Best Professional Mortgages for High-Income Professionals


Learn how professional mortgages offer lower interest rates, higher borrowing limits, and more benefits to eligible professionals.

Key Terms

  • Professional mortgages allows doctors, dentists, lawyers, and other high-income earners to borrow up to $5 million with a low down payment, no mortgage insurance requirement, and competitive interest rates.
  • These mortgage products are designed for borrowers who have a high debt-to-income ratio, as it takes into account the borrower’s future earning potential when assessing their ability to repay the loan.
  • Professional mortgages offer flexible terms and allows borrowers to choose from fixed or adjustable rates, and to finance up to 100% of the purchase price or appraised value of the property.

Professional mortgages are specialized home loan products that are designed for individuals who work in certain professions such as doctors, dentists, lawyers, and other professionals. These mortgages are tailored to the unique financial situations and needs of these professionals, offering benefits such as lower interest rates, higher borrowing limits, and more flexible underwriting requirements.

Professional mortgages are important for professionals because they allow them to purchase homes that may be out of reach with traditional mortgages. These home loans are often designed to account for the financial challenges that professionals may face, such as high student loan debt, irregular income, and long periods of training.

In this blog post, we will explore the world of professional mortgages, including which homebuyers qualify for these mortgages, the benefits of a professional mortgage loan, the types of professional mortgages available, how to qualify for a professional mortgage, where to find professional mortgages, and tips for choosing the right professional mortgage. By the end of this post, you’ll have a better understanding of whether a professional mortgage loan is right for you and how to go about securing one.

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Who qualifies for a professional mortgage?

Professionals who may be eligible for professional mortgages typically include doctors, dentists, lawyers, and other high-income earners such as veterinarians, certified public accountants (CPAs) or pilots. These professions are often considered eligible due to their higher earning potential, stable employment, and long-term job security.

Doctors and dentists (DDS or DMDs), for example, often have a high earning potential, but may also have significant student loan debt to pay off. A physician mortgage loan can offer these professionals more flexible underwriting requirements, allowing them to qualify for a higher loan amount even with high debt-to-income ratios.

Lawyers, on the other hand, may have higher earning potential later in their careers, but may face a lower salary during the early stages of their career. Professional mortgage loan programs can account for these income fluctuations and offer more flexible underwriting requirements, giving you greater loan options than what you’d find in a conventional loan.

Other professionals such as nurse practitioners or physician assistants may have high earning potential and job stability, but may also face the challenge of a variable income. Professional mortgages can take into account this variability and offer more flexible underwriting requirements based on projected future income.

Overall, professional mortgages are designed to account for the unique financial situations and needs of certain professionals, allowing them to purchase new homes that may be out of reach with traditional mortgages.

15 Best professional mortgage loan lenders

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), 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), 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), 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
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)

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) 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
Loan Officer
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), Nurse (CRNA/NP), Veterinarian (DVM), Chiropractor, Podiatrist

Regions Bank

(AL, AR, FL, GA, IL, IA, IN, KY, LA, MS, MO, NC, SC, TN, TX)

$500M+ Closed Loans

Regions Bank has a broad program that offers 0% down to doctors and dentists, while requiring 3% down for other professionals.

Regions Bank is one of the "big banks" that offers a doctor mortgage to a broad group of professionals. They can also help with construction projects with a one-time close construction to permanent loan. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Optometry (OD), Pharmacist (PharmD), Lawyer (JD), Nurse (CRNA/NP), Veterinarian (DVM), Chiropractor, Podiatrist

Down payment Financing
0% up to $750 thousand
5% up to $1 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), 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); 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), 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
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); 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); Dentist (DMD, DDS); Podiatrist (DPM), Fellows, Residents

TD Bank

(CT, DE, DC, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VT, VA)

$500M+ Closed Loans

TD Bank is one of our top professional mortgage lenders.

Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% $1.5+ million
  • Minimum credit score: 720
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Debt ratio allowed: 43%
  • Rate options: ARM and Fixed

Benefits of professional mortgages

Professional mortgages offer a range of benefits for eligible professionals, including lower interest rates, higher borrowing limits, more flexible underwriting requirements, and lower down payments.

  • Lower interest rates: Professional mortgages can sometimes offer lower interest rates than traditional mortgages. This is because lenders view professionals as lower-risk borrowers due to their high earning potential, job security, and low default rates. Lower interest rates can mean lower monthly payments, which can make homeownership more affordable for professionals.
  • Higher borrowing limits: Professional mortgages can offer higher borrowing limits than traditional mortgages. This is because lenders understand that professionals often have higher levels of student loan debt, which can make it more difficult to save for a down payment. Higher borrowing limits can make it easier for professionals to purchase real estate that may be out of reach with traditional mortgages.
  • More flexible underwriting requirements: Professional mortgages can offer more flexible underwriting requirements than traditional mortgages. This is because lenders understand that professionals may have unique financial situations, such as high student loan debt or irregular income. More flexible underwriting requirements can make it easier for professionals to qualify for a mortgage, even with a high debt-to-income ratio.
  • Lower down payments: Some professional mortgages, such as physician mortgages, may offer lower down payments. For example, some physician mortgages allow borrowers to put as little as 0% down, which can make it easier to qualify for a mortgage. Additionally, even at higher loan limits, some physician mortgage options may offer higher loan-to-value ratios, which can mean a smaller down payment and more money available for other investments.

