10 Best Physician Mortgage Loans in Florida


Doctor mortgages in Florida are available to medical doctors looking for 100% financing and no private mortgage insurance.

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Key Terms

  • Physician mortgages don’t require PMI payments and can involve little to zero money down.
  • A Florida physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Borrowers can enjoy favorable treatment of student loan payments, streamlining qualification for a loan.

Known to many as the “Sunshine State,” Florida is a sunny and diverse peninsula located between the Atlantic Ocean and the Gulf of Mexico. The state is home to a number of famous attractions, including Walt Disney World, Sea World, and the beautiful natural world of the Everglades. 

The latest data shows that year-over-year, Florida had the highest home price gain in May of 2022, totaling  a significant 33.2 percent increase. In fact, Florida has seen an increase of 78% in the value of homes over the past five years.   

Even for the over 56,000 doctors in the state of Florida, purchasing a home can be intimidating, given these numbers. As an alternative to conventional mortgages, it may be possible for doctors, dentists and other professionals to take advantage of the state’s physician mortgage loan program. For those that qualify, this could eliminate the need for a down payment to buy a home in the state of Florida. 

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Advantages and disadvantages of physician mortgage loans in Florida

Given the high prices for homes in Florida, you will be entering into a serious financial commitment when you take out a physician mortgage loan. For that reason, it’s important to first weigh the pros and cons involved. Unlike a refinance, a physician home loan is used to buy new property. Healthcare professionals use this to avoid having to save substantial down payments, which can be very difficult during residency. Many residents or early career physicians leverage their job offer to help qualify for home ownership with mortgage lenders through special physician home loans.

The list of pros related to doctor mortgages is impressive and includes:

  • 100% financing or $0 down payment, in some cases
  • Higher loan limits
  • No PMI, or private mortgage insurance
  • Traditional loans like an FHA might not be an option for you as a medical resident.

Also, banks and lenders who offer doctor mortgages to professionals give special consideration to student debt. Since many professionals such as doctors incurred a good deal of debt during their education, this can be a very significant “pro.”

There are cons involved, too, including:

  • Higher limits can cause people to purchase homes that are beyond their means
  • At times higher interest rates
  • You’re signing up for a monthly payment on that mortgage
  • Refinancing the mortgage might not make sense in a rising interest rate environment

Of course, if you do take out funds through a doctor loan program, you will likely have a long-term beneficial relationship with the bank. This can be seen as a pro by most, but some might not want to commit, including the potential of having to open an account with a bank. 

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10 Top Florida physician home loan lenders

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

1. City National Bank of Florida

City National Bank of Florida is a medium-sized bank with over $22 billion in assets. Although they are headquartered in Florida, they offer a physician loan in all 48 contiguous states and are eager to find physicians and other professionals as new customers.

We spoke with a loan officer at City National Bank of Florida to gather details on the doctor mortgage program. Here is what we learned:

  • Physicians, Dentists, Attorneys and CPAs are eligible
  • 3% down up to $650,000
  • 5% down up to $850,000
  • 10% down up to $1,250,000
  • 10.51% down up to $2,500,000
  • 15.51% down up to $3,000,000
  • Primary residence and vacation homes are available (higher down payments required for secondary houses)
  • Can finance condos but only with a 20% down payment
  • Minimum credit score required is 660 but better rates/options require 720 credit score
  • Self-employed individuals need to provide 2 years of income verification

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. First Horizon Bank

First Horizon Bank is a full-service bank located in Memphis, Tennessee. They recently completed a merger with Iberia Bank and are scheduled to be merged into TD Bank in 2023, making this an active bank. They also happen to have a competitive doctor mortgage program.

We spoke with a loan officer at First Horizon Bank to get some inside information on its doctor mortgage program for you. Here’s what you need to know:

  • 0% down up to $1,500,000
  • 30 Year Fixed Rate
  • ARMs available
  • Primary residences only
  • Student loan debt is not included in calculating debt-to-income ratio when deferred for more than 12 months.
  • Maximum financing amount is $2 million
  • No PMI
  • No pre-payment penalty

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

3. TD Bank

TD Bank is one of the largest banks in the United States. While primarily operating on the east coast, in recent years they have expanded their footprint through a series of acquisitions and now rank as one of the top 10 banks in the country. The bank offers a full suite of financial products, including a physician loan.

We reached out to a loan officer at TD Bank to find out more details about their doctor mortgage. Our key takeaways and program highlights are below:

  • 0% down up to $750,000
  • 5% down up to $1,250,000
  • 10% down up to $1,500,000
  • The following degrees qualify: practicing physician (MD, DO or DPM), dentist (DDS or DMD) and oral surgeon.
  • Licensed medical resident or fellow and licensed dental resident or fellow qualifies
  • If self employed doctor or dentist, you must have owned your practice or have been otherwise self-employed for at least two years
  • Available property types: single family residence, condominium, co-op (in specific markets only) and property in a planned unit development (PUD).
  • Fixed or adjustable rate loans available
  • No private mortgage insurance
  • Flexible approach to debt-to-income understanding that medical professionals have significant student loan debt
  • Contract for new employment can be used to qualify for mortgage
  • Minimum credit score of 720 (for loans below $750,000) or 740 (for loans above $750,000)
  • Must be within 10 years of residency or fellowship

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

4. Alerus Mortgage

Alerus Financial Corporation is a publicly traded chain of financial institutions headquartered in North Dakota. They offer banking, mortgage, wealth management and retirement services, including a physician loan for those doctors looking to buy a house.

