- Podiatrist mortgage loans come with low down payment options and no private mortgage insurance requirement.
- A doctor home loan has more flexible underwriting guidelines that acknowledge the reality of large student debt balances within the podiatry profession.
- This special home loan program generally applies to purchasing and refinancing single-family primary residences, but some lenders allow multiple-unit properties with conditions.
A doctor home loan is a special home financing program available through certain banks across the country, which is available to podiatrists nationwide. These programs are known for offering medical professionals a low down payment solution with access to high loan amounts. They also don’t require private mortgage insurance (PMI), which can result in huge savings on its own.
Read on to learn about the top mortgage loans for podiatrists available today.
How Does a Doctor Home Loan Benefit Podiatrists?
A DPM mortgage can provide an easier path to homeownership for podiatrists who are at the beginning to middle stages of their careers.
Most podiatrist mortgage loans offer:
- 0% to 10% down payment options with no PMI
- Loan amounts that exceed the conventional mortgage limit (e.g. $726,200, as of 2023, for most areas of the country)
- Generous treatment of student loan debt when calculating your debt-to-income ratio (DTI)
- Flexible income history requirements, including the ability to close 60 to 90 days before starting your residency or new position, with an acceptable employment contract
To be clear, this type of program falls within a broader product category called a physician mortgage. However, many programs have expanded to include a variety of medical and specialty professions that typically take on a lot of student debt in exchange for high lifetime earning potential.
The idea is to offer you a great home financing solution in hopes that it’ll build a lasting relationship for your other financial needs in the future.
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12 Top lenders offering specialty mortgage loans to podiatrists
Depending on where you want to settle down, you can access a number of podiatrist mortgage loans thanks to your degree. DPM mortgages are limited to purchasing and refinancing primary residences, but in some cases, second homes or vacation homes might be allowed. Additionally, some lenders allow multi-unit properties if you intend to live in one of the units.
We encourage you to explore the following DPM mortgage solutions and reach out to the provided contacts for further eligibility requirements and program details. Note that mortgage lenders are listed alphabetically with participating states.
1. Berkshire Bank
Berkshire Bank offers podiatrists a 0% down payment option for home loan amounts up to $1 million in eligible states. With a 5% to 10% down payment, you can access $1.25 to $2 million in financing.
Basic requirements include a minimum credit score of just 700 and the borrower must be within 10 years of residency completion.
States available: NY, ME, NH, VT, MA, RI, FL, and CT
2. Evolve Bank
Evolve's physician mortgage program qualifies podiatrists for zero down or 5% down financing options and no required PMI. A requirement of this program, like with many of the lenders listed on this list, is that podiatrists be within ten years or less of having completed their residency to qualify.
States available: AL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, 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
3. Fifth Third Bank
Fifth Third Bank provides up to 100% financing for podiatrists still in residency on home loan amounts of up to $2 million. However, if you’re post-residency, low down payment options and maximum loan amounts will vary based on how long ago you completed training.
It should be noted that Fifth Third Bank also provides cash-out refinances. However, this option would be outside of Fifth Third Bank's physician mortgage program.
States available: FL, IL, IN, KY, MI, OH, TN, WV, GA, NC, SC
Contact: Sandy Salas
4. First Horizon Bank
First Horizon Bank offers fixed rate and adjustable-rate mortgages for podiatrists with a minimum credit score of 670. Its 0% down option allows for home loan amounts up to $1.5 million. However, other low down payment options exist to access up to $2.5 million.
States available: AL, AR, GA, FL, LA, MS, NC, SC, TN, TX, VA
5. First National Bank
A DPM mortgage with First National Bank allows up to 100% financing for up to $1.25 million for podiatrists living in eligible states, including green card and H-1B visa holders. Other options include 5% down for up to $1.5 million or 10% down for up to $2 million. This program provides a variety of terms, including 15-year and 30-year fixed rates and 5-, 7-, 10- and 15-year adjustable-rate mortgages (ARMs).
States available: SC, OH, PA, DE, MD, WV, TN, GA, NC, VA, FL
Contact: Josh Feldman
6. Flagstar Bank
Flagstar Bank serves a wide range of medical and high-income professionals, including podiatrists, in all 50 states and Washington D.C. It offers a 0% down option for up to $1 million, as well as a 5% down for up to $1.5 million solution.
Note this lender only provides adjustable-rate mortgages as part of its physician home loan program.
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. Huntington National Bank
Huntington National Bank works with podiatrists with a minimum credit score of 680. However, a credit score of 700 or higher will get you the best down payment options overall, including 0% down for up to $1 million.
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
Contact: Bill Kekatos, NMLS #216590
Podiatrists looking to use KeyBank for a DPM mortgage will have a complete in-house experience as KeyBank originates, underwrites and services all of its physician mortgage loan products. It has several low down payment options, including up to 100% financing for loan amounts up to $1 million.
Its podiatrist mortgage loans are available in 37 states and Washington D.C. Note that contact information for KeyBank’s loan officers varies by state.
9. NEO Home Loans
NEO's Physician Home Loans program is available in nearly all 50 states (excludes New Mexico and New York). Veterans and J1 visa holders are encouraged to apply to this program. Veterans can then compare the pros and cons of NEO's Physician Home Loans program versus VA loans that are also available.
Podiatrist homebuyers can choose from the options of zero down for up to $1 million, 5% down for up to $1.25 million, or 10% down for up to $2 million. It should be noted that the only rate option through this program is a 30-year ARM.
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, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY
10. Northwest Bank
Northwest Bank’s physician home program provides fixed rate and adjustable-rate options for podiatrist mortgage loans. Down payment requirements are as low as 0%, and its maximum home loan amount is $1.5 million.
This program is limited to a handful of states in the Midwest Region and along the East Coast. Note that contact information for Northwest Bank’s loan officers varies by state (see below).
States available: NY, MD
Contact: Bob Amico
States available: OH, IN, MI
Contact: Tad Kuhn
11. TD Bank
The DPM mortgage with TD Bank is available to new residents and practicing podiatrists with less than 10 years of post-residency training. TD Bank serves podiatrists in 15 states and Washington D.C., as well as applicants with green cards or H-1B visas
States available: CT, DC, DE, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VA, VT
Contact: Neil Surgenor
Truist offers podiatrist mortgage loans with up to 100% financing for podiatrists that are within a decade of competing training. However, other low down payment options are available for podiatrists with more than 10 years of experience. So, this is a great option even if you’re further into your career.
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 podiatrist mortgage loan right for you?
A DPM mortgage can provide many benefits to young podiatrists who want to purchase a home sooner rather than later. You can take advantage of up to 100% financing, avoid PMI and potentially get approved for a higher loan amount due to more lenient underwriting. Plus, podiatrist mortgage loans have comparable interest rates to conventional home loans.
But like any big financial decision, you need to do your homework and keep your homeownership dreams rooted in reality. This means staying within a safe mortgage payment budget and comparing mortgage options for your situation.
Fill out the form below to get started with the DPM mortgage quote process today.