11 Best Physician Mortgage Loans in Illinois

Whether you’re a new or established physician, it can be difficult to secure a mortgage when you’re lugging around six figures worth of student debt. Fortunately, some mortgage lenders recognize the career trajectory of doctors and dentists and see it as a win-win opportunity, especially in a state like Illinois with a large number of banks offering doctor mortgage programs.

According to data from Illinois REALTORS, the median price of a home in the Chicago metro area in 2024 was around $350,000, significantly higher than 2023. With current high mortgage interest rates, you could be looking at a high overall mortgage payment per month. Since you might be hoping to refinance again soon anyway, a physician mortgage loan in Illinois could be very useful in getting you into the home of your dreams sooner.

What makes an Illinois physician mortgage loan different?

A physician mortgage loan comes with exclusive homeownership benefits that cater to high-earning, high-student debt professionals.

Unlike with a conventional loan, a physician home mortgage opens the door to special privileges like:

• No money down financing options. Many lenders offer up to 100% financing, which means you can close on a new home with $0 down.
• No private mortgage insurance (PMI) requirements. This saves you thousands of dollars each year.
• Flexible debt-to-income (DTI) underwriting guidelines. Your debt-to-income ratio won’t be as heavily impacted by your student debt.
• Relaxed income history requirements. If you’re a new physician, you can use an employment contract with a start date typically within 60 to 90 days of closing.

Physician mortgage options also have larger loan limits, often ranging from $750,000 to $1.5 million or more. Whether a higher limit is advantageous to you depends on your real estate goals. Either way, it gives you more options if you can safely afford a large mortgage payment.

Illinois Doctor Mortgage Lenders	0% Down Loan Limit	Who Can Qualify	Unique Features
BMO	Min 5% down	MD, DO, DDS, DMD	Lends in majority of the country
Fifth Third Bank	$1 million	MD, DO, DDS, DMD, DVM, OD, DPM	Lends to various visa holders
First Bank	$400,000	MD, DO, DMD, JD	Must supply employment contract
First Merchants Bank	$1 million	MD, DO, DDS, DMD, DVM, PharmD	Student loan debt deferment allowed
FNBO	$850,000	Most grad degrees	Limited to certain metros
Huntington Bank	$1 million	MD, DO, DDS, DMD, DVM	Minimum 700 credit score
Regions	$750,000	Most grad degrees	Close before job begins
Truist	$1 million	MD, DO, DDS, DMD, DPM	Within the past 15 years of training
UMB Bank	$1 million	MD, DO, DDS, DMD, OD, PharmDs	No age or timeline restrictions
US Bank	Min 5% down	MD, DO	Dentists not eligible
Wintrust Mortgage	$850,000	MD, DO, DDS, DMD, DPM, PharmD, DC	Two-unit properties eligible

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11 Top physician mortgage loans for Illinois doctors and dentists

Here are some of the best physician mortgage loans in Illinois. Keep in mind that physician mortgage loans are designed for primary residences, not investment properties. That said, a limited number of lenders allow the purchase of a second or vacation home.

1. BMO Bank, N.A.

Eligible healthcare professionals can take advantage of the BMO Bank, N.A. Physician Mortgage Program when buying or refinancing a primary residence. Qualifying properties include one-two unit, single-family, condominium and townhomes in Illinois.

Financing options include:

• 5% down for up to $1.5 million
• 10% down for up to $2 million
• 10% down for physicians that have been in practice for more than ten years (regardless of loan amount)

This program is open to residents, fellows and existing medical doctors with an MD, DDS, DMD or DO designation.

2. Fifth Third Bank

New and established doctors, dentists and veterinarians can use Fifth Third Bank’s physician mortgage loan to purchase or refinance a primary home. Qualifying degree designations include MD, DO, DPM, DDS, DMD, DVM and OD.

Licensed interns, residents and fellows (and new physicians that have completed residency within the last 12 months) can potentially be approved for:

• Up to $1 million with no down payment
• Up to $1.5 million with 5% down
• Up to $2 million with 10% down

Established doctors and dentists with more than one year of experience can take advantage of no down payment options with higher loan amounts, as well. However, they can access up to $2 million with a 10% down payment.

To find out more, contact Sandy Salas (she also lives in Illinois).

3. First Bank

The Professionals Mortgage Program at First Bank accepts homebuyers looking to buy a primary residence who have a MD, DO, DMD or JD and have a 720 or better FICO score.

Financing options include:

• 0% down for up to $400,000
• 5% down for up to $1 million
• 10/6 ARM, 7/6 ARM and 5/6 ARM products

Borrowers must supply a fully executed and accepted, non-revocable employment contract, as well as at least two years' worth of documented, verified work history in his or her line of work.

4. First Merchants Bank

First Merchants Bank (formerly Level One Bank) has an excellent physician mortgage program for doctors, dentists and other high-income professionals. You can take advantage of this program if you have an MD, DMD, DO, DVM, DDS or PharmD designation.

Financing options include:

• 0% down for up to $1,000,000
• 5% down for up to $1,250,000
• Financing up to $2,000,000 is available

Student loan debt deferment is allowed for resident physicians.

Borrowers can close up to 90 days prior to the start of an employment contract.

