Key Takeaways:
- Medical doctors and dentists can access exclusive benefits with physician mortgage loans in Florida.
- There’s no private mortgage insurance (PMI) requirement with a physician mortgage loan, regardless of your down payment amount.
- Florida physician mortgage loans are a great alternative to jumbo loans, with loan amounts of up to $2 million.
Physicians and dentists often find themselves in a position of balancing massive amounts of student debt with their dream of owning a home. But it doesn’t have to be an either-or situation thanks to physician mortgage loans in Florida.
The Florida real estate market continues to experience a lot of volatility. According to Florida Realtors recent housing data, the median home purchase price statewide in 2021 was $358,950, up 17.7% from 2020. In 2022, demand stabilized and many luxury homes sat on the market far longer.
With a Florida physician loan, you’ll have an edge that makes your offer stand out. It could also give you a broader range of properties to purchase compared to other borrowers who can only access conventional, conforming loan options. Plus, in Florida, you have one of the most competitive doctor mortgage marketplaces in the country. Most every bank that offers physician mortgages makes their program available in Florida due to easier regulations.
Let’s look at how physician mortgage loans in Florida can benefit you.
How a Florida physician mortgage works
A physician mortgage loan can make homeownership a reality much sooner than a conventional mortgage. This type of loan, sometimes called a doctor loan program, is typically available to physicians and dentists. However, depending on the lender, other high salary professions that carry high student debt might also be eligible.
For example, some physician mortgage loans in Florida include veterinarians as a qualifying profession. Other lenders might include architects, attorneys or other six-figure healthcare professionals like nurse anesthetists.
You can start your search process with the form below or keep reading.
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How does a physician mortgage differ from a conventional mortgage?
So, what makes a physician mortgage more advantageous for these professions?
One of the biggest benefits to using a physician mortgage program is that you typically don’t need to provide a down payment. If you do, it’s considerably lower than the 20% down payment requirement of a conventional mortgage.
This is usually for borrowers wanting to access higher loan amounts (e.g. over $1 million), which might require a 5% or 10% down payment.
Additionally, you won’t need to carry private mortgage insurance (PMI) even if your down payment is a whopping $0. If you bring less than 20% to the table with a conventional loan, PMI will likely be a requirement. PMI alone can cost hundreds of dollars each month.
Other exclusive perks include:
- Favorable treatment of student loan debt when determining your debt-to-income ratio, or DTI for short.
- Competitive interest rates for large loan amounts that would normally result in a jumbo mortgage loan with higher rates.
- Relaxed income requirements (e.g. ability to close several months before your start date with an acceptable employment contract).
Although there are some great pros to physician mortgage loans in Florida, there’s a major disadvantage if you aren’t careful.
Because of the relaxed requirements, you might qualify for a much larger loan than with other mortgage programs. This can become a serious problem if you can’t actually afford the mortgage payment that comes with a million-plus-dollar home.
11 Top physician mortgage loans in Florida
If you’re buying your next home in the Sunshine State, consider these lenders that offer this specialty mortgage program to Florida doctors and dentists.
Note that most physician loan programs are only available for purchasing or refinancing a primary residence. In some cases, second homes might be eligible. But this type of loan can’t be used for an investment property.
1. Fifth Third Bank
Fifth Third Bank’s doctor mortgage program is open to residents, fellows, physicians, and dentists (MD, DO, DDS, DMD). They also have options for podiatrists, veterinarians, and optometrists (DPM, DVM, and OD degrees).
Financing options available from Fifth Third include:
- 0% down for up to $750,000.
- Low down payment for up to $1.5 million.
- 10% down for up to $2 million (established doctors and dentists only).
Established physicians need to have been employed or self-employed for at least 12 months.
Also, student loans in deferment or forbearance for at least 12 months after closing are excluded from DTI calculations.
To find out more about Fifth Third’s doctor mortgage program, email Sandy Salas or call 708-564-3381.
