Amplify Credit Union Physician Mortgage Loan Review: Home Loans for Texas Physicians

Editor's note: Amplify Credit Union no longer offers physician mortgage loans. If you're a medical professional looking for a doctor mortgage in Texas, visit our updated page to view the best physician mortgage loans by state.

Medical professionals who plan to purchase a home in Texas might be eligible for the Amplify Credit Union physician mortgage loan. This exclusive loan program offers both fixed- and adjustable-rate mortgages with down payment options as low as 5% down.

Keep reading to learn about the various benefits and drawbacks to using an Amplify Credit Union physician mortgage loan.

Minimum down payment	5% down for up to $1.25 million
Residents allowed	Yes
Maximum loan amount	$1.75 million
Degrees that qualify	MD, DO, DDS, DMD, OD, PharmD, CRNA, NP, PA, DVM, JD, CPA
Eligible states	TX

Amplify Credit Union physician mortgage loan details

Amplify Credit Union has been serving financial customers in Texas since 1967. Anyone who lives, works or studies in Texas is eligible for membership, along with their direct family members. As part of its banking products and services, this federal credit union offers a special home financing opportunity for medical professionals that makes qualifying for a mortgage easier.

Its physician mortgage loan, more accurately called a professional mortgage in this case, is available to a variety of healthcare professionals and high-income professionals, including attorneys and public accountants.

Amplify Credit Union physician mortgage loan: Pros and cons

Amplify Credit Union’s professional mortgage program has certain advantages and disadvantages, depending on your homeownership goals.

Pros

Low down payment options with no PMI

The Amplify Credit Union physician mortgage loan offers up to 95% financing, no PMI and high loan limits. Down payment options include:

• 5% down for up to $1.25 million.
• 10% down for up to $1.5 million.
• 20% down for up to $1.75 million.

This loan program offers 15- and 30-year fixed rate loan terms, as well as adjustable-rate options.

Open to wide range of healthcare professions

Many physician mortgage programs limit eligibility requirements to medical doctors and dentists. However, the Amplify Credit Union professional mortgage is open to the following professions and degree designations:

• Medical doctors (DO, OD)
• Dentists and oral surgeons (DMD, DDS)
• Optometrists (OD)
• Pharmacists
• Certified Registered Nurse Anesthetists (CRNA)
• Nurse Practitioners (NP)
• Physician Assistants (PA)
• Veterinarians (DVM)
• Attorneys (JD)
• Certified Public Accounts (CPA)

Residents are also eligible for this loan program.

Close on a home up to two months before starting new position

Amplify allows eligible borrowers to use an employment contract as proof of future income to meet underwriting requirements. In which case, you can close on a new home up to 60 days prior to your employment start date.

Cons

No 0% down option

Many physician mortgage programs offer up to 100% financing for young medical professionals. However, the Amplify Credit Union professional mortgage loan is limited to a maximum loan-to-value ratio of 95%. This means you’ll need at least a 5% down payment to get the ball rolling.

Only Texas borrowers are eligible

Amplify Credit Union primarily works with Central Texas borrowers as its headquarters are located in Austin, Texas. However, membership spans throughout the Lone Star State.

If you live outside of Texas, you’ll want to explore other physician mortgage loan programs in your state.

Large loan amounts can financially trip up some borrowers

The Amplify Credit Union physician mortgage loan comes with loan amounts up to $1.75 million, which are much higher than conventional loan limits throughout the country. Additionally, eligible borrowers will likely qualify for a higher loan amount due to relaxed underwriting guidelines that treat student debt more favorably.

While this combination will benefit some homeowners, it could potentially hurt others as it can encourage you to purchase a home that isn’t realistically affordable. Just keep in mind that a larger loan amount equals a larger mortgage payment.

How to apply for an Amplify Credit Union physician mortgage loan

If you decide to work with Amplify Credit Union for your home loan needs, you’ll need to do some initial legwork to start your mortgage application.

Step 1: Contact Amplify Credit Union

Depending on your financial and professional situation, you might have a variety of mortgage options available outside of a professional home loan. It’s best to speak with a loan officer directly to discuss your options and eligibility requirements (e.g. minimum credit score, credit union membership, etc.).

That said, it was challenging to find information about Amplify’s physician mortgage loan program both online and over the phone. There’s no mention of a physician loan or professional loan on its website.

Additionally, I made contact with two Amplify representatives who had never heard of the program. Fortunately, they passed me on to additional contacts who were eventually able to confirm the program is still available.

You might need to work your way through the ranks to reach knowledgeable mortgage loan originators directly.

Step 2: Be ready to provide general information and financial documentation

Each lender will want specific information and documentation as part of its mortgage application and underwriting process. A loan officer can give you a detailed list of necessary items.

But you can generally expect to provide documents such as recent bank statements, income tax returns, an employment contract or W-2s, and other identifying documents (e.g. driver’s license and medical license or degree).

Step 3: Be patient throughout the home buying process

Buying a home takes time, and it often comes with additional requests for information or clarification. So, it’s important to stay in contact with your loan officer and respond in a timely manner.

Once your loan is approved, double check that all closing costs and loan terms match your understanding of the home loan.

Is a physician loan with Amplify Credit Union right for you?

If you live in Texas and desire a low down payment solution for your next home purchase, then an Amplify Credit Union physician mortgage loan might fit your needs.

However, there are many physician loans that offer up to 100% financing that might be more beneficial if you haven’t had time to save for a down payment. Check out our full list of Texas physician mortgage programs.

To explore additional physician home loan programs, fill out the form below to start receiving quotes from mortgage lenders in your area.