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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
While Tennessee is perhaps best known for being the ‘home’ of country music, it is also home to some of the nation’s fastest growing economies, making it an attractive place for many professionals. People from New York to California are moving inward to places like Tennessee for a chance to make it big. In fact, over 17,000 working physicians live in this charming and diverse southern state.
The housing market in Tennessee, however, is quite competitive, even for high-earning professionals. This year the median sale prices rose over 23% over the same time as compared to last year. The median home sale price is currently $357,000 according to the Tennessee Realtors Association. In addition to rising home prices, the number of homes listed for sale is lower than it was last year, and that’s contributing to rapidly increasing home prices and a frustrating home buying process.
For those healthcare practitioners like doctors and dentists that want to move into this highly competitive market, the Tennessee physician mortgage loan program may be able to offer some help. It allows qualified professionals to buy at a minimum down payment or even no down payment in some areas.
Tennessee doctor loan programs are designed to answer the very particular needs of working professionals in medicine and beyond. For this reason, the list of pros associated with these loans may be music to the ears of many doctors. With a physician loan, you get:
To get all that, however, you may need to pay a higher interest rate, something some might call a ‘con.’ Still, many Tennessee physicians are more than happy to pay a higher rate to enjoy the benefits of these specialized financial products.
If you’re ready to learn more about the best physician mortgage lenders in Tennessee, here are the top options we’ve found through our research.
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
$500M+ Closed Loans
First Horizon Bank has one of the hottest doctor mortgages available as they can lend up to $1.5 million at 0% down.
Being able to lend such a large amount at 0% down is particularly helpful in states like New Jersey, New York and Texas where home prices have risen sharply in the past decade. The only downside is that the program has strict eligibility requirements and folks like dentists and lawyers aren't eligible. [ Read Review ]
Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1.5 million |
| 5% | up to $2 million |
| 10% | up to $2.5 million |
• Online
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$10M+ Closed Loans
Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.
The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 15% | above $2 million |
• Online
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 |
• Online
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, DO); Dentist (DMD, DDS); Pharmacists, Chiropractor, Veterinarian, Fellows, Residents
$50M+ Closed Loans
Wintrust is headquartered in Illinois but can lend in all 50 states (unfortunately, their doctor program is not available everywhere). They originate in excess of $4 billion in mortgages annually.
The Wintrust physician mortgage program can use 1099 contract income to qualify for underwriter approval. Student loan payments aren't included in the DTI calculation if there is no scheduled student loan payment for the next 12 months. [ Read Review ]
Medical doctor (MD, DO); Dentist (DMD, DDS); Pharmacists, Chiropractor, Veterinarian, Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $850 thousand |
| 3% | up to $1.25 million |
| 5% | up to $1.5 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents
$50M+ Closed Loans
Fifth Third is a large bank with an established doctor mortgage loan program that is available to doctors, dentists, optometrists and veterinarians.
The Fifth Third physician mortgage program is also available for innterns, residents or fellows that are starting their residency within 90 days of closing on a new home. [ Read Review ]
Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | 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), 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); Lawyers(JD), Residents, Fellows
$500M+ Closed Loans
US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.
US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]
Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 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 |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Fellows, Residents
$50M+ Closed Loans
Synovus Bank is headquartered in Columbus, Georgia and offers a doctor mortgage program to people in the medical field.
Synovus Bank's doctor mortgage program is specifically designed to cater to the unique financial needs of medical professionals. This program offers specialized mortgage options that include low down payments and flexible terms, tailored for doctors at different stages of their careers. Synovus focuses on providing customized financial solutions to assist medical professionals in buying or refinancing their homes. [Read Review]
Medical doctor (MD, DO); Dentist (DMD, DDS); Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 10% | up to $2 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); Dentist (DMD, DDS); Fellows, Residents
$50M+ Closed Loans
BankMD is a division of TransPecos Banks and one of the few specialized physician lenders in the country.
The BankMD physician mortgage program has a 44% DTI ratio requirement and can be used for 1099 doctors who are less than one year into their job. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
| Down payment | Financing |
|---|---|
| 10% | up to $850 thousand |
| 15% | up to $1 million |
| 20% | up to $2 million |
Are you considering the possibility of taking on a Tennessee doctor home financing loan? Take a second to assess where you are in your life and career. If your career has stabilized and you are enjoying where you are located in Tennessee, committing to a physician loan should be easy.
Are you willing to pay a higher interest rate than conventional loans, if needed? Some don’t like the idea of paying a higher rate on financing or refinancing. If you are fine with that, however, and see it as a good rate for what you get with a physician loan, then committing to one might be a great fit.
Doctors who are taking out Tennessee physician loans may be a lot like you. In fact, we’ve included some common scenarios below to illustrate just that.
Sandra couldn’t be more excited to be on the verge of starting as an attending at Nashville General Hospital. She has an offer letter in hand and is scheduled to start in months. She and her partner want to take the time in the interim to settle into their first home.
Conventional lenders, however, are telling her that she needs to start her job and receive multiple paychecks before she can get approved for a loan. A doctor mortgage lender is willing to accept her offer letter as proof of employment, giving her a great alternative and allowing her to buy now while the timing is good.
Sam’s residency has been demanding, but it’s the fulfillment of all his dreams. Now that he and his wife are expecting, they want to buy a home near the hospital where they both work. It will be a while, however, before they can save up the 20 percent the local mortgage lender is asking they put down on a new home.
Luckily, they’ve heard about doctor mortgages from colleagues and have found a lender willing to offer them 100 percent financing at a pretty reasonable rate, all things considered.
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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