5 Best Physician Mortgage Loans in Wisconsin


Physician mortgage loans in Wisconsin are available to some health professions like medical doctors, dentists and other professionals depending on the specific loan program of the lender.

Key Terms

  • A Wisconsin 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.

Wisconsin is known for many things, including the beautiful outdoors, from farms to forests. Lake Michigan and Lake Superior border the state, creating a strong port economy. All around, the state of Wisconsin is a vibrant place to live for over 5.8 million people, including nearly 16,000 doctors

The Wisconsin Realtors Association reports the median sale price for homes in Wisconsin is $275,000, which doesn’t take into consideration higher housing prices that can be found in the big cities like Milwaukee and Madison due to younger generations relocating to these cities. Depending on the area, there is a strong, competitive real estate market present here.

For doctors and dentists planning to purchase their first home or refinance, the Wisconsin physician mortgage loan program may be one of the best ways to do so for some. It offers numerous benefits to qualified healthcare professionals including minimal down payments, or sometimes none at all.

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Considering all aspects of Wisconsin physician mortgage loans

Before making a financial decision, it is always important to weigh all aspects involved. Doctor mortgages in Wisconsin offer medical and other professionals an array of benefits, not the least of which is special consideration for student loan repayments. Additional benefits of these loans include:

  • No required Private Mortgage Insurance
  • High loan limits that give borrowers more purchasing power during the home buying process
  • Little or no down payment

On the other side of the coin, borrowers may find that these loans can come with higher interest rates. There are also additional commitments to a borrowing institution that may need to happen, including opening a savings account, for example, with the lending bank. 

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5 Top Wisconsin 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. First National Bank of Omaha

First National Bank of Omaha may sound like a community bank but they are able to lend to many states in the Midwest and Texas. With $17 billion in assets they  count as a medium-sized bank, perfect for your needs as a lender. Their physician loan is also a competitive product.

We spoke to a loan officer at First National Bank of Omaha to learn more about their doctor mortgage. Here are the highlights:

  • 0% down up to $600,000 (requires 4 months of reserves)
  • 5% down up to $850,000 (requires 4 months of reserves)
  • 10% down up to $1,250,000 (requires 6 months reserves)
  • For non-doctor professionals: 5% down up to $750,000 and 10% down up to $1,000,000
  • Minimum credit score is 720
  • No private mortgage insurance
  • Student loan deferment options
  • Employment contracts that have been fully executed with no contingencies. Must start work within 90 days of closing
  • 30 year fixed rate loans and 10/1 ARM loan options. 10/1 ARM loans offered at a discounted rate, fixed for the first 10 years.

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

2. Flagstar Bank

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium-sized bank. However, they punch well above their weight when it comes to mortgages and operate as the sixth largest bank mortgage originator nationally. Not surprisingly, a big part of their success has been a doctor mortgage program.

We contacted Flagstar Bank to learn more details about their physician loan. Here are the key terms that you need to know?

  • 5, 7 & 10 year ARM  products
  • 0% down up to $1,000,000 (first time homebuyer – have not owned in last 3 years)
  • 5% down up to $1,500,000 (first time homebuyer – have not owned in last 3 years)
  • If not a first-time home buyer
  • 10% down up to $1,000,000
  • 15% down up to $1,500,000
  • 20% down up to $2,000,000
  • 25% down up to $2,500,000
  • Fixed products
  • 10% down on the jumbo fixed to a max loan amount of $1,000,000 with no PMI
  • 20% down on the jumbo 30 year fixed with a max loan amount of $3,000,000
  • For first time home buyer (have not owned within last 3 years):
  • 3% down up to $647,200
  • If not a first time home buyer:
  • 5% down up to county limit (with and without PMI)
  • Medical doctors and lawyers are eligible. We weren’t able to confirm that the program is available to dentists and other (non-doctor) medical professionals, but encourage you to contact them to confirm.

The total reported lender fees as of the date of this article were $1395 ($550 processing and $845 for underwriting).

Another benefit of Flagstar is that they can submit a full file to underwriting for an actual loan approval (not pre-approval) without having a purchase contract signed, which makes you competitive with all cash offers and the process less stressful for you. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option.

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.

3. 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.

4. 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.

5. 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.

Is a Wisconsin physician mortgage loan right for you?

If you are considering a Wisconsin physician mortgage loan, you need to look closely both at your financial picture, your employment and your way of life. If you are still carrying debt from medical school, a physician loan can be a much easier entry point to getting a mortgage, since these lenders give favorable consideration to such debt. 

Before taking out any mortgage, however, you will also want to look at your current employment status and where you live in Wisconsin. If you see yourself remaining happy in your job and with where you live, entering into one of these arrangements can be a boon. Remember, that you may have to accept a higher interest rate to enjoy the advantages of a physician mortgage. 

Examples of doctors who take out physician loans in Wisconsin 

The doctors, dentists and other professionals in Wisconsin who take out physician loans all have similar stories. The examples below illustrate just a few of them and delineate some of the reasons why these individuals choose to move forward with a physician loan. 

A general practitioner who wants more buying options

Madison has been Gerry’s hometown his whole life, and he was happy to establish a practice in town once he got out of medical school. Ready to buy a home for his family, he is looking around at his options. Limits on conventional loans are holding him back from buying the house that he needs for his family. 

A doctor mortgage, on the other hand, offers higher limits and opens up his options. With the added benefits of no PMI and 100 percent financing, he believes going with a doctor mortgage is the best choice for him and his family. 

A doctor starting a fellowship at a Wisconsin hospital

When Reese received the news that she had been offered a fellowship in the department of pediatrics at the University of Wisconsin School of Medicine and Public Health, she was on top of the world. She is ready to settle down in the area and has been looking into purchasing a home. 

She has two difficulties facing her in that process. One is that she is still carrying a good deal of student debt. The second issue is that she has not yet started the fellowship.  A lender offering a physician loan in the area is willing to offer her a loan based on her offer letter from Wisconsin and will also give her special consideration when it comes to her student debt. 

If you’re looking to explore physician mortgage loans in other states, check out our national overview of physician loans as a starting point in your search.

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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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