6 Best Physician Assistant Mortgage Loans (2024 Guide)

There were more than 129,000 physician assistants (PA) employed in the United States, according to 2020 data from the Bureau of Labor Statistics. The profession is expected to grow by another 31% through 2030. So, it makes sense that banks are now turning their outreach efforts to earn the business of early-career PAs by offering special home financing.

Physician assistant mortgage loans provide low down payment solutions. Options usually range from 0% to 10% down and include other exclusive benefits that can really pay off in today’s housing market.

Keep reading to learn about physician assistant home loans and where to find them.

What’s a physician assistant mortgage loan and its benefits?

A physician assistant mortgage loan, often called a physician loan or doctor mortgage, allows certain medical professionals to purchase or refinance a home with exclusive financing and generous perks.

Doctor loans used to be limited to medical doctors and dentists (e.g., MD, DO, DDS, DMD, DPM, DVM). However, some lenders have extended eligibility to other high-income professions, such as physician assistants.

Physician assistant mortgage loans come with:

• Up to 100% home financing (aka no down payment).
• No private mortgage insurance (PMI).
• High loan limits without a jumbo loan interest rate spike.
• Flexible debt-to-income ratio (DTI) calculations that treat PA student loan debt more favorably by using your actual monthly payment or a percentage of your loan debt. In some cases, your student debt might be excluded completely.
• Relaxed income documentation requirements allow physician assistants to close on a home (up to 90 days) before starting a new position.

If you qualify for a physician assistant mortgage loan, you can shave off years from your home-buying timeline by dodging a 20% down payment. The lenient underwriting criteria can make the home buying process easier too.

You can also save thousands of dollars each year and decrease your loan payments by avoiding PMI altogether. But physician assistants have more limited loan options regarding physician home loans.

6 Top lenders offering a physician assistant mortgage loan

Unfortunately, physician assistants often aren’t included in general physician mortgage loan eligibility requirements. But more banks are adding the PA degree as their programs expand.

Here are some mortgage lenders to help jumpstart your search for a physician assistant mortgage loan. We've listed them alphabetically and included loan officer contact information when applicable.

1. Consumers Credit Union

Physician assistants in Indiana and Michigan might be eligible for up to $750,000 with zero dollars down through Consumers Credit Union. This program excludes all student debt from your DTI calculation, which can boost how much you’ll ultimately qualify for.

States available: IN, MI

2. First Merchants Bank (formerly Level One Bank)

A physician assistant mortgage loan is available via First Merchants Bank for residents of Florida, Kentucky, Illinois, Indiana, Michigan and Ohio. With this program, you might be eligible for 0% down for up to $1 million or 5% down for up to $1.25 million. However, loan amounts are available for up to $2 million with varying down payment requirements.

This lender offers fast closings if you need to move in quickly. Plus, you can close on a new home within 90 days of your start date by providing an employment contract or offer letter as proof of future income.

States available: IL, IN, MI, OH

3. Flagstar Bank

The Flagstar Bank physician mortgage offers one of the most inclusive loan programs, allowing for a wide variety of professions to qualify — including physician assistants. Low down payment options include 0% down for up to $1 million and 5% down for up to $1.5 million.

To qualify, you must be within 10 years from the start of your career as a physician assistant. But unlike many lenders, this program is available nationwide and serves H-1B visa and green card holders.

Note this physician mortgage program is limited to adjustable-rate mortgages (ARM) with no fixed interest rate option at this time.

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

4. FNBO Mortgage (First National Bank of Omaha)

Home financing options with an FNBO physician mortgage loan depend on your specific profession and location. For physician assistants, you might be eligible for loan amounts up to $750,000 with 5% down or up to $1 million with 10% down.

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

5. Frandsen Bank & Trust

Minnesota and Wisconsin physician assistants with a minimum credit score of 720 might qualify for a physician mortgage with Frandsen Bank & Trust. Low down payment options are available for loan amounts up to $2 million.

Note that financing is available for primary residences, second homes and investment properties.

States available: MN, WI

6. Regions Bank

Regions Bank's emerging professional loan program is available to physician assistants and other medical and legal professionals with no more than seven years of experience in their profession. This program allows for 3% down for up to $750,000 with additional low down payment options for higher loan amounts.

States available: AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, TX

Should you use a physician assistant mortgage loan?

A physician mortgage loan can help early- to mid-career PAs who are first-time homebuyers or want to purchase their next home with little to no money down. Doctor mortgages provide serious homeownership perks unavailable to the general public.

You can side-step a sizeable down payment without triggering PMI. Depending on eligibility, you might be able to access loan amounts in the low millions due to lenient underwriting and higher overall loan limits compared to a conventional mortgage.

But finding a physician assistant mortgage loan can be more challenging, so it’s worth exploring all mortgage options available to you. This might include access to a VA loan or an FHA loan. Additionally, it might mean reaching out to banks to inquire about medical professional programs and eligibility requirements that aren’t explicitly advertised on their websites.

We encourage you to browse through some of the best physician loan programs by state or comb through our other free physician mortgage resources to learn more.

You can also fill out the form below to receive physician assistant mortgage quotes for your new home or when refinancing.