What you need to know:
- Medical doctors and dentists have access to exclusive physician mortgage loans in Indiana.
- These zero or low down payment options don’t require private mortgage insurance.
- New physicians can benefit from relaxed income history requirements and debt-to-income underwriting guidelines that treat student debt more favorably.
For many, owning a home is still very much a part of the American dream. But with skyrocketing housing prices and the looming student debt crisis, the path to homeownership isn’t always simple.
Data from the Indiana Association of Realtors found the median home sales price in the state increased by 13.5% from 2020 to 2021. Its most recent press release states, “…while rising prices are good for current homeowners who are building wealth, they’re a significant barrier for first-time buyers and qualified buyers who need workforce housing. We’re talking about hard-working Hoosiers who may be without the savings or equity needed to get into a home.”
Fortunately, medical doctors and dentists can tap into serious benefits by using an Indiana physician mortgage loan.
1. Physician mortgage loans: Exclusive benefits 2. 8 Lenders offering physician mortgage loans in Indiana 3. Is an Indiana physician home loan right for you?Physician mortgage loans: Exclusive benefits
Physician mortgage loan programs are designed for professionals that generally carry a lot of student debt in their early careers. Some programs are limited to doctors, dentists, residents and fellows. However, some lenders expand their programs to include other high-paying professions.
The primary benefits of a physician mortgage loan include:
- Up to 100% financing, aka no-money-down mortgage options.
- No private mortgage insurance (PMI) requirement, regardless of your down payment.
- Relaxed income history requirements, allowing new physicians to close on a home before they start their new gig.
- More favorable treatment of medical school debt when calculating your debt-to-income ratio (DTI).
Additionally, qualified borrowers can access higher loan amounts that well exceed the conventional loan limit, which is $647,200 for most counties in 2022.
8 Lenders offering physician mortgage loans in Indiana
Here are some of the top Indiana physician mortgage lenders to consider.
1. Northwest Bank
Northwest Bank offers a variety of specialty mortgage programs, including the Heroes Loan Program and the Physician’s Loan Program.
Practicing physicians and residents with MD, DO, OD, DDS, DMD or DPM designations can access up to $1.25 million, depending on credit score and other qualifying information.
Financing options include:
- 0% down for up to $750,000.
- 5% down for up to $1 million.
- 10% down for up to $1.25 million.
If your student loans are deferred, they won’t be factored into your DTI calculation.
For more information, contact Angel Hensley at (317) 716-5639 or [email protected].
2. Regions Bank
Regions Bank provides multiple mortgage loan options, including programs for first-time homebuyers, doctors and dentists.
Its physician mortgage program is available to physicians with MD, DMD, DDS and DO designations, as well as residents and fellows.
Financing options include:
- 0% down for up to $750,000.
- 5% down for up to $1 million.
If your student loans are deferred, they might be excluded from DTI calculations, particularly if you’re in residency or fellowship.
For more information, contact Timothy Candon at (919) 784-8219 or [email protected].
3. BMO Harris
BMO Harris has several low down payment mortgage options to make homeownership more affordable.
The BMO Harris Physicians’ Mortgage Program is available to licensed medical doctors with MD, DDS, DMD and DO designations. Residents and fellows are also eligible with an employment contract with a start date within 60 days of closing.
Financing options include:
- 5% down for up to $1 million.
- 10% down for up to $1.5 million.
Physicians with more than 10 years of post-training experience are limited to 90% financing.
4. Citizens Bank
Citizens Bank provides healthcare banking solutions, including student loan refinancing and a special mortgage program for doctors and dentists.
The Citizens Bank Doctor Loan is available to licensed doctors and dentists with MD, DO, DDS or DMD designations. You must have completed residency within the last ten years to qualify. Current medical residents, fellows and interns are also eligible.
Financing options include:
- 5% down for up to $850,000.
- 11% down for up to $1 million.
- 15% down for up to $1.5 million.
This program is limited to purchases and limited cash-out refinances of a primary residence.
5. Fifth Third Bank
Fifth Third Bank has more than 100 branches throughout the state of Indiana to serve personal, business and commercial customers.
