7 Best Physician Mortgage Loans in Georgia

Physician mortgage loans in Georgia have considerable advantages for medical doctors looking to purchase a home in the state.

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Key Terms

  • A Georgia physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

Referred to by various people as both the “Peach State” and “The Empire State of the South,” Georgia was one of the original 13 colonies and offers a number of various landscapes from the mountains in the west to the coast of the east.

The Appalachian Trail also runs through the state, and Georgia is home to a number of professional sports teams, including the Atlanta Braves in baseball and the Atlanta Falcons in football.

All of this adds up to make the Peach State an appealing place to live, including over 24,000 active physicians. For many, however, including doctors, owning a home in Georgia may seem out of reach. Data from the Georgia Realtors shows the average sales price for single-family homes is $352,069 as of 2021. The median sales price of a single-family home in Georgia increased by 18% from 2020 to 21021.   

If you are a doctor or dentist living in Georgia or planning to buy a home here, the physician mortgage loan program present in the state may allow you to do so with a very low – or even nonexistent – down payment. 

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Reasons to consider a doctor mortgage loan in Georgia

Before deciding on any mortgage, including a physician mortgage, take the time to weigh some of the pros and cons. In the future, your paycheck might be plenty to cover the mortgage payment on your new home. But getting access to that new home now is a challenge because you don’t have the down payment needed.

For physicians who don’t own an investment property or other home, you don’t have a place to refinance and get funds for that down payment, either. When refinancing and traditional loan options are off the table, you need an alternative way to get the funding for that dream property you found on the NMLS.

If you’ll be starting your new job in one year or less, you might be able to get that new home through a physician loan.

What are the pros that come with a Georgia doctor mortgage? They include:

  • Little to no down payment (i.e. up to 100% financing)
  • Limits that are much higher than those available with conventional mortgages
  • No PMI (Private Mortgage Insurance)
  • Special treatment of student debt

There are cons with these loans, including:

  • Taking on additional debt, making loan repayment difficult
  • Possibly buying “too much house” with the higher limits
  • Higher interest rates, at times

Also, remember that your lender may well want you to open an account with them. Whether this is a pro or a con, depends on your perspective. 

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7 Best Georgia physician home loan lenders

If you’re ready to check out the top physician mortgage lenders in Georgia, here are the best options we’ve found through our research.

1. 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.

2. 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
  • Construction-to-permanent 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.

3. 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.

4. 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.

5. 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.

6. 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.

7. 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 Georgia physician mortgage loan right for you?

How can you know if a Georgia physician mortgage loan is right for you? Ask yourself the following questions:

  • Have I been in my job for more than a year or two?
  • Am I happy in my job and planning on staying in this position?
  • Am I okay with a higher interest rate?
  • Am I willing to enter into a long-term commitment with a bank, including opening a bank account in addition to taking out a mortgage? 

If you answered yes to all of the above, a physician mortgage may be the best choice for you. Signing any mortgage should mean that you are committed to your job and foresee staying in that position for years to come. Some of these mortgages, too, can come with a higher interest rate; many view this as a small price to pay for the advantages involved. Finally, your lender may ask you to also open an account with their institution. After all, they extend these products to professionals like you in order to covet long-term relationships with high-earning professionals. 

If you’re a medical resident, you usually don’t have access to substantial down payments, but still want to be able to buy a home when you start a job. Physician home loans provide a path to homeownership for physicians with new healthcare job offers (based on the strength of the employment contract). Knowing the right mortgage lenders and the various details, such as interest rates, loan amounts, and disclosures, can be helpful when deciding if a physician mortgage loan is right for you.

Examples of medical doctors who use physician loans in Georgia

Who are the individuals taking advantage of doctor mortgages in Georgia? They are doctors and professionals just like you. 

A pediatrician who doesn’t have down payment

Richard is a popular pediatrician in the Atlanta area, loved by parents, patients and colleagues alike. While he has built his practice up and is now quite comfortable in terms of income, he hasn’t been able to save up for a large down payment on a home. He could swing 10 percent, but with conventional loans as tight as they are at the moment, that might not allow him to qualify, especially since his student debt is still dinging his DTI ratio. A doctor mortgage in Georgia will allow him to buy a home with 100 percent financing, or no money down. 

A physician who wants to maximize leverage

Shay is a resident at Northeast Georgia Medical Center in Barrow. Her career is going well and it is clear that she will be earning a good deal soon enough, since her specialty is orthopedics. She managed to save some money during medical school and undergrad, but she invested it and doesn’t have much cash on hand. Buying a home seems like good commonsense right now, but how can she proceed with no down payment? Luckily, she can maximize her leverage by taking out a physician loan, putting nothing down and allowing her to hold on to her investments. 

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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