Physician Loans in Colorado


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11 Best Hidden Doctor Mortgage Loans in Colorado

Key Terms

  • A Colorado physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Doctors and other professionals can enjoy no PMI with these mortgages.
  • You can qualify for higher loan amounts than might otherwise be available when you use a doctor mortgage.

Colorado is the 8th largest state in the United States and home to nearly six million people, including its fair share of doctors, with the latest count showing almost 17,000 physicians in the state.

With so many people calling Colorado home and the steady influx of people into the state, we’ve seen a steady increase in housing prices. The Denver Post is reporting the latest average sales price at $415,000, making it significantly more than the nation’s average.

For the doctors and other professionals hoping to buy real estate in Colorado this year, a doctor mortgage may make the process more affordable since most physician loans do not require private mortgage insurance (PMI) and many programs offer low and no down payment options. Medical doctors can benefit from a physician mortgage loan for their primary residence due to several advantages not offered by regular loans.

If you’re considering a doctor mortgage in Colorado, read on to understand the pros and cons, as well as the list of physician loan lenders in Colorado that we uncovered during our research.

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Reasons to consider a Colorado physician mortgage loans

A “doctor mortgage” or physician mortgage loan can be an excellent choice for any doctor or professional living and working in Colorado. It can allow you to purchase a home without a large down payment, for one; in fact, many doctors receive 100 percent financing on their loans. Once you get a great job offer and find a great place to live on the NMLS, most doctors don’t want to be hindered by the traditional challenges borrowers face with regular loans. That’s why they choose to turn to physician home loans instead.  This helps health care professionals get a leg up on their perfect property with a loan to buy the home now with different rules than traditional loans. Doctor loans can make sense when you’re sure you can cover the repayment amount in the future.

Homeownership is often a challenge for new doctors who don’t have a first residence to refinance, possibly high credit card balances, and significant student loans taken out to pay for medical school. Much like other loan offerings, monthly payments do kick in, so it’s important to balance those future monthly payments in during your home buying process. The loan process looks somewhat different for physician mortgage loans.

These loans also exempt you from making PMI payments— an additional cost that comes with conventional loans. Doctors in Colorado who are also burdened by a good deal of student debt from undergrad and medical school receive favorable treatment of this debt, making it easier to qualify for the loan. . 

There are some downsides that can come with these financial products. These include higher interest rates and the possibility that you might purchase more house than you can afford, since these loans come with higher limits than conventional mortgages. The lender may also require that you open an account with them in order to establish a long-term relationship.   

Get Quotes for Your Physician Loan

11 Top doctor home loan lenders in Colorado

If you’re in the market for a home in Colorado, consider these physician mortgage loans that are available to state residents.

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$500M+ Closed Loans

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.

The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$10M+ Closed Loans

Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.

The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
15% above $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Get Quotes Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Lawyers (JD)

NEO

(All 50 States - Except NY)

$50M+ Closed Loans

NEO home loans works with lawyers, physicians and other high-income professionals to find mortgage options that accommodate their unique financial situations.

The group has years of experience arranging loans for high-income professionals and has access to multiple programs giving them an edge on finding a financing option for your specific situation. For example, NEO can help you finance a home purchase with a credit score as low as 620 or if you are paid as a 1099 contractor. We've seen them handle a number of unique situations, so if that's you then we'd encourage you to reach out to see what they can do. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Lawyer (JD), Nurse (CRNA, NP, RN), Physician Assistant (PA), Physical Therapist (DPT)

Down payment Financing
0% up to $1 million (Medical)
5% up to $1.25 million (Medical)
10% up to $2 million (Medical)
3% up to $850 thousand (Professionals)
5% up to $1 million (Professionals)
10% up to $1.5 million (Professionals)
  • Minimum credit score: 620
  • Residents / fellows accepted: Yes
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)

First National Bank of Omaha (FNBO)

(CO, IA, IL, KS, MO, NE, SD, TX, WY)

$500M+ Closed Loans

First National Bank of Omaha (FNBO) has one of the most expansive professional mortgage programs on the market with the ability to finance multiple degree types.

