier for physicians to approve someone with a good credit score if they have student debt within the debt-to-income ratio.
A signed contract to prove you will start employment soon is sufficient for physician loan applicants.
How To Qualify For A Physician Loan
Although the requirements vary slightly between mortgage lenders, certain perquisites are consistent across all providers of physician loans:
- Proof of a Medical Degree.
- A contract is needed to prove you have a job as a doctor.
- The score was 700. Financial responsibility and good credit management can be seen as a result of having a 700 score.
- Deferred student loans.
- A debt-to-income ratio is less than 45%.
23 Best Physician Loans
These 23 companies offer the best physician loans in 2023:
- Fifth Third Bank
- Regions Bank
- Loan Depot
- TD Bank
- Fairway Independent Mortgage Corporation
- Arvest Bank
- SoFi
- PhysicianLoans USA
- Flagstar Bank
1. Fifth Third Bank
Availability: Florida, Illinois, Indian, Kentucky, Michigan, Ohio, Tennessee, West Virginia, Georgia, North Carolina, South Carolina, Wisconsin, and Pennsylvania. New York will be added soon.
Claiming to put 166.7% into everything they do, Fifth Third Bank offers a range of mortgage programs.
Up to $750,000 with no down payment or up to 1.5 million with a low down payment can be obtained through its Physician and Dentist Loan program. The loan program can help reduce the financial burden of medical students. It’s not required as usual. The project can be started immediately without additional paperwork.
You can choose between a fixed or ARM loan, and there are mortgage refinancing options available for new physicians. You will need your contract to start within 90 days. Before you sign your contract, make sure you review the details carefully.
2. Regions Bank
Availability : Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, Ohio, North Carolina, South Carolina, Tennessee, and Texas. The southeastern and midwestern regions of the United States are where these fifteen states are located.
Regions Bank has a loan program for physicians and dentists looking to buy their primary residence.
This is open to:
- Residents
- Fellows
- Dentists
- Doctors of Osteopathy
You can loan up to $750,000 with no down payment or up to $1 million with low down payments. You can apply for a loan online and get an answer in a few minutes.
Student debt will not be included in the debt-to-income ratio used. First time home buyers can qualify for a mortgage even if they have recently taken out student loans because of this.
3. Loan Depot
Availability: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, and Washington. Visitors to Hawaii and Washington can find a wide range of attractions.
LoanDepot has loans up to $2 million. LoanDepot has competitive interest rates and flexible terms that make it easy to get a loan. You will need a credit score of at least 700 and a contract that begins within two months of closing the deal. Depending on a variety of factors, the terms of the loan can be different, but you will have to pay it back within a few years.
You need a 10% down payment for a $2 million loan, but 5% for a $1.5 million loan.
You can choose between fixed and ARM interest rates, although the fixed rate is only available for those with a 5% down payment.
4. TD Bank
Availability: Connecticut, District of Columbia, Delaware, Florida, Massachusetts, Maryland, Maine, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Virginia, and Vermont. The states are located on the East Coast.
The self-proclaimed ‘most convenient bank,’ TD Bank, offers various flexible mortgage loans for doctors.
You must be an MD, DO, DPM, DDS, DMD, surgeon, or resident with at least two years complete to be eligible. You need to be in good standing with your medical board or licensing body.
You can get 100% financing on up to $750,000, 85% financing on up to $1.3 million, and 90% financing on up to $1.8 million. If you need more than $1.8 million for your purchase, we can work with you to modify the loan program to fit your needs.
You can choose between a fixed or ARM term. You can change the term length to meet your needs. There are construction loans available.
5. Fairway Independent Mortgage Corporation
All 50 states are available. We offer our services in every state.
Fairway Independent Mortgage Corporation is a mortgage specialist that has been operating for more than 23 years and is now ranked as one of the top mortgage companies in the U.S.
Within ten years of completing their original residency, all medical doctors, dentists, dental surgeons, and veterinarians can get a doctor loan. The doctor loan can be used to purchase a home or to save money on closing costs. Within 60 days of closing, you can apply.