Established doctors with an MD, DO, DPM, DDS or DMD designation might be eligible for its Doctor and Dentist Loan program.
Financing options include:
- 0% down for up to $750,000.
- Low down payment for up to $1.5 million.
New doctors (e.g. completed residency in the last 12 months), residents and fellows can also access up to $750,000 with no down payment. However, they cap out at $1 million with a low down payment.
6. Huntington Bank
Huntington Bank’s physician mortgage loan is tailored for doctors and dentists with an MD, DO, DDS, DDS, DVM or DMD designation.
Financing options include:
- 0% down for up to $1 million.
- 5% down for up to $1.25 million.
- 10% down for up to $2 million.
This program is limited to the purchase or refinance of a primary residence.
7. KeyBank
KeyBank has branch locations throughout Indiana, including Anderson, Angola, Avon, Bristol, Brownsburg, Carmel, Cicero, Elkhart, Fishers, Franklin, Goshen, Indianapolis, Knox, Kokomo, Lebanon, Martinsville, Mishawaka, Nappanee, Noblesville, Plymouth, Shelbyville, South Bend, Syracuse, Warsaw and Zionsville.
KeyBank’s medical professional mortgage loans are available to medical doctors and dentists looking to purchase or refinance a primary residence or second home.
Eligible borrowers might qualify for up to 100% financing. Loan amounts max out at $3.5 million.
8. SunTrust (now Truist)
SunTrust’s Doctor Loan Program is available to doctors and dentists with MD, DO, DPM, DDS or DMD designations. Licensed residents, interns and fellows in an MD, DO or DPM program might also qualify.
Financing options for established physicians include:
- 0% down for up to $750,000.
- 5% down for up to $1 million.
- 10.01% down for up to $1.5 million.
Eligible residents, interns and fellows are limited to up to $750,000 with no down payment.
Physicians with more than 15 years of post-training experience can also use this program. However, they’re limited to a maximum of 89.99% financing.
Is an Indiana physician home loan right for you?
A physician home loan can help doctors and dentists get into their dream homes faster.
This type of program eliminates the need to build a solid income history or significant savings before applying for a mortgage. Plus, you can save thousands annually by dodging PMI payments.
It also allows many borrowers to qualify for more than a conventional loan because student loan debt is treated more favorably. Just make sure you can realistically afford the mortgage payment both now and in the future.
As a secondary perk, instead of draining your savings on a sizable down payment, that money can be used for other important financial goals or to help fund the cost of furnishing or remodeling your new home.
To learn more about physician mortgage loans in your area, explore our doctor mortgage loan finder.
Check Out Physician Mortgage Options by State Refinance student loans, get a bonus in 2022 1 Disclosures $1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1 VISIT LAUREL ROAD Variable 1.89-5.90%1 Fixed 2.50-6.00%1
2 Disclosures $1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2 VISIT COMMONBOND Variable 1.98-7.14% APR2 Fixed 2.49-7.04% APR2 
3 Disclosures $1,000 BONUS3 For 100k or more. $200 for 50k to $99,9993 VISIT EARNEST Variable 1.74-7.24%3 Fixed 2.44-7.24%3 
4 Disclosures $1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4 VISIT SPLASH Variable 1.74-6.52%4 Fixed 1.99-6.25%4 
5 Disclosures $1,275 BONUS5 For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5 VISIT ELFI Variable 1.86-6.01%5 Fixed 2.47-5.99%5 
6 Disclosures $1,000 BONUS6 For $100k or more. $200 for $50k to $99,9996 VISIT SOFI Variable 1.74-7.24%6 Fixed 2.49-7.59%6 
7 Disclosures $1,250 BONUS7 For $100k or more. $100 to $350 for $5k to $99,9997 VISIT LENDKEY Variable 1.90-5.25%7 Fixed 2.49-7.75%7 
8 Disclosures $1,250 BONUS8 $350 for 50k to 100k8 VISIT CREDIBLE Variable 1.74-7.58%8 Fixed 2.15-7.83%8 Not sure what to do with your student loans? Take our 11 question quiz to get a personalized recommendation of whether you should pursue PSLF, IDR forgiveness, or refinancing (including the one lender we think could give you the best rate).
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