Physician Loans Florida

By Damon Duvall
Wed, Aug 16, 2023 at 3:00AM

Physician Loans Florida

Finding the Best Physician Loans Florida

Navigating the world of home financing can be a daunting task, especially for medical professionals with unique financial needs. If you’re a doctor, dentist, or other high-earning professional in Florida, you may have heard of physician loans as a way to make your dream of homeownership a reality. But how do you find the best physician loans Florida has to offer?


In this blog post, we delve into the world of physician mortgage loans, evaluate top lenders, and provide practical tips to help you make the right choice for your financial situation.

Short Summary

  • Physician loans offer tailored solutions for medical professionals in Florida, such as reduced or no down payment and relaxed underwriting guidelines.

  • It is important to compare lenders, assess financial situation and evaluate benefits when choosing a physician loan.

  • Case studies illustrate the potential advantages of using a physician loan for residents with high student debt or seeking 100% financing.

Understanding Physician Loans in Florida

Physician mortgage loans are specialized loan products tailored to the needs of medical professionals, such as physicians, dentists and other high-salary professionals with considerable student debt. These best physician mortgage loans are designed to address the unique challenges that medical professionals face in the home buying process, such as high student debt and potentially lower credit scores due to the length and cost of their education. Physician mortgage loan lenders understand these challenges and offer tailored solutions to help medical professionals achieve their homeownership goals.

In Florida, physician mortgage loans cater to the specific financial needs of medical professionals by offering minimal or no down payment, no private mortgage insurance (PMI) and accommodating underwriting guidelines. These mortgage loans in Florida, specifically the Florida physician mortgage loan options, can be particularly helpful for medical residents or established physicians looking to purchase a home without exceeding their budget or feeling overwhelmed by the loan amount they’re signing for.

Key Features of Physician Loans

Florida physician mortgage loans are known for their distinct features that set them apart from conventional mortgage options. Some key characteristics include low or no down payment requirements, no PMI and relaxed underwriting guidelines. These loans are generally available to physicians and dentists, as well as other high-salary professionals with high student debt, depending on the lender.

Financing options for physician loans include:

  • Cash-out refinancing for up to 80% of the loan

  • 30-year or 15-year fixed-rate mortgages

  • Various adjustable-rate mortgage (ARM) options such as 15-year, 10-year, 7-year, and 5-year terms

The benefits of these loans offered by national banks include reduced or no down payment requirements and lenient underwriting standards, making them an attractive choice for medical professionals. However, drawbacks include higher interest rates and shorter loan terms compared to conventional mortgages offered by the national bank.

Eligibility Criteria for Physician Loans

To qualify for a physician mortgage loan, applicants must meet specific eligibility criteria set by lenders. Qualified professionals must have a good credit score and employment history. Furthermore, borrowers must be within 10 years of graduating medical school and possess a satisfactory credit score. Lenders need assurance that the borrower can pay back the loan. To demonstrate this, they require income documents. These can be in the form of an employment contract or other supporting documentation.

For example, First Horizon Bank’s physician mortgage option requires a credit score of 670 or higher for borrowers. The program has flexibility with student loan calculations, sometimes considering $0 payments, and is available to a variety of medical professionals, including:

  • Florida pharmacists

  • Nurse anesthetists

  • Nurse practitioners

  • Physician assistants

  • Veterinarians

  • Chiropractors

  • Optometrists

  • Podiatrists

  • MDs

  • DOs

  • DMDs

  • DDSs

Residents and fellows are eligible for the program. Licensed attorneys can also apply too. Doctors on green cards may also qualify for eligibility. H-1B visa holders can also fulfill the criteria and be eligible.

Top Physician Loan Providers in Florida

Now that you have a better understanding of physician loans and their eligibility criteria, it’s time to explore the top physician loan providers in Florida. BMO Financial Group, Evolve Bank & Trust, and Fifth Third Bank are all reputable providers of physician loans in the Sunshine State. Each of these lenders offers competitive rates and terms specifically designed to cater to the needs of medical professionals.

By comparing the offerings of these top physician loan providers, you can make an informed decision about which lender best suits your financial needs and goals. In the following sections, we will delve into the details of each lender’s physician loan programs, highlighting their key features and eligibility requirements.

