7 Best Physician Mortgage Loans in Maryland


Physician mortgage loans in Maryland provide medical doctors, dentists and other professionals with financing options for homes.

Key Terms

  • A Maryland 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.

Known to some as the “Old Line State,” Maryland was one of the original 13 colonies and the 7th state admitted to the Union. It borders the Atlantic Ocean and is loved by tourists and locals alike for its beautiful Chesapeake Bay. Bordered by several states and Washington D.C., this mid-Atlantic state is also a popular place for professionals, including the over 23,000 doctors who call it home. 

For many, owning a home in Maryland may seem out of reach. Data from Maryland Realtors shows the average sales price for single-family homes is $484,283 as of May 2022 with 8,467 homes sold in the month. In 2021, there were 106,804 homes sold in Maryland for an average price of $426,388.  

The Maryland physician mortgage loan program provides an opportunity for qualified doctors and dentists to obtain a home loan with a minimal down payment or, in some cases, no down payment at all. Since most medical residents or graduates of medical school don’t own a property they can refinance, or don’t have enough space on credit cards to use cash instead for down payments, a physician home loan is an appealing alternative.

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Pros/Cons of Maryland physician mortgage loans

Are you considering a Maryland physician mortgage loan to finance your home purchase? Consider the pros and cons first to make sure it’s the ideal choice.  If you find somewhere you love on the NMLS but a traditional loan feels out of reach, talk to a loan officer about a physician mortgage loan instead. Homeownership might come with an easier path for medical doctors because of these special programs managed by certain banks. With a new job in the pipeline, you can secure a dream home whether you work in radiology, primary care, urology, or any other specialty. Check your budget for the future monthly payment, however, to make sure it works with your income from your new job.

The pros are many, including:

  • Special consideration to student debt, which is often high for health professionals
  • High purchasing limits
  • No PMI required
  • 100% financing, in some cases
  • A streamlined home buying process focused on your future income, not your current income

Are there any downsides to Maryland physician loans? Some, though it does depend on your perspective. For one, you may have a higher interest rate when you take out a doctor mortgage. This could mean a higher mortgage payment overall. Your lender may also ask you to open a secondary account with them, such as a checking account. You also need to remember that higher limits can lead you to take on more debt than you should.

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7 Top Maryland physician home loan lenders

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

1. 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.

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. Fulton Bank

Fulton Bank  is a subsidiary of Fulton Bank, a financial institution that traces its roots back to 1882. The bank and mortgage company offer a full suite of financial products, including an attractive physician loan program.

We contacted Fulton Bank to get more details about the doctor mortgage specifically and we think you’re going to like a lot of the terms. Here are the important details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 10% down up to $2,000,000
  • 30 and 15 year fixed rate options as well as adjustable rate options (5/1, 7/1, 10/1, and 15/1)
  • No mortgage insurance
  • Up to 6% seller paid closing costs and prepaids are allowed
  • Gift funds from immediately family members allowed
  • Student loans deferred for 12 months or longer are not included in the credit approval process
  • You can close on a house up to 90 days prior to start of new employment with an employment contract
  • Physicians, Pharmacists, Dentists and Veterinarians are eligible for the 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.

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 Maryland physician mortgage loan right for you?

Are you wondering if a Maryland doctor mortgage is your best fit? Ask yourself how you feel about taking on a higher interest rate. That can be the case with some physician loans. If you think that is a great price to pay for special consideration of your student debt, then a doctor mortgage will suit your needs. 

Are you willing to establish a long-term relationship with your lending institution? Your lender may ask that of you. If you are amenable to that, as well, this useful financial product may be just the answer you need to your home financing needs. 

Examples of doctors who take out physician loans in Maryland

Which doctors in Maryland are taking out physician loans? Everyone from those just out of medical school to established professionals. 

A cardiologist who wants to maximize leverage

Working as a cardiologist at Johns Hopkins has been a complete dream for Frederika. It is the culmination of a goal she set for herself when she was quite young. She knows that she wants to remain in the Baltimore area permanently and is ready to buy a home. Liquidating some of her investments to make a large down payment isn’t appealing to “Fred,” as her colleagues call her. By taking out a physician mortgage, she will be able to buy a home in Severn and maximize her leverage.

A physician who has a lot of student debt

Having worked so hard to get through med school, Patrick never thought the debt he took on would haunt him for years to come. He’s been making all his payments, but the volume of debt he is still carrying is affecting his DTI ratio, making him an unappealing candidate for a conventional loan. A local lender who is offering physician mortgages to professionals such as Patrick explained that they will give his debt special consideration, opening up his options and allowing him to more easily finance a new home. 

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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