9 Best Physician Mortgage Loans for California Doctors

According to the Public Policy Institute of California, California is home to about 12% of the U.S. population, boasting a diverse landscape, endless entertainment and my personal favorite, The California Burrito. But it’s an expensive place to live.

Data provided by the California Association of Realtors shows the median home sales price for the entire state was $791,490 as of March 2023. Decent homes in Southern California and the Bay Area typically sell for seven figures.

Despite the softer market, homeownership in California for many is out of reach. However, physicians and dentists (and sometimes other high-earning professions) can take advantage of physician mortgage loan programs to buy your dream house much sooner than you hoped.

We'll cover a few popular doctor mortgage lender programs and go over pros and cons of California physicians mortgages so you can make the best decision when financing your home purchase.

9 Lenders that offer physician home loans in California

Here’s an overview of some physician home loans in California for doctors and dentists. We’ve noted if other high-earning professionals are included for each lender.

Be aware that most lenders restrict their physician home loan program to only include primary residences. However, a limited number of lenders extend their program to second or vacation homes. To clarify, this product isn’t available for real estate investment properties.

You can use the form below to get matched with lenders, or keep reading to learn more details on lender programs in California.

1. BMO Bank, N.A.

With BMO Bank, N.A., you can get an affordable home loan with no PMI requirement and flexible debt-to-income underwriting options.

Licensed medical doctors with MD, DDS, DMD or DO designation can qualify, even with student loan debt. Plus, the program is open if you are starting residency soon and have an employment contract with a start date within 90 days of closing. 

Financing options include:

• 5% down for up to $1.5 million
• 10% down for up to $2 million

2. Citizens Bank

Citizens Bank offers personalized plans and services for healthcare professionals. Its doctor loan mortgage program provides up to 95% financing for doctors and dentists for purchases and limited cash-out refinances of a primary home.

Loan options include:

• Up to 95% financing for up to $850,000
• 89% financing for up to $1 million
• 85% financing for up to $1.5 million

Eligible borrowers include Doctors of Osteopathic Medicine (DO), Doctors of Medicine (MD), Doctors of Dental Surgery (DDS) and Doctors of Dental Medicine (DMD) who’ve completed residency within the last 10 years. Additionally, current medical professional residents, fellows and interns might qualify.

3. Evolve Bank & Trust

Evolve Bank offers doctor mortgage loans for home purchases and refinancing in 48 states (excludes Alaska and Hawaii) for up to 100% financing with no PMI. They are the only lender in California that offers 100% financing on not only physician loans but also professional loans.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million

Evolve Bank allows anyone with the following degrees to apply: medical residents, MD, DDS, DMD, OD, PharmD, DPM, DO, RN, PA, nurse practitioners, clinical nurse specialists, ATP pilots, CPA, attorneys, and veterinarians.

To be eligible, one must be 10 years or less from starting one's career. There is no 30-year fixed rate option, only adjustable-rate mortgage options available.

To be approved for 0% or 5% down, you must have at least a credit score of 700.

4. First Bank

First Bank's Professionals Mortgage program caters to professionals with an MD, DO and DMD. Additionally, attorneys are eligible for this program.

With no required PMI, borrowers can score one of the following financing options:

• 0% down for up to $400,000
• 5% down for up to $1 million

This program is only available to primary residence purchases, including single family homes, condos, townhouses and attached PUDs.

Applicants must have a 720 or better FICO score, in order to be approved.

It's important to note that borrowers are required to open a First Bank DDA account with auto-drafting for making payments. If you are short on cash, know that this program allows gift funds from a related party for a down payment.

5. KeyBank

KeyBank’s customized medical professional loans provide up to 100% financing for eligible medical doctors and dentists. Loan amounts cap out at $3.5 million, which is much higher than most physician mortgage programs.

Loan options are available for purchase and cash-out refinances of owner-occupied primary residences and second homes.

6. NEO Home Loans

NEO's Physician Home Loans program offers the potential for zero down on a primary residence for those who have an MD, DO, DDS, DMD, DPM or DVM. Veterans are encouraged to apply and are welcome to weigh the pros and cons of this program versus NEO's VA loans. J1 visa holders are also eligible to apply to the physician home loans program.

With a 30-year ARM, the following options are available through NEO's physician home loan program:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

Approved applicants can close as early as 90 days before his/her employment start date.

7. Truist

The Truist doctor mortgage loan is available to eligible practicing physicians and licensed residents, interns and fellows. Their program lets you close up to 90 days before an employment start date if you have a job offer in hand.

Residents, interns and fellows in an MD, DO or DPM program have access to loan amounts of up to $750,000 with no money down. Loan options for doctors and dentists (MD, DO, DPM, DDS and DMD designations) with fewer than 10 years since completion of training include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10.01% down for up to $2 million

For doctors and dentists with 10 to 15 years post-training experience, 89.99% financing is available for up to $1.5 million.

Doctors with student loans can get a break too; if your student loan is deferred for at least 12 months at the time of closing, your payment isn't counted in your DTI.

8. UMB Bank

UMB Bank’s Doctorate Professional Mortgage Loan offers no required private mortgage insurance (PMI), up to 80% cash-out refinancing, no age restrictions, and low down payment options to those with an MD, DO, DDS, DMD, OD, PharmD and JD. If you are a resident, make sure you have a household income of at least $150,000, in order to be approved.

Borrowers must have an employment contract or signed offer letter, a copy of their license, and close within 60 days of contract acceptance.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

15, 20, and 30 year fixed-rate and 5/1, 7/1, and 10/1 year adjustable-rate mortgage options are available.

9. U.S. Bank

U.S. Bank offers business and personal financial services for healthcare professionals, including tailored home loans for medical physicians, Doctors of Osteopathy (DO), residents and fellows. Lawyers are also welcome to apply.

Loan options include:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

If your student loans are deferred, U.S. Bank will use 2% of your student loan balance when calculating your DTI ratio.

This product isn’t advertised online, so you’ll need to reach out directly for specific eligibility requirements and loan terms.

Related: Calculate payments with our Physician Mortgage Loan Calculator

How do California physician mortgage loans work?

A physician mortgage loan is a no- or low-money-down home loan solution available to doctors and dentists. Depending on the lender, other high-earning professionals (e.g., attorneys, pharmacists, veterinarians, etc.) might also be eligible.

One of the biggest perks is that physician mortgage loans typically have no private mortgage insurance requirement, regardless of how much you bring to the table for a down payment. This can save you hundreds of dollars of PMI payments every month compared to a conventional mortgage.

Additionally, physician mortgage loan programs are designed to benefit professionals with large student debt balances at the beginning of their careers. You’ll benefit from more relaxed debt-to-income ratio (DTI) guidelines that treat student debt more favorably than a conventional loan.

These doctor mortgage loans also come with high loan limits, which helps enormously in an expensive state like California. Many physician mortgage lenders max out at $1 million to $2 million. But depending on the lender and your situation, you might be able to access even higher loan amounts of up to $3.5 million.

Related: Kaiser Permanente Home Loan Program Review: A Complete Guide

Is a California physician home loan right for you?

Physician mortgage loans have a lot of perks with very few downsides. If you’re eligible, it’s worth exploring your doctor home loan options with different lenders, along with other mortgage options (e.g. FHA loan or VA loan).

But be diligent in your home buying efforts. You’ll likely qualify for a much higher loan amount than you’re expecting based on the flexible DTI and income requirements of this mortgage type. Just because you qualify for a larger mortgage on paper doesn’t mean you should tank your finances for a more expensive property.

If you can’t safely afford a larger physician mortgage payment, keep your eyes focused on the homes you can realistically afford.