BMO Financial Group

BMO Financial Group offers a physician loan program tailored to the needs of medical doctors, residents, and fellows in Florida. Doctors of Medicine (MD), Doctors of Dental Surgery (DDS), Doctors of Dental Medicine (DMD), and Doctors of Osteopathic Medicine (DO) are eligible for BMO Bank’s physician loan program.

For the Physicians’ Program offered by BMO Bank in Florida, a 5% down payment is required on all mortgages. Financing options for medical residents include the ability to purchase a home with proof of employment within 90 days of closing.

By working with BMO Financial Group, medical professionals can secure a physician loan that fits their unique financial needs and goals.

Evolve Bank & Trust

Evolve Bank & Development Corporation. Trust is another top physician loan provider in Florida, offering doctor mortgage loans in 48 states. Their financing options include 0% and 5% down options for eligible medical and non-medical careers.

One of the key advantages of working with Evolve Bank & Trust is their 100% financing option for physician loans in Florida. This allows medical professionals to purchase a home without the need for a down payment, making it easier for those with high student debt or limited savings to enter the housing market.

Fifth Third Bank

Fifth Third Bank offers physician mortgage loans tailored to the needs of various medical professionals, such as:

  • Podiatrists

  • Medical doctors

  • DOs

  • Dentists

Their physician loans meet established requirements and exclude deferred student loans when calculating debt-to-income ratios.

Fifth Third Bank authorizes a maximum loan amount of $750,000 with no down payment. Their Medical Professional Mortgages can be used for the purchase or refinance of single-family homes, condos and planned unit developments. Purchases in co-ops can sometimes be approved. This is particularly true in certain markets.

By working with Fifth Third Bank, medical professionals can find a physician loan that meets their unique financial needs and goals.

Comparing Physician Loans with Conventional Mortgages

When considering a physician loan, it’s important to compare its features with those of conventional mortgages. While physician loans offer several advantages, such as lower down payments, no PMI and more flexible underwriting guidelines, they also come with potential drawbacks, such as higher interest rates and the risk of overspending.

By comparing the benefits and drawbacks of physician loans and conventional mortgages, you can make a more informed decision about which option is best for your financial situation. In the following sections, we will delve deeper into the advantages and disadvantages of physician loans, providing you with a comprehensive understanding of these specialized loan products.

Advantages of Physician Loans

There are several benefits to choosing a physician loan over a conventional mortgage. One of the most significant advantages is the lower down payment requirement. Physician loans often require minimal or no down payment, allowing medical professionals to purchase a home with less money upfront.

Another key advantage of physician loans is the absence of PMI. Private mortgage insurance is an additional cost typically associated with conventional mortgages when the borrower cannot make a 20% down payment. By opting for a physician loan, borrowers can avoid PMI, resulting in significant monthly savings.

Additionally, physician loans often have more flexible underwriting guidelines, making it easier for medical professionals to qualify for a loan.

Disadvantages of Physician Loans

While physician loans offer several benefits, there are potential drawbacks to consider as well. One of the primary disadvantages is the higher interest rate compared to conventional mortgages. This can result in increased monthly payments, making it more difficult for some borrowers to afford their mortgage payment.

Another potential risk associated with physician loans is the possibility of overspending. Since these loans often come with more relaxed requirements than conventional mortgages, borrowers may qualify for a loan larger than they can actually afford. This could lead to difficulty in meeting the mortgage payment for a high-value home.

It’s essential to carefully evaluate your financial situation and ensure that you can comfortably afford your monthly mortgage payment before committing to a physician loan.

Case Studies: Successful Physician Loan Borrowers in Florida

Real-life examples can provide valuable insight into the benefits and potential challenges of physician loans in Florida. In this section, we’ll highlight two case studies of medical professionals who successfully navigated the physician loan process and achieved their homeownership goals.

The first case study involves a medical resident with high student debt, while the second case study features a dentist seeking 100% financing for their home purchase. By examining these real-world examples, you can gain a better understanding of the potential advantages and challenges associated with physician loans.

A Resident with High Student Debt

Khallilah Beecham-Watkins, a first-generation student, faced a substantial financial burden in the form of $80,000 in student loan debt. Despite this, she was able to pursue her dreams and actively work towards paying off her loans. Khallilah researched various loan options and found a physician loan that suited her needs, allowing her to acquire a loan with a lower interest rate and more flexible repayment terms than a conventional mortgage.