Eligibility depends on your income and debt-to-income ratio. You can get a loan up to 85% of the house value. To get the house of your dreams, you don’t have to put down a large down payment.
6. Arvest Bank
Arkansas, Kansas, Missouri, and Oklahoma are all available. The larger region known as the Midwest includes these four states.
Arvest offers various non-conforming mortgage loan programs, including physician loans.
These are suitable for physicians who have recently graduated, have a house, and have been practicing medics for a long time. They are good for experienced physicians who are looking to advance their career in medicine.
Everything over 100% has to be used for taxes, insurance, or other closing costs, but you can receive up to 103% of your house value in a loan.
Arvest has no private medical insurance or a residency program. New physicians can gain access to experienced mentors through the Arvest residency program.
7. SoFi
Availability: Alabama, Arkansas, Arizona, California, Colorado, Connecticut, District of Columbia, Delaware, Florida, Georgia, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Maine, Michigan, Minnesota, Mississippi, Montana, North Carolina, North Dakota, Nebraska,
SoFi is short for Social Finance and is true to their name, making it their mission to help their borrowers find fair financial products.
Although SoFi doesn’t specifically call their scheme a physician loan, it does offer a jumbo loan with no PMI and another jumbo loan with a down-payment of just 10% – this is just as good as the majority of doctor mortgage loans on the market. It is worth checking out physician loan options since SoFi offers competitive rates.
Unlike physician loans, which generally ask for a contract rather than current employment, Sofi requires pay stubs to prove eligibility, and you will need to pay PMI. Those just starting out in their career may not be eligible for a loan if they don’t have a minimum of two years of employment history.
You can choose between a 30-year or 25-year fixed rate or a 7/1 or 5/1 ARM. The $500 welcome bonus is an advantage. You can use this bonus to build up your bankroll quickly.
Learn more:
- Read our SoFi Review
8. PhysicianLoans USA
All 50 states are available. We serve customers in all 50 states.
As the name suggests, PhysiciansLoans USA specializes in home loans for doctors in the USA.
You can get financing with no credit check. This is an attractive option for people who don’t have a large down payment. The 100% financing option is 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 888-739-5110 Many people looking to purchase a home don’t have to use their savings as a down payment.
You can move into the house up to 90 days before your contract starts with the flexibility of the loans.
It’s also possible for sellers to pay 3-6% of the closing costs, which helps you to save even more money.
9. Flagstar Bank
All 50 states are available.
The Flagstar Bank Professional Loan program is for attorneys and other professionals with advanced degrees, as well as dentists and doctors.
You have to be in the first ten years of your career with a credit score of at least 700 to be eligible. It is necessary for the contract to start within 60 days of the deal closing. The terms of the agreement between both parties should be clearly outlined in the contract.
You can lend up to $850,000 with no down payments or up to 1.5 million with low down payments. There are various adjustable-rate options, including a 5/1 and 7/1 There are no fixed-rate options.
10. Bank of Oklahoma Financial
Availability: Arkansas, Colorado, Kansas, Missouri, Oklahoma, and Texas. There are a lot of activities to explore in these six states.
Bank of Oklahoma Financial (otherwise known as BOK Financial) offers a variety of home loans, including an Advanced Medical Professionals program.
With down payments as low as 3%, you can lend up to $650,000 for specific medical professionals only. The loan program is designed to make it easier for medical professionals to get the funds they need. Once you have your contract, you can close the deal 60 days before the employment start date. It’s easier to plan ahead and have everything in place before you start your new job. There is a significant advantage to choosing between a fixed and variable interest rate. Taking out a loan can be tailored to your needs and budget.
If you have a You could be eligible for a 0.25% discount on your mortgage interest rate if you use your BOK Financial checking or savings account to make your payments. Over the life of your loan, this discount could help you save hundreds of dollars.
11. BMO Harris Bank
Availability: Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri, and Wisconsin. This product is only available in these states.
