Physician & Doctor Loans in Dallas - Fort Worth

For medical professionals in the Dallas-Fort Worth (DFW) area, homeownership can be both a rewarding milestone and a financial challenge. With high student loan debt and the time-intensive nature of their profession, many doctors and physicians face unique obstacles when securing a mortgage. Fortunately, specialized physician loan programs are designed to accommodate these challenges, offering favorable terms that make home buying more accessible.

In this guide, we’ll explore the best physician and doctor loan options in the Dallas-Fort Worth area, covering key benefits, eligibility requirements, and the top lenders offering these specialized mortgage programs.

What Are Physician Loans?

Physician loans, also known as doctor loans, are mortgage programs tailored specifically for medical professionals. These loans often come with unique benefits such as:

• Low or No Down Payment – Many physician loan programs require little to no down payment.

• No Private Mortgage Insurance (PMI) – Unlike conventional loans, physician loans typically waive PMI, saving borrowers significant costs.

• Higher Loan Limits – These loans often allow for higher borrowing amounts, accommodating the higher earning potential of medical professionals.

• Flexible Debt-to-Income (DTI) Ratios – Lenders may be more lenient regarding DTI ratios, acknowledging student loan debt and future income potential.

• Favorable Qualification Terms – Many lenders accept residency contracts as proof of income, even if the borrower hasn’t started their job yet.

Who Qualifies for a Physician Loan?

Most physician loan programs are available to the following medical professionals:

• Medical Doctors (MD)

• Doctors of Osteopathic Medicine (DO)

• Dentists (DDS, DMD)

• Veterinarians (DVM)

• Pharmacists (PharmD)

• Optometrists (OD)

• Podiatrists (DPM)

Eligibility requirements may vary depending on the lender, but typically, applicants must be within a certain number of years of completing residency or fellowship.

Top Physician Loan Lenders in Dallas-Fort Worth

The DFW metroplex offers several excellent lender options for physician loans. Here are some of the top choices:

1. Truist Bank (Formerly SunTrust)

Key Features:

• 100% financing up to $1 million (no down payment required)

• No PMI

• Available to MDs, DOs, DMDs, and DDSs

• Flexible underwriting for student loans

Truist offers one of the most competitive physician loan programs, especially for new doctors looking to purchase a home without a down payment.

2. Fifth Third Bank

Key Features:

• 100% financing up to $750,000

• 95% financing up to $1.25 million

• No PMI

• Available for residents, fellows, and practicing physicians

Fifth Third Bank provides a solid option for doctors who need higher loan amounts and competitive interest rates.

3. U.S. Bank

Key Features:

• Loan amounts up to $2.5 million

• No PMI

• Requires at least a 5% down payment

• Open to MDs, DOs, and DPMs

U.S. Bank is a great choice for physicians looking for higher loan limits with favorable terms.

4. Bank of America

Key Features:

• No PMI

• 5% down payment on loans up to $1 million

• Available for newly licensed doctors

Bank of America’s physician loan program is designed for medical professionals in the early stages of their careers, offering solid financing options with minimal upfront costs.

5. BMO Harris Bank

Key Features:

• 100% financing up to $1 million

• No PMI

• Loans up to $2 million with a small down payment

• Available for MDs, DOs, DDSs, and DMDs

BMO Harris is an excellent option for doctors who want to finance a high-value home without worrying about PMI.

6. First Horizon Bank

Key Features:

• No PMI

• Up to 100% financing

• Loan amounts up to $1.5 million

• Available to physicians, dentists, and veterinarians

First Horizon Bank’s physician loan program provides flexible terms and high loan limits for medical professionals in DFW.

How to Choose the Right Physician Loan

When selecting the best physician loan for your needs, consider the following factors:

• Loan Amount: Ensure the lender offers a borrowing limit that fits your home purchase plans.

• Down Payment Requirements: If you prefer 100% financing, look for lenders that offer no-down-payment options.

• Interest Rates: Compare rates to find the most competitive option.

• PMI: Opt for a lender that waives PMI to reduce your monthly costs.

• Flexibility on Student Loans: If you have significant student debt, choose a lender that considers future earning potential rather than current DTI ratios.

Final Thoughts

For physicians and doctors in Dallas-Fort Worth, securing a home loan doesn’t have to be a complicated process. With specialized physician loan programs, medical professionals can enjoy benefits like low to no down payments, waived PMI, and flexible underwriting to accommodate student debt. Whether you’re a new resident or a seasoned practitioner, there’s a physician loan option tailored to your needs.

Before making a decision, compare lenders, evaluate interest rates, and determine which program best aligns with your financial goals. Working with an experienced mortgage professional who understands physician loans can also help ensure a smooth home-buying process.

If you’re ready to take the next step toward homeownership in the DFW area, exploring these top physician loan programs is a great place to start!