DDS / DMD Mortgage: Mortgages for Dentists with 0% to 10% Down

Dentists are among the highest-paid professions, but they’re also swamped with huge six-figure dental school debt. Traditionally, the years and money spent earning your DMD or DDS (and possibly pursuing a residency) could delay your homeownership dreams compared to your peers. But what if banks saw your dental degree and lifetime earning potential as an asset instead of a financial barrier?

Enter dentist mortgage loans. These specialty mortgage programs are designed for dentists and other medical professionals who carry a ton of student debt and haven’t had time in their career to save up for a large down payment. By offering low down payment options with relaxed underwriting guidelines, dentist mortgages can be the solution for many dental families.

Although these programs are growing in popularity, they’re often a hidden gem among each bank’s many products and services. So, we’ve done the legwork for you. Read on to learn about the top dentist mortgage loans and how to find the right fit.

How does a doctor mortgage work for dentists?

A dentist mortgage is specifically for new dental graduates and those who are still early in their career (usually within a 10-year timeframe of completing residency). It offers a great alternative to traditional mortgages, which generally require a 20% down payment and strict underwriting criteria.

The primary benefits of a dentist mortgage loan include:

• The potential for a $0 down payment or other low down payment options (e.g. 5% to 10%)
• No private mortgage insurance (PMI) requirement across the board, even when using 100% financing
• Higher loan limits than a conventional mortgage (e.g. $647,200) without a rate increase
• The ability to close on a home up to 90 days before starting your residency or new position
• Student loan debt is treated more favorably with calculating debt-to-income ratio (DTI)

Dentist mortgage loans also offer competitive interest rates and a variety of fixed- and adjustable-rate mortgages (ARMs) to meet your needs. But finding the right dentist mortgage is just as important as finding the right home for your family.

13 Top lenders offering dentist mortgage loans

The good news is that your DMD or DDS degree will give you access to most physician mortgage loan programs. But have you ever sat down at a restaurant and been entirely overwhelmed by TOO many choices? The same can happen for dentists who are staring down a long list of potential mortgage lenders.

So, we’ve put together a list of trusted lenders that specifically offer dentist mortgage loans and highlighted key details, as well as potential drawbacks, that can help narrow down your home buying search. Note that lenders are listed alphabetically with direct contact information for your convenience.

1. Berkshire Bank

The Berkshire Bank dentist mortgage* offers up to $2 million in home financing with various low down payment options, including 0% down for up to $1 million. This lender can close within three to four weeks and accepts employment contracts within a 90-day window of starting your new job.

This is a great opportunity for self-employed dentists as this lender allows 1099 independent contractors with less than 12 months of income to apply.

States available: NY, ME, NH, VT, MA, RI, FL, and CT

Contact: Stephen Morrison

*Mortgage products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. All applications must be submitted in writing. All lending products are subject to credit and property approval. Products are not available in all states. Certain conditions and restrictions apply. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense compared with your current situation. Berkshire Bank NMLS 506896. Equal Housing Lender.

2. BMO Financial Group

BMO Financial Group works with dentists nationwide (excluding New York) via its physician mortgage loan program. For most areas of the country, you can choose from low down payment options, including 0% down for up to $1 million and 5% down for up to $1.5 million.

However, if you live in California, Florida, Hawaii, Idaho, Maryland, Nevada, Rhode Island or Washington D.C., you won’t have access to a $0 down payment option. But you can still take advantage of up to 90% financing.

States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

3. Fifth Third Bank

Dentists with a minimum credit score of 700 can apply for the Fifth Third Bank dentist mortgage loan. It offers residents and interns up to $1 million in home financing with 0% down, while established dentists can access up to $2 million with a low down payment.

This lender serves a range of visas, including E1-E5, DV, F2A, F2B, G1-G5, H1B, H4, IR-1, J1, J2, TN, TD and green card holders.

States available: FL, IL, IN, KY, MI, OH, TN, WV, GA, NC, SC

Contact: Sandy Salas 

4. First Merchants Bank (formerly Level One Bank)

If you live in Florida, Illinois, Indiana, Michigan or Ohio, you might be eligible for a DMD mortgage with First Merchants Bank. It offers 0% down for up to $1 million, with financing options maxing out at $2 million.

