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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP® Joel Ohman

UPDATED: Jul 22, 2021

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  • Physicians mortgage loans don’t require doctors to make a down payment to receive a mortgage loan
  • The average annual percentage rate (APR) for mortgage loans is three percent
  • Shopping around secures your chances of getting a low interest rate

Did you know physicians can get mortgage loans with no down payments? Physician mortgage loans are designed for medical professionals who need assistance buying a home.

But how can you get physician mortgage loans? Continue reading to learn more about physician mortgage programs, physician mortgage loan interest rates, and physician mortgage insurance.

Once you finish your check-up on physician mortgage loans, enter your ZIP code in the free online quote tool to compare multiple companies near you.

How do physician mortgage loans work?

Physician mortgage loans arent types of medical loans. Physician or doctor mortgage loans are for doctors, surgeons, and other medical professionals who need help buying a home.

One of the biggest perks of physician mortgage loans is the possibility of securing a loan with no down payment. Also, doctors don’t have to get private mortgage insurance (PMI) right away.

No down payment means the lender doesn’t require you to prove that you’ve made a down payment to buy a home. This puts you at an advantage to get a mortgage loan without taking on more debt.

Lenders know new physicians may not earn a significant income after completing medical school.

Medical professionals have exceptional earning potential. Therefore, lenders are more likely to give doctors a mortgage loan.

What are the factors that determine physician mortgage loans?

Many factors determine whether affordable physician mortgage loans are available to you. When we talk about affordable mortgage loans, we mean loans that have low interest rates.

Check out these factors that determine doctor mortgage loans.

  • Home price
  • Mortgage lender
  • Loan amount
  • Annual percentage rate (APR)
  • Loan terms
  • Credit score
  • Location (state)

The average mortgage rate is about three percent in 2021. Your APR is based on the company you choose for your loan.

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How can I qualify for a physician mortgage loan?

Before you start collecting personal information, the lender has to determine whether you’re qualified for a physician mortgage loan.

To be considered for a physician mortgage loan, you need one of these degrees:

  • Doctor of Medicine (M.D.)
  • Doctor of Osteopathic Medicine (D.O.)
  • Doctor of Dental Surgery (D.D.S.)
  • Doctor of Dental Medicine (D.M.D.)
  • Doctor of Podiatric Medicine (D.P.M.)
  • Doctor of Veterinary Medicine (D.V.M.)

Is your degree not listed? Don’t worry — mortgage lenders provide loans for doctorate-level physicians. Be prepared to show your degree to a lender.

In addition to your degree, you’ll need a few items related to your personal information. Here’s a list of things that you need when the application process begins:

  • W-2s from the last two years
  • Pay stubs from the last 30 days
  • Bank statements from the previous two months
  • Personal and business tax returns
  • Social Security number
  • Permanent address
  • Driver’s license
  • A credit report
  • Copy of year-to-date profits if you’re self-employed
  • A signed copy of a purchase and sales agreement

If you don’t have the W-2s or pay stubs, explain your situation to the lender. A physician mortgage loan company may waive that part of your application.

Why should I get a physician mortgage loan?

Whether you’re searching for a job or just finishing your residency, you should use physician mortgage loans to your advantage. It’s not financially practical to spend your savings on buying a home.

Doctor or physician loan programs are another way of saying that a lender carries loans targeted toward medical professionals.

With a physician mortgage loan, you can spread out your payments to save money long term. Also, you won’t have a down payment like most borrowers.

Physician Mortgage Loan Alternatives

If there’s a reason why you’re not eligible for a physician mortgage loan, there are several options to explore. Here are a few alternatives you can use.

  • Look into FHA loans
  • Apply for a Veteran Affairs (VA) loan
  • Make a 20% down payment
  • Get a mortgage loan with private mortgage insurance (PMI)
  • Refinance an existing loan

The most effective alternatives are making a down payment and getting PMI.

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What are the best mortgage loan lenders for physicians?

Determining which lender is best is subjective. But it doesn’t hurt to know which mortgage lenders are considered ideal for physicians.

Let’s look at a few lenders that are considered the best for doctors and other medical professionals who need a mortgage loan.

  • First National Bank – Best lender for approval process
  • Flagstar Bank – Best lender for Physicians with good credit
  • KeyBank – Best lender for high borrowing limits
  • Lake Michigan Credit Union – Best lender for providing low down payments
  • Simmons Bank – Best lender for physicians with fair credit
  • TD Bank – Best overall lender
  • University Federal Credit Union – Best lender for quick closings

What about physician mortgage loans from Chase and Bank of America? Chase is one of the top banks in the United States. It didn’t make our list, but look into its loan program and compare it to other lenders.

Physician mortgage loans from Bank of America aren’t as popular as other banks, but it does have a doctor mortgage loan program.

Physician Mortgage Loans: What’s the bottom line?

Physician mortgage loans allow doctors to skip personal loans and start homeownership much faster than most borrowers. Some lenders may require borrowers to pay up to 10% on a down payment.

Don’t go with the first deal you see. Shop around until you find the mortgage loan that works for you.

Now that you know more about physician mortgage loans, use our free comparison tool below to compare multiple lenders in your area.

Frequently Asked Questions: Physician Mortgage Loans

Before we wrap up this guide, let’s answer a few frequently asked questions related to physician mortgage loans.

#1 – Is getting a physician mortgage loan a good idea?

It depends on your situation. Physician mortgage loans are ideal for medical professionals who enter a new practice or doctors who are actively looking for work.

#2 – Who should get a physician mortgage loan?

Any doctor, dentist, or veterinarian should get a physician mortgage loan.

#3 – Can I buy physician mortgage loans?

You don’t buy a physician mortgage loan. But, you may have to pay a fee to start a physician mortgage loan application.