Can a Chiropractor Qualify For a Doctor Loan?
Yes, there are some banks that allow Chiropractors to utilize their Physician Loan program, or “Doctor Loan”. The key is going to be finding the right banks to search.
What type of special loan program and/or features might a Chiropractor be able to qualify for?
Great question! One of the most significant benefits to utilizing of these programs is the ability to potentially purchase a home with 0% down. That’s not all. If the low down payment isn’t a good enough incentive, these programs also do not require mortgage insurance. Mortgage insurance is insurance a borrower pays in order to protect the bank from you defaulting. This by itself could save you tens of thousands of dollars per year.
What about Chiropractors that have a ton of student loan debt?
Having a ton of student loan debt won’t affect you as much as you think it will when qualifying for a Chiropractor Mortgage. Yes, some of the debt will be considered when qualifying. BUT, guidelines are much looser on a program dedicated to Medical Professionals than on a regular conventional or government mortgage. In some cases, if they’re deferred for 12 months, they can be omitted entirely. In other cases, however, you can utilize the graduated payment plan your student loans offer, which is the lowest payment option besides forbearance. We should also warn you that forbearance tends to bring on the highest payment calculation a lender will use, so it’s important to move it out of forbearance before applying.
What will my payment be like on a Chiropractor loan?
Great question! Your monthly mortgage payment will consist of 4 things called PITI (Principal, Interest, Taxes, and Homeowners Insurance). Principal and Interest can be calculated easily enough 
with a simple mortgage calculator; however, taxes and insurance can vary greatly and must be
included in your monthly payment if you’re utilizing one of the lower down payment options. Property taxes can vary greatly by state. For example, in Tennessee, property taxes are roughly around .65% of whatever you purchase your home for. In California, they almost double to around 1.25%, depending on the county. The state with the highest property tax rate belongs to New Jersey at a whopping 2.2%! What does all this mean? It means that on a $500,000 home, your property taxes alone can go from $271 per month in the lowest state all the way to $921 in the most expensive state! This is why it’s so important to start the pre-approval process. You will certainly need to know what you’re getting yourself into and be able to find someone that is both familiar with Medical Home Loans as well as your local area, which is where we can help.
Key takeaways:
- Some banks allow Chiropractors to utilize their Doctor Loan
- 0% down payment options are available for Chiropractors early in their career
- No mortgage insurance is required on Chiropractor mortgages
What banks offer a Chiropractor Mortgage?
I thought you’d never ask! This is where it can get a little challenging. Since most lenders foundations for Medical Home Loans start with physicians, many don’t include chiropractors. They do, however, exist depending on the area in that you live.
1. Evolve Bank and Trust
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:
- 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 Chiropractors, 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.
For the best rate, they like to see a 760 median FICO score. They do allow scores down to a 700 
minimum for the program.
If you are interested in purchasing a multi-family home up to 2-4 units, they allow these homes to be purchased but require a 10% down payment. The future rental income from these units can also be used to qualify for the home.
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.
They do business in 48 states (Hawaii and Alaska are the loan exceptions).
Corey Weber is our recommended lender with Evolve Bank and Trust! Click here to apply now.
2. Mercantile Bank
Mercantile Bank is a small community bank in the Midwest, serving only a few states. They offer their Physician loan to Doctors, Optometrists, Dentists, Pharmacists, and Chiropractors.
They offer 0% down on loan amounts up to $850,000, 5% down up to $1,250,000, and 10% down on loan amounts up to $2,000,000.
Mercantile bank is also one of the very few banks that allows their Medical Home Loan borrowers to obtain a 2nd home with particular limits. They will do 10% down up to $1,250,000 and 15% down up to $2,000,000, which could be huge for anyone looking for a vacation home.
The minimum FICO score on the above options is 690. All of the options listed above also do not require mortgage insurance.
One other rare thing that Mercantile Bank offers on their Chiropractor Mortgage program is that they will allow you to take cash out up to 90% of the value of your home. This is an exceptional feature in that most of these types of programs only allow purchases and refinances.
Mercantile bank does business in Michigan, Indiana, Ohio, and Kentucky
Is a Chiropractor Mortgage Loan right for you?
For most chiropractors searching for a home, the above mortgages are great options compared to the alternative conforming and/or government loans.
As rapidly as real estate tends to increase in price year over year, real estate is a great way to build up a different type of wealth you wouldn’t otherwise have the opportunity for another few years.
Being able to avoid mortgage insurance and putting 0% downshifts all of the risks to the Medical Home Lender’s bank rather than carrying that weight on your shoulders.
As a bonus to utilizing one of these programs, you can instead use that extra money for a small remodel or to furnish your new home, or maybe even just put it away for a rainy day.
Chiropractor mortgages are an exclusive benefit to working in the medical field that gives you a clear advantage at home ownership over the average joe. There are a few different options that we are very familiar with at Medicalhomeloans.com. Please let us know your scenario, and we’d happily match you with what we feel best fits you!
We have found a few other banks that offer loans to Chiropractors, but we have not vetted them out ultimately to see if their program is beneficial. We will update this article if we find the programs viable and a good option.