2. Evolve Bank & Trust
Evolve Bank’s program offers doctor mortgage loans in all 50 U.S. states.
Eligible careers for this program include: medical resident, MD, DDS, DMD, OD, Doctor of Pharmacy, DPM, DO, RN, physician assistant, nurse practitioner, clinical nurse specialist, ATP pilot, CPA, attorney, and veterinarian.
Financing choices include:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
To be approved for 5% down, you must have at least a credit score of 700. To be approved for 0% down, you must have at least a credit score of 720.
Applicants should take note that if he or she is a 1099 worker, he or she needs to supply documentation of at least two years’ worth of income.
Contact: Tish Kumar. Email Tish.
3. Truist
Florida doctors and dentists have access to the Truist doctor mortgage loan. Practicing physicians with an MD, DO, DPM, DDS or DMD can finance up to $1.5 million. Whereas licensed residents, interns and fellows in an MD, DO or DPM program are limited to $750,000.
Practicing physicians with less than 10 years of experience have the following financing options:
- 0% down for up to $1 million.
- 5% down for up to $1.5 million.
- 10.01% down for up to $2 million.
However, if you have 10 to 15 years of post-residency experience, you’ll be limited to 89.99% financing for up to $1.5 million.
For more information, email Matt Albert or call him directly at 336-439-3560.
4. BMO Harris Bank
BMO Harris serves more than 12 million customers, with over 500 branches in Arizona, Florida, Illinois, Indiana, Kansas, Minnesota, Missouri and Wisconsin. The Florida branch is located in Brandon.
The BMO Harris physician mortgage program is available to residents, fellows and existing (or newly licensed) medical doctors. This includes those with MD, DDS, DMD and DO degree designations.
Financing options include:
- 5% down for up to $1.5 million
- 10% down for up to $2 million
Contact: Patrick O’Malley. Email Patrick or call him at 623-283-1433.
5. Regions Bank
Regions Bank’s physician mortgage loan program provides up to 100% financing for loan amounts of up to $750,000 and no PMI. This program is available to Florida pharmacists, nurse anesthetists, nurse practitioners, physician assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs. Residents and fellows are eligible, as are licensed attorneys.
If you’re interested in funding up to $800,000, you can expect a 0% down payment if you’re an MD, DDS or DO. Otherwise, Regions Bank requires a 3% down payment.
Financing options include:
- 30 and 15 year fixed-rate.
- 10, 7 and 5 year ARMs.
- Construction to permanent loans.
In addition, Regions Bank can exclude (with review) some deferred student loan payments from your DTI ratio, making it easier to qualify for the mortgage amount you are seeking.
You can close up to 90 days before the listed start date on your employment contract or date of transferred employment. However, it is important to note that non-permanent visa holders are not eligible.
Contact Regions Bank for more info. There is no credit check needed for a rate quote. Regions Bank offers fast and friendly consultations.
6. KeyBank
KeyBank’s doctor and dentist program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.
Borrowers can be granted 100% financing on a conventional mortgage.
KeyBank has 30, 25, 20, 15, and 10 year fixed rate options, as well as adjustable rate options of 10/6 ARM, 7/6 ARM, and 5/6 ARM.
Maximum cash out available is $1,000,000.
Contact: J Mansisidor NMLS# 354606. Email J or call him at 757-926-0106.
7. First National Bank
First National Bank’s Doctor Loan program is available to eligible MDs (Doctor of Medicine), DOs (Doctor of Osteopathic Medicine), dentists, veterinarians, and podiatrists who are less than 10 years from training.
Those with greater than 10 years are still eligible, but are required to put down a minimum of a 10% down payment. H-1B and green card holders are encouraged to apply. To be approved, one must provide his or her signed offer letter or employment contract.
Financing options include:
- 0% down for up to $1 million
- 10.01% down for up to $1.5 million
Cash out refinancing is available for up to 80% of the loan. 30 or 15 year fixed-rate and 15, 10, 7, and 5 year ARMs are available.
