5 Best Physician Mortgage Loans in Utah

Physician mortgage loans in Utah are available to medical doctors seeking 0% down mortgages with 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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Key Terms

  • A Utah 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 and can include high loan amounts up to $2.5 million or more, depending on the physician mortgage lender.

Utah is a state noted for its open areas and tall mountains. The Salt Lake City area mountains are the perfect place to ski during the winter months as the area gets over 500 inches of snow on average each year. The Sundance Film Festival takes place in Utah each year. It’s the largest indie film festival in the country and takes place in Park City. Beautiful natural areas and an outstanding quality of life help make Utah a desirable place to live for its citizens, including over 7,000 active physicians

The Utah Association of Realtors reports that, in May of 2022, 4,286 homes were sold in the state, a drop of about 7.5% over the previous year. The median sale price of those homes was over $535,000, a 23% increase from the private year. This growth is due to numerous factors including limited homes for sale. 

A Utah physician mortgage loan program may be able to help some qualified doctors and dentists obtain a loan to purchase their primary residence in the state. Some home buyers may need a minimum down payment or, sometimes, none at all. 

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Pros/Cons of physician mortgages in Utah

Before taking out any mortgage, you always want to take a look at the pros and cons of that product. A Utah physician mortgage loan offers many benefits, especially when you consider the high volume of student debt many of these professionals carry. To that end, one primary benefit is that a lender making one of these loans will extend special consideration to any student loan repayments. Additional benefits include:

  • High loan limits
  • No PMI
  • Easier underwriting requirements than many conventional loans
  • 100 percent financing, in some cases

What are the cons associated with a Utah physician loan? All of these plusses may come at a higher interest rate, when compared to the average conventional loan. You may also need to open a checking or savings account with a lender in order to consolidate your long-term relationship with that institution. If you’re looking to refinance, check with the bank first to see if they offer it. Finally, health care providers like veterinarians or nurse practitioners are often excluded.

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5 Top Utah physician home loan lenders

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

1. 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 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.

2. Bank of England

If you thought the Bank of England was in the United Kingdom, you’ll be surprised to find out that the Bank of England is located in England, Arkansas but has the ability to lend in all 50 states (except NY).

We contacted the Bank of England to see if we could gather details about their physician loan program. Here is what we learned:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • No PMI
  • Only available on 3, 5 and 7-year ARM terms
  • Program aimed at doctors who are either seasoned practitioners or just out of medical school (in other words, they work with doctors of all experience levels).
  • Requires a credit score of 700
  • Requires two months of payment reserves.
  • You can be a US Citizen or a Permanent or Non-Permanent Residence.
  • They are able to exclude student loan debt in deferment or forbearance of 12+ months from the debt-to-income calculation.
  • You can only use this doctor mortgage program for single family residences, condos and two-unit properties.

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. 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 refinancing, credit cards and 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, 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.

4. 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 with a new job 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.

5. 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.

Is a Utah physician mortgage loan right for you?

Are you still carrying a good deal of student debt? If the answer is yes and you are still a resident, your DTI ratio may be high enough that a conventional lender won’t approve you for a mortgage. In that scenario, a doctor mortgage is a great option.

Are you committed to your current job, and do you want to stay in your region of Utah for many years to come? If you say ‘yes’ to that, as well, then these financial products can be a great fit, too. 

Do you think that a higher interest rate is a reasonable price to pay for the other advantages you get with a doctor mortgage? A yes to that also means you may well enjoy taking out a physician loan in Utah. 

Examples of doctors who take out physician loans in Utah

A wide range of doctors and professionals in Utah are taking out doctor mortgages. Even doctors in some very comfortable financial positions are still deciding to go with physician loans in order to maximize their leverage. 

A resident managing student debt

In the second year of her residency at Salt Lake Regional Medical Center, Susan is happy with how her career is going. She knows she wants to stay in the SLC region for good, since she loves the quality of life and the outdoors. She is still managing a good deal of student debt, however, and her second year income is still not big enough to make her DTI ratio attractive to conventional lenders. A physician loan will allow her to purchase a home and settle down, since the lender understands that her debt isn’t reflective of bad decision making and that her income will only increase. 

An established Internist who wants to maximize leverage

Duvall is an established Internist in Provo with a sterling reputation and great income. He has managed to make a wide range of investments and is interested in buying a new home. By taking out a doctor mortgage, he can enjoy 100 percent financing and high loan limits that give him an edge in the housing market and maximize his leverage. 

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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