We contacted a loan officer at Alerus to learn more about their physician loan program and here are the key terms that you need to know:

  • Must be within your first two years of practice to qualify.
  • 0% down up to $750,000
  • 5% down up to $1,000,000
  • ARM and fixed rate financing available

Alerus also has a special $20,000 closing guarantee with all mortgages. The $20,000 guarantee is paid to the seller if the loan does not close based on the conditions and expiration date of the approval as outlined in the Alerus pre-approval letter.

In other words, this $20,000 guarantee gives you extra negotiation leverage when competing with all-cash home purchase price offers. If your mortgage doesn’t close, the seller is compensated $20,000 for their trouble.

Of course there’s some fine print on the guaranty so keep in mind that it’s not available for new construction and isn’t applicable if:

  • Borrower, seller or any third party cause the delay or elect not to close on the real estate sale.
  • Borrower fails to sign required disclosures or provide key documents by the requested due date.

The $20,000 guarantee, if applicable, is available to the seller only and not any of seller’s agents, representatives or related parties.

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

5. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • 0% down payment up to $1 million
  • 5% down payment up to $1.25 million
  • 10% down payment up to $2 million
  • Maximum financing up to $2 million
  • Eligible degrees are: MD, DO, DDS, DVM or DMD
  • Residents are eligible
  • Minimum credit score is 700
  • 2 months reserves required (6 months for jumbo loans) – reserves can be held in bank or investment accounts
  • Gift funds for down payment are OK
  • 30-year and 15-year fixed-rate mortgages
  • ARMs available in 7/6, 10/6 or 15/6 terms
  • Can close on the strength of a new employment contract without paystubs
  • No private mortgage insurance
  • No prepayment penalty

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

6. Citizens Bank

Citizens Bank is one of the largest banks in the Untied States. I bet you didn’t know that it’s headquartered 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.

We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:

  • 5% down up to $850,000
  • 10% down up to $1,000,000
  • Practicing licensed medical doctors (MD and DO), dentists (DDS and DMD), residents and research physicians are eligible
  • Licensed residents, fellows and interns can borrow a maximum of $600,00 (or $400,000 if unlicensed)
  • No more than 10 years out of residency
  • Self-employed professionals are eligible with a two-year history of self-employment income
  • 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 private mortgage insurance
  • 40% max debt-to-income ratio
  • Student loan debt that’s deferred for more than 12 months from the date of closing can be excluded from DTI calculations
  • Physician construction loans available with a maximum of 89% financing
  • Fixed rate or adjustable-rate mortgage options
  • Interest-only option on certain adjustable-rate mortgage options (max financing at 89%)

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

7. Flagstar Bank

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium-sized bank. However, they punch well above their weight when it comes to mortgages and operate as the sixth largest bank mortgage originator nationally. Not surprisingly, a big part of their success has been a doctor mortgage program.

We contacted Flagstar Bank to learn more details about their physician loan. Here are the key terms that you need to know?

  • 5, 7 & 10 year ARM  products
  • 0% down up to $1,000,000 (first time homebuyer – have not owned in last 3 years)
  • 5% down up to $1,500,000 (first time homebuyer – have not owned in last 3 years)
  • If not a first-time home buyer
  • 10% down up to $1,000,000
  • 15% down up to $1,500,000
  • 20% down up to $2,000,000
  • 25% down up to $2,500,000
  • Fixed products
  • 10% down on the jumbo fixed to a max loan amount of $1,000,000 with no PMI
  • 20% down on the jumbo 30 year fixed with a max loan amount of $3,000,000
  • For first time home buyer (have not owned within last 3 years):
  • 3% down up to $647,200
  • If not a first time home buyer:
  • 5% down up to county limit (with and without PMI)
  • Medical doctors and lawyers are eligible. We weren’t able to confirm that the program is available to dentists and other (non-doctor) medical professionals, but encourage you to contact them to confirm.

The total reported lender fees as of the date of this article were $1395 ($550 processing and $845 for underwriting).

Another benefit of Flagstar is that they can submit a full file to underwriting for an actual loan approval (not pre-approval) without having a purchase contract signed, which makes your competitive with all cash offers and the process less stressful for you. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option.

