Key Takeaways:
- Physician assistant mortgage loans offer low down payment options, competitive interest rates and no private mortgage insurance requirement.
- Relaxed underwriting guidelines make it easier for borrowers to qualify for a physician assistant mortgage than a conventional loan.
- Physician assistants don’t automatically qualify for all physician mortgage programs.
There were more than 129,000 physician assistants (PA) employed in the United States, according to 2020 data from the Bureau of Labor Statistics. And the profession is expected to grow by another 31% through 2030. So, it makes sense that banks are now turning their outreach efforts to earn the business of early-career PAs by offering special home financing.
Physician assistant mortgage loans provide low down payment solutions, usually ranging from 0% to 10%, along with other exclusive benefits that can really pay off in today’s housing market.
Keep reading to learn about physician assistant mortgage loans and where to find them.
What’s a physician assistant mortgage loan and its benefits?
A physician assistant mortgage loan, often referred to as a physician home loan, allows certain medical professionals to purchase or refinance a home with exclusive financing and generous perks.
Although these programs used to be limited to medical doctors and dentists (e.g. MD, DO, DDS, DMD), some programs have extended eligibility to other high-income professions, such as physician assistants.
Physician assistant mortgage loans come with:
- Up to 100% home financing (aka no down payment).
- No private mortgage insurance (PMI).
- High loan limits without a jumbo loan interest rate spike.
- Flexible debt-to-income ratio (or DTI) calculations that treat PA student loan debt more favorably by using your actual monthly payment or a percentage of your loan debt. In some cases, your student debt might be excluded completely.
- Relaxed income documentation requirements that allow physician assistants to close on a home (up to 90 days) before starting a new position.
If you qualify for a physician assistant mortgage loan, you can shave off years from your home-buying timeline by dodging a 20% down payment and capitalizing on lenient underwriting criteria. You can also save thousands of dollars each year by avoiding PMI altogether.
But physician assistants have more limited options when it comes to physician mortgage loans.
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5 Top lenders offering a physician assistant mortgage loan
Unfortunately, physician assistants often aren’t included in general physician mortgage loan eligibility requirements. But more banks are adding the PA degree as their programs expand.
Here are some mortgage lenders to help jumpstart your search for a physician assistant mortgage loan, listed alphabetically and with loan officer contact information when applicable.
1. Consumers Credit Union
Physician assistants in Indiana and Michigan might be eligible for up to $750,000 with zero dollars down through Consumers Credit Union. This program excludes all student debt from your DTI calculation, which can boost how much you’ll ultimately qualify for.
States available: IN, MI
2. Flagstar Bank
The Flagstar Bank physician mortgage offers one of the most inclusive loan programs, allowing for a wide variety of professions to qualify — including physician assistants. Low down payment options include 0% down for up to $1 million and 5% down for up to $1.5 million.
To qualify, you must be within 10 years from the start of your career as a physician assistant. But unlike many lenders, this program is available nationwide and serves H-1B visa and green card holders.
Note this physician mortgage program is limited to adjustable-rate mortgages (ARM) with no fixed interest rate option at this time.
States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
Contact: Email Tish Kumar or call (916) 280-0299.
3. First Merchants Bank (formerly Level One Bank)
A physician assistant mortgage loan is available via First Merchants Bank for residents of Florida, Kentucky, Illinois, Indiana, Michigan and Ohio. With this program, you might be eligible for 0% down for up to $1 million or 5% down for up to $1.5 million. However, loan amounts are available for up to $3 million with varying down payment requirements.
This lender offers fast closings if you need to move in quickly. Plus, you can close on a new home within 90 days of your start date by providing an employment contract or offer letter as proof of future income.
States available: FL, KY, IL, IN, MI, OH
Contact: Email Joe Saleh or call (313) 497-5991.
4. FNBO Mortgage (First National Bank of Omaha)
Home financing options with a FNBO physician mortgage loan depend on your specific profession and location. For physician assistants, you might be eligible for loan amounts up to $750,000 with 5% down or up to $1 million with 10% down.
However, this program is limited to medical professionals in Colorado, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, Texas, Wisconsin and Wyoming.
States available: CO, IA, IL, IN, KS, MN, MO, MT, ND, NE, OK, SD, TX, WI, WY
Contact: Email Abe Huerta or call him at (469) 575-4730.
5. Frandsen Bank & Trust
Minnesota and Wisconsin physician assistants with a minimum credit score of 720 might qualify for a physician mortgage with Frandsen Bank & Trust. Low down payment options are available for loan amounts up to $2 million.
Note that financing is available for primary residences, second homes and investment properties.
States available: MN, WI
Should you use a physician assistant mortgage loan?
A physician mortgage loan can help early- to mid-career PAs purchase their next home with little to no money down, while also scoring some serious home ownership perks that aren’t available to the general public.
You can side-step a large down payment without triggering PMI. Depending on eligibility, you might be able to access loan amounts in the low-millions due to lenient underwriting and higher overall loan limits compared to a conventional mortgage.
But finding a physician assistant mortgage loan can be more challenging, so it’s worth exploring all mortgage options available to you. This might include access to a VA loan or an FHA loan. Additionally, it might mean reaching out to banks to inquire about medical professional programs and eligibility requirements that aren’t explicitly advertised on their websites.
We encourage you to browse through some of the best physician loan programs by state or comb through our other free physician mortgage resources to learn more.
You can also fill out the form below to start receiving physician assistant mortgage loan quotes for your new home or refinance.
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
