Laurel Road Physician Mortgage Review: Home Financing for Young Doctors and Dentists

A Laurel Road physician mortgage loan can provide low down payment home financing to doctors and dentists across the United States. This program aims to benefit young physicians who carry large student debt and are early- to mid-career, including residents, interns and fellows.

Here’s what you need to know about the Laurel Road physician mortgage program.

Minimum down payment	Not disclosed
Residents allowed	Yes
Degrees that qualify	MD, DO, DMD, DDS and DPM
Eligible states	All 50 states and Washington D.C.

Laurel Road physician mortgage: The basics

Laurel Road (NMLS #399797. Equal Housing Lender.) has a doctor home loan program specific to doctors, dentists, interns, residents, fellows, clinical professors, researchers and managing physicians with a current license and an eligible degree.

Like other physician mortgage programs, Laurel Road has low down payment options and no private mortgage insurance (PMI). Here are some other specifics to consider when comparing home financing options.

Note this program explicitly excludes retired doctors. Additionally, this program is limited to the following property types: single-family homes, single-family attached, Planned Urban Developments (PUD) and condominiums.

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Pros and cons of the Laurel Road physician mortgage program

Laurel Road is owned by KeyBank and is best known for its student loan refinancing. However, it also offers other financial products and services, including medical professional mortgages, private student loans, personal loans and traditional banking services like checking and high-yield savings accounts.

Here are some pros and cons to consider when choosing a Laurel Road physician mortgage loan.

Pros

Low down payment options available*

Qualifying applicants can take advantage of low down payment options for home loans of $1 million or less with no PMI. It offers fixed and variable interest rate mortgage options, including 15-, 20- and 30-year fixed rates and a variety of adjustable-rate mortgages (ARMs).

*Only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.

Interns, residents and fellows can qualify with a signed employment contract

Interns, residents and fellows are eligible for the Laurel Road physician mortgage program with a signed employment contract within 90 days.

Available country-wide

Laurel Road provides physician mortgage loans in all 50 states, as well as Washington, D.C. However, it doesn’t provide lending services in U.S. territories.

Cons

Limited to medical doctors and dentists

The Laurel Road physician mortgage program is limited to residents, interns, fellows, medical doctors, dentists, clinical professors, researchers and managing physicians with the following degrees:

• Doctor of Medicine (MD)
• Doctor of Osteopathic Medicine (DO)
• Doctor of Dental Medicine (DMD)
• Doctor of Dental Surgery (DDS)
• Doctor of Podiatric Medicine (DPM)

Note that retired doctors are explicitly excluded from this mortgage program. Other healthcare professionals, such as nurse practitioners and veterinarians, can benefit from exploring alternative physician loans with more inclusive eligibility.

High loan amounts can quickly become financially dangerous

Although low down payment options for up to $1 million sound great on the surface, this type of offer could entice borrowers to sign on for a larger mortgage simply because they can.

Physician mortgages typically have more flexible underwriting guidelines that treat student loan debt more favorably. Therefore, you’ll often qualify for a lot more than you would with a conventional home loan. Make sure you can safely afford your monthly payments, along with your student loans and other financial obligations.

How to apply for a Laurel Road physician home loan

Laurel Road has a simple online process to check your rates and apply for its physician mortgage program. It also provides live chat and guidance throughout the application and approval process.

If you’d like to move forward with a Laurel Road physician mortgage loan, it’s best to gather the following documents and information before beginning your application:

• Medical license or diploma.
• Employment contract or offer letter for residency program (start date must be within the next 90 days).
• Two years of personal tax returns.
• Last two years of W2s (if applicable).
• Two most recent pay stubs if currently practicing.
• Proof of alimony, child support or other maintenance income if you want it considered for qualification.
• Past two months of bank statements for your checking and savings accounts.
• Statements from IRA, 401(k) or other investments accounts for the past quarter.
• Source and verification of down payment funds (if applicable).
• Copy of the purchase and sale agreement (not applicable for refinancing).

Note additional documentation is required if you have your own practice or are otherwise considered self-employed.

By gathering this information ahead of time, you can fast-track the application process. If you’re approved, be sure to read the disclosures and review all closing costs and terms before signing the dotted line.

Should you apply for a physician mortgage with Laurel Road?

A Laurel Road physician mortgage can be a great solution for doctors and dentists that want a streamlined application process with a low down option and higher loan amount than conventional mortgages.

However, since it's a digital lending platform, you likely won’t receive the one-on-one relationship experience that you might with other top physician mortgage lenders.

Additionally, each physician mortgage lender has different eligibility requirements (e.g. credit score, debt-to-income ratio, etc.) and mortgage products with varying interest rates. So, it’s best to compare your options and consider how a large mortgage will impact your finances overall.

To get started, fill out the form below to receive quotes from physician mortgage lenders in your area.