Exploring Physician Mortgages for Home Purchase

We are considering a physician mortgage for our upcoming home purchase, as this option allows for a lower down payment and eliminates the need for PMI. My wife is a physician, and we are currently looking in the Midwest. If anyone has experience with these types of loans or can recommend banks in this region, particularly Minnesota, we would greatly appreciate your insights.

Which state are you planning to buy in?

Ira said:
Which state are you planning to buy in?

We’re looking in Minnesota.

Check out the whitecoatinvestor website; they have a list of banks that offer physician loans. I had an experience with BMO; they required a 10% down payment for my situation.

Yani said:
Check out the whitecoatinvestor website; they have a list of banks that offer physician loans. I had an experience with BMO; they required a 10% down payment for my situation.

Thanks for the tip. Did you have to put down 0% at the time, or were you already in practice?

@Gale
I was a few years post-residency, in a very high cost of living area, hence the 10% down. If you’re looking at homes under $1 million, you might find options for 0% down with no PMI through a physician mortgage.

@Yani
That sounds like what we’re aiming for. We plan to go bigger once she’s an attending, probably putting down 20-30% at that point.