Written By Travis Hornsby, CFA®, CFP®
Updated on December 6, 2023
If you’re a veterinarian, you wait longer than many of your college educated peers to earn a real salary and buy a home. Luckily, there’s something called a DVM Mortgage that can help you achieve your home ownership dreams faster.
A Veterinarian Mortgage is a unique product offered by select banks around the country. It provides more flexible home buying options, thanks to your degree.
With a DVM Mortgage, you can put as little as 0% to 10% down with no private mortgage insurance (PMI). You also receive more generous treatment of student loan debt and income history in underwriting, making it easier to qualify in many cases.
We’ll go over the top banks offering veterinarian mortgages and what you can do to apply.
What is a DVM mortgage and how does it help veterinarians?
Loans with such low-down payment options have specific eligibility criteria. Banks limit a DVM mortgage to veterinarians due to your lower risk of default and their desire to build a relationship with you for other financial needs you might have.
The DVM Mortgage is a subset of a broader loan product called “the physician mortgage.” This doctor home loan product has been expanded beyond the initial target of medical doctors into other professionals such as veterinarians.
Usually, a bank will require you to keep a bank account with them, but the minimum deposit is often a nominal amount.
In exchange, you can get approved to borrow more than the conventional mortgage limit, which is $726,200 in most parts of the country in 2023.
Additionally, a veterinarian mortgage shines when it comes to the down payment. Putting as little as 0% down allows you to use your savings towards other important goals, such as renovating your home, buying furniture or even paying down your student debt faster.
You can start the quote process with the form below or keep reading.
What mortgage product do you need?
Your Occupation
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
Full Name
Phone Number
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Citizenship Status
Communication Preference
Would You Like to Add Any Additional Details?
6 Lenders that offer the DVM mortgage for veterinarians
The following lenders offer veterinarians DVM mortgage options in specific states across the nation. Note that a DVM mortgage is intended for doctors who plan to live in the house as a primary residence and is not intended for investment properties.
1. Fifth Third Bank
Fifth Third Bank has an even stronger presence in the Midwest while still offering veterinarians mortgage options in parts of the Southeast. They also have a significant practice finance operation, as Fifth Third recently purchased Provide.
Current or future practice owners would do well to include Fifth Third in his or her search. Fifth Third's physician mortgage program also offers lower interest rates with slightly higher 5% or 10% down payments.
With zero down, you can be approved for up to $1 million. With 5% down, you can be approved for up to $1.5 million. With 10% down, you can be approved for up to $2 million.
States available: FL, IL, IN, KY, MI, OH, TN, WV, GA, NC, SC
2. First National Bank
As a major regional bank in the Mid-Atlantic, Southeast, and parts of the Midwest, First National Bank allows veterinarians in 11 states to take part in their DVM mortgage program.
At a maximum amount of $1.25 million, you can put zero down on a home. If you opt for financing up to $1.5 million, you will have to put at least 5% down. If you are able to put 10% down, you can get $2 million in financing.
States available: SC, OH, PA, DE, MD, WV, TN, GA, NC, VA, FL
3. Huntington Bank
With one of the most broadly available DVM home loan programs, Huntington Bank allows you to borrow up to $2 million. You can also get up to 100% financing when borrowing up to $1 million.
States available: AR, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY
4. NEO Home Loans
This physician home loan program is available to veterinarians nearly country-wide (excludes New York and New Mexico). Not only does NEO offer financing for a primary residence, but also second homes and investment financing.
With the only rate option they offer, a 30-year ARM, you can put zero down and finance up to $1 million. With 5% down you can finance up to $1.25 million. Better yet, with 10% down, you can finance up to $2 million.
This program accepts gifted or borrowed funds as acceptable means for a down payment.
States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
5. Northpointe Bank
Northpointe Bank allows veterinarians in all 50 states except New York to buy a home through their DVM veterinarian mortgage program.
With Northpointe, you can finance up to 100% of the purchase price, but you might put down slightly more in exchange for a better interest rate. Northpointe Bank has one of the broadest programs available for veterinarians looking to qualify.
States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
6. U.S. Bank
U.S. Bank’s Doctor of Veterinary Medicine mortgage program is somewhat limited compared to the other options, but it could be a great choice if you fall within their ideal range.
This mortgage is most competitive in the $700,000 to $1 million purchase price range with a 10% down payment.
States available: AL, AK, AZ, CA, CO, ID, IL, MA, MT, MI, MN, MS, NE, NV, ND, NM, OK, OR, RI, SD, TX, UT, WA, WY, WI
Is a DVM mortgage loan right for you as a doctor of veterinary medicine?
A veterinarian mortgage can get you into your dream home faster. The interest rate tends to be comparable with what you would get with a conventional home loan, but you can borrow far more with a DVM mortgage with better, more flexible terms.
Most veterinarians with student loans should consider a DVM mortgage simply because it lets you deduct mortgage interest if you itemize, while student loan interest is generally not tax deductible.
Additionally, the lower down payment is a great benefit — you might have a hard time getting financing to redo your kitchen or master bathroom if you use all your savings for the down payment.
You’ve sacrificed years of your life to become a veterinarian. Having a mortgage exclusively designed for you can be a responsible way to become a homeowner more quickly than you would have been able to otherwise.
Of course, recognize that the primary financial decision you should be thinking about when buying a home is the purchase price. The down payment you contribute matters much less than if the housing payment will be affordable, as the banks will approve you for far more than you should probably spend.
Get started with your DVM Mortgage quote process with the form below.
What mortgage product do you need?
Your Occupation
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
Full Name
Phone Number
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Citizenship Status
Communication Preference
Would You Like to Add Any Additional Details?
