5 Best Physician Mortgage Loans in Ohio

Doctor mortgage loans in Ohio are available to medical doctors, dentists and other professionals seeking 0% down payment and no private mortgage insurance.

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I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP

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For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann

Key Terms

  • Doctor mortgages are available for house purchases and refinances up to $2.5 million in some circumstances depending on the physician mortgage lender.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • Benefits of these loans include no private mortgage insurance (PMI) and little to no money down.

Known to many as the “Buckeye State,” Birthplace of Aviation”, or “The Heart of It All,” Ohio is bordered by Lake Erie as well as Pennsylvania, Kentucky, Indiana, and Michigan. It was the 17th state and joined the United States in 1803. It is home to numerous professional sports teams and  popular tourist sites, as well as over 34,000 working doctors.

Home buying in Ohio may seem as though it is something that may be a challenge. According to the Ohio Realtors Association, the sales price of a home in the state is $277,452. Obviously, the price is higher in the big cities such as Cincinnati, Columbus, Cleveland and Dayton.

An Ohio physician mortgage loan program will allow qualified health professionals buying or refinancing a home in the state to obtain better terms and different payment options. This program may help qualified people enter homeownership without a large down payment and, for some, no down payment. 

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Advantages/disadvantages of physician mortgage loans in Ohio

There are both pros and cons that come with these financial products. Many doctors and professionals in Ohio find that the pros far outweigh any downsides. What are those pros? One pro that many Ohio doctors enjoy is the higher loan amounts you can get with these mortgages. That translates into more buying power on the housing market. 

Many also like the fact that physician loans give special consideration to student debt repayments— something that can sometimes disqualify you for a conventional loan. These mortgages don’t require that you take out Private Mortgage Insurance, either, saving you money. 

What are the cons involved? You may end up spending more than you should with those high limits. Interest rates may be higher, as well. Your lender, too, may want you to open up a savings or checking account with them before confirming your loan. 

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5 Best Ohio physician home loan lenders

If you’re in the market for a home in Ohio, consider these physician mortgage loans that are available to state residents.

1. 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.

2. Blueleaf Lending

Blueleaf Lending is a doctor mortgage program open to medical doctors, dentists, podiatrists, ophthalmologists and veterinarians. They are also able to work with professionals that have an employment contract (or verification of terms of employment acceptance) for purposes of qualifying your income.

We contacted a Blueleaf Lending mortgage loan officer to get more details on their physician mortgage program. Financing is available for:

  • 0$ down up to $750,000
  • 5% down up to $1,250,000
  • 10% down up to $2,000,000
  • No prepayment penalties for paying off the loan balance early.
  • 1-2 Unit Properties, Condos, Townhouses, PUDs and Modular Homes OK.
  • Non-Warrantable Condos are OK up to a LTV of 90%.

Some of the strengths of the program is that there are no time restrictions on when a client starts their new employment vs the closing date if the applicant has enough reserves.

Most lenders won’t let you close on a new home purchase if you are outside of a 60-90 day window before your start date, so this would allow recent graduates to qualify much earlier in the process so long as they have reserves to cover the mortgage and escrow payments.

Blueleaf Lending can accept a debt-to-income ratio up to 50% and will allow business assets and gift funds to cover the down payment, closing costs and reserve requirements.

If you’re a physician who has been hired as a contractor or “1099 employee” (something more and more common these days), Blueleaf Lending will not require you to establish a 2-year history before counting your income, which is a huge advantage for new docs that find themselves in contractor positions.

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

3. Alerus Mortgage

Alerus Financial Corporation is a publicly traded chain of financial institutions headquartered in North Dakota. They offer banking, mortgage, wealth management and retirement services, including a physician loan for those doctors looking to buy a house.

We contacted a loan officer at Alerus to learn more about their physician loan program and here are the key terms that you need to know:

  • Must be within your first two years of practice to qualify.
  • 0% down up to $750,000
  • 5% down up to $1,000,000
  • ARM and fixed rate financing available

Alerus also has a special $20,000 closing guarantee with all mortgages. The $20,000 guarantee is paid to the seller if the loan does not close based on the conditions and expiration date of the approval as outlined in the Alerus pre-approval letter.

In other words, this $20,000 guarantee gives you extra negotiation leverage when competing with all-cash home purchase price offers. If your mortgage doesn’t close, the seller is compensated $20,000 for their trouble.

Of course there’s some fine print on the guaranty so keep in mind that it’s not available for new construction and isn’t applicable if:

  • Borrower, seller or any third party cause the delay or elect not to close on the real estate sale.
  • Borrower fails to sign required disclosures or provide key documents by the requested due date.

The $20,000 guarantee, if applicable, is available to the seller only and not any of seller’s agents, representatives or related parties.

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

4. 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 medical school 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.

5. 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), 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.

Is an Ohio physician mortgage loan right for you?

What do you need to look at to determine whether one of these mortgages is right for you? To begin, take a good hard look at your career. Are you in a job that you are happy with and one that you will stick with for years? Being at a stable point in your career is an important part of committing to a mortgage. 

Consider your overall financial picture, as well. A lot of student debt, even with a good income, can make it hard to qualify for a conventional loan. In that scenario, you may need to go with a physician loan in order to purchase your primary residence. Otherwise, you will need to wait until you pay that debt down or your rising income swings the dial on your DTI ratio. 

Examples of doctors who take out physician loans in Ohio

Doctors and health care professionals just like you are taking out physician loans from Cincinnati to Cleveland and beyond. Who are these doctors? Their stories may sound familiar. 

Doctor who wants to hold on to her savings

Greer has worked hard to become a pediatrics resident at Ohio State East. She’s at a point in her life and career where she wants to settle in and buy a home nearby. Doing that would mean wiping out her hard earned savings, however. She’s considering whether that risk is worth it. Since a local lender is offering doctor mortgages to physicians like her, she has a more than viable alternative that will allow her to finance a home with zero money down and hold onto those savings. 

Doctor who has a signed contract but hasn’t started a job yet

With a residency lined up at OhioHealth Mansfield, Charles, a primary care physician, is on his way to real success in his medical career. The contract has been signed on the dotted line and the perfect house has just gone on the market down the street from the hospital. His job doesn’t start for 60 days, however, and conventional lenders aren’t happy about that.

Fortunately for Charles, another lender offering a doctor mortgage is fine with his signed contract and doesn’t need pay stubs to approve him for the loan. With the physician loan, he is able to get the house he always wanted weeks before he has even started his new job. 

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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