Overall, professional mortgages offer a number of benefits that can make homeownership more affordable and accessible for eligible professionals. By offering lower interest rates, higher borrowing limits, more flexible underwriting requirements, and lower down payments, professional mortgages can help professionals achieve their dreams of homeownership while managing their unique financial situations.

Types of professional mortgages

There are a variety of professional mortgages available to eligible professionals, including doctor mortgages, dentist mortgages, lawyer mortgages, and other professional mortgages.

Doctor Mortgages

Doctor mortgages are a type of professional mortgage that is designed specifically for physicians and medical professionals.

These mortgages typically offer lower interest rates, higher borrowing limits, and more flexible underwriting requirements. Some doctor mortgages may also offer features such as deferred student loan payments, which can help physicians manage their high levels of student loan debt.

Doctor mortgages may be available for both new and experienced physicians, and may include features such as no private mortgage insurance (PMI) requirements or lower down payment requirements. You can typically find professional mortgages that offer both adjustable rate and fixed rate options as well.

Dentist Mortgages

Dentist mortgages are similar to doctor mortgages, but are designed specifically for dentists and other dental professionals. Like doctor mortgages, dentist mortgages typically offer lower interest rates, higher borrowing limits, and more flexible underwriting requirements.

Dentist mortgages may also offer features such as deferred student loan payments, as well as additional benefits such as low down payments. Most dentist mortgage programs are extensions of the bank’s physician loan program, so while there may not be as many banks that offer dentist mortgages, you’re likely to find terms that are the same as the physician mortgage loans when you find a bank that does offer dentist mortgages.

Lawyer Mortgages

Lawyer mortgages are designed specifically for attorneys and other legal professionals.

These mortgages may offer features such as lower interest rates, higher borrowing limits, and more flexible underwriting requirements.

Lawyer mortgages may also take into account the unique financial challenges faced by attorneys, such as the high cost of law school and the potential for variable income.

Some lawyer mortgages may also offer additional benefits, such as financing for law firm start-ups or expansions.

Other Professional Mortgages

In addition to doctor mortgages, dentist mortgages, and lawyer mortgages, there are a number of other professional mortgages available for eligible professionals.

These may include mortgages for veterinarians, nurses, chiropractors, pilots, engineers, and other high-income earners.

These mortgages may offer similar benefits to doctor, dentist, and lawyer mortgages, such as lower interest rates and more flexible underwriting requirements.

Overall, professional mortgages come in a variety of types to meet the needs of different professions. Whether you’re a doctor, dentist, lawyer, or other professional, there may be a specialized mortgage product available to help you achieve your homeownership goals.

How to qualify for a professional mortgage

One of the most important factors in qualifying for a professional mortgage is your credit score and credit history. Lenders will typically look for a credit score of at least 680, although some professional mortgage programs may have lower credit score requirements. It’s important to maintain a good credit score and to address any negative items on your credit report before applying for a professional mortgage.

Your debt-to-income ratio is another important factor that lenders will consider when evaluating your eligibility for a professional mortgage. This ratio compares your monthly debt payments to your monthly income. Generally, lenders will look for a debt-to-income ratio of no more than 43%. However, some professional mortgage programs may allow for a higher debt-to-income ratio, especially if you have a high earning potential.

Before applying for pre-approval with a professional mortgage program, consider paying down any credit card debt as small improvements in your credit score can have a big impact on the interest rate offered to you, which will consequently have a big impact on the interest paid over the life of the loan.

Lenders will also want to see proof of your income and employment. This may include pay stubs, W-2 forms, and tax returns. Self-employed professionals may need to provide additional documentation, such as profit and loss statements or business tax returns. If your income is atypical, talk to a loan officer that specializes in professional mortgages at the bank where you’d like to get approved as they will be able to help you through the loan process.

Depending on the type of professional mortgage you’re applying for, you may need to provide proof of your professional license and certification. This is especially true for doctor mortgages and dentist mortgages, where lenders may require proof of your medical or dental license.

In addition to the factors listed above, there may be other factors that can affect your eligibility for a professional mortgage. For example, some lenders may require a certain amount of work experience in your profession before you can qualify. Additionally, some lenders may have specific requirements for the type of property you can purchase with a professional mortgage, such as minimum square footage or location and that it must be owner-occupied (i.e. no vacation properties).

Overall, qualifying for a professional mortgage will depend on a number of factors, including your credit score, debt-to-income ratio, the purchase price of your house, proof of income and employment, professional license and certification, and other eligibility requirements set by the lender. By understanding these factors and working to improve your eligibility, you can increase your chances of securing a professional mortgage that meets your needs.

Get Quotes for Your Professional Mortgage

Where to find professional mortgages

If you’re interested in applying for a professional mortgage, there are a few different options available to you. Most people are going to want to stick to a bank or credit union, as professional mortgage programs tend to be portfolio products originated by banks themselves.

