Physician Loans in Texas


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18 Best Hidden Doctor Mortgage Loans in Texas

Key Terms

  • A Texas 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.

There’s no doubt that at 268,596 square miles that Texas is a large state, the second largest, in both size and population. Texas has over 67,000 active physicians, including over 20,000 primary care physicians according to data from the Association of American Medical Colleges. The United States Census recorded over 4,000,000 new Texans over the past decade, putting pressure on the housing market as many professionals move to the state to take advantage of low taxes and warm weather.

The combination of an influx in population with increased housing demand from the COVID-19 pandemic has caused housing prices to skyrocket in many parts of the state. The median sale price of a home in the state during the first quarter of the year was $325,000, which is an 18.6% increase over the same period last year. This competitive market can be hard to buy into because of how rapidly prices are rising. 

If you’re a Texas medical doctor, dentist or other professional that hasn’t yet had a chance to save up a significant down payment, you may find it challenging to qualify for a conventional mortgage for your dream home and with a low down payment, you may be concerned about the interest rate.

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Pros/Cons of Texas physician mortgage loans

A physician mortgage loan, sometimes called a doctor mortgage, can often make owning a home a reality much sooner than a conventional mortgage.

Some of the advantages of physician mortgage loans:

  • Low or no down payment financing. Many physician loan lenders offer up to 100% financing. However, a small down payment (e.g. 3% to 10%) might be necessary depending on the size of the mortgage.
  • No private mortgage insurance (PMI). Private mortgage insurance cost hundreds of dollars a month but can be avoided entirely on physician mortgage loans, potentially saving you thousands of dollars each year.
  • Favorable treatment of student loan debt. Many medical doctors, dentists and other professionals have trouble meeting the debt-to-income ratio required by mortgage lenders thanks to expensive graduate education degrees and the corresponding high student loan debt. Physician loan underwriters are aware of the cost of these degrees and make special accommodations when calculating your debt-to-income ratio.
  • Higher mortgage limits are okay. You can expect to find physician mortgage loan programs that will let you borrow up to $2 million, which is significantly higher than loan limits for conventional mortgages.
  • Employment contracts are good enough. Another advantage of the doctor mortgages is that you won’t need to wait until you begin your job to qualify for a mortgage. Usually a contract is sufficient evidence of income to get you through the underwriting process.

Some of the disadvantages of physician mortgage loans:

  • Low or no down payment financing. Many physician loan lenders offer up to 100% financing. However, a small down payment (e.g. 3% to 10%) might be necessary depending on the size of the mortgage.
  • No private mortgage insurance (PMI). Private mortgage insurance cost hundreds of dollars a month but can be avoided entirely on physician mortgage loans, potentially saving you thousands of dollars each year.
  • Favorable treatment of student loan debt. Many medical doctors, dentists and other professionals have trouble meeting the debt-to-income ratio required by lenders thanks to expensive graduate education degrees and the corresponding high student loan debt. Physician loan underwriters are aware of the cost of these degrees and make special accommodations when calculating your debt-to-income ratio.

The main potential negative of a doctor mortgage loan in Texas is that you really need to be prudent in the home buying process. You’ll likely qualify for a much higher loan amount than you would with a conventional loan. However, that doesn’t mean you’ll be able to responsibly afford a more expensive home or lot.

19 Top Texas physician home loan lenders

If you’re in the market for a home in Texas, consider these physician mortgage loans that are available to anyone purchasing property in the Lone Star state.

