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The Best Physician Mortgage Loan Providers

A physician mortgage loan is a mortgage product designed for doctors. Unlike other loan products, they have a smaller number of restrictions. For instance, one can present an offer letter as proof of income for those who have not started their practice. This type of loan is focused on one’s future earnings, making it extremely attractive to physicians who are about to graduate or finish their residency.

 

This list makes it easy for medical professionals to compare mortgage lenders that offer physician loans.

 

KeyBank

KeyBank, the primary subsidiary of KeyCorp, is a regional bank headquartered in Cleveland, Ohio, and is the only major bank based in Cleveland. KeyBank is 28th on the list of largest banks in the United States. The company’s customer base spans retail, small business, corporate, and investment clients. Its doctor loan program provides up to $3.5 million with no PMI for single-family housing and condos.

  • Mortgage Limit For Residents and Fellows: Up to $3.5 million
  • Mortgage Limit Practicing Physicians: Up to $3.5 million

 

TD Bank

TD Bank, N.A., is an American national bank and subsidiary of the Canadian multinational Toronto-Dominion Bank. It operates primarily across the East Coast, in fifteen U.S. states and Washington, D.C. TD Bank is the seventh-largest U.S. bank by deposits. Its medical professional mortgage program offers fixed-rate and adjustable-rate loans up to $1.25 million with no private mortgage insurance.

  • Mortgage Limit For Residents and Fellows: Up to $1.25 million
  • Mortgage Limit Practicing Physicians: Up to $1.25 million

 

BOK Financial

BOK Financial Corporation is a bank holding company headquartered in the BOK Tower in Tulsa, Oklahoma. The company is 60% owned by George Kaiser, who acquired the bank in 1991 from the FDIC. It is the largest bank in Oklahoma, with 14% of the total deposits in the state. The company’s loan program provides home financing solutions for medical professionals.

  • Mortgage Limit For Residents and Fellows: Up to $650,000
  • Mortgage Limit Practicing Physicians: Up to $1,000,000

 

Chemical Bank

Chemical Bank was a bank with headquarters in New York City from 1824 until 1996. At the end of 1995, Chemical was the third-largest bank in the U.S., with about $182.9 billion in assets and more than 39,000 employees around the world. It offers one of the most expansive doctor loan programs on the market.

  • Mortgage Limit For Residents and Fellows: Up to $3 million
  • Mortgage Limit Practicing Physicians: Up to $3 million

 

First National Bank

F.N.B. Corporation is a diversified financial services corporation based in Pittsburgh, Pennsylvania, and the holding company for its largest subsidiary, First National Bank. As of April 23, 2020, FNB has total assets of more than $35 billion. Its physician program features 10, 15, 20, 25 and 30 year fixed rate loans; and ARM 7/1, 10/1 and 15/1 ARM loans on loan amounts up to $1.5 million.

  • Mortgage Limit For Residents and Fellows: Up to $1.5 million
  • Mortgage Limit Practicing Physicians: Up to $1.5 million

 

UMB

UMB Financial Corporation is an American financial services holding company founded in 1913 as City Center Bank and based in Kansas City, Missouri. It offers complete banking, payment solutions, asset servicing, and institutional investment management to customers. Its Mortgage Portfolio Professional Loan program is designed to lend to the doctorate professionals who are licensed in their profession.

  • Mortgage Limit For Residents and Fellows: Up to $2 million
  • Mortgage Limit Practicing Physicians: Up to $2 million

 

Flagstar Bank

Flagstar is among the top lenders in the country in terms of home equity products, in addition to construction mortgages and government loan programs. Its doctor mortgage program offers no down payment financing up to $850,000 and up to $1.5 million with down payments based on loan amounts.

  • Mortgage Limit For Residents and Fellows: $850k (no down payment required)/$1.5 million (flexible down payment options available)
  • Mortgage Limit Practicing Physicians: $850k (no down payment required)/$1.5 million (flexible down payment options available)

 

LoanDepot

LoanDepot, sometimes stylized as loanDepot, is a Foothill Ranch, California-based holding company that sells mortgage and non-mortgage lending products. It is reportedly the second-largest non-bank provider of direct-to-consumer loans in the US.

  • Mortgage Limit For Residents and Fellows: Up to $2 million
  • Mortgage Limit Practicing Physicians: Up to $2 million

 

BancorpSouth

BancorpSouth Bank is a bank holding company headquartered in Tupelo, Mississippi with operations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee, Texas, and Illinois. The company offers a flexible physician mortgage loan product available at any stage of your medical career.

  • Mortgage Limit For Residents and Fellows: Up to $650k
  • Mortgage Limit Practicing Physicians: Up to $650k

 

BMO

BMO Harris Bank, N.A. is a United States bank based in Chicago, Illinois. It is a member of the Federal Reserve System and operates branches in the states of Illinois, Indiana, Arizona, Missouri, Minnesota, Kansas, Florida, and Wisconsin. Its doctor mortgage loan program offered by BMO Harris is available in 9 states to physicians and dentists with a minimum FICO score of 700.

  • Mortgage Limit For Residents and Fellows: Up to $750k
  • Mortgage Limit Practicing Physicians: Up to $750k

 

Cadence Bank

Cadence Bank is a US-based bank with 98 branches in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. The bank is based in Atlanta, with executive and operations headquarters in Birmingham, Alabama. Its loan program for physicians is available to MDs, DOs, DDSs, DMDs, DPMs, ODs, and PHARMDs that are currently in training as well as practicing professionals.

  • Mortgage Limit For Residents and Fellows: Up to $1 million
  • Mortgage Limit Practicing Physicians: Up to $2 million

 

Fifth Third Bank

Fifth Third Bank is a bank headquartered in Cincinnati, Ohio, at Fifth Third Center. It is the principal subsidiary of Fifth Third Bancorp, a bank holding company. Their new doctor loan program covers MDs, DOs, and DPMs in residency or fellowship and practicing doctors that completed residency within the last 12 months.

  • Mortgage Limit For Residents and Fellows: Up to $750k
  • Mortgage Limit Practicing Physicians: Up to $750k

 

Make The Best Decision

Planning to apply for a physician mortgage? Call (949) 284-2700 to receive expert advice from a Loanbox Mortgage consultant or visit Loanbox Mortgage for a free quote.

 

A Canadian native, Noelle attended Ryerson Polytechnic Institute in Toronto where she obtained a Bachelor of Technology in Architectural Science. In 1990 she moved to Southern California and got her start in the mortgage industry. In 1994 she obtained her Mortgage Broker License and has since managed mortgage and private lending companies.
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