Key Takeaways:
- Amerant Mortgage physician loans offer up to 100% financing for primary and secondary homes.
- Doctors, dentists, veterinarians and attorneys might be eligible for home loan amounts of $750,000 to $2 million.
- This physician mortgage program isn’t available nationwide, but many states qualify.
Physician home loan programs help early-career professionals secure home financing with little to no down payment. Doctors and dentists usually qualify for this type of loan program. But veterinarians and attorneys can also access exclusive financing opportunities with the Amerant Mortgage physician loan.
1. Amerant Mortgage physician loan review: Mortgage details 2. Pros and cons of using an Amerant Mortgage physician loan 3. How to apply for a physician home loan with Amerant Mortgage 4. Step 1: Reach out to a loan officer at Amerant Mortgage 5. Step 2: Collect home loan documentation 6. Step 3: Move through the loan application process 7. Is a physician loan with Amerant Mortgage right for you?
Amerant Mortgage physician loan review: Mortgage details
The Amerant Mortgage physician loan program provides various down payment options based on where you live and your profession.
For example, physicians can take advantage of $0 down for loan amounts up to $750,000 in most qualifying states. However, Texas and Florida physicians might be eligible for loans up to $1 million with no down payment.
Here’s what to expect when using a physician mortgage loan with Amerant Mortgage.
| Minimum down payment | $0 down for up to $750,000* |
| Residency/fellow allowed | Yes |
| Maximum loan amount | $2 million |
| Degrees that qualify | MD, DO, DPM, DDS, DMD, DVM, JD |
| Eligible states | AK, CO, CT, DC, FL, GA, ID, IL, IN, IA, KY, LA, ME, MD, MA, MN, MS, MO, MT, NV, NH, NJ, NC, OH, OK, PA, PR, RI, SC, SD, TN, TX, VA |
*Financing options vary by state and profession.
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SelectAttending PhysicianFellowResidentDentist / Dental SpecialistLawyerNurse Anesthetist (CRNA)Nurse PractitionerOptometristPharmacistPhysician AssistantPodiatristVeterinarianMed or Dental Student
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Pros and cons of using an Amerant Mortgage physician loan
Most physician mortgage programs offer low down payment options with no private mortgage insurance (PMI). These benefits can get you into your dream home sooner and save you thousands compared to conventional loans.
But each program has its own eligibility requirements and features. Weigh the pros and cons of each physician home loan to decide which program benefits you the most.
Benefits of using an Amerant Mortgage physician loan
$0 down and other low down payment options
Financing opportunities with the Amerant Mortgage physician loan depend on the location of the home you’re buying and your profession.
Down payment options include:
- 0% down for up to $750,000 (physicians only)
- 3% down for up to $950,000 (attorneys only)
- 5% down for up to $1.25 million
- 10% down for up to $2 million
However, eligible applicants in Texas and Florida have the following options:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
- 10% down for up to $2 million
Note that each of these options comes with no PMI requirement.
Wide variety of degrees and professions qualify
Most physician mortgage programs limit eligibility to doctors and dentists. But Amerant Mortgage extends the program:
- New and existing doctors (MD, DO, DPM)
- Dentists and oral surgeons (DDS, DMD)
- Veterinarians (DVM)
- Attorneys (JD)
Medical residents can qualify before their employment start date with acceptable documentation.
Financing available for secondary homes
Unlike other physician mortgage programs, the Amerant Mortgage physician loan includes financing opportunities for secondary or vacation homes.
Works with high student debt borrowers
Amerant Mortgage excludes your student loan payments from your debt-to-income (DTI) calculation if they’re in deferment for at least 12 months from the date of your loan application. The same applies if your medical residency will continue for at least six months after the note date.
That said, if you’re using future income to qualify as a resident, your student loan debt is used to determine your DTI.
Fixed and adjustable-rate mortgages are available
Many physician home loan programs only offer an adjustable-rate mortgage (ARM). But Amerant Mortgage allows both fixed-rate and ARM options.