  • First Horizon Bank
  • Truist
  • NEO
  • Flagstar Bank
  • First National Bank of Omaha (FNBO)
  • UMB Bank
  • US Bank
  • Alerus
  • PNC Bank
  • Keybank
  • Extraco Banks
  • First Financial Bank
  • Amplify Bank
  • Laurel Road
  • US bank
  • BankMD
  • The Federal Savings Bank
  • Happy Mortgage
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

First Horizon Bank

(AL, AR, CT, GA, FL, LA, MS, NC, NJ, NY, SC, TN, TX, VA)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 680
  • Maximum loan: $2.5 million
  • Residents / fellows accepted: No
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Truist

(AL, AR, CA, CT, DC, DE, FL, GA, IN, KY, MA, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 680
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Get Quotes Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Lawyers (JD)

NEO

(All 50 States - Except NY)

$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 ]

Eligible degrees & accreditations:

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)
  • Minimum credit score: 620
  • Residents / fellows accepted: Yes
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)

First National Bank of Omaha (FNBO)

(CO, IA, IL, KS, MO, NE, SD, TX, WY)

$500M+ Closed Loans

First National Bank of Omaha (FNBO) has one of the most expansive professional mortgage programs on the market with the ability to finance multiple degree types.

Unfortunately, they have a small lending footprint, including only being able to lend in Texas in the Dallas/Fort Worth area. We're always trying to convince them to expand the program and recently they added the ability to finance condos. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)

Down payment Financing
0% up to $850 thousand
5% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 680
  • Maximum loan: $1.5 million
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Optometry (OD), Pharmacist (PharmD), Lawyer (JD)

UMB Bank

(AZ, CO, KS, MO, NE, OK, TX)

$500M+ Closed Loans

UMB Bank has one of the few 0% down mortgages available to lawyers, so is popular among the attorney crowd. They have a small footprint but can be a good bet for doctors too.

The UMB Bank program is limited to just seven states, so that's a major downside if you are outside of their lending footprint. The good news is that a wide range of doctors qualify for the program, including Pharmacists and Optometrists, both of which are sometimes excluded from lending programs. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Optometrists (OD), Pharmacists (Pharm D)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: No
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)

Alerus

(AL, AZ, CA, CO, CT, DC, FL, ID, IN, IA, KS, KY, MD, MA, MI, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, WA, WI, WY)

$10M+ Closed Loans

Alerus is a national bank but one that you might not know. They are headquartered in North Dakota but provide mortgage across the country.

Alerus has some other interesting features, including a $20,000 closing guarantee. It's a benefit paid to the seller if the loan doesn't close per the terms of the pre-approval letter. In other words, it's something you can use to make your offer look more attractive in a competitive market. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)

Down payment Financing
0% up to $750 thousand
5% up to $1 million
10% above $1.5 million
  • Minimum credit score: Not disclosed
  • Maximum loan: $1.5 million
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not disclosed
  • Rate options: Fixed and ARMs
Get Quotes Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS)

PNC Bank

(All 50 States)

$500M+ Closed Loans

PNC Bank is an established player in the mortgage industry that ranks 8th largest by total assets in the country.

PNC Bank's doctor mortgage program is a specialized loan offering designed to assist medical professionals in achieving their homeownership goals. The program offers a low down payment, no private mortgage insurance requirement, and higher loan limits. It caters to a wide range of medical professionals including MDs, DOs, DDSs, DMDs, and others, even allowing residents and fellows to qualify. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS)

Down payment Financing
5% up to $1 million
10% up to $1.5 million
15% up to $1.765 million
  • Minimum credit score: 720
  • Maximum loan: $1,7650,000
  • Residents / fellows accepted: Yes
  • Gift funds accepted: Yes
  • Income history: Can lend up to 90 days prior to start date
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD/DDS) Lawyer (JD), Veterinarian (DVM), Fellow, Resident, Physician Assistant (PA), Nurse (CRNA/NP), Certified Public Accountant (CPA)

Extraco Banks

(TX)

$10M+ Closed Loans

Extraco Bank has both a physician loan and professional loan option. Both the physician loan and professional loan provide 100% financing options.