A subsidiary of BMO Financial Corporation, BMO Harris Bank is a multi-billion-dollar bank with hundreds of branches.
It offers a BMO Physician Loan Program to doctors and dentists with a A score of 700 or more is what the FICO score is. If you have a score of 700 or more, you can get the best loan rates and credit cards. No income history is required for approval of all loans under this offering. Flexible terms and competitive rates are offered by these loans.
Although physicians who have been practicing for a decade or more can only get up to 90% financing, you can loan up to $750,000 with 100% financing. The maximum loan amount is $500,000 for physicians who have been practicing for at least 5 years.
There are a few options to choose from, including a 3/1, 5/1, 7/1, or 10/1 ARM loan. The former can be used for terms of 10-, 15-, 20-, and 30-year terms.
12. Cadence Bank
Colorado, Florida, Georgia, North Carolina, and Texas are available. In the US, our services are now available in five states.
Cadence Bank offers an Early Professionals Loan Program with 100% financing, no origination fee, and no PMI requirement. Along with doctors, this is also available to professors and engineers. Accountants and lawyers may be able to access this service.
You can choose between fixed-rate and adjustable-rate mortgages, including 5/1 ARMS. It is possible to get a $1 million loan.
You can loan up to $2 million with the One-Time Close loan for home construction. The loan essentially finances the entire building project up front, making it a great option for those looking to build their own home. You can choose between 10/1 There are 15 and 30-year fixed-rate programs. Fixed-rate programs provide more security and stability over the long term, and are more attractive to borrowers looking for a lower initial rate.
13. First National Bank of Pennsylvania
Georgia, Maryland, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Virginia, and West Virginia are all available. You can find a variety of services at these locations.
The largest branch of the First National Bank Corporation, a financial services company with more than $33 billion worth of assets, is this Pittsburgh-based subsidiary. You need a minimum credit score of 700 and a debt-to-income ratio of 43% or less to apply but can borrow up to a hefty $1.5 million.
There is a wide range of loan programs available. Before making a decision, it is advisable to carefully consider the advantages and disadvantages of each loan program. You can get a fixed rate for a long time. No matter what happens to the market, the interest rate on your mortgage will remain the same.
For a loan of $750,000 or less, you will need a combined loan-to-value ratio of less than 98%. It’s important to note that the 89.99% loan-to-value ratio is only applicable to loans of 1.5 million or more, so if you are looking to borrow a smaller amount, then you may be able to take advantage of a higher loan-to-value ratio. It’s not required that you have a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum of a minimum You can save money on your mortgage payments.
14. BankMD
Availability: Texas.
BankMD is a digital-only offshoot of TransPecos Banks focused on the niche of medical professionals in Texas, thus combining 100 years of experience with a specialized product.
Their loan products have up to 100% financing with no prepayment penalty. It’s easy to find the right loan with their competitive interest rates. It is easy to apply, and you will find out if you are approved in minutes. You’ll get your funds into your account the same day.
BankMD also offers mobile banking. Customers can use banking services on the go with mobile banking.
15. Fulton Mortgage Company
There are Availability: Maryland, District of Columbia, Virginia, Pennsylvania, Delaware, and New Jersey. The services offered by this organization can be used by residents of these states.
Fulton Mortgage Company has a few mortgage options available, including special requirements for residents, fellows, and practicing physicians.
Professionals can’t have been out of training for more than a decade. They have to keep their knowledge up to date through continuing education.
If you have a credit score of at least 700, you can get a loan of up to 1.5 million with no down payments. The loan is helpful for businesses that need capital quickly.
You can choose a mortgage at a 15-year fixed rate or a 3/1, 5/1, 7/1, or 10/1 ARM.
16. Horizon Bank
Availability is limited to Michigan, Indiana, and Illinois. The three states that offer the most comprehensive coverage are:
Horizon Bank offers a doctor loan for physicians, dentists, and optometrists, but it’s not available within most states.
To apply, you also need a payroll deposit with an auto-debit from a There is a significant limitation to the horizon bank account. The Horizon bank account has limitations, but it still has many benefits.