Potential drawbacks of an Amerant Mortgage physician loan
Not available nationwide
The Amerant Mortgage physician loan program is available to doctors, dentists, veterinarians and attorneys in many states, including the District of Columbia and Puerto Rico — but not all.
You’ll need to look at other physician loan programs if you want to buy a home in Alabama, Arizona, Arkansas, California, Delaware, Hawaii, Kansas, Michigan, Nebraska, New Mexico, New York, North Dakota, Oregon, Utah, Vermont, Washington, West Virginia, Wisconsin or Wyoming.
Requires a FICO score of 720 or higher
Like most physician loan programs, a good credit score is necessary to qualify. Amerant Mortgage requires a FICO score of 720 or higher.
Additionally, your DTI needs to be below 50% for Texas and Florida applicants. Otherwise, the maximum DTI is 45%.
How to apply for a physician home loan with Amerant Mortgage
To move forward with an Amerant Mortgage physician loan, you’ll need to follow the steps below.
Step 1: Reach out to a loan officer at Amerant Mortgage
It’s best to contact Amerant Mortgage directly to discuss eligibility requirements and potential loan benefits based on your unique situation.
Ken Navarro (NMLS #862231) works with physicians and other high-income earners to purchase primary and secondary homes in qualifying states.
Be ready to provide basic information, such as your contact and professional details. You should also have at least ballpark numbers for your home loan and overall financial situation to discuss financing options.
Step 2: Collect home loan documentation
Mortgage lenders require various documentation for your loan application to move through the underwriting process. Amerant Mortgage provides a detailed list, but you can generally expect to submit the following documentation:
- Driver’s license or another form of ID.
- Copy of your degree, medical license and residency employment contract.
- Recent pay stubs, tax returns and bank statements.
Have these documents on hand for your initial contact to fast-track the process.
Step 3: Move through the loan application process
The home-buying process can come with hurdles for first-time homebuyers and experienced homeowners. Stay in contact with Amerant Mortgage and respond to requests for additional information.
Once approved, read through your physician loan contract and ask questions to avoid surprises at closing.
Is a physician loan with Amerant Mortgage right for you?
Exclusive physician mortgage benefits like low down payments and no PMI can help young professionals who haven’t built up savings and often have a negative net worth due to student debt.
If you live in an eligible state, the Amerant Mortgage physician loan can be a great option for up to 100% financing for physicians and up to 97% for lawyers. But there are many physician mortgage lenders, so it’s best to compare your options.
Fill out the form below to receive quotes for physician mortgage loan purchase and refinance options in your area.
Get Quotes for Your Doctor Mortgage
What mortgage product do you need?
Home Purchase Home Refinance
Your Occupation As Of September 2023
SelectAttending PhysicianFellowResidentDentist / Dental SpecialistLawyerNurse Anesthetist (CRNA)Nurse PractitionerOptometristPharmacistPhysician AssistantPodiatristVeterinarianMed or Dental Student
Are You Currently Working With a Realtor?
Yes No NEXT
Home Price Range
Select$0 to $200,000$200,001 to $400,000$400,001 to $600,000$600,001 to $800,000$800,001 to $1,000,000$1,000,001 to $1,500,000$1,500,001 to $2,000,000More than $2,000,000
Preferred Down Payment
Select0% Down5% Down10% Down15% Down20% Down
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
SelectNow1 to 3 months4 to 6 months7 to 12 monthsMore than 12 months
How Many Banks Would You Like Quotes From?
Select123456 or more
Any Bankruptcies or Short Sales?
Yes No NEXT
Full Name
Phone Number
State Where You Plan to Purchase
SelectAlabamaAlaskaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahVermontVirginiaWashingtonWest VirginiaWisconsinWyoming
Metro Area Where You Plan to Purchase
Citizenship Status
US Citizen Permanent Resident Foreign Citizen
Communication Preference
Phone calls OKNo phone calls, text onlyEmail only
Would You Like to Add Any Additional Details?
Yes No GET MY QUOTES Sending request… Request sent. We’ll reach out by email with next steps
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