Written By Caitlin See
Updated on May 11, 2026
Key Takeaways:
- A physical therapist mortgage loan can give PTs the opportunity to own a home with little to no money down.
- DPT mortgages have down payment options ranging from 0% to 10% with no private mortgage insurance.
- Physical therapists can benefit from relaxed underwriting guidelines that make qualifying easier than a conventional mortgage.
According to the American Physical Therapy Association, “The cost of a doctor of physical therapy degree has created a significant barrier to the ability of recent graduates to achieve financial stability.” Considering physical therapist salaries don’t yet match the prestige of earning a doctorate level degree, many PTs delay their dream of owning a home due to their student debt burden and other traditional home buying barriers, such as saving for a large 20% down payment.
However, thanks to a special home financing opportunity called a DPT Mortgage, physical therapists can take advantage of low down payment options that come with more flexible underwriting criteria. Read on to learn how you can benefit from a physical therapist mortgage loan.
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What’s a physical therapist mortgage loan?
A DPT mortgage, also referred to as a physician mortgage loan, is a low down payment financing solution for certain healthcare providers.
The key benefits of a DPT mortgage include:
- Down payment options are much lower than a conventional 20% down payment requirement.
- No private mortgage insurance (PMI) regardless of down payment amount.
- The ability to close on a home up to three months before starting a new position.
- Modified treatment of DPT student loan debt when calculating your debt-to-income ratio (DTI).
- Some physician mortgage lenders are more 1099-friendly, requiring fewer years of tax returns for self-employed physical therapists than conventional mortgage guidelines.
Additionally, this type of loan often results in borrowers qualifying for higher loan amounts overall. This is because most physician mortgage programs have higher loan limits that exceed the conventional limit, which is generally $832,750 for most counties in 2026.
However, this benefit can quickly become a negative if you aren’t careful about how much house you can realistically afford. After all, a larger loan amount translates to a large monthly mortgage payment.
4 Best lenders offering a DPT mortgage
Physical therapists are often excluded from many physician mortgage programs as many are still focused on medical doctors and dentists, unfortunately. But some lenders have expanded their eligibility requirements to include the PT profession.
Here are some of the top physician home loan providers who offer a DPT mortgage, listed alphabetically. Keep in mind that these types of programs change frequently, so you'll need to reach out directly for the most up-to-date information.
1. First Citizens Community Bank
First Citizens Community Bank (FCCB) extends its medical professional mortgage program to include DPT. Options include up to 100% financing with no down payment and no PMI, or an 80/20 mortgage that consists of an 80% first mortgage with a 15-, 20- or 30-year term along with a home equity loan for the remaining 20%.
This program requires a valid employment contract or three years of tax returns and automatic payments from an FCCB checking account.
States available: DE, PA, NJ, NY
2. First Merchants Bank (formerly Level One Bank)
First Merchants Bank provides a medical professional loan that might include physical therapists on a case-by-case basis. Qualifying borrowers can access up to $350,000 with just 3% down and no PMI.
This lender can close on a new home up to 60 days before starting a new position with proof of an employment contract. Additionally, it’s known for its efficient closing process, allowing you to get into a new home quickly.
States available: IL, IN, MI, OH
3. NEO Home Loans
NEO Home Loans offers a DPT home loan with up to 97% financing for loan amounts up to $806,000, including reduced or no mortgage insurance. This program allows for 1099 income with less than a two-year history, which is hard to find. It also offers the ability to close up to 90 days prior to the start of your employment contract.
4. U.S. Bank
U.S. Bank’s physician mortgage program is reserved for medical doctors only. But physical therapists who don’t qualify for other DPT mortgage loans might still have a low down payment option via its 80-10-10 loan.
This type of piggyback loan isn’t right for everyone. However, it gives borrowers the opportunity to put 10% down with no PMI. To do this, you’ll take out a first mortgage at 80% of the home’s purchase price and a second mortgage for the final 10%.
States available: AL, AK, AZ, CA, CO, DC, ID, IL, MA, MD, MT, MI, MN, MS, NE, NV, ND, NM, NY, NJ, OK, OR, RI, SD, TX, UT, WA, WY, WI
Should you use a physical therapist mortgage loan?
A DPT mortgage can give physical therapists an edge in today’s competitive housing market. For one, you won’t have to spend years saving for a large down payment. But you’ll also benefit from more relaxed underwriting and other generous perks, such as no PMI.
Additionally, you’ll be able to choose from a variety of fixed- or adjustable-rate mortgage options that have competitive interest rates — some of which are lower than conventional rates at the moment.
If you happen to be married to someone in a high-paying field (e.g., medical doctor, attorney, etc.), you might qualify for additional physician mortgage programs. Be sure to explore all profession-based resources and mortgage options available to your household.
Get Quotes For Your Physician Mortgage
We'll connect you with lenders who specialize in loans for doctors and other professionals, often with low down payments and no PMI. Takes 30 seconds.
