- Medical doctors and dentists can use the Laurel Road physician mortgage to purchase or refinance a primary residence.
- Laurel Road offers a 0% down payment option for loan amounts up to $1 million.
- This mortgage solution is available for eligible borrowers in all 50 states and Washington D.C.
A Laurel Road physician mortgage loan can provide up to 100% home financing to doctors and dentists across the United States. This program aims to benefit young physicians who carry large student debt and are early- to mid-career, including residents, interns and fellows.
Here’s what you need to know about the Laurel Road physician mortgage program.
Laurel Road physician mortgage: The basics
The Laurel Road doctor home loan program is specific to doctors, dentists, interns, residents, fellows, clinical professors, researchers and managing physicians with a current license and an eligible degree.
Like other physician mortgage programs, Laurel Road doesn’t require a down payment or private mortgage insurance (PMI). Here are some other specifics to consider when comparing home financing options.
Note this program explicitly excludes retired doctors. Additionally, this program is limited to the following property types: single-family homes, single-family attached, Planned Urban Developments (PUD) and condominiums.
What mortgage product do you need?
Your Occupation As Of September 2023
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Would You Like to Add Any Additional Details?
Pros and cons of the Laurel Road physician mortgage program
Laurel Road is owned by KeyBank and is best known for its student loan refinancing. However, it also offers other financial products and services, including medical professional mortgages, private student loans, personal loans and traditional banking services like checking and high-yield savings accounts.
Here are some pros and cons to consider when choosing a Laurel Road physician mortgage loan.
Up to 100% financing available
Qualifying applicants can take advantage of 0% down for home loans of $1 million or less with no PMI. It offers fixed and variable interest rate mortgage options, including 15-, 20- and 30-year fixed rates and a variety of adjustable-rate mortgages (ARMs).
Interns, residents and fellows can qualify with a signed employment contract
Interns, residents and fellows are eligible for the Laurel Road physician mortgage program with a signed employment contract within 90 days.
Laurel Road provides physician mortgage loans in all 50 states, as well as Washington D.C. However, it doesn’t provide lending services in U.S. territories.
Limited to medical doctors and dentists
The Laurel Road physician mortgage program is limited to residents, interns, fellows, medical doctors, dentists, clinical professors, researchers and managing physicians with the following degrees:
- Doctor of Medicine (MD)
- Doctor of Osteopathic Medicine (DO)
- Doctor of Dental Medicine (DMD)
- Doctor of Dental Surgery (DDS)
- Doctor of Podiatric Medicine (DPM)
Note that retired doctors are explicitly excluded from this mortgage program. Other healthcare professionals, such as nurse practitioners and veterinarians, can benefit from exploring alternative physician loans with more inclusive eligibility.
High loan amounts can quickly become financially dangerous
Although 0% down for up to $1 million sounds great on the surface, this type of offer could entice borrowers to sign on for a larger mortgage simply because they can.
Physician mortgages typically have more flexible underwriting guidelines that treat student loan debt more favorably. Therefore, you’ll often qualify for a lot more than you would with a conventional home loan. Make sure you can safely afford your monthly payments, along with your student loans and other financial obligations.
How to apply for a Laurel Road physician home loan
Laurel Road has a simple online process to check your rates and apply for its physician mortgage program. It also provides live chat and guidance throughout the application and approval process.
If you’d like to move forward with a Laurel Road physician mortgage loan, it’s best to gather the following documents and information before beginning your application:
- Medical license or diploma.
- Employment contract or offer letter for residency program (start date must be within the next 90 days).
- Two years of personal tax returns.
- Last two years of W2s (if applicable).
- Two most recent pay stubs if currently practicing.
- Proof of alimony, child support or other maintenance income if you want it considered for qualification.
- Past two months of bank statements for your checking and savings accounts.
- Statements from IRA, 401(k) or other investments accounts for the past quarter.
- Source and verification of down payment funds (if applicable).
- Copy of the purchase and sale agreement (not applicable for refinancing).
Note additional documentation is required if you have your own practice or are otherwise considered self-employed.
By gathering this information ahead of time, you can fast-track the application process. If you’re approved, be sure to read the disclosures and review all closing costs and terms before signing the dotted line.
Should you apply for a physician mortgage with Laurel Road?
A Laurel Road physician mortgage can be a great solution for doctors and dentists that want a streamlined application process with a 0% down option and a higher loan amount than conventional mortgages.
However, since it’s a digital lending platform, you likely won’t receive the one-on-one relationship experience that you might with other top physician mortgage lenders.
Additionally, each physician mortgage lender has different eligibility requirements (e.g. credit score, debt-to-income ratio, etc.) and mortgage products with varying interest rates. So, it’s best to compare your options and consider how a large mortgage will impact your finances overall.
To get started, fill out the form below to receive quotes from physician mortgage lenders in your area.