This lender offers efficient closing times if you need a fast move-in. The loan officer listed below has an average closing time of 18 days.

States available: IL, IN, MI, OH

5. First National Bank

First National Bank’s physician home loan offers dentists with less than ten years of experience a no money down option for up to $1.25 million. However, dentists who have been out of training for over a decade can still access 90% financing for up to $2 million.

States available: SC, OH, PA, DE, MD, WV, TN, GA, NC, VA, FL

Contact: Josh Feldman

6. Flagstar Bank

The Flagstar Bank dentist mortgage is available in nearly all 50 states for dentists with less than 10 years of post-training experience. Financing options 0% down for up to $1 million and 5% down for up to $1.5 million.

Note this program is limited to adjustable-rate products as it doesn’t currently offer a fixed-rate option.

States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

7. FNBO Mortgage (First National Bank of Omaha)

A FNBO dentist mortgage loan can give dentists in eligible states access to $850,000 in home financing with 0% down. Other low down payment options are available, maxing out at $1.5 million.

This lender has a strong reputation in the Dallas-Fort Worth and Denver metroplexes. However, it serves dentists in a wide variety of states.

Note that its minimum credit score of 720 is higher than other physician mortgage programs.

States available: CO, IA, IL, KS, MO, NE, SD, TX, WY

8. Huntington National Bank

Huntington National Bank’s dentist home loan provides up to $1 million in financing with 0% down for dentists with a credit score in the mid-700s. However, it also has alternative low down payment options for borrowers with credit scores as low as 680.

Note you might receive an interest rate discount for establishing a deposit banking relationship with Huntington Bank.

States available: AR, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY

9. KeyBank

KeyBank’s dentist and medical doctor loan is available to dentists starting with 0% down for up to $1 million, with a maximum loan amount of $3.5 million. Their current dentist mortgage interest rates are below conventional and government mortgage rates, and their program maintains low fees.

Note that KeyBank’s loan officers are state-specific as outlined below.

10. Northwest Bank

Dentists in Indiana, Maryland, Michigan, New York, Ohio and Pennsylvania might be eligible for a DDS mortgage with Northwest Bank. Loan amounts are available for up to $1.5 million with down payment options as low as 0%.

Note that Northwest Bank’s loan officers are state-specific as outlined below.

States available: NY, MD

11. S&T Bank

Dentists who can provide a small down payment might be interested in a physician loan with S&T Bank. With this program, there’s no maximum loan amount, but a 5% down payment is required.

This program is available nationwide, excluding Texas and New York. Newly self-employed (1099 independent contractors) are eligible and encouraged to apply.

States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY

Contact: Mike Wagner 

12. TD Bank

The TD Bank dentists mortgage offers up to $1 million in financing with $0 down, as well as other low down payment options that max out at $2 million.

Depending on your student loan situation, TD Bank might use a modified monthly amount or exclude your student debt from your DTI ratio altogether.

States available: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT

Contact: Neil Surgenor 

13. Truist (formerly SunTrust)

Truist’s dentist mortgage allows for up to $1 million in financing with 0% down, with alternative down payment options all the way up to $2 million. Although this program is specific to dentists who have been in practice for less than 10 years, Truist will still work with more experienced dentists to provide a low down payment solution.

Note that some of the eligible states listed below require an existing deposit account in order to qualify.

States available: AL, AR, CA, CT, DC, DE, FL, GA, IN, KY, MA, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV

Contact: Matt Albert 

Is a dentist mortgage loan right for you?

Relaxed underwriting criteria makes it easier for early-career dentists to secure a physician mortgage than a conventional loan. Plus, you’ll likely qualify for a higher loan amount since your student debt won’t be seen as a barrier.

However, this can be a double-edged sword. On one side, you can potentially find a newer home, a better neighborhood or a more custom-home with a larger housing budget. But a higher loan amount equals a higher monthly payment, which might not be feasible when you work through all the numbers.

So, you’ll need to keep your budget blinders on when it’s time to sign the homeowner dotted line. The less money that’s tied up in your mortgage payment, the more funds you’ll have to make other smart investments, enjoy experiences with your family and, ultimately, build the life you want.

To start exploring dentist mortgage loans, fill out the form below or browse through some of the best physician mortgage lenders across the country to learn more.