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I was wondering what lenders offer special mortgages specifically to doctors/dentists.

I am gathering details to purchase a home.  I am a dentist and have recently found out from colleagues that certain banks offer special mortgages to doctors and dentists who have graduated in the past seven years.  Specifically I have found out that key bank and wells fargo offer mortgages with as little as 5% down and no PMI.  Does anyone know of any other banks that offer anything similar?
  • January 19 2014 - Seattle
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Answers (23)

Profile picture for user48488758
All of you people shouting about discrimination (at least based on color or gender) are overreacting and ignorant.  The only "discrimination" is offering a deal to a lower-risk-of-default group of people.  It doesn't matter if the PHYSICIAN is black, white, hispanic, male, female or whatever.  The fact that they are a physician, and that data has shown that they are a low risk to default is what creates this category.  Want this deal?  Go become a physician.  
  • June 10
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My company MiMutual Mortgage has a DR. program. I know this post is old but may be other Dr. clients reading this. 
  • April 30
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[Removed by Zillow. Please see our Good Neighbor Policy for posting guidelines]

  • March 27
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I work with a local lender that keeps these loans in their "Portfolio". Nothing like local servicing in my book. Feel free to email me and I will be happy to pass on the information. I have had great experiences with them.
  • February 25
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Yes my company offers such a program. My name is Matt Albert (NMLS# 658999) and I am a Doctor/Physician Loan Specialist with RBS Citizens/Charter One Home Loans.

[Promotion removed by Zillow moderator. See our Good Neighbor Policy.]


If I can be of any assistance please feel free to contact me regarding details of the program as we are NOT allows to share guidelines of the program in online forums. You may do a search of my name and Doctor loan and easily find my contact information.



Matt Albert

Physician Loan Specialist

Mortgage Loan Officer

NMLSR# 658999

RBS Citizens/Charter One Home Loan 

  • February 21
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Hello there,

The Bank of America doctor loan program is also available to Dentists (DDS/DMD).
Wishing the best in your lender search!  

Message me if you have any questions or would like more information about our program.

Neil R Vandehey
NMLS ID 403944
  • November 17 2014
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Washington Physician Home Loans offers doctor mortgages in Washington. Google Washington Physician Home Loans and you will see our site. You an also visit [Website removed by Zillow  moderator. Please see our Good Neighbor Policy for posting guidelines.] and search for doctor mortgage loan on his site and there is a list of providers. Good luck!
  • January 27 2014
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I friggin LOVE snickerdoodles. Click on my profile and message me, I've got a special deal for you. I checked with ECOA and cookie types are NOT a protected class.

I completely understand your position SteadyState. No way I'm getting into another argument on Zillow, I learned that lesson the hard way.

Peace.

Good luck on your loan OP. 
  • January 23 2014
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Profile picture for sunnyview
All I want to know is if lenders have special financing for people like me who make the world's best Snickerdoodles. If they don't...they should. 
  • January 23 2014
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Profile picture for SteadyState
Dustin -

I am the last person to support affirmative action - I do not support it for school, college admissions and absolutely hate it for job selection.

I am arguing that mortgages be based ONLY on credit worthiness. If you are worthy (ability to pay back) of a loan you should get the loan. If your are not worthy (questionable ability to pay back)  of the the loan you should be denied the loan. This should be true if your are white, black, blue or brown or even if you are a janitor, doctor or professor!!!

You have more faith in lenders/banks and in Government than I do. Lenders/banks will use every leverage they can to minimize risk and maximize return (including using some loophole to bypass US laws) and Governmental organizations cannot (or do not) move as fast as lenders/banks do to fact checks and understand the implications of the laws they create.
  • January 23 2014
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Steady I see your point and it's well taken, but I don't see affirmative action having a place in mortgage lending, and at it's core that is what you are calling for here (basically reverse discrimination by limiting our OP's loan options based solely on the race disparity in his chosen profession).  

If it truly appeared that job class was being used as a 'proxy' to skirt ECOA laws and racially discriminate, The CFPB (or whoever enforces ECOA) would be all over it in a heartbeat.  I don't really think that's what's happening with these physician loans.   



