7 Best Home Loans in Colorado for Physicians

Here is a list of the best Physician Mortgage Loans in Colorado.

1. BMO Harris 

BMO Harris offers one of the most flexible physician loan programs available in Colorado. You can get either a fixed-rate or a variable-rate loan, and you won’t have to pay any special fees. You also won’t have to pay private mortgage insurance, even if you don’t have a 20 percent down payment.

BMO Harris allows you to take out a very large loan even with no down payment or employment history. You can borrow as much as $1 million with no down payment and up to 95 percent of a $1.5 million loan. You can even borrow up to $2 million as long as you have a 10 percent down payment.

2. Huntington Bank

Huntington Bank offers a mortgage program tailored to people graduating with an MD, a DO, a DDS, a DVMM, or a DMD. They offer up to 100 percent financing with no PMI if you don’t have a down payment. They’ll also allow you to pay off your mortgage at any time without charging extra fees and penalties.  Their max debt to income is 50% giving you a little more buying power than other lenders.  Their relationship pricing option is a lesser-known advantage as well.

You can get a fixed or variable-rate loan through Huntington Bank, allowing you to take advantage of current lower interest rates. You can borrow up to $1 million without any down payment. Depending on how much of a down payment you have, you can even borrow up to $2.5 million without any penalties or PMI.  See more details here.

3. U.S. Bank 

U.S. Bank is one of the largest lenders in the country, so it should come as no surprise that they have a physician loan program. That being said, their loan program is somewhat more restrictive than the other two banks we’ve discussed. For one thing, they only offer this loan to certain medical professionals – nurses and dentists won’t qualify.

In order to get a U.S. Bank physician loan, you have to have a credit score of 710. And unlike the other two lenders we’ve discussed, you will have to have a down payment of at least 5 percent to purchase a home that costs up to $548,000.

If you want to buy a home that costs up to $1.25 million, you’ll need 10 percent, and if you want a home that’s $2 million or above, you’ll need at least 20 percent.

4. Citizens Bank

Like U.S. Bank, Citizen Bank’s physician mortgage program is something of a mixed bag. On one hand, you can buy condos and even build a new construction home with this loan. You can also borrow up to $1.5 million, and their down payment requirements are much lower than those of U.S. Bank.

However, you can only get up to 95 percent financing on a loan of any size up to $850,000. If you want to buy a home that costs up to $1 million, you’ll need to have an 11 percent down payment. And if you want to buy a $1.5 million home, you’ll have to put 15 percent down, and you may still have PMI.

5. Loan Depot

LoanDepot offers a fairly strong physician loan program for new doctors. In order to qualify, you’ll need to have a contract for a job working as a doctor that starts within two months of your closing date. You’ll also need a credit score of at least 700, and if you don’t have a down payment, you’ll have to get a variable-rate loan. 

If you want to buy a home with a fixed-rate loan, you’ll need at least a 5 percent down payment. The good news is that this down payment will also allow you to purchase a home up to $1.5 million in value. If you want to buy a home that costs up to $2 million, you’ll need a 10 percent down payment, but you won’t have to pay PMI. 

6. SoFi 

SoFi (or Social Finance if you want to be formal) doesn’t have a specific “physician loan” program. Instead, they offer what they call a “jumbo loan” that has low down payment requirements and no PMI. You can get a large loan with a 10 percent down payment, and you can choose between a fixed- and variable-rate loan.

Unfortunately, since this is not specifically a physician loan, it doesn’t waive the same requirements. In order to get a SoFi loan, you do have to show pay stubs, rather than a contract proving your employment. If you choose to get a loan with no down payment, you may also wind up having to pay PMI.

7. Cadence

Cadence’s physician loan program is a bit more inclusive than some of the others on this list since it’s classified as an “Early Professionals” loan. Cadence offers this program to high-earning professionals such as professors and engineers, in addition to medical professionals. You can choose between fixed- and variable-rate loans with this program.

Cadence does have somewhat lower loan caps than some of the other programs we’ve discussed, with their maximum sitting at only $1 million. That being said, you can get this loan with 100 percent financing, no PMI, and no origination fee. You can also get a “One-Time Close” loan for up to $2 million if you plan to build your new home. 

Find the Best Physician Home Loans 

If you’ve just gotten out of med school, you may be wondering how you’re going to afford to qualify for a mortgage. A physician loan is designed to help new doctors buy homes without the normal loan qualification restrictions. The best programs offer low down payments, no PMI, and available fixed-rate loans.

If you’d like to learn more about physician mortgage loans, check out the rest of our site at Dr. Home Finance. We offer custom-made physician mortgages that allow you to buy sooner with zero down. Get started with us today and get more purchasing power to buy the home of your dreams.