5. FNBO (First National Bank of Omaha)

The FNBO physician mortgage loan program is available to practicing physicians, dentists, pharmacists, and other select healthcare professionals in Illinois. It offers low down payment options (100% financing is available for qualifying professions) with no PMI.

In addition to their physician mortgage program, they have one of the broadest professional mortgage programs that includes those with a CPA, CFA, JD, PA, NP, CRNA, or DVM who are eligible.

Student loans may be excluded from your DTI ratio if your loans are deferred for 12 months.

Who’s eligible (loan amounts up to $1.25 million):

• Practicing medical doctors and residents
• Anesthesiologists
• Dentists
• Pharmacists

Financing options for loans up to $1.25 million include:

• 0% down for up to $850,000
• 5% down for $850,000 to $1.25 million
• 10% down for $1.25 million to $1.5 million

Who’s eligible (loan amounts up to $1 million):

• Physician Assistants
• Nurse Practitioners
• Certified Registered Nurse Anesthetists
• Veterinarians

If you're a medical professional in this group, your financing options include:

• 5% down for up to $750,000
• 10% down for up to $1 million

6. Huntington National Bank

Medical doctors, dentists and veterinarians in Illinois with an MD, DO, DDS, DMD or DVM designation might be eligible for the Huntington Bank physician mortgage program. Additionally, podiatrists and ophthalmologists might qualify.

Financing options for borrowers with a minimum credit score of 700 include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

Huntington Bank will use your actual monthly student loan payments or 1% of your outstanding student loan balance as an estimate when calculating your DTI ratio. However, student loans might be treated differently if you're in residency or fellowship.

7. Wintrust Mortgage

Illinois doctors can take advantage of this fairly straightforward Doctor Loan Program from Wintrust Mortgage. It's open to qualified applications with MDs, DOs, DPMs, DDSs, and DMDs, as well as chiropractors and PharmDs. If you're a resident in your last six months, you can qualify, too.

Not only does Wintrust offer financing for single-family homes, but townhomes and condos are also eligible.

Here's a look at the financing options:

• 100% for up to $850k
• 97% for up to $1.25 million
• 95% for up to $1.5 million
• 90% for up to $2 million
• 80% for up to $3 million

Wintrust will let you factor in future income if your closing is within 90 days of starting your new role.

For more information about this program, contact Mike DeRaspe.

8. Regions Bank

The Regions Bank physician mortgage program is available to doctors, dentists, and other medical professionals in Illinois.

Highlights include no required PMI and no restrictions on how long an eligible medical professional has to have been practicing to be approved for a loan. Additionally, Regions Bank will exclude some deferred student loan payments from your DTI ratio, making it easier to qualify for a mortgage loan.

Eligible applicants include pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs and DDSs. Residents and fellows are also eligible, and the program is open to attorneys, as well.

Financing options for loans include 30 and 15 year fixed-rate and 10, 7 and 5 year ARMs. There is no loan amount limit on what you decide to apply for. In addition, your down payment depends on your vocation:

• 0% down for MD, DDS and DO
• 3% down for pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists and licensed attorneys

You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.

Contact Regions Bank for more info and to get a rate quote without a credit check.

9. Truist

The Truist doctor mortgage loan provides eligible physicians with exclusive perks, like lower interest rates and favorable student debt treatment.

Licensed residents, interns and fellows in an MD, DO or DPM program might be eligible for a maximum home loan of $750,000 with $0 down.

Whereas, establish physicians (MD, DO, DPM, DDS and DMD) have access to the following financing options:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10.01% down for up to $2 million

Note that physicians with 10 to 15 years of experience post-training are limited to 89.99% financing for up to $1.5 million.

To find out more information, contact Matt Albert.

10. UMB Bank

UMB Bank’s Doctorate Professional Mortgage Loan offers no required private mortgage insurance (PMI), up to 80% cash-out refinancing, no age restrictions, and low down payment options to those with an MD, DO, DDS, DMD, OD, and PharmD, as well as attorneys. Residents are also eligible for this program; however, he or she must have a household income of at least $150,000, in order to be accepted.

Borrowers must have an employment contract or signed offer letter, a copy of their license, and close within 60 days of contract acceptance.

Financing options include:

• 0% down for up to $1 million (must be an attending physician)
• 5% down for up to $1.5 million
• 10% down for up to $2 million

15, 20, and 30 year fixed-rate and 5/1, 7/1, and 10/1 year adjusted-rate mortgage options are available.

Read our full UMB Bank review

11. U.S. Bank

U.S. Bank’s unique physician mortgage program is available for most medical professions, including physicians, residents, fellows and DOs. Lawyers are also eligible. As long as you have a credit score of 710 or higher you could qualify. U.S. Bank has slightly higher down payment requirements than other lenders on this list, but their customer service is outstanding for those in the medical field. 

Financing options include:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

Related: See our Physician Mortgage Calculator to estimate interest and expenses

Physician mortgage loans save you money if used responsibly

Physician home loans are designed to benefit medical professionals who usually start their careers with a lot of dental or medical school debt and a lower salary. These programs are great for physicians who are early in their career but ready to settle down into a home they can call their own.

Since physician loan programs come with relaxed income and DTI requirements, you’ll likely qualify for a loan that’s a lot more than you’d expect. This increased access to a high mortgage limit can be tempting, play it safe by searching for homes within your actual budget.

Research and compare various mortgage loan programs to find the best option for you.