11 Best Physician Mortgage Loans in Indiana: An Exclusive Home Loan Program

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.

IAR President Lynn Wheeler recently cautioned, “Homebuyers have more options and negotiating power in 2023, but with the tradeoff of higher lending rates than the historic lows of 2021.” That quote is still quite true in 2024 as well.

Indiana banks also offer a much larger number of programs than most other states, which helps you as the consumer get a much better deal.

Indiana 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:

1. Up to 100% financing, aka no-money-down mortgage options.
2. No private mortgage insurance (PMI) requirement, regardless of your down payment.
3. Relaxed income history requirements, allowing new physicians to close on a home before they start their new gig.
4. 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 $726,200 for most counties in 2023.

---

---

11 Lenders offering physician mortgage loans in Indiana

Here are some of the top Indiana physician mortgage lenders to consider.

1. BMO Bank, N.A.

BMO Bank, N.A. has several low down payment mortgage options to make homeownership more affordable.

The BMO Bank, N.A. Physician 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 90 days of closing.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

2. Citizens

Citizens provides healthcare banking solutions, including student loan refinancing and a special mortgage program for doctors and dentists.

The Citizens 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.

3. 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, dentists and veterinarians with an MD, DO, DPM, DDS, DMD, DVM and OD designation might be eligible for its physician mortgage loan program.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to 1.5 million
• 10% down for up to $2 million

New doctors (e.g. completed residency in the last 12 months), residents and fellows are much more likely to be approved for the zero down option and a higher loan amount.

To see how Fifth Third could help, contact Sandy Salas.

4. First Merchants Bank

Doctors and dentists with an MD, DMD, DO, DVM, DDS or PharmD designation will like the physician mortgage loan program from First Merchants Bank (formerly known as Level One Bank).

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 deferment is allowed for resident physicians with proof of employment contract within 90 days of closing.

If you are another type of medical professional or first responder, First Merchants Bank still has you covered. Their Community One Professional Loan program, which includes police, fire, teachers, RNs, RTs and any hospital employee, offers a loan amount of up to $350,000 with 3% down and no required PMI (private mortgage insurance) on a new home purchase.

5. Huntington Bank

Indiana doctors, dentists and veterinarians with an MD, DO, DDS, DMD or DVM degree can purchase or refinance a primary residence with the Huntington Bank’s physician mortgage loan. Podiatrists and ophthalmologists are also eligible.

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

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

For borrowers with a credit score ranging from 680 to 699, financing options include:

• 5% down for up to $500,000
• 10% down for up to $1 million
• 25% down for up to $2 million

Note there's a 50% maximum DTI requirement. However, student loan debt is treated differently depending on if you're in residency or fellowship. Otherwise, Huntington will use your actual monthly student loan payments or 1% of your outstanding student loan balance as an estimate for DTI calculations.

6. 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.

7. Wintrust Mortgage

Indiana doctors who have an MD, DO, DPM, DDS, DMD, Chiropractor or PharmD and qualify can access a zero down payment option for financing up to $850,000, via Wintrust Mortgage's Doctor Loan Program.

Here are the highlights:

• Open to medical professionals with an MD, DO, DPM, DDS, DMD, Chiropractor or PharmD.
• Residents and fellows can apply if within the last six months of residency.
• Loan potential up to $3 million.
• Future income considered for closings within 90 days of job start.
• Applicable for single-family homes, townhomes and condos.

Wintrust offers flexible financing options that include:

• 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

For more information, contact Mike DeRaspe.

8. 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, DDS, DMD or DPM designations can access up to $1.5 million and no required private mortgage insurance (PMI), depending on credit score and other qualifying information.

Financing options include:

• 0% down for up to $950,000
• 5% down for up to $1,250,000
• 10% down for up to $1,500,000

If your student loans are deferred, they won’t be factored into your DTI calculation.

9. Regions Bank

Regions Bank provides multiple mortgage loan options, including programs for first-time homebuyers, construction-to-permanent loans, doctors, dentists, other healthcare professionals and attorneys.

Its physician mortgage program is available to pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, DDSs and licensed attorneys. Residents and fellows are also eligible, but the program isn’t open to non-permanent visa holders.

Financing options include:

• 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

If your student loans are deferred, they might be excluded from DTI calculations, particularly if you're in residency or fellowship. What's also great amount this program is that there is no limit on loan amount.

Contact Regions Bank to get a rate quote, no credit-check needed.

10. Truist

Truist's doctor mortgage loan is available to doctors and dentists with an MD, DO, DPM, DDS or DMD designation. 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 $1 million
• 5% down for up to $1.5 million
• 10.01% down for up to $2 million

Eligible residents, interns and fellows are limited to up to $750,000 with no down payment.

Physicians with 10 to 15 years of post-training experience can also use this program. However, they’re limited to a maximum of 89.99% financing for up to $1.5 million.

To apply, contact Matt Albert.

11. U.S. Bank

The professional mortgage options at U.S. Bank are available for lawyers, as well as medical physicians, including residents, fellows and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.

You can borrow up to $2.5 million, but you’ll need a minimum down payment:

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

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.