Contact: Josh Feldman. Email Josh or call him at 843-380-4180.
8. First Horizon Bank
First Horizon Bank has a flexible physician mortgage option for MD, DO, OMS and DPM professionals. It comes with no upfront PMI, higher loan amounts and very low credit score requirements — borrowers with a score of 680 can qualify. You can also close up to 90 days before starting a new job, so long as you have an employment contract in hand.
Financing choices include:
- 0% down for up to $1.5 million
- 5% down for up to $2 million
- 10% down for up to $2.5 million
They also offer H-1B visa non-citizens loans and 100% financing.
Contact: Brent Eckhardt. Email Brent or call him at 910-260-5152.
9. U.S. Bank
The professional mortgage options at U.S. Bank are available for lawyers, as well as medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time. However, lawyers are welcome to apply.
You can borrow up to $2.5 million, but you’ll need a minimum down payment:
- 5% down for up to $1 million
- 10% down for up to $1.5 million
- 15% down for up to $2 million
Contact: Jonathan Brozek. Email Jonathan or call him at 916-602-4080.
10. TD Bank
TD Bank doctor mortgages are a great option for physicians, dentists, and podiatrists seeking up to 100% financing with no PMI. Residents and fellows can also qualify, with an added bonus of being able to close up to 90 days in advance of your start date.
You need one of the following degree types to qualify: MD, DO, DPM, DDS, or DMD.
Here are the TD Bank loan specifics:
- 0% down for loans up to $750,000
- 5% down for purchases up to $1.3 million
- 10% down for purchases up to $2 million
TD Bank has 30 year fixed as well as adjustable rate mortgage (ARM) financing options. They also offer flexible underwriting to those with large student loan balances. Doctors with green cards and those on H-1B visas can also qualify.
Contact: Neil Surgenor. Email Neil or call him at 646-760-6140.
11. UMB Bank
UMB Bank’s Doctorate Professional Mortgage Loan offers no required private mortgage insurance (PMI), up to 80% cash-out refinancing, no age restrictions, and low down payment options to those with an MD, DO, DDS, DMD, OD, and PharmD, as well as attorneys.
Borrowers must have an employment contract or signed offer letter, a copy of their license, and close within 60 days of contract acceptance.
Financing options include:
- 0% down for up to $1 million (must be an attending physician)
- 5% down for up to $1.5 million (must be an attending physician)
- 10% down for up to $2 million
15, 20, and 30 year fixed-rate and 5/1, 7/1, and 10/1 year adjusted-rate mortgage options are available.
Contact: Bryant Pryor. Email Bryant.
Should you move forward with a Florida physician mortgage loan?
Physician mortgage loans in Florida have various eligibility requirements, including how student debt is treated during the underwriting process. In many cases, they’ll use your actual monthly payment amount under an income-driven repayment (IDR) plan.
This can be extremely beneficial for borrowers with large six-figure student debt — allowing you to qualify for a loan amount you might not otherwise be eligible for.
Additionally, doctor mortgage loans help you get into your dream home with little or no down, and zero PMI payments. This mortgage option lets you avoid years of saving up for a large down payment or locking yourself into costly PMI payments.
If a physician mortgage sounds like the right path for you, hold steady during the home buying process and stick to your original budget. The last thing you want to do is sign for a loan amount that you can’t safely afford.
If the location of your next home is flexible, use our physician mortgage loan finder to jumpstart your search for programs in other states.
Get Quotes for Your Doctor Mortgage
What mortgage product would you like a quote for?
Step 1: Job
Step 2: Home
Step 3: Your Info
What is Your Occupation Status Currently?
NEXT
What most closely represents the price range of the house you’re searching for?
What is your preferred down payment?
What stage are you at in the home buying process?
How soon do you hope to secure a mortgage approval?
How many banks would you like quotes from?
Have you experienced any bankruptcies or short sales?
NEXT