Extraco only operates in the state of Texas, making them a limited option. However, if you're in the state of Texas that's good news. The program also includes a broad range of professionals such as nurses, physician assistants and even CPAs. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD/DDS) Lawyer (JD), Veterinarian (DVM), Fellow, Resident, Physician Assistant (PA), Nurse (CRNA/NP), Certified Public Accountant (CPA)

Down payment Financing
0% up to $750 thousand
3% up to $1 million
10% up to $1.5 million
  • Minimum credit score: 660
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Not disclosed
  • Income history: Not disclosed
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO)

First Financial Bank

(TX)

$10M+ Closed Loans

First Financial Bank has a physician loan program for Texas doctors that offers 0% financing up to a limited amount.

First Financial Bank has a local Texas doctor mortgage program that may be worth checking out if you want to check every possible rate available. The 0% down financing is limited to a small amount but they can do 5% down up to $1 million which opens up the program to doctors looking for houses in that range. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO)

Down payment Financing
0% up to $510 thousand
5% up to $1 million
10% above $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Not disclosed
  • Construction loans available: Not disclosed
  • Income history: Not disclosed
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM), Lawyer (JD), Nurse (CRNA/NP), Optometrist (OD), Veterinarian (DVM), Pharmacist (Pharm D), Physician Assistant (PA), Certified Public Accountant (CPA)

Amplify

(TX)

$10M+ Closed Loans

Amplify is a regional credit union that only lends in the state of Texas. What they lack in geographic scope, they make up with in terms of availability for most professional degrees.

Amplify's professional mortgage program covers a wide range of professionals, including probably yours too. The program is limited to Texas, so if you live outside Texas you'll have to find another lender. They only lend on owner-occupied properties, so you can't use these loans for investments. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)

Down payment Financing
5% up to $1.25 million
10% up to $1.5 million
20% above $1.75 million
  • Minimum credit score: Not disclosed
  • Maximum loan: $1.75 million
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not disclosed
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Laurel Road

(All 50 States)

$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 ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

BankMD

(CO, FL, OK, TN, TX, UT)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 660
  • Maximum loan: $3 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

The Federal Savings Bank

(CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, ME, MD, MA, MI, MN, MS, MO, MT, NJ, NY, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY)

$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]

Eligible Professions:

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
  • Minimum credit score: 680
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD), Fellows, Residents

Happy Mortgage

(AL, AR, FL, TX)

$50M+ Closed Loans

Happy Mortgage is a division of Centennial Bank and has a doctor mortgage and construction loan program for many medical professionals.

The Happy Mortgage physician mortgage program has a 0% down option that can also be used for construction projects, making Happy Mortgage a good option to review if you plan to build a custom home. They also have second home financiang options for medical professionals looking to use a doctor mortgage for a vacation property. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Physician Assistant (PA), Veterinarians (DVM), Nurse (NP, CRNA), Fellows, Residents

Down payment Financing
0% up to $750 thousand
5% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 700
  • Maximum loan: $3 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: Not reported
  • Rate options: ARM and Fixed

Compare Rates from All Banks

How to decide whether a Texas physician mortgage loan make sense for your home purchase

Fortunately, there are doctor mortgage programs that make it easier for high-earning medical doctors, dentists and other professionals to qualify for mortgages and achieve homeownership. Texas physician mortgage loans come with huge benefits for doctors, dentists and other professionals. You can purchase a home without a large down payment, which allows you to get into a home quickly or allows you to use the down payment funds for another purpose.

The downside is that you’ll probably pay a slightly higher amount for using a physician mortgage than if you pursued a conventional mortgage. Additionally, if you don’t have the money for a down payment, you’ll need to understand whether it’s the right time to buy a house. There’s no rush to purchase a home and maybe people rent for years before making their first purchase, allowing you to save up for the down payment and closing costs.

Another potential pitfall with a doctor loan program in Texas is that you may buy more home than you can afford. Just because a lender is willing to lend you a lot of money doesn’t mean that it’s the right financial decision. A realtor scouring the NMLS might be able to convince you to buy a bigger house than you need in Dallas, Houston or Austin. You may already be in significant student loan debt and you’ll want to ask yourself whether borrowing additional money is the right decision.

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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