8 Best Physician Mortgage Loans in Kentucky: An Exclusive Homeownership Program

Kentucky is known for many things, including basketball, bourbon and beautiful views for all four seasons. But it also has a fifth season — Derby Season — which provides residents and visitors with tons of events and celebrations unique to the Bluegrass State.

But like most of the country, Kentucky is experiencing a surge in housing prices. The median home sales price in 2024 was a little over $200,000, according to data from Zillow. That’s good news for existing homeowners. But for prospective buyers, it's just one more piece of the puzzle that’s further pushing homeownership out of reach for young professionals.

Saving up for a large down payment and meeting tough underwriting requirements can prevent many from realizing their homeownership dreams. Fortunately, some medical professionals have access to a little-known program called a physician home loan.

Keep reading to learn how you could benefit from a physician mortgage loan in Kentucky.

What are the benefits of a Kentucky physician mortgage loan?

Physician mortgage programs are available to doctors and dentists, including residents, fellows and interns. But there has been a recent push to expand eligibility to include other professions, such as veterinarians, podiatrists and more.

Physician mortgage loans offer many benefits including:

• Up to 100% home financing or other low down payment options
• Doesn’t require private mortgage insurance (PMI)
• Has higher loan limits than a conventional loan that caps out at $647,200 for most counties across the U.S.
• Weighs student loans more generously when calculating your debt-to-income ratio (DTI)
• Flexible income requirements, including being able to close on a home before starting your new position (requires an acceptable employment contract)
• Competitive alternative to taking out a jumbo loan

More lenient underwriting and $0 down payment options could make homeownership a reality for many young professionals who would otherwise need to wait years before buying a home.

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8 Lenders to consider for a physician mortgage loan in Kentucky

If you’re planning to purchase a home or refinance your existing property in the Bluegrass State, here’s a breakdown of the top Kentucky physician mortgage lenders, listed alphabetically.

We’ve included direct contact information for loan officers who work specifically with physician mortgage loans.

1. BMO Bank, N.A.

A BMO Bank, N.A. physician mortgage loan can help Kentucky doctors and dentists (MD, DO, DDS, DMD) access home loan amounts up to $1 million with $0 down. Residents and fellows are also eligible.

You could qualify even if you have student loan debt, are starting residency soon, and have 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

Physicians who have been in practice for more than 10 years require a down payment that is equivalent to 10% of your home purchase price.

2. Fifth Third Bank

Fifth Third Bank has an exclusive Physician Loan Program for medical professionals that includes MD, DO, DPM, DDS, DMD, DVM and OD who are eligible. This program is ideal for interns, residents or fellows in the medical residency or scheduled to begin residency within 90 days of closing on a new home.

• Credit score minimum to be approved is 700
• Residents/Fellows/Attendings can finance 100% up to $1 million
• Established doctors (doctors out of residency for more than 12 months) can finance 95% for $1 million to $1.5 million
• Established doctors (doctors out of residency for more than 12 months) can finance 90% for $1.25 million to $2 million
• No private mortgage insurance required

Contact: Sandy Salas

3. 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.

4. Huntington National Bank

If you’re interested in purchasing a one- or two-unit primary residence, Huntington Bank’s physician mortgage program could provide up to $1 million with no money down. Eligible professions include medical doctors, dentists, veterinarians, podiatrists and ophthalmologists.

Other financing options include:

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

This is also an excellent option for new residents. Simply provide a copy of your employment contract and a letter from your employer to qualify.

5. KeyBank

KeyBank’s doctor and dentist program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.

Borrowers can be granted 100% financing on a conventional mortgage.

KeyBank has 30, 25, 20, 15, and 10 year fixed rate options, as well as adjustable rate options of 10/6 ARM, 7/6 ARM, and 5/6 ARM.

Medical doctors and dentists can purchase or refinance a primary residence or second home with this loan.

The maximum loan amount is $3.5 million. However, optional down payments include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 15% down for up to $2 million

6. Regions Bank

Medical professionals in Kentucky should take a closer look at Regions Bank's Medical Professional Loans program, since there is no PMI requirement, no loan amount limit, and no time limit on how long an eligible medical professional has been practicing. The program is also available to licensed attorneys.

Eligible applicants include:

• Attorneys
• Pharmacists
• Nurse anesthetists
• Nurse practitioners
• Physician’s assistants
• Veterinarians
• Chiropractors
• Optometrists
• Podiatrists
• MDs
• DOs
• DMDs
• DDSs
• Residents and fellows

What's helpful is that Regions Bank will exclude some deferred student loan payments from your DTI ratio, making it easier to qualify for the mortgage amount you are seeking.

Financing options include 0% down for MD, DDS and DO. However, 3% down is needed 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.

It is important to note that non-permanent visa holders are not eligible.

You can choose between fixed-rate 30- and 15-year mortgages, as well as 10- and 7-year adjustable-rate mortgages.

There is no credit check needed for a rate quote. Regions Bank offers fast and friendly consultations.

7. Truist

Kentucky MD, DO, DPM, DDS and DMD physicians might be eligible for a loan up to $2 million when using a Truist doctor mortgage loan.

Financing options for physicians with less than 10 years of experience are as follows:

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

Note a minimum credit score of 720 is needed to access 100% financing.

Contact: Matt Albert. 

8. U.S. Bank

If you’re a JD, MD or DO practicing in Oklahoma, U.S. Bank offers a physician mortgage loan with down payments ranging from 5% to 25%, depending on your home purchase amount and other qualifications.

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

You’ll need a minimum credit score of 710 to be eligible for this program.

Is a Kentucky physician mortgage right for you?

A physician mortgage loan can be a great financing solution for young professionals who haven’t had an opportunity to save up for a large down payment due to student loan debt and other competing priorities.

However, if you’ve already built up your savings with a down payment in mind, you can use that capital for immediate renovations, to furnish your new home or to pay down your private student loan debt.

Optional low down payments with no PMI is only one of the many perks of using a physician loan program. You could also benefit from competitive interest rates for high loan amounts and flexible underwriting, allowing you to find the house of your dreams sooner than the traditional home-buying timeline.

That said, it’s important to explore other mortgage options and do some comparison shopping to make sure you’re getting the best fit for your financial situation.

If you think you could benefit from a physician mortgage loan, fill out the form below to receive quotes or reach out to any of the loan officers listed above to get started.