Wintrust Physician Loan Review: Mortgage Benefits for Healthcare Professionals

Doctors, dentists, podiatrists, pharmacists and chiropractors can buy their next home using the Wintrust physician mortgage loan. However, this exclusive program isn’t available to healthcare providers nationwide, so you’ll want to use our Wintrust physician loan review to see if you qualify.

Wintrust physician mortgage review: Loan details

With more than 175 locations, Wintrust Bank has built a network of community banks since 1991. Its goal has always been to provide an alternative to the big banking experience. 

Among its personal and business services, Wintrust works with medical providers to support their dreams of owning a home through its physician mortgage program. Additionally, it provides opportunities for medical, dental and veterinary practice financing.

Minimum down payment	0% down for up to $850,000
Residents or fellows allowed	Yes
Maximum loan amount	$3 million
Degrees that qualify	MD, DO, DMD, DDS, DPM, PharmD, DC
Eligible states	AZ, CA, FL, IA, IL, IN, MN, MT, ND, WI

Pros and cons of a Wintrust physician home loan

Physicians often have to put off buying a home due to six-figure student debt and delayed salary gratification from additional years spent in residency. Physician mortgage programs recognize these unique barriers, providing you with a great opportunity to use your degree to your advantage.

That said, there’s healthy competition among banks to secure your business. You’ll want to compare physician home loan programs to find the best mortgage for your situation.

Pro: Offers a range of down payment options with high loan limits

The Wintrust physician loan program offers up to 100% financing with no private mortgage insurance (PMI), including:

• 0% down for up to $850,000.
• 3% down for up to $1.25 million.
• 5% down for up to $1.5 million.
• 10% down for up to $2 million.

Alternatively, you can put 20% down to access loan amounts up to $3 million.

Pro: Open to a variety of healthcare professionals, residents and fellows

Unlike many doctor mortgage programs that are limited to MD, DO, DMD and DDS only, podiatrists, pharmacists and chiropractors are also eligible. Financing is also available for fellows and residents who have less than six months of training remaining.

Pro: Ability to close before starting a new job

Wintrust offers flexibility to borrowers who haven't started their new position after residency. It uses your future income to meet income requirements if you plan to close within 90 days of your contracted start date.

Pro: Two-unit properties are eligible

The Wintrust physician loan program is only available for primary residences. But it does allow the purchase of two-unit properties, giving you the chance to househack your mortgage by renting out the second unit to help cover housing costs.

Con: Program isn’t available in all states

Unfortunately, the Wintrust physician loan isn’t available to physicians across the country. You’ll need to be a resident of one of the following states to qualify:

• Arizona.
• California.
• Florida.
• Iowa.
• Illinois.
• Indiana.
• Minnesota.
• Montana.
• North Dakota.
• Wisconsin.

If you live and work in a different state, you’ll need to consider other doctor loan programs for your state.

Con: High loan limits can get you in trouble

One of the greatest benefits of using a physician mortgage loan is the ability to access high loan limits. Because physician mortgage programs treat student loans more favorably and have more relaxed underwriting guidelines, you’ll likely qualify for a much higher loan amount than you would with a conventional loan. Additionally, you won’t trigger an interest rate spike due to taking out a jumbo loan.

But this exclusive benefit can be a double-edged sword if you aren’t careful with your finances. Just because you qualify for a high $1 million+ loan amount doesn’t mean you can realistically afford the mortgage payment if you haven’t hit your full earning potential or have other financial issues holding you back.

How to apply for a Wintrust physician mortgage loan

We highly recommend shopping around for physician home loans to compare interest rates and eligibility requirements (e.g., credit score, debt-to-income ratio, etc.). However, if a Wintrust physician loan is at the top of your list, here’s where to start.

Step 1: Prepare ahead of time

You can fast-track your loan application by gathering financial documentation in advance and preparing to answer questions about your personal finances, as well as your homeownership goals.

Have important personal and financial documentation ready to go, including your government-issued photo IDs, a copy of your degree or medical license, W-2s and recent tax returns. Additionally, you’ll need a copy of your employment contract if you plan to use it as proof of future income.

Step 2: Contact a Wintrust loan officer

Each physician loan program has different eligibility requirements and guidelines. For example, the Wintrust physician loan requires a minimum credit score of 670 and residency requirements, such as being a U.S. citizen, permanent resident or have at least six months left on an eligible work visa. So, it’s best to speak directly with a loan officer as these programs change frequently.

Contact a Wintrust mortgage loan officer today: Mike DeRaspe, Senior Mortgage Loan Officer (NMLS #470264)

Step 3: Make yourself available as you move through the loan process

There are a lot of moving pieces when applying for a mortgage. Be ready and available to provide additional documentation throughout the loan process. 

Additionally, thoroughly review all loan documentation to ensure you understand all loan terms and associated closing costs before signing for the loan. Your loan officer can answer any home-buying questions you have, so don’t be shy if you need clarification.

Should you apply for a physician mortgage with Wintrust?

Not all mortgage lenders have jumped on the unique opportunity to reach medical professionals and other high-income earners through a physician mortgage program. But they’ve become more popular in recent years. 

Compare physician loan options, as well as other financing opportunities. For example, you might be better off using a VA Loan if you or your spouse have a VA disability rating so you won’t have to pay the funding fee. That said, if you live in an eligible state and are wanting to take advantage of a low or no down payment option, a Wintrust physician loan could be a great fit.

To make comparing easy, fill out the form below to receive custom physician mortgage quotes for your next home purchase or refinance.