Best Mortgage Loans for Podiatrists 2024
July 11, 2024
TLDR
Welcome to the world of physician mortgage loans—one of the best financing tools available for medical professionals, including podiatrists (DPMs). These loans (often called “doctor loans”) are built for careers like yours: high earning potential, strong job stability, and a financial profile that doesn’t always look “normal” on a conventional underwriting checklist because of student debt and training timelines.
Here’s the catch: far fewer banks include DPMs in their physician mortgage programs than most people realize. Many lenders limit eligibility to MD/DO (and sometimes dentists), which leaves podiatrists stuck calling bank after bank just to hear, “Sorry, you’re not eligible.” That’s exactly why this list matters.
We’ve done the sorting for you—so whether you’re buying in your home state or relocating across the country, you can find DPM-eligible physician mortgage options in all 50 states and get connected to a program that actually fits your designation.
Why Choose Podiatrist Mortgage Loan?
After over a decade of education, podiatrists often begin their careers with considerable debt, which can be a hurdle when seeking traditional mortgages. Physician mortgage loans address this by offering flexible terms that consider the unique financial circumstances of doctors.
Top Mortgage Loans for Podiatrists in 2024
Several banks and financial institutions offer specialized mortgage products for podiatrists. Here’s a closer look at some of the best options available:
1. Wintrust Mortgage
Wintrust Mortgage offers true physician loans to podiatrists with the DPM designation, allowing loans up to $850K with no down payment and up to $3M for established doctors. These loans do not require PMI and can be secured up to 90 days before your employment start date.
2. Fifth Third Bank
Fifth Third Bank provides physician loans with up to $1M without a down payment for new doctors, and up to $3M for established podiatrists, all without PMI.
3. First Horizon
First Horizon offers competitive terms tailored to the needs of podiatrists. Specific details can be obtained directly from their branches or website.
4. Bank of America
Bank of America extends physician loans to podiatrists, with loans up to $1M without a down payment and up to $1.5M with a minimal down payment, excluding PMI. Student loans may also be excluded from DTI calculations.
Advantages of Physician Mortgage Loans for Podiatrist
Low or No Down Payment: Many physician mortgage programs require minimal or no down payment.
No PMI: Most doctor loans eliminate the need for PMI, reducing your monthly payments.
Flexible DTI Calculations: Lenders often exclude or favorably consider student loans when calculating your DTI.
Employment Flexibility: Many lenders accept a signed employment contract as proof of income, allowing new graduates to qualify even before starting their first job.
Considerations and Alternatives
While physician loans offer many benefits, they may come with higher interest rates and are usually available only for primary residences. Podiatrists should also explore conventional, FHA, USDA, and VA loans as alternative options.
Key Features of Podiatrist Mortgage Loans
Higher Loan Limits: These loans typically offer higher limits, crucial in competitive housing markets.
Adjustable-Rate and Fixed-Rate Options: Choose between adjustable-rate mortgages (ARMs) with lower initial rates or fixed-rate mortgages for payment stability.
Practical Tips for Podiatrists:
Assess Your Financial Health: Review your credit score, DTI, and financial stability before applying.
Explore Multiple Lenders: Compare offers to find the best rates and terms.
Consider a Co-Borrower: Strengthen your application with a co-borrower if needed.
Prepare for Future Expenses: Keep savings aside for unexpected costs.
Frequently Asked Questions
What are the main benefits of a physician mortgage loan for podiatrists?
Lower or no down payment, no PMI, flexible loan terms, and higher borrowing limits.
Can podiatrists with student debt qualify?
Yes, many physician mortgage programs favorably consider or exclude student loans from DTI calculations.
Are there downsides to physician mortgage loans?
Potential downsides include higher interest rates and loans typically being available only for primary residences.
Final Thoughts
For podiatrists, physician mortgage loans offer a tailored path to homeownership. Whether you’re just beginning your career or are an established practitioner, these loans can accommodate your unique financial and professional situation.
