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JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best mortgage for your home financing needs.
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
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Some might think that Pennsylvania is just another state on the East Coast, but it’s actually at the heart of three regions of the United States: the Mid-Atlantic, the Northeast, and Appalachia. As a hub of so much activity and boasting both historical sites and 121 state parks, Pennsylvania attracts a number of professionals, including over 41,000 working physicians.
Homeownership in Pennsylvania may seem as though it is unattainable for many, including the state’s doctors. Data from the Pennsylvania Association of Realtors shows the average sales price for single-family homes is $211,192. If you live in Philadelphia or Pittsburgh, or are planning on relocating, you can expect to pay a much higher price.
For those buying or refinancing a primary residence or investment property in the state, it may be helpful to consider a Pennsylvania physician mortgage loan program. This program is designed for dentists and doctors who want to buy or refinance a new or second home more affordably. It may even allow you to buy a home with a low down payment or no down payment.
Why go with a Pennsylvania physician mortgage loan? Because it offers many ‘pros’ that are ideally suited to the unique needs of doctors and other professionals. These pros include high loan limits, no PMI payments, and little to no money down. Doctors can also enjoy special consideration of their student debt, an issue that prevents many professionals from receiving approval on conventional loans.
What are the cons you might experience by taking on a physician loan? You may need to make an additional commitment to your lender in the form of a checking account or savings account. You may also need to pay a higher interest rate on your loan, resulting in higher monthly payments. Many Pennsylvania doctors, however, think this a fair trade for the wealth of benefits these products offer.
If you’re in the market for a home in Pennsylvania, consider these physician mortgage loans that are available to state residents.
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Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Fellows, Residents
$500M+ Closed Loans
TD Bank is one of our top professional mortgage lenders.
Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | $1.5+ million |
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usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Lawyers (JD)
$50M+ Closed Loans
NEO home loans works with lawyers, physicians and other high-income professionals to find mortgage options that accommodate their unique financial situations.
The group has years of experience arranging loans for high-income professionals and has access to multiple programs giving them an edge on finding a financing option for your specific situation. For example, NEO can help you finance a home purchase with a credit score as low as 620 or if you are paid as a 1099 contractor. We've seen them handle a number of unique situations, so if that's you then we'd encourage you to reach out to see what they can do. [ Read Review ]
Medical doctor (MD, DO); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Lawyer (JD), Nurse (CRNA, NP, RN), Physician Assistant (PA), Physical Therapist (DPT)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million (Medical) |
| 5% | up to $1.25 million (Medical) |
| 10% | up to $2 million (Medical) |
| 3% | up to $850 thousand (Professionals) |
| 5% | up to $1 million (Professionals) |
| 10% | up to $1.5 million (Professionals) |
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usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
$500M+ Closed Loans
Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered 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. 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 more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $850 thousand |
| 10% | up to $1 million |
| 15% | up to $1.5 million |
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usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
$500M+ Closed Loans
Huntington Bank operates primarily out of the Midwest.
Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Lawyer (JD), Doctorate degree-holders (PHD), Fellows, Residents
$50M+ Closed Loans
S&T Bank is located in Indiana, Pennsylvania and was founded in 1902 mainly serving Pennsylvania and Ohio.
The S&T Bank physician mortgage program is also available to lawyers and PHD holders, making it broader than other programs. No private mortgage insurance is required and low down payment options are available for high loan amounts. [ Read Review ]
Medical doctor (MD, DO); Dentist (DMD, DDS); Lawyer (JD), Doctorate degree-holders (PHD), Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 5% | up to $2 million |
| 5% | up to $3 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident
$500M+ Closed Loans
Truist was formerly known as SunTrust and has historically been a strong player in the doctor mortgage world, thanks to a strong physician home loan program.
Medical professionals with a job offer can close up to 90 days prior to the start date. For doctors and dentists with 10 to 15 years post-training experience, 89.99% financing is available for up to $1.5 million. Truist won’t let you borrow outside of your debt-to-income ratio of 43%, but your student loan payment can be excluded from the debt component if the student loans are deferred for at least 12 months at the time of closing. [ Read Review ]
Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 20% | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Veterinarians (DVM), CRNA, Fellows, Residents
$50M+ Closed Loans
First National Bank of Pennsylvania is the second largest bank based in Pennsylvania and has an aggressive doctor mortgage program with 0% financing up to $1.25 million.
The First National Bank of Pennsylvania physician mortgage program is open to most medical professionals and has a construction to permanent loan option available for medical professionals that want to combine the benefits of a doctor mortgage with a new construction custom build home. [ Read Review ]
Medical doctor (MD, DO); Dentist (DMD, DDS); Veterinarians (DVM), CRNA, Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1.25 million |
| 10% | up to $1.5 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$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 ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows
$50M+ Closed Loans
The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.
The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]
Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows
| Down payment | Financing |
|---|---|
| 0% down | up to $1 million |
| 5% down | up to $1.25 million |
| 10% down | up to $2 million |
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:
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.
It’s always important to take time and consider multiple issues when taking on a mortgage. For example, you might want to assess your commitment to your job and where you live. If you foresee yourself staying in your job permanently and staying in your current town in the long term, these loans are right for you.
Are you willing to pay a bit more for special consideration of student debt, credit card debt, high loan limits, and no PMI? Then a physician loan will work for you. If not, you may wish to hold out for approval on a conventional loan at a lower rate.
Taking a moment to review the experiences of other doctors who have taken out physician loans in Pennsylvania can help clarify the choice for you. These stories resonate with doctors and professionals who experience many of the same struggles when trying to qualify for conventional loans.
Ryan has been a practicing GP for a decade now. She has invested a good portion of her cash in the stock market, and her portfolio is doing well. A home near her practice in Pittsburgh is now on the market, and while she wants to make an offer, the time isn’t right to sell her stocks and access the cash for a down payment. As an alternative, she has decided to take out a doctor mortgage with 100 percent financing to maximize her leverage.
As a family dentist, Stewart makes a good income and has been able to build his savings. With average home prices in Philly hovering near $235,000, however, he will need to hand over a good portion of his savings to make a down payment on a conventional mortgage. A doctor mortgage allows him to purchase a home while retaining most of his savings, helping to ensure his financial security.
If you’re looking to explore the best physician loans in other states, click on your state below.
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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