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

8. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a physician loan to certain medical professions.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • Program is divided between Physicians and Dentists that are less than 10 years since their last training was completed (residency, fellowship, or medical/dental school, whichever ended last) and those over 10 years.
  • Less than 10 years practicing:
  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 10% down up to $2,000,000
  • More than 10 years:
  • 10% down up to $2,000,000
  • 10, 15, 20, & 30 year fixed rate or 5, 7, and 10 year ARM loans.
  • No rate premium, pricing premium, or interest rate increase for using the program.
  • No income history is required. They can use an offer letter or match letter that states your employer name, start date, salary, and job title. They can close the loan up to 89 days prior to the start date for the new contract. The contract can be for a W2 or 1099 pay structure as long as a guaranteed base salary/pay amount is listed.
  • Reserve requirements for loans up to $400,000 equal two months PITI for the new home, for loans over $400,000 the requirements is four months PITI.
  • The borrower is required to have liquid reserve funds at the time of closing, this would be required on top of any cash to close due.
  • Seller credits are allowed to assist with closing costs but cannot exceed the total of closing costs and cannot exceed the amount you, as the buyer, are contributing to the purchase.
  • Gift funds from a family member are allowed for any cash due at closing or down payment as well as the reserve requirements.

If you have a credit score as low as 680, BMO Harris can offer you $0 down up to $1,000,000 but it will take a credit score of 720 to get access to the full program.

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

9. BankMD

BankMD is a division of TransPecos Banks, a regional bank with roots in western Texas. Don’t let that fool you though as BankMD has a strong physician loan program.

We contacted BankMD to learn more about their doctor mortgage and here are some key terms:

  • 0% down up to $850,000
  • 5% down up to $1,000,000
  • 10% down up to $1,500,000
  • 15% down up to $2,000,0000
  • As the name implies, the BankMD physician loan program is only available to those with a medical doctorate.
  • BankMD is only available in Florida and Texas, so you’ll need to be purchasing a home in one of those two states in order to be eligible.
  • You can expect the BankMD program to offer some of the basic features for a physician loan. For example, there are no origination fees or pre-payment penalties and you can use future income in the form of a contract to qualify yourself.
  • BankMD does require a minimum credit score of 660 and they can also handle a debt-to-income ratio of 50%.

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

10. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a physician loan.

While Keybank doesn’t post a lot of information about their doctor mortgage online, we were able to get in touch with a loan officer at the bank to get all the important details. See below for an overview of the program details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 15% down up to $2,000,000
  • No private mortgage insurance
  • Gifts permitted for down payments
  • Can close on the strength of an employment contract up to 90 days prior to the start of employment
  • Minimum credit score is 700
  • Student loan debt can be calculated based on income driven student loan payments
  • Fixed loans offered in 10, 15, 20, 25 or 30-year terms
  • Adjustable-rate mortgages offered in 5/6, 7/6 and 10/6 options
  • No minimum or maximum years in practice for eligibility
  • Reserve requirements are: 2 months (loans under $500K), 4 months (loans between $500K – $750L), 6 months for loans over $750K plus an additional 2 months if closing prior to start date. Retirement accounts count toward reserve requirements.
  • US Citizens, Permanent Residents and H1B Visa holders are eligible
  • California loans require a minimum of 5% down

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

Is a Florida physician mortgage loan right for you?

It’s always important to assess thoroughly whether or not a mortgage is the right fit for you and your finances. A first consideration should involve taking a thorough look at your career and where you see yourself going in the future. Do you foresee yourself staying in your current position for a long time? Or, do you imagine that you will find a new job in short order? Only commit to a doctor mortgage if you believe you will stay on your current career track. 

Also, have you considered that you might be paying a higher interest rate, if you take out a physician mortgage loan? For many individuals, a few points extra on a loan is a fair trade for all the advantages you get with a doctor mortgage. If you would rather find a lower rate, maybe the time is right to hold off and save up toward a large down payment on a conventional mortgage. 

Examples of physicians who might consider a doctor loan in Florida

Let’s take a moment now to look at some of the individuals taking out physician loans in Florida. These are examples of just some of the professionals benefitting from these financial products in the Sunshine State. 

A physician who has too much student debt

Montell is about to start a pediatric fellowship at Nemours Children’s Hospital in Orlando. His career is on track, and he plans on staying in the city permanently. He has a signed contract in hand, and will be starting his job in a month. 

Finding a mortgage has proven difficult; conventional loans don’t like how much student debt he is currently holding. Plus, some conventional lenders have recommended that he wait until he has been in his new job for several months. 

The time to buy for Montell is now; he will be too busy with his fellowship afterwards. Fortunately, a doctor mortgage gives special consideration to his debt and will accept his signed contract as sufficient proof of income and employment. 

A dentist who doesn’t have a down payment

Sue is a family dentist in Tallahassee. She has a large family, and they are looking for a bigger home. The difficulty is that she doesn’t have a 20 percent down payment at the moment. 

She has put a lot of cash into her practice and, of course, her family’s needs. A doctor mortgage is the only way she can finance a home. Fortunately for Sue, a local bank is offering professionals at her income bracket mortgages with 100% financing. 

If you’re looking to explore physician mortgage loans in other states, check out our national overview of physician loans as a starting point in your search.

Find a Physician Loan Specialist

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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