Best Physician Mortgage Loans

As one of the top 10 financial services companies and a history dating back to 1852, TD Bank provides a wide variety of banking products and financial services, including physician mortgage loans.

TD Bank is our best overall provider of physician mortgage loans because it's available to a wide variety of medical professionals, doesn't require traditional proof of income, makes larger loans than most other physician mortgage loan lenders, and is open to self-employed borrowers. 

TD Bank refers to its loan as a Medical Professional Mortgage and it's available to licensed medical or dental residents, fellows who have completed a minimum of two years of their residency, as well as to dentists, oral surgeons, and practicing physicians including MDs, DOs, and DPMs. Only self-employed borrowers are required to provide two years of work history to get approved; other borrowers will appreciate the lack of documentation required. 

While this loan doesn't require a down payment, you will need to pay closing costs such as title insurance at the end of escrow. Like many lenders you must be borrowing for a primary residence.

Unfortunately, TD Bank operates in just 15 states and Washington, D.C.

First National Bank wins for easy approval because the lender focuses on making approval as simple and fast as possible. First National allows you to begin the application process by simply adding the loan to your "cart" online and inputting your personal information. You'll then be paired with a private banker who will be your point of contact throughout the application process and help you work toward loan approval. 

First National is based in Pittsburg, Pennsylvania, and has been offering financial services since its founding in 1864. It offers a full array of services, including asset management, private banking, small business banking, and mortgage loans, including physician mortgage loans available in 14 states. 

Its loans are available not just for primary residences, as many physician loans are, but also for vacation or second homes as well as new construction. You'll have a choice of a fixed or adjustable rate loan and can borrow up to 100% of the value of your home with no private mortgage insurance.

Flagstar Bank is our top choice for those with good credit because its Professional Loan offers ample perks, though it is open only to those with credit scores of 700 or higher. First National has a larger loan limit than most other lenders, provides loans in all 50 states, and facilitates a fast closing, but you can't qualify unless your credit score is good to excellent. 

The lender started in 1987 and is a top five mortgage originator. The bank has 150 branches across five states but provides mortgage loans nationwide through a wholesale network of more than 2,350 third-party loan originators. 

Flagstar refers to its physician loan as a Professional Loan. It's open to residents, medical doctors, dentists, doctors of optometry or ophthalmology, podiatrists, DOs, veterinarians, nurse practitioners and nurse anesthetists, and clinical nurse specialists. Eligible professionals can borrow up to $850,000 with a 10% down payment and no private mortgage insurance. Loans can be up to $1.5 million. This $1.5 million limit is higher than most other physician loan providers. 

While Flagstar doesn't offer fixed rate loans, the high borrowing limit makes it an attractive option for providers who plan to refinance as their career advances and before their rate begins adjusting.

Founded in 1933, Lake Michigan Credit Union (LMCU) is the best choice if you want to borrow a lot of money with a low down payment, as this lender enables you to take a loans with 0% either 5% down and no private mortgage insurance. You can borrow up to $650,000 with 0% down and $1 million with 5% down. LMCU also allows loans up to $2 million with a bit larger down payment. This is a higher limit than many other lenders.

Its physician mortgage is called a Doctor Mortgage and is open only to credit union members. Medical, dental, and orthopedic professionals are all eligible to apply, and there is even an online application you can submit to get the process underway without having to visit a mortgage professional in person.

The Doctor Mortgage is especially affordable to obtain because there is no requirement you have a certain amount of cash reserves at closing. Those concerned about a down payment due to a lack of cash flow will especially appreciate this option. You'll also have a choice of fixed or adjustable rate mortgage loans and can borrow for a new home purchase, a refinance, or home construction.

KeyBank was founded in Albany, New York, and currently operates in 15 states, managing more than $170 billion in assets. The bank offers a wide array of financial services including bank accounts, savings accounts, credit cards, investing and insurance, and mortgage loans.

KeyBank's physician mortgage is called a Medical Professional Loan and it's available to purchase an owner-occupied residence. You'll need to meet with a local mortgage loan officer to apply and can choose between a fixed or variable rate loan.

This lender stands out because of its maximum loan limit of $3.5 million, which is well above what many mortgage lenders offer for physician loans. It is possible to have up to 100% LTV (no down payment) as well with some loan sizes. As is the norm, higher loans sizes will require larger down payment percentages. If you're looking for a large loan Key Bank could be a great choice.