9 Best Physician Mortgage Loans in Virginia: 100% Financing, No PMI Required

The average Virginia physician earns over $200,000 per year. But a high salary isn’t the only perk to being a doctor or dentist. Physicians can use a unique mortgage loan program that allows qualifying applicants to access large loan amounts, competitive interest rates and low down payment options when buying a home.

Many physician mortgage loans have up to 100% financing for new physicians and dentists. This is a game-changer for Virginia physicians who are facing a competitive housing market that might require offers well over asking price.

According to Virginia REALTORS, the median Virginian home purchase price in April 2024 was over $410,000 (up from the same time last year).

Doctors, dentists and other high-earning medical professionals can learn about Virginia physician mortgage loan options below.

How Virginia Physician Home Loans Work

A physician mortgage loan is typically an easier pathway to homeownership for doctors and dentists. This type of loan program is designed with your salary potential in mind. It also acknowledges that you’ll likely have a lot of student debt at the beginning of your career.

Benefits of a Virginia physician mortgage loan

Doctors, dentists and sometimes other high-earning professionals (e.g. veterinarians, dentists, attorneys, etc.) can take advantage of exclusive physician mortgage benefits like:

• Access to 100% financing or low down payment options. You can get into your dream home a lot faster since you won’t have to save up for a substantial down payment.
• No PMI requirement. This additional expense is usually required with a conventional mortgage if you don’t bring at least 20% for a down payment to the table. Avoiding PMI can save you hundreds of dollars each month.
• Relaxed debt-to-income (DTI) calculations. Your student loan debt can skew your DTI and affect your ability to secure a mortgage loan. But physician mortgage lenders treat student debt borrowers more favorably by using your income-driven repayment (IDR) monthly payment, excluding your deferred payments altogether or taking an alternative lenient approach.
• Generally lower interest rates than a jumbo loan. If you’re interested in financing more than $548,250 for your home (i.e. the conventional mortgage limit in most states), a physician mortgage can keep your interest rate low instead of turning to a jumbo loan.

There are also secondary benefits to using a doctor mortgage loan. For example, instead of depleting your savings on a down payment, you can use those funds to remodel or furnish your home.

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There are a lot of hidden expenses to buying a home that most people don’t consider ahead of time. Keeping that nice chunk of savings helps cover unexpected costs or gives you the flexibility to pay down other debt or make other investments.

Virginia 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
First Horizon Bank	$1.5 million	MD, DO, DPM, OMS	Need at least 670 credit score
First National Bank	$1.25 million	MD, DO, DDS, DMD, DVM	Eastern US focus
Fulton Mortgage Company	$1.5 million	MD, DO, DDS, DPM, DVM, PharmD	Must be US Citizen or have valid Green Card
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
TD Bank	$1 million	MD, DO, DDS, DMD, DPM, OMS	Requires a DTI of 43%
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

9 Best Virginia physician mortgage loans

If you feel a Virginia physician mortgage loan is the right path for you, Student Loan Planner identified a handful of lenders offering the specialty mortgage loan.

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

First Horizon Bank has a generous doctor mortgage loan program for MD, DO, OMS and DPM professionals. You won't pay upfront PMI, and credit scores as low as 670 can qualify.

Financing 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

There are no age restrictions and you can close 90 days prior to new employment if you have a job contract, making this an excellent option for new and experienced physicians.

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

3. First National Bank

Physicians with an MD, DO, DDS, DMD or DVM designation may be eligible for up to 100% financing with First National Bank’s Physician Mortgage Program.

Financing options include:

• 0% down for up to $1.25 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

It offers a wide range of fixed and adjustable-rate mortgages for purchasing or refinancing a primary, vacation or second home.

Physical therapists and nurse practitioners are not eligible.

To be approved, an employment contract or signed offer letter must be provided. Applicants must also be less than 10 years from training. For those greater than 10 years from training, 10% down is required.

Contact: Josh Feldman

4. Fulton Mortgage Company

Pharmacist, podiatrist and veterinarian applicants may qualify for a physician mortgage loan with Fulton Mortgage Company. A highlight of this program is that they accept medical professionals who are up to 15 years out since residency or training.

With parent co-signers being allowed and there being no reserve requirement, this program could be a good fit for resident doctors seeking to buy a home.

Financing options include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $3 million

Deferred student loans (12 months or longer) are excluded from the credit approval process. Additionally, new physicians can close on their home up to 90 days before their start date with an acceptable employment contract.

Contact: Jim Webster

5. Huntington Bank

Professional mortgage loans from Huntington National Bank are available to 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.

6. 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.

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

7. TD Bank

TD Bank doctor mortgages are a great option for physicians, dentists, and podiatrists seeking up to 100% financing with no PMI. Residents and fellows can also qualify, with an added bonus of being able to close up to 90 days in advance of your start date.

You need one of the following degree types to qualify: MD, DO, DPM, DDS, or DMD.

Here are the TD Bank loan specifics:

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

TD Bank has 30-year fixed-rate and adjustable-rate mortgage (ARM) financing options. They also offer flexible underwriting to those with large student loan balances. Doctors with green cards and those on H-1B visas can also qualify.

Contact: Neil Surgenor

8. Truist

Practicing physicians with an MD, DO, DPM, DDS or DMD designation can access up to 100% financing with Truist's doctor mortgage loan.

Financing 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

Note that licensed residents, interns and fellows in an MD, DO or DPM program can qualify for up to 100% financing for a maximum loan amount of $750,000.

Additionally, doctors with 10 to 15 years of post-training experience are limited to 89.99% financing for loan amounts up to $1.5 million.

Contact: Matt Albert

9. U.S. Bank

The professional mortgage options at U.S. Bank are available in all 50 states for lawyers and 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 a Virginia physician mortgage loan worth it?

Each physician mortgage lender has different eligibility requirements and loan terms. It’s important to reach out to any Virginia lenders you’re interested in to find the best option for your situation.

Compare physician loan programs with conventional mortgage rate offers and explore additional loan programs that you might qualify for. For example, you might be eligible for an FHA loan or VA loan.

Physician loans have much higher loan limits than conventional mortgages. If you decide to go with a physician mortgage, be diligent about buying a home that you can realistically afford to make payments on long-term.