However, some of the most common places to find professional mortgage loan offers include:

Banks and credit unions

  • Many banks and credit unions offer specialized mortgage products for professionals, such as doctor mortgages or dentist mortgages.
  • These lenders may also offer other benefits, such as lower interest rates or waived origination fees. Sometimes they can even refinance your existing mortgage if you’re looking to take advantage of the professional mortgage benefits.

Mortgage brokers

  • Mortgage brokers can help you shop around for the best professional mortgage rates and terms.
  • Brokers work with a variety of lenders and can help you find the mortgage that best fits your unique financial situation.

Online lenders

  • Online lenders offer the convenience of applying for a professional mortgage from the comfort of your own home.
  • These lenders may also offer lower fees and faster application processes.
  • However, it’s important to do your research and ensure that the online lender you choose is reputable and offers competitive rates and terms.

Overall, there are a variety of places to find professional mortgages, each with their own benefits and drawbacks. By exploring your options and comparing rates and terms, you can find the professional mortgage that best fits your needs and financial situation.

Tips for choosing the right professional mortgage

One of the most important things to consider when choosing a professional mortgage is the interest rate and any associated fees. Be sure to compare rates and fees from multiple lenders to ensure you’re getting the best deal. These loans are not FHA loans or otherwise loans backed by a government agency (such as Fannie Mae or Freddie Mac), so each bank is free to set its terms without needing to follow the conventional lending requirements.

In addition to the interest rate and fees, it’s important to consider the down payment and other upfront costs associated with the mortgage. Some professional mortgages may require a lower down payment than traditional mortgages, which can make homeownership more affordable for professionals. However, be sure to factor in other upfront costs such as closing costs, taxes, and insurance when evaluating the total cost of the mortgage.

When shopping for a professional mortgage, look for lenders that specialize in these types of mortgages. These lenders will have a better understanding of the unique financial situations faced by professionals, and may offer more flexible underwriting requirements or additional benefits. Be sure to do your research and compare rates and terms from multiple lenders to ensure you’re getting the best deal.

When you’re ready to apply for a professional mortgage, be sure to read the fine print carefully. Pay attention to the terms and conditions of the mortgage, including any prepayment penalties, late payment fees, or other potential charges. Ask questions if there’s anything you don’t understand, and make sure you’re comfortable with the terms before signing on the dotted line.

Overall, choosing the right professional mortgage requires careful consideration of a variety of factors, including interest rates and fees, down payment and other upfront costs, lender specialization, and the terms and conditions of the mortgage. By doing your research and comparing rates and terms from multiple lenders, you can find the professional mortgage that best fits your needs and financial situation.

Final thoughts on professional mortgage loans

Professional mortgages can offer a range of benefits for eligible professionals, including lower interest rates, higher borrowing limits, more flexible underwriting requirements, and potential tax advantages. These mortgages are available for a variety of professions, including doctors, dentists, lawyers, and other high-income earners.

To qualify for a professional mortgage, professionals should focus on factors such as their credit score and credit history, debt-to-income ratio, proof of income and employment, professional license and certification, and other eligibility requirements set by the lender. By understanding these factors and working to improve their eligibility, professionals can increase their chances of securing a professional mortgage that meets their needs.

Overall, professional mortgages are an important tool for professionals looking to achieve homeownership. By taking advantage of the specialized products and benefits available through these mortgages, professionals can more easily achieve their financial goals and build a strong foundation for their future.

Find a Professional Mortgage Specialist

Have Questions?

A professional mortgage is a type of mortgage designed for people in certain professions, such as doctors, dentists, lawyers, and accountants. These mortgages often offer lower interest rates, higher borrowing limits, and more flexible underwriting criteria than traditional mortgages.

Each lender may have slightly different eligibility criteria, but typically, individuals who have completed a qualifying professional program and are currently employed in a related field are eligible for a professional mortgage.

Professional mortgages can typically be used to purchase a wide range of properties, including primary residences and second homes but not investment properties. They can sometimes be combined with construction loans if you want to build a new custom home.

The amount you can borrow with a professional mortgage will depend on a number of factors, including your income, credit score, and the value of the property you’re purchasing. However, professional mortgages often have higher borrowing limits than traditional mortgages.

Some of the key benefits of a professional mortgage include lower interest rates, more flexible underwriting criteria, higher borrowing limits, and potentially lower down payment requirements.

To apply for a professional mortgage, you’ll typically need to provide documentation of your professional status, such as your degree or license, as well as documentation of your income, assets, and credit history. You can apply directly with a lender or work with a mortgage broker to compare options from multiple lenders.

One potential downside of a professional mortgage is that they may require higher credit scores or larger down payments than traditional mortgages. Additionally, some lenders may require that you hold certain accounts or investment products with them in order to qualify for a professional mortgage.

Compared to traditional mortgages, professional mortgages often have lower interest rates, higher borrowing limits, and more flexible underwriting criteria. However, they may also have stricter eligibility requirements or higher down payment requirements than other types of mortgages, such as FHA or VA loans.

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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