5 Best Physician Mortgage Loans in Wyoming

Wyoming is a western state noted for its beautiful mountain ranges. It is home to some of the best national parks, featuring dense wildlife and a diverse ecosystem. Some people come for the history here while others love the hot springs and natural wonders. The area is far removed from an urban landscape but offers numerous benefits to home buyers nonetheless, including the over 1,100 working doctors living in the state. 

The Wyoming Realtors Association reported that there was a 13% increase in home prices across the state over last year, and many real estate experts believe those increasing prices will continue into the future. Recent estimates place the average new home price in Wyoming is $370,000, according to the Wyoming Business Report. 

For practicing physicians and dentists hoping to buy or refinance real estate in Wyoming this year, the doctor loan program may make it a bit easier to do so. In addition to loan forgiveness programs and loan repayment programs, these programs are designed specifically for qualified medical professionals. 

For borrowers that meet that requirement, benefits such as low down payments or none at all may make it a loan program worthy of consideration.

Pros/Cons of Wyoming physician mortgage loans

If you are interested in a doctor mortgage in Wyoming, you will want to consider the pros as well as the cons of these loans. The pros are tailored to the specific needs of doctors and include:

• Higher loan limits for more purchasing power
• 100% financing, in some scenarios
• No PMI payment(s)
• Special consideration of debt incurred during your studies
• Relaxed underwriting requirements, including the possibility that you can get approved before starting a new job.

The downside of a Wyoming physician mortgage loan is that you may get all of that at a higher interest rate. Many Wyoming professionals consider that a fair exchange for all these benefits. You may also be required to open a checking or savings account with your lender as part of the package, but this can benefit you in the long term. 

5 Top Wyoming physician home loan lenders

If you’re ready to learn more about the best physician mortgage lenders in Wyoming, here are the top options we’ve found through our research.

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.

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), those in a residency program 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.

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.

Is a Wyoming physician mortgage loan right for you?

If you are wondering whether a physician mortgage loan is the right choice for you in today’s marketplace, ask yourself a few questions. Are you happy in your current job, and do you plan on staying in that position? Are you satisfied with where you are in Wyoming, and do you have no plans to relocate anytime soon? If so, a doctor mortgage can be a great answer to your needs. 

Assess your financial picture, as well. While these loans do extend a wide array of doctor-friendly benefits, they can come with higher interest rates. If that is money you consider well spent, a physician loan is right for you. 

Examples of doctors who take out physician loans in Wyoming

From Jackson to Cheyenne, doctors, dentists and other professionals in Wyoming are enjoying the benefits of physician loans. Do their stories align with yours? Chances are, they do. 

Doctor who has large student loan payments

Having grown up in Jackson Hole, Andrew never had plans to leave. Why would he, given the charm of the town and the stunning vistas of the Tetons. Andrew built his dental practice up from scratch and has been paying down his student debt slowly but surely. 

The payments are hurting his debt-to-income ratio, however, and some conventional lenders are telling him he won’t qualify for a mortgage. A physician loan is the perfect answer; a local lender offering one of these products gives special consideration to his debt, understanding that it is not ‘bad’ debt, but a necessary investment in Andrew becoming a high-earning professional. 

Doctor who doesn’t have a down payment

Sarah has always wanted to purchase a home near Cheyenne Regional Medical Center where she is doing her residency. With prices as high as they are, she would need at least 75k to put 20 percent down on a conventional loan. That’s not possible at the moment, but she does have the option of going with a physician loan. 

A lender in the area has told her that she is pre-qualified for a mortgage with 100 percent financing, since she is on track to be a high-earning professional. She decides to go with this option and is able to purchase a charming rancher within 10 minutes of work. 

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.