Physician Loans in Hawaii


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5 Best Hidden Doctor Mortgage Loans in Hawaii

Key Terms

  • A Hawaii physician mortgage loan, or “doctor mortgage,” comes with high loan limits and up to 100% financing, in some cases.
  • Lenders often extend favorable treatment to student loan payments 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, resulting in smaller mortgage payments.

Called “The Aloha State” by some and the “Paradise of the Pacific” by others, Hawaii was the last state to enter the United States, but is a favorite to many. This archipelago consists of 137 volcanic islands and sits off the West Coast of the United States in the Pacific Ocean. According to the Association of American Medical Colleges, there are 4,462 doctors living in the state of Hawaii. 

For many, including healthcare providers, owning a home in Hawaii may seem out of reach. Data from the Hawaii Association of Realtors shows the average sales price for single-family homes is $505,500 on the main island. If you are looking for a home on the island of Kaua’i, the average sales price for a single-family home jumps to $1,028,000.

Taking advantage of this market could be your goal. If so, and you are a medical doctor, a Hawaii physician mortgage loan program could help you to do so affordably. These programs may require a very low down payment, or even no down payment, too. 

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Pros/Cons of doctor mortgage loans in Hawaii

Hawaii physician mortgage loans could provide the edge you need to make a home purchase in the Aloha State’s complex real estate market. Before you commit to one of these loans, however, take a minute to consider both the pros and the cons. 

The pros associated with Hawaii physician loans are many and include:

  • Little to no down payment required
  • Higher mortgage limits for more purchasing power
  • No private mortgage insurance required, resulting in lower monthly payments
  • Favorable consideration of student debt  

With all those pros there are some cons to keep in mind. More purchasing power can cause borrowers to purchase “more house” than they can afford, for example. These loans can come with higher interest rates in some cases, as well. Also, a financial institution offering one of these products may also require that you enter into a secondary relationship with them by opening an account.

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5 Top Hawaii physician home loan lenders

If you’re in the market for a home in Hawaii, 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
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents

Bank of America

(All 50 States)

$500M+ Closed Loans

Bank of America is one of the original lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company.

The Bank of America physician mortgage program is available for residents and fellows with a job lined up. They can close on a home 90 days before they start. You can often exclude your student debt from your total debt when you apply for a mortgage. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents

Down payment Financing
5% up to $1 million
10% up to $1.5 million
20% up to limit
  • Minimum credit score: Not reported
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 4–6 months
  • 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

Is a Hawaii physician mortgage loan right for you?

At this point, you may be asking yourself if a Hawaii physician mortgage is the best fit for you. Here are some things to consider:

  • The median price in Hawaii is high, and a doctor mortgage can provide you with greater purchasing power.
  • If you are in an established job to which you are fully committed, the time is right to purchase a home.
  • Physician mortgage loans can come with higher interest rates when compared to conventional home loans, but that can be balanced out by the advantages, including the friendly consideration given to student debt. 

Examples of doctors who take out physician loans in Hawaii

Let’s take a moment now to go through some scenarios in which a physician might take out a physician loan in Hawaii. Reviewing these may help you determine for yourself whether or not you want to move forward with one of these financial products. 

A general practitioner who doesn’t have down payment

Kainoa is a general practitioner on Oahu with a thriving practice. Cash flow is tight right now, but he does want to buy a larger home for his family. With prices the way they are, a 20 percent down payment will wipe out the family savings account. 

As an alternative, Kainoa decides to go with a physician mortgage loan. It will allow him to purchase with zero down and also give him access to more purchasing power in the competitive Hawaiian housing market. 

A physician who has a large student loan debt balance

Samantha took out a number of student loans to get her through undergrad and medical school. It was all worth it from her perspective, given that she is now on the verge of starting an importing fellowship at North Hawaii Community Hospital.  

She plans on staying on the Big Island for the rest of career, and it has occurred to her that she should probably buy a home now before her job gets even busier. Unfortunately, all of her student debt works against her with conventional loans, skewing her DTI ratio dramatically. A doctor mortgage is her best option, giving her a way to finance a home, even with too much debt. 

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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