  • January 22 2014
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Profile picture for SteadyState
Dustin -

I agree with your assertion that job-class discrimination is not protected by the ECOA. I am making a stronger assertion (call to action?)  that job-class discrimination is an way to discriminate against protected classes.  Some examples:

1. Want to reduce African American applicants? Offer a loan for physicians. 12% of the US population (2002) are African Americans. But only 3% of physicians are African Americans. The lender has decreased the "risk" of a black applicant by 66%!!!
2. Want to reduce female applicants? Offer a loan for Civil Engineers. 51% of the US population is female. But only 7.1% of civil engineers are females. The lender has reduced the risk of a female applicant by 86%.
3. Want to discriminate against LGBT? Offer a loan for construction workers.

Etc. Etc. Etc.

The ECOA is unaware of,  or does not know what to do about how loans based on a job class can be used to discriminate against protected classes. Lenders, knowingly or unknowingly, discriminate against protected classes when they offer job-classification based loans.
  • January 22 2014
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SteadyState,

Mortgages are based on discrimination. They discriminate against credit score, income, assets, job class, credit profile, etc etc.

They can not discriminate against protected characteristics (Check ECOA)

In your example if you were citing a white physician vs a black physician, that would be ECOA discrimination. If you are talking about a white physician vs a black non physician, that's job class discrimination which is not protected by ECOA.

It's kind of like you saying why should the 740 credit score person get a better deal than the 620 credit score person if they have different ethnicities. Following your logic would make profitable mortgage lending literally impossible.

All financial products and insurance products work this way.

Why should a construction worker pay more for disability insurance than a mortgage lender?
Why should a teenager pay more for auto insurance then a married 30 year old?
Why should we even check credit when looking into a borrowers qualification?
  • January 22 2014
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Profile picture for SteadyState
"physician loans have one of the lowest, if not the lowest, default rates of any type loan."

Of course they will have the lowest defaults - the bank has indirectly weeded out Hispanics, Blacks, etc. on a percentage basis. Seems like discrimination if a Black non-Physician with identical Credit score, income, and down payment cannot get the same loan under identical terms.
  • January 21 2014
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Profile picture for nwhome.us
Good question because the responses have added two that I was unaware of.

So we have:
B of A
Key Bank
HomeStreet
Sterling

I've only worked with Key Bank and I'm not familiar with Wells having a program.
I can make a referral for you to officer at HomeStreet if you'd like to ping me from my profile
  • January 21 2014
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This is a great question because Doctors and Lawyers  DO  get special deals.  The best way to go about this would be to talk with your HR person at your firm or hospital and honestly ask around to some of your doctor friends.  Those will be the best referrals.

Jay Feaster
  • January 21 2014
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Is this some new indirect way to discriminate?
=================
No it's not.
Employment/Position isn't a protected class under Fair Housing or Fair Lending also, physician loans have one of the lowest, if not the lowest, default rates of any type loan.
  • January 21 2014
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Profile picture for SteadyState
Is this some new indirect way to discriminate? For example, view the statistics on the percentage of any profession (say doctor, dentist, attorney, etc.)  that are Hispanic or African American,  etc. Offer special mortgages for those professions that have least percentage of the class you wish to discriminate. For example, I can construct a special mortgage for post-graduate professors who are computer scientists - that will eliminate most Hispanics and Blacks. (Of course the lenders did not construct the special mortgage to discriminate but only wanted to reward computer-science professors!!!).
 
  • January 21 2014
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HomeStreet Bank offers a doctor loan. Max loan amount is 750k and up to 95% financing.

The Doctor Loan Program is a residential mortgage loan developed specifically for:

-Medical and Osteopathic Residents, Interns, and Fellows

-Licensed Medical and Osteopathic Physicians who have completed their residency and have been in practice for 5 years or less

-Licensed Dentists and Oral Surgeons who have been in practice for 5 years or less 

  • January 21 2014
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Profile picture for daveskow
what size  purchase price and loan amount are you considering ?  I assume  its  " jumbo " sized ?  ( over 506K in King County ?)

Bank of America has some special programs as well …….If you would like  some local references to loan officers at KEY or BOA or WELLS - let me know ……better to work with an individual Loan person than their call centers 

good luck 
  • January 21 2014
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Bank of America and Sterling Bank offer them as well in WA state.  Generally the idea is that they give you this mortgage and you give them your personal and more importantly business depository relationship, which is why you won't find any non depositories offering this product.  
  • January 20 2014
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Yes, feel free to contact me via my profile.
  • January 20 2014
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Try 5/3rd Bank
  • January 19 2014
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