Physician loans offer several advantages for residents with high student debt, including:

  • Lower interest rates

  • More flexible repayment terms than a conventional mortgage

  • No down payment requirement

  • No private mortgage insurance

These benefits make physician loans an attractive option for medical professionals burdened with significant student debt.

A Dentist Seeking 100% Financing

Our second case study involves a dentist seeking 100% financing for their home purchase. This dentist was able to secure a physician loan through Evolve Bank & Trust, which offers doctor mortgage loans in 48 states with 0% and 5% down options for eligible medical and non-medical careers.

By obtaining a physician loan with 100% financing, the dentist was able to purchase a home without the need for a down payment, making it easier for those with high student debt or limited savings to enter the housing market.

This case study demonstrates the potential benefits of physician loans for medical professionals looking to purchase a home without the financial strain of a large down payment.

Tips for Choosing the Right Physician Loan in Florida

Armed with an understanding of physician loans and their benefits and drawbacks, you’re now in a better position to choose the right loan for your needs. In this section, we’ll provide practical advice for medical professionals seeking a physician loan in Florida, including tips for evaluating lender options and assessing your financial situation.

By following these tips and taking the time to research and compare different lenders, you can make an informed decision that best aligns with your financial goals and helps you achieve your dream of homeownership.

Evaluating Lender Options

When assessing lender options, it’s essential to consider factors such as interest rates, loan terms and customer service. To ensure you get the best possible rate, compare the interest rates offered by different lenders. Additionally, review the loan terms provided by each lender to ensure they align with your financial needs and goals.

Customer service is another crucial factor to consider when evaluating lender options. Different lenders provide varying levels of customer service, so it’s essential to compare the customer service provided by each lender. Furthermore, you may wish to consider any additional benefits or perks the lender offers, such as flexible repayment options or discounts for automatic payments.

Assessing Your Financial Situation

Determining whether a physician loan is the right choice for your financial needs and goals requires a thorough assessment of your financial situation. Consider factors such as your debt-to-income ratio, credit score and future earning potential. A debt-to-income ratio is a metric used to evaluate the proportion of an individual’s income allocated to debt repayment, calculated by dividing total monthly debt payments by gross monthly income.

A credit score of 700 or higher is generally regarded as a good score. When assessing your future earning potential, consider factors such as your current job prospects, the possibility of salary increases and the opportunity for career advancement.

By carefully evaluating your financial situation, you can make a more informed decision about whether a physician loan is the right choice for you.


In conclusion, physician loans can be an attractive option for medical professionals in Florida looking to purchase a home. With advantages such as lower down payments, no PMI and flexible underwriting guidelines, these loans cater to the unique financial needs of doctors, dentists and other high-salary professionals with considerable student debt.

However, it’s crucial to carefully evaluate your financial situation and compare different lender options to ensure you make the right choice for your needs and goals. By following the practical advice and insights provided in this blog post, you can make an informed decision and take a step closer to achieving your dream of homeownership.

Frequently Asked Questions

What is a physician loan in Florida?

Physician loans, also known as “doctor loans”, are special mortgages available to medical professionals in Florida that don’t typically require a down payment. These loans offer the benefit of avoiding private mortgage insurance (PMI).

PMI is an additional cost that is typically required when a borrower puts down less than 20% of the purchase price of a home. With a physician loan, this cost is avoided, allowing medical professionals to purchase a home with less money up front.

Do doctors get loans easily?

Despite their typically high incomes, doctors may face difficulties obtaining a conventional loan due to the large amount of medical school debt they tend to have.

Fortunately, lenders offer specialized physician mortgage loans and other options that can help them purchase a house.

Do doctors get lower interest rates?

Physicians may not be eligible for lower interest rates than other mortgage borrowers, but specialized loan products can help them take advantage of their unique financial circumstances.

These loan products can provide physicians with more flexible repayment terms, lower down payments, and other benefits that can make it easier for them to purchase a home.

For example, some lenders offer physician mortgage loans that require no down payment.

What does 100 financing mean?

100% Financing means you don’t need to provide any initial down payment when purchasing a home.

However, there may be costs associated with inspection, appraisal, and closing.

What are the key features of physician loans in Florida?

Physician loans in Florida offer great benefits, such as low or no down payment requirements, no PMI and relaxed underwriting guidelines for qualified applicants.

These loans are designed to help physicians purchase a home with less hassle and fewer financial burdens. They can be used to purchase a primary residence, a second home, or an investment property.

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