4 Best Physician Mortgage Loans in Nevada

Nevada is known for many things, including the always fun Las Vegas. As a part of the Western Region of the United States, the so-called “Silver State” or “Sagebrush State,” is also home to several natural wonders, such as Red Rocks and the Great Basin National Park.The 36th state to join the United States, Nevada is also home to over 6,400 practicing physicians. 

For many, even doctors and professionals, owning a home in Nevada may seem like a dream. Data from the Las Vegas Realtor shows the average sales price for single-family homes is $771,063. Whereas the average price of a condo or townhome in the area is $330,392.   

As a doctor or dentist thinking about making the move to buy property here, a Nevada physician mortgage loan program may offer help. The program allows qualified professionals in the state to obtain a home loan without a significant down payment and sometimes none at all.

Pros/Cons of physician mortgages in Nevada

When deciding to go with a financial product such as a mortgage, it’s always a good idea to look at pros and cons. Nevada physician home loans come with a lot of pros, including:

• Little to no down payment required
• No PMI payment(s) required
• Special treatment of student debt repayments

Depending on the lender, some borrowers may even receive approval for one of these mortgages before they have even started a new job, provided they have a signed contract. 

And the cons of Nevada mortgages for doctors? There are some, including the fact that your lender may want you to open a savings or checking account with them. You also need to be careful with the high limits these loans can come with; that “benefit” could potentially get you underwater with your loan. 

4 Top Nevada doctor mortgage lenders

Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.

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.

Citizens Bank

Citizens Bank is one of the largest banks in the United 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), medical 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, resulting in lower mortgage payments
• 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.

Is a Nevada physician mortgage loan right for you?

If you are a doctor, dentist, or other healthcare professional in Nevada considering a physician mortgage, ask yourself a few questions about where you are in life. Is your job one that you see yourself doing for years moving forward? Are you comfortable with where you are in Nevada, and do you want to stay there permanently? If that is the case, committing to a mortgage is a great option for your financial future. 

It can also benefit you to assess how you feel about paying an interest rate that may be higher than ones associated with conventional loans. While you get the doctor-specific benefits associated with a physician mortgage, they can come at the cost of a higher rate. Finally, you can only use a doctor mortgage to purchase a primary home. 

Examples of doctors who take out physician loans in Nevada

Many doctors across Nevada are taking out physician loans to purchase their primary home. Their stories may resonate with you, so we’ve included a few below. 

Doctor who needs favorable treatment of student debt

Ned, a first-time homebuyer, never thought the words “DTI ratio” would mean so much to him. He didn’t even know what a DTI was about until he decided to try and purchase a house after becoming an attending at Henderson Hospital. He was shocked to hear from lenders after submitting his contact information that, despite his excellent income, he was still a risk given the size of his student debt. 

Fortunately, he heard about a lender in town offering doctor mortgages. This lender would give his student loan repayments special consideration and not hold them against his viability as an applicant. He ended up getting a doctor mortgage and purchasing his first home. 

A dentist who has no down payment

Rebecca worked hard to get her dental practice just outside Paradise off to a good start. Her next step now is homeownership. The problem is she was left with very little cash in the bank after putting so much into her studies and practice. A conventional loan was beyond reach, especially given the prices in Nevada and she didn’t want to pay mortgage insurance with an FHA loan.

She would need over 100k to put down on a home. Instead, she has decided to get a Nevada physician mortgage loan from a local lender. They have offered her great terms with 100 percent financing, helping to make her dream of a home possible. 

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.