1. Evolve Bank & Trust Grade: A-
Evolve Bank and Trust has an entire group dedicated to Medical Professionals called Physician’s Capital. They allow the following medical professionals to utilize the doctor loan:
- Physician
- Physicians Assistant (PA)
- Optometrist (OD)
- Nurse Anesthetist (CRNA)
- Chiropractor (DC)
- Doctors of Podiatric Medicine (DPM)
- Nurse Practitioner (NP)
- Pharmacist (PharmD)
- Veterinarian (DVM)
- Medical Researcher
For all of the above Medical Professionals, they offer 0% down on purchases or refinances up to $1 million, 5% down up to $1,250,000, and 10% down options up to $2 million. They offer 5/6, 7/6, and 10/6 ARM (Adjustable Rate Mortgage) products amortized over 30 years.
Like other Doctor Loans, Evolve requires medical professionals to be within ten years of graduating, residency, or fellowship, whichever came last.
Evolve does not require mortgage insurance (PMI) for any of the above options.
Corey Weber is our recommended lender with Evolve Bank and Trust! Click here to apply now.
2. Bank of America Grade: B
Bank of America (BoA) is good if you already bank with them and want to keep everything under one roof. They offer 3% down on financing for homes up to $850,000, 5% on financing homes up to $ 1 million, and 10% on financing for homes up to $1.5 million.
The home you purchase must be your primary residence for 12 months. Bank of America offers 15 and 30-year fixed-rate mortgages as well as ARM (Adjustable Rate Mortgages). These loans can also be used for both purchases and rate/term refinances (No cash-out).
David Salas is our recommended lender with Bank of America! Click here to apply now.
3. BMO Harris Grade: B+
BMO (Bank of Montreal) Harris is a great option for Physicians and Dentists. They offer fixed-rate and adjustable-rate mortgage products in all states except New York.
BMO offers 5% down on financing for mortgages up to $1 million and 10% down on financing up to 1.5 million. BMO Harris doesn’t require mortgage insurance, which will lower your monthly mortgage and save you money.
3. Citizens Bank Grade: A-
Citizens Bank’s physician loan program is called the Citizens Doctor Loan. They can do mortgages for 5% down on purchases up to $1 million for the following medical professions:
- Doctors of Medicine (MD)
- Doctors of Osteopathic Medicine (DO)
- Doctors of Dental Surgery (DDS)
- Doctors of Dental Medicine (DMD)
Similar to other banks, First Citizens also requires borrowers to have completed residency within the last ten years or be current medical professional residents and fellows.
Citizens Medical Professional Mortgage is available for a 15 or 30-year fixed and ARM programs for their Doctor Loan.
4. Truist Grade: A-
Truist offers loans for Medical Doctors, Dentists, and Podiatrists in California. They offer 0% down to $1 million loan amounts, 5% down to $1.5 million, and 10.01% down up to $2 million.
You will not have to pay PMI like all doctor loans, but the loan must go toward an owner-occupied property. If you have deferred student loans, Truist won’t consider your payments in your DTI ratio.
Truist does allow its borrowers to purchase condos, but it will require a 5% down payment. Medical professionals practicing for more than ten years are not eligible for Truist’s doctor loan programs.
5. UMB Bank Grade: B-
UMB’s program is available to MDs, DOs, DDSs, DMDs, ODs, and PharmDs. However, only attending physicians are eligible for 100% financing up to $1 million, while the other professions require a small down payment.
Attending physicians are also eligible for 5% down on loan amounts up to $1.5 million and 10% down up to $2 million. Fixed-rate options are available for 15, 20, and 30-year terms. These loans can be used to purchase a new property or refinance a primary or secondary residence.
