6 Best Physician Mortgage Loans in Illinois


Doctor mortgages in Illinois are available to medical doctors, dentists and other professionals and often come with no down payment requirements.

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Key Terms

  • An Illinois 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.

Going by quite a few nicknames, including “Land of Lincoln,” “Prairie State,” and “The Inland Empire State,” Illinois offers a diverse array of things to those looking to come to this state. From professional sports teams to the architectural masterpieces of Chicago and the shoreline along Lake Michigan, Illinois has something for everyone, including the 36,000 doctors living in this midwestern state. 

Statewide home sales in Illinois for May of 2022 were over 16,100 homes sold. That’s about a 10 percent decline from the same time in May of 2021. However, it only took 24 days on the market, on average, for homes to sell. Another important factor when considering real estate in Illinois is the value of homes. Statewide mediums were up 6.2 percent to $276,000, according to the Illinois Realtors Association.

For those who are doctors or dentists and considering the purchase of a home here, the Illinois physician’s mortgage loan program may offer a way to do so affordably, including with minimal or no down payment requirements for that great property found on the NMLS.

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Physician mortgage loans pros/cons in Illinois

What are some of the pros and cons involved in Illinois physician mortgage loans? Familiarizing yourself with all aspects of these loans can help you decide whether or not to move forward with a doctor mortgage. It’s a great way to get into homeownership, but keep that future mortgage payment in mind, too.

For medical residents and new medical school graduates, it’s unlikely you have saved enough to set aside a big down payment. It’s hard to qualify for a traditional loan with your high student loan amounts often needed for medical school, either. Medical doctors can use physician mortgage loans to expand their purchase and low down payment options.

The pros offer a lot, especially to doctors, dentists and other professionals who are still carrying debt from their studies. With a doctor mortgage in Illinois, you can benefit from:

  • No PMI payments, saving you a significant amount;
  • High loan limits that widen the pool of houses from which you can choose a home;
  • 100 percent financing, or no money down

For some, the downsides may outweigh these advantages. Going with an Illinois physician mortgage loan means that you may have a higher interest rate on your financing, for one. It is also easier to potentially buy a more expensive house than you can necessarily afford, given the high limits on these loans. You may also need to open an account with your lender, adding yet another financial commitment to the mix.

Be prepared for repayment amounts and factor that carefully into your budget. Despite these cons, many Illinois professionals still decide to move forward with physician loans, enjoying the favorable treatment of student debt and other “pros.”

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6 Top Illinois physician home loan lenders

If you’re ready to learn more about the best physician mortgage lenders in Illinois, here are the top options we’ve found through our research.

1. 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.

2. First National Bank of Omaha

First National Bank of Omaha may sound like a community bank but they are able to lend to many states in the Midwest and Texas. With $17 billion in assets they  count as a medium-sized bank, perfect for your needs as a lender. Their physician loan is also a competitive product.

We spoke to a loan officer at First National Bank of Omaha to learn more about their doctor mortgage. Here are the highlights:

  • 0% down up to $600,000 (requires 4 months of reserves)
  • 5% down up to $850,000 (requires 4 months of reserves)
  • 10% down up to $1,250,000 (requires 6 months reserves)
  • For non-doctor professionals: 5% down up to $750,000 and 10% down up to $1,000,000
  • Minimum credit score is 720
  • No private mortgage insurance
  • Student loan deferment options
  • Employment contracts that have been fully executed with no contingencies. Must start work within 90 days of closing
  • 30 year fixed rate loans and 10/1 ARM loan options. 10/1 ARM loans offered at a discounted rate, fixed for the first 10 years.

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

3. 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.

4. Wintrust Mortgage

Wintrust Mortgage is based in Denver, Colorado and is part of the Wintrust Financial Corporation. The company offers mortgage services throughout the United States and an in addition to standard mortgage products has a competitive doctor mortgage program.

We contacted a loan officer at Wintrust Mortgage to learn more about their physician loan program and the detailed requirements for eligibility. Here are the key points:

  • Established Professional:
  • 5% down up to $650,000 (PMI required)
  • 10% down up to $1,000,000
  • 15% down up to $2,000,000
  • 20% down up to $2,500,000
  • 25% down up to $3,000,000
  • New Professional:
  • 5% down up to $650,000 (PMI required)
  • 10% down up to $600,000
  • 15% down up to $1,000,000
  • Eligible degrees: MD, DDS, DMD, DO, DPM and Veterinarians
  • Minimum credit score is 700
  • 5/1, 7/1, 10/1 Adjustable Rate Mortgages (ARM)
  • Deferred medical student debt may not affect your qualifying loan amount
  • Purchase and rate/term refinance for primary residence
  • Non-Occupant Co-Borrowers Allowed

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. 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. 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.

Is an Illinois physician mortgage a good idea?

That may certainly be the case, but take the time to ask yourself a few questions in advance. 

An initial question you should ask yourself is how much you enjoy your current job and how long you will stay in that position. Committing to a mortgage is best done when you know for certain that you will be staying in place for a long time. If you have been in your current position for a year or two and can foresee yourself staying in that job, a doctor mortgage may be a great option. 

You also need to consider your comfort level with the higher interest rates that can sometimes happen with physician loans. The upside of the higher interest rate that can come with a doctor mortgage is that you can access the many benefits of this financial product, including special consideration of student debt. If those benefits outweigh the added cost of a higher interest rate, a physician mortgage loan is right for you. 

Examples of doctors who take out physician loans in Illinois

Who are some of the individuals in Illinois who are taking advantage of physician loans? They include doctors, dentists and professionals of all stripes whose financial pictures make a doctor mortgage their best option for financing a home. 

Cardiologist who has a good deal of student debt

Having just signed the contract on a new job at Chicago’s #1 hospital, Northwestern Memorial, Jamal is quite satisfied with how his career is going. He and his young wife are hoping to buy a home, based on his high salary in his new position. Conventional loans don’t seem to be a good fit, however; Jamal’s student debt is throwing his DTI ratio off, and banks are not pre-approving him for financing.

Fortunately for Jamal and his growing family, a lender offering doctor mortgages understands exactly why young doctors like him have so much debt. Their special consideration of this debt and their commitment to Jamal as a customer means that a physician mortgage loan can provide him and his family with the financing they need to buy their first home. 

Emergency room doctor who gets the best rate with a physician loan

Getting a good interest rate has always been a priority for Moira. For that reason, she put off taking out a physician loan a few years back. A local bank in Springfield is currently offering a doctor mortgage with a competitive rate, and now Moira is interested. Saving thousands over the life of a mortgage sounds great to her, and she’s happy to be able to take advantage of this financial product. 

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.

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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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