Physician mortgage loans are an effective way for medical professionals to get the homes of their dreams without the burden of student debt affecting their chances. These loans offer easier terms than conventional loans and even allow physicians to be approved for higher loan amounts. With most medical professionals carrying six figures of debt or better into their careers, physician mortgage loans can really come in handy. We have put together a list of the top (x) loans available for physicians in 2023.
First Horizon Bank NMLS#472329
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Many physician mortgage loans are state-specific, and this happens to be one of them. However, this bank offers PML loans in 14 different states for a variety of physician types. The loan is available for OMS, DPM, DO, and MDs, but only for fully licensed doctors, not medical residents. There is a $2.5 million loan cap; however, there are several no-money-down options to choose from. The minimum credit score for approval is 670, and the underwriting terms are much more lax than those of other lenders.
Regions Bank NMLS#174490
This bank is available for PML loans in 16 different states. It offers great rates for fellows, residents, dentists, and DO’s for primary residence home loans. Amounts of $750k and under do not require a down payment, while those over that and up to $1 million require a 5% down payment. That being said, the bank does not request PMI with their loans, and their underwriting process is student debt friendly.
TD Bank offers PLM home loans in 18 states, including the District of Columbia. This bank claims to be the most convenient bank in the country and offers a range of flexible mortgage loan options for medical professionals. Residents with at least two years of training under their belt, surgeons, DMDs, DDS, DOs, and MDs are able to apply for this loan. Full financing is available for loan amounts of $750k and under, with 95% financing for loans above that up to $1.3 million. Jumbo loans are available with 90% financing, and no PMI is required for any of their PML loans. Unlike most PML lenders, they also offer construction loans.
Fairway Independent Mortgage Corporation
This mortgage lender is one of the largest in the country and offers PML loans in all 50 states. They have been in business for more than 25 years and have routinely ranked among the top 10 lenders for several years in a row. They offer PML loans for MD, DMD, DVM, and DMS professionals who are within 10 years of their original residency. They also allow medical professionals to apply when their contract is within two months of closing. The maximum loan amount is $2 million, and they will fund up to 95% with no PMI required.
Get The Home of Your Dreams With A PML Today!
Physicians often dream of owning their own homes, just like everyone else. If student debt is keeping you from qualifying for the loan you need to fulfill those dreams, a physician mortgage loan can be a great option. There are many lenders available nationwide that offer a diverse range of loan products for physicians of just about every specialty. There is sure to be a loan product that meets your needs and your budget.
Author Bio: Heather Blacksmith has a Bachelor’s Degree in Finance and works at a finance firm based in Seattle, Washington. She specializes in small business finance, credit, law, and insurance. When she is not working, she spends her time in her favorite coffee shop writing on various finance-related topics. Other than that, she enjoys adult coloring books, recycling, and running.