Eligibility

Each bank will offer certain features and benefits for their “Physician Loan” program. It will be important to ask a lender what unique features they offer. Physician loans are not the same solution from bank to bank. Below are a few typical highlights most physician loans offer:

• Loan amounts up to $750,000 with zero down payment and no mortgage insurance
• Loan amounts over $750,000 up to $1,000,000 with a 5% down payment
• Loan amounts over $1,000,000 up to $1,500,000 with a 10% down payment
• Loan amounts over $1,500,000 up to $3,000,000 with a 20% down payment
• The borrower is typically a US citizen or has a valid green card
• Some banks allow H1B visas, but they may require additional down payments
• Must be a Resident Physician, Attending Physician, or Practicing Physician who has completed their primary residency program not more than 10 years from the date they want to settle on a new home purchase
• Most banks will require a deposit checking or savings account and may require auto payment of the mortgage through that account
• Co-borrowers are allowed if living in the home and on the title
• Must be a primary resident home, not typically for 2nd homes or investment properties