You can borrow up to $750,000 with no down payment or up to 1.5 million with flexible down payments. Some people may be able to get partial financing if they don’t qualify for the full amount.
17. Huntington Bank
Availability: Ohio, Illinois, Indiana, Michigan, Wisconsin, West Virginia, Kentucky, and Pennsylvania.
Exclusively for medical doctors (with an MD, DO, DDS, DVMM, or DMD), the Physicians Only Loan Program from Huntington Bank has all the benefits you’d expect.
You can borrow up to $750,000 with no down payment or up to $2,000,000 with flexible down payment options. The loan has competitive interest rates and flexible repayment terms.
There is no prepayment penalty, as well as the chance to choose between fixed or variable rates.
18. KeyBank
Availability: Alaska, Arizona, California, Colorado, Connecticut, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Maine, Massachusetts, Maryland, Michigan, North Carolina, New Hampshire, New Jersey, Nevada, New York, Ohio, Oregon, Pennsylvania, Rhode Island Hawaii can be requested upon request.
KeyBank is one of the largest banks in the US and offers a variety of home mortgage options, including a doctor loan program.
The KeyBank loan is one of the most generous available in terms of the amount of money you can borrow; you can obtain a loan of up to $3.5 million, although this requires a more conventional down payment.
You can get 100% financing for up to $750,000, 85% financing for up to $1 million, and 90% financing for up to 1.5 million. It is subject to credit approval for those who qualify.
19. Lake Michigan Credit Union (LMCU)
Florida and Michigan are available. Convenient access to the product or service is ensured by the availability of both Florida and Michigan.
The members of a credit union are the ones who own the unions. Credit unions offer a variety of services to their members.
This generally results in favorable terms, which is the case for the LMCU doctor mortgage.
Up to 100% financing can be obtained on loans of up to 1.5 million, but larger amounts require down payments of up to 5%. You can choose from a variety of repayment plans that will allow you to pay off the loan in a comfortable manner.
You can receive up to $650 in closing cost credits if student loan debt is excluded from debt calculations. It is now easier to purchase a home with minimal upfront costs.
20. NBT Bank
Availability: Maine, Massachusetts, NewHampshire, New York, Pennsylvania, and Vermont. The Northeastern region of the United States is where these states are located.
The NBT Bank mortgage loan is designed for the following with a credit score of 700 or more:
- Physicians
- Dentists
- Optometrists
- Podiatrists
You can loan up to $850,000 with loan down payment options, but there is an option for 100% financing or higher loan amounts. Loan terms and rates can be different, so be sure to compare your options before making a final decision.
The loan is not suitable for everyone. Before making a final decision, it is important to consider all options.
21. Synovus
Alabama, Florida, Georgia, Tennessee, and South Carolina are available. Visitors can enjoy a wide variety of attractions in these five states.
Synovus physician loans are available to the following looking to buy their primary residence using the loan:
- Licensed Physicians
- Residents
- Fellows
- Interns
You must be a doctor. One of these five degrees is required to become a medical doctor.
You can get 100% financing up to $750,000. You can get a competitive rate with no hidden fees. Fixed-rate and ARM options are available. Before making a final decision, it is important to understand the terms and conditions of each option.
22. UMB
Alaska, Hawaii, New York, and Washington D.C. are available. We don’t ship to Alaska, Hawaii, New York, or Washington D.C. at the moment.
UMB is a multi-billion-dollar financial services company with over a hundred years of experience in the industry.
Although the bank doesn’t offer a specific mortgage loan for physicians, it does provide a Medical doctors are included in the Mortgage Portfolio Professional Loan program.
To be eligible, you’ll need a The debt-to-income ratio is less than 45%. A good credit score and debt-to-income ratio will help you get a loan. You can borrow up to $2,000,000 if you already have enough equity. A home equity loan is an attractive option for homeowners looking to finance a large project. If you want to borrow the full $2,000,000, you will need a 10% down payment, but this will go down to zero if you loan up to $750,000. You can choose the repayment period that best suits you, because the loan terms are very flexible.
