7 Best Physician Mortgage Loans in Washington State: Up to 100% Financing

The state of Washington is known for its breathtaking views and endless adventure opportunities for outdoor enthusiasts. For some, owning a home in the Evergreen State is a dream worth saving for. But rising housing prices and common mortgage hurdles, like saving for a down payment or having a solid income history, can prevent many young professionals from owning a home.

Fortunately, doctors and dentists can take advantage of exclusive perks with a physician mortgage program. Read to learn about doctor loans in Washington.

What is a Washington physician mortgage loan?

A physician mortgage loan (sometimes called a doctor loan) is a home loan program that usually doesn’t require a down payment. It’s specifically designed for doctors, dentists and other high-salary professions.

Here are some of the primary benefits of using a Washington physician mortgage loan.

No down payment (or low down payment) options

Buying a home in Washington can be expensive. According to the National Association of Realtors, the median home sales price near Seattle is over $730,000.

With a conventional mortgage, you’ll normally need to bring 20% of your home’s sale price to the table. When you’re considering a home that costs around half a million or more, you’re looking at a down payment of $100,000 or more.

But with a physician mortgage, you can take advantage of loan options with up to 100% financing. In which case, you won’t have to spend years saving for a large down payment.

You can also avoid PMI and enjoy relaxed underwriting guidelines that provide more flexibility if you have a lot of student loan debt.

Additionally, many lenders will allow new physicians, residents, fellows and interns to use an employment contract with a start date within 60 to 90 days of closing instead of requiring a lengthy income history.

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Washington 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
Citizens	Min 5% down	MD, DO, DDS, DMD	No 0 down options
Huntington Bank	$1 million	MD, DO, DDS, DMD, DVM	Minimum 700 credit score
KeyBank	$1 million	MD, DO, DMD, DPM	Can be used for second home
Laurel Road	$1 million	MD, DO, DMD, DPM	Retired Doctors not eligible
Truist	$1 million	MD, DO, DDS, DMD, DPM	Within the past 15 years of training
US Bank	Min 5% down	MD, DO	Dentists not eligible

7 Lenders offering doctor loans in Washington State

Here are some of the best physician mortgage loans in Washington. Our partner lenders are listed with each loan officer’s contact information. We’ve also included other Washington physician loan programs to explore.

1. BMO Bank, N.A.

BMO Bank, N.A. offers a great physician loan program in Washington. There's no PMI requirement for licensed doctors with MD, DMD, DO or DDS designations. Enjoy flexible debt-to-income underwriting options even if you have student loan debt.

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

Physicians and dentists with an MD, DO, DDS or DMD designation can finance a home with the Citizens doctor loan program. Eligible borrowers must have completed residency within the last 10 years or be a current resident, fellow or intern.

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 for purchases and limited cash-out refinances of a primary residence.

3. Huntington National Bank

Professional mortgage loans from Huntington National Bank are available in a variety of states. These doctor mortgage loans are especially attractive for doctors with an MD, DO, DDS, DVM or DMD.

Key standouts that make Huntington National Bank a great choice include being able to borrow up to $2 million with no PMI. Plus, loans up to $1 million offer 100% financing.

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.

4. KeyBank

Medical doctors and dentists can use a KeyBank medical professional mortgage loan to purchase or refinance a primary residence or second home.

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.

Maximum cash out available is $1,000,000.

Loan amounts are available up to $3.5 million.

Physicians with an eligible KeyBank checking and savings account can qualify for a 0.25% interest rate discount.

5. Laurel Road

Practicing doctors, dentists, residents, fellows, interns, clinical professors, researchers and managing physicians can apply for a physician mortgage with Laurel Road. Eligible borrowers must have an MD, DO, DDS, DMD or DPM degree designation.

Up to 100% financing is available for loan amounts of $1 million or less.

6. Truist (formerly SunTrust)

Truist recently merged with BB&T and is no longer SunTrust Bank, has a great medical professional mortgage program. The loans from this program offer following mortgage amounts and financing percentages:

• 100% financing of for up to $1 million
• 95% financing for up to $1.5 million
• 89.99% financing for up to $2 million

Anyone in the medical professional field who has 15 or more years of experience after completing their residency or fellowship are limited to a maximum financing of 89.99%. Also, these doctors will need to be members of Truist Private Wealth Management (or work for a practice that’s a member).

Contact: Matt Albert

7. U.S. Bank

Doctors, residents and fellows with an MD or DO designation might be eligible for a physician loan with U.S. Bank. Lawyers are also eligible. It's important to note that a minimum credit score of 710 is required for approval.

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

If you have student loans, U.S. Bank will use your IDR monthly payment as part of your DTI ratio. If your loans are in deferment, the bank will use 2% of your loan balance as your payment amount.

You won’t find details about this program online, so you’ll need to reach out directly to learn about eligibility requirements and loan terms.

Is a Washington physician home loan right for you?

There’s very little downside to using a physician home loan. It can cut years off your homeownership timeline since you won’t need a large down payment, and it can save you thousands each year by avoiding PMI payments.

However, most borrowers will qualify for a much higher mortgage than anticipated due to the flexible DTI and income requirements. This could potentially get you into financial trouble if you aren’t diligent about how much house you can safely afford.

Additionally, doctor loans in Washington come with competitive interest rates. But you might be able to find a better rate with an alternative mortgage program (e.g. VA or FHA). It’s always best to do some comparison shopping to find the best offer.

Use our doctor mortgage loan finder to locate programs in your area.