Unfortunately, they have a small lending footprint, including only being able to lend in Texas in the Dallas/Fort Worth area. We're always trying to convince them to expand the program and recently they added the ability to finance condos. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)

Down payment Financing
0% up to $850 thousand
5% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 680
  • Maximum loan: $1.5 million
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Huntington Bank

(CO, IL, IN, KY, MI, MN, ND, OH, PA, SD, WI, WV)

$500M+ Closed Loans

Huntington Bank operates primarily out of the Midwest.

Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.25 million
10% $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 2 months
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Citizens Bank

(CA, CT, DC, DE, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV)

$500M+ Closed Loans

Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered in the smallest state: Rhode Island.

With over $160 billion in assets, it's no surprise that Citizens offers a full range of financial products, including a physician loan. New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible. No more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
5% up to $850 thousand
10% up to $1 million
15% up to $1.5 million
  • Minimum credit score: Not reported
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: None
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Optometry (OD), Pharmacist (PharmD), Lawyer (JD)

UMB Bank

(AZ, CO, KS, MO, NE, OK, TX)

$500M+ Closed Loans

UMB Bank has one of the few 0% down mortgages available to lawyers, so is popular among the attorney crowd. They have a small footprint but can be a good bet for doctors too.

The UMB Bank program is limited to just seven states, so that's a major downside if you are outside of their lending footprint. The good news is that a wide range of doctors qualify for the program, including Pharmacists and Optometrists, both of which are sometimes excluded from lending programs. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Optometrists (OD), Pharmacists (Pharm D)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: No
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

The Federal Savings Bank

(CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, ME, MD, MA, MI, MN, MS, MO, MT, NJ, NY, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY)

$50M+ Closed Loans

The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.

The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]

Eligible Professions:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

Down payment Financing
0% down up to $1 million
5% down up to $1.25 million
10% down up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Laurel Road

(All 50 States)

$10M+ Closed Loans

Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.

Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$500M+ Closed Loans

US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.

US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows

Down payment Financing
5% up to $1 million
10% up to $1.5 million
15% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

BankMD

(CO, FL, OK, TN, TX, UT)

$50M+ Closed Loans

BankMD is a division of TransPecos Banks and one of the few specialized physician lenders in the country.

The BankMD physician mortgage program has a 44% DTI ratio requirement and can be used for 1099 doctors who are less than one year into their job. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
10% up to $850 thousand
15% up to $1 million
20% up to $2 million
  • Minimum credit score: 660
  • Maximum loan: $3 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed

Is a Colorado physician mortgage loan right for you?

When considering a Colorado physician mortgage loan, it’s important to determine whether it is the right option for you. Do you plan on staying in Colorado for the foreseeable future? Are you happy with your current job, and do you see yourself remaining in that position for years to come? If your answer is ‘yes,’ a physician mortgage loan may be a perfect fit, especially given the friendly terms a doctor mortgage extends to professionals like you. 

It is also important to remember that, in some instances, these products can come with higher interest rates. If you prefer to get a lower rate, waiting to save for a down payment on a conventional loan or waiting until you can pay down your student debt may be a better option. Despite their few pain points, however, these mortgages are popular with many doctors and professionals in Colorado, giving them an easy way to afford a home in a complex housing market. 

Examples of doctors who take out physician loans in Colorado

As you consider whether a doctor mortgage is a good choice for you, it may help to have a better understanding of some of the doctors who are taking out these loans. They are high-earning, gainfully employed professionals just like you who benefitted from these physician-friendly mortgage options. 

A doctor who gets the best rate with a doctor mortgage

Barbara has been financially conscientious for most of her adult life. Even when she was in medical school, she was able to build up a small savings, and her credit and income could qualify her for a conventional loan. She was delighted recently to discover, however, that there was a doctor mortgage available from a local Boulder bank that offered a very competitive interest rate. By taking out this physician loan, she could enjoy all the advantages of this product while still enjoying the lower interest rates that she prefers. 

A dentist who doesn’t have a down payment

Establishing a dental practice in Denver has allowed Malcolm to succeed in ways he never thought possible. He has a good income, a full slate of patients and a great reputation in his community. What he does not have, however, is sufficient cash on hand to make a 20 percent down payment on a conventional home loan— at least not without dipping a bit too far into savings. A regional bank is offering a physician mortgage to professionals like him, and Malcolm is eager to take advantage of home financing with no money down. 

Looking for a physician loan in a different state?

If you’re looking to explore the best physician loans in other states, click on your state below.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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