6 Best Physician Mortgage Loans in Mississippi: Exclusive Perks for Doctors

Mississippi has southern charm, good eats and wide-open spaces. It’s also one of the cheapest states to live in. But even with lower cost of living in the Magnolia State, you might have to wait years to save up enough to buy a home.

Plus, strict eligibility requirements can sometimes make it tough for young professionals to qualify for a conventional mortgage when you have a lot of student loan debt or limited income history.

But Mississippi physicians, dentists and other high-income professionals (e.g., veterinarians) can take advantage of a physician mortgage loan that comes with flexible down payment solutions and no PMI. This financing tool could get you into your dream home sooner.

Haven’t heard of a physician mortgage before? Here’s everything you need to know about this exclusive homeownership program, including where to find a physician mortgage loan in Mississippi.

How do Mississippi physician mortgages work?

Physician mortgage loan programs help young medical professionals become homeowners without having to save for a large down payment.

This home financing solution recognizes the career trajectory of high-earning professions in hopes they can secure your financial loyalty long-term. Therefore, your student debt won’t be as much of a barrier when calculating your debt-to-income ratio, nor will your limited income history.

Here’s a brief rundown of the main benefits of a physician home loan:

1. You can access up to 100% financing with various low or no down payment options.
2. No private mortgage insurance (PMI), even though you won’t be putting down the traditional 20%.
3. You can sidestep using a jumbo loan with a higher interest rate if you need a loan amount above the conventional mortgage limit ($726,200 for most counties in 2023).

Additionally, most physician mortgage programs will allow you to close on a home before officially starting a new position. Requirements vary by lender, but generally, you’ll need to provide proof of an employment contract with a start date within a 90-day window of closing.

Use the form below to get quotes for physician mortgage loans in Mississippi or browse through our list below.

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6 Lenders to explore for physician mortgages in Mississippi

If you think a Mississippi physician home loan could be in your future, check out what these top-notch physician mortgage lenders have to offer. We’ve included direct contact information for loan officers who specialize in physician mortgage loans in your area.

Note that doctor home loans are available for purchasing or refinancing a primary residence. Second homes and vacation homes might be eligible depending on the lender, but it isn’t the norm.

1. BMO Bank, N.A.

With BMO Bank, N.A., you can get an affordable home loan with no PMI requirement and flexible debt-to-income underwriting options.

As a licensed medical doctor with MD, DDS, DMD or DO designation, 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

2. First Horizon Bank

If you’re an MD, DO, OMS or DPM in Mississippi, a physician home loan with First Horizon can provide up to $2.5 million in financing. Physicians of all career stages can apply for this program.

Down payment options include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $2.5 million

You’ll need a minimum credit score of 670, making it a good option for borrowers that have good credit but are not high enough to qualify for other programs that require 700+.

They also offer H-1B visa non-citizens loans and 100% financing.

3. Flagstar Bank

With no required PMI and the option of zero down, this is one physician mortgage program worth looking into. Flagstar's program provides the options of purchasing or refinancing a primary residence; however, condominiums, townhomes, and vacation homes do not qualify under this program.

Flagstar's physician mortgage program welcomes the following qualified professionals to apply:

MD, DDS, DMD, OD, PharmD, DPM, DO, PA, RN, NP, CPA, DVM, clinical nurse specialists, attorneys, and ATP pilots.

Flagstar also encourages eligible H-1B visa and green card holders within these careers.

Financing options include:

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

Prospective homebuyers need to note that to qualify for this program for 5% down or less, you will need a credit score of at least 700 or better.

4. Regions Bank

The Medical Professional Loans program from Regions Bank is an excellent choice for Mississippi medical professionals, as it does not require PMI and does not have a time limit on how long the professional must have been practicing. Additionally, the program is open to attorneys.

One other highlight 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.

Attorneys, pharmacists, nurse anesthetists, nurse practitioners, physician's assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs are eligible to apply. Residents and fellows are also eligible.

A few of the financing perks available include:

• No cap on loan amount
• Construction-to-permanent financing
• Closing up to 90 days prior to start date (with employment contract)
• 30- and 15-year fixed-rate loans
• 10-, 7- and 5-year ARMs

5. Truist

The Truist doctor mortgage loan is available to MD, DO, DPM, DDS or DMD physicians, including residents, interns and fellows.

Down payment options include:

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

However, a minimum credit score of 720 is required to take advantage of 100% financing.

Contact: Matt Albert

6. U.S. Bank

U.S. Bank’s doctor mortgage loan doesn’t provide 100% financing, but it does offer other low down payment options for physicians (MD and OD), residents and fellows. Lawyers are also eligible under this program.

Down payment options include:

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

If you want to provide a traditional 20% to 25% down payment but also take advantage of higher loan limits, you can finance up to $2.5 million with this program.

Is a Mississippi physician mortgage right for you?

A conventional mortgage generally plays out well for prospective homebuyers who don’t have student debt worries and already have large cash reserves for a large down payment. But that’s not necessarily the case for most young borrowers.

Considering real estate prices are continuing to increase, and the student debt crisis is nowhere close to being resolved, a Mississippi physician mortgage loan can provide excellent financing options with competitive interest rates for eligible borrowers.

But that doesn’t mean there isn’t a “catch” or a potential downside to using a physician mortgage. Since you don’t have a large down payment, you’ll likely see a higher interest rate than a conventional loan and 20% down.

Plus, the higher loan limits can be highly tempting for some. So, it’s important to go into the home buying process with your eyes wide open and with a firm understanding that just because you qualify for a high loan amount doesn’t mean you need to sign for it.

Otherwise, physician mortgage loans are a great financing solution for young professionals ready to make a long-term investment, both financially and as part of your personal and family goals. Fill out the form below to receive quotes for purchasing or refinancing your next home.