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JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best mortgage for your home financing needs.
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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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.
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:
Some of the disadvantages of physician mortgage loans:
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.
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.
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Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Lawyers (JD)
$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 ]
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) |
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usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA
$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 ]
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 |
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usually responds within 30 minutes
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)
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Optometry (OD), Pharmacist (PharmD), Lawyer (JD)
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS)
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$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 ]
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 |
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usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD/DDS) Lawyer (JD), Veterinarian (DVM), Fellow, Resident, Physician Assistant (PA), Nurse (CRNA/NP), Certified Public Accountant (CPA)
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO)
$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 ]
Medical doctor (MD/DO)
| Down payment | Financing |
|---|---|
| 0% | up to $510 thousand |
| 5% | up to $1 million |
| 10% | above $1 million |
• Online
usually responds within 30 minutes
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)
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$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 ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows
$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]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD), Fellows, Residents
$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 ]
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 |
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.
If you’re looking to explore the best physician loans in other states, click on your state below.
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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