6 Best Physician Mortgage Loans in Colorado to Explore

The pandemic created a hot real estate market in 2020, especially in Colorado. More people moved to the state of Colorado than out of it. However, since then, that new population growth has created problems in demand for housing, potentially resulting in many Colorado residents not being able to afford rent costs or purchase a home. In the first month of 2023, there were more home searchers looking to leave Colorado than trying to enter. This is where a solid physician home loan program can make all the difference.

The state is well-known for its stunning geography, laid-back culture, and an abundance of outdoor activities to suit whatever flavor of exercise you enjoy.

Given so much real estate competition and rising home prices, getting a conventional mortgage might not be the right fit for everyone. If you’re a physician or dentist, you can typically apply for physician mortgage loans to cover financing toward a new house, often at better terms.

Learn more about physician loans in Colorado and how they work, plus the top physician home loans in Colorado.

How do Colorado physician mortgage loans work?

A physician mortgage loan, sometimes referred to as a doctor mortgage loan, is a unique type of mortgage available to medical professionals. Typically, given the name, they’re designed with physicians in mind but can include dentists in some scenarios.

Unlike a traditional mortgage that requires putting a 20% down payment or requires private mortgage insurance (PMI), physician loans typically have flexible down payment options. Physicians who qualify could pay zero down or up to 10% as a down payment with no PMI, instead of the standard 20% requirement.

Due to the cost of medical school and the student loan debt that follows, many early-career physicians have a high debt-to-income (DTI) ratio. A high DTI ratio can make it difficult to qualify for a traditional mortgage. But physician loans or doctors loans are geared toward physicians because of their high income potential and relative income stability.

Physician mortgage loans typically have adjustable or variable rates that change over time. And even though you might get approved for a mortgage with little to nothing down, you should still be mindful of your overall budget.

6 Lenders that offer physician mortgage loans in Colorado

Physician home loans in Colorado are geared toward doctors who want to buy a primary residence in the state. If you meet this preliminary criteria, consider the following lenders for physician loans in Colorado.

1. Amerant Mortgage

Amerant's doctor loans programs requires no PMI upon financing a primary home or secondary home, to those who qualify.

Who's eligible:

• Doctors of Medicine (MD)
• Doctors of Osteopathic Medicine (DO)
• Doctors of Podiatric Medicine (DPM)
• Doctors of Dental Surgery (DDS)
• Doctors of Dental Medicine (DMD)
• Doctors of Veterinary Medicine (DVM)
• Doctors of Jurisprudence (JD)

Eligibility requirements:

• Doctors must be a newly licensed medical resident that has either recently completed residency and is about to begin employment OR have six months or less of residency remaining
• A minimum FICO score of 720
• DTI of 45% or better and residual income of $3,000

Loan terms:

• Fixed-rate and adjustable-rate mortgage options available
• 100% LTV for up to $750,000 (physicians only)
• 97% LTV for up to $950,000 (attorneys only)
• 95% LTV for up to $1.25 million