There are products with a fixed interest rate. Fixed interest rates for 10-year terms are available for those looking for a shorter-term commitment. 60 days prior, you need a contract with a start date. Before signing a contract, be sure to negotiate the terms.
23. University Federal Credit Union
Availability: Texas.
The University Federal Credit Union offers mortgages that ‘offer more.’
Alongside other loans tailored to various professions, doctors and nurses can choose a Medical Community loan.
Residents, fellows, and practicing physicians can borrow up to $424,000 with no down payment or up to 1.5 million with low down payments. With these loans, residents, fellows, and practicing physicians can easily finance the costs associated with medical school or residency.
There is no need for a private eye.
Frequently Asked Questions
Does Chase offer physician loans?
Chase doesn’t offer a particular loan for physicians. However, it does provide a range of mortgage options: fixed-rate mortgage, ARMs, jumbo mortgages, DreaMaker (with low down payments, and reduced PMI options for those with low-to-moderate income), FHA mortgages (a loan insured by the government), and a Veterans Affair loan.
Jumbo mortgages and physician loans are similar because you can borrow more. Chase offers financing up to 85% of the value of a home if the borrowers have a good credit score. Chase has competitive rates and flexible payment plans for borrowers who qualify. Many doctors are in this category. It is required.
How much student loan debt does the average doctor have?
According to the Association of American Medical Colleges, the average doctor in the US has over $200,000 in debt. The average debt load of college graduates is lower.
Without student loan debt being excluded from the debt-to-income ratio, it would be difficult for doctors to get approved for mortgages. Due to the high cost of medical school, doctors are often saddled with large student loan debts.
How long does it take to pay off student loans for doctors?
Since the average salary of physicians is over $200,000, doctors can pay off their student loans relatively quick if they’re motivated to do so.
The exact amount of time it takes will depend on the individual circumstances, such as, if they live in a city with a high cost of living and how much they are willing to save. Creating a budget and sticking to it can make it easier to save money.
You can expect it to take about thirty years to pay off medical school loans, but this could be reduced to half or even a third of the time if you are careful. Repayment plans that are tailored to the borrower’s individual needs are now offered by many medical school loan lenders.
Is a 10/1 arm a good idea?
A 10/1 There is a fixed interest rate for the first ten years, after which the interest rate changes every year. This makes it a hybrid mortgage because it combines features from two different types of mortgage.
It is almost always better to start with a low fixed interest rate than a variable interest rate.
Since you will end up with a variable interest rate, you could end up worse off. Variable interest rates can change, meaning you could end up paying more over time than you would with a fixed rate loan. How quickly you can pay off your loan is an important factor to consider. It’s important to consider the pros and cons of a loan before making a decision.
Generally, a 10/1 The amount you pay depends on economic conditions such as global interest rates. There are caps on how much interest rate can be adjusted over the life of the loan.
When the variable interest rate is introduced, you need to be sure that you will still be able to meet your interest rate payments, as you could end up getting hit by rates too high for you to manage. It is important to compare the variable interest rate to other options before making a decision.
Is A Physician Loan for You?
Getting a physician loan is not a bad idea if you know you will stay in the same area for a long time and you have a contract as a doctor.
It is difficult to figure out where you want to live when you are just beginning your career, as many doctors leave their job after just a few years. Career mobility may be worth considering when deciding where to start your medical career. You might not be able to build up enough equity to justify a house purchase if you move in less than five years.
Just because you can afford a $1 million home with a physician loan doesn’t mean you should. To make sure you have a realistic budget for your purchase, it is important to consider all the costs that come with buying a house. You will struggle to get approved if you have a low score. It is important to make sure that your credit is in good standing and that you are taking steps to raise your score.
A physician loan is preferable to a conventional mortgage for doctors who are confident they are ready to settle down in an area. Physician loans are becoming more and more popular as a way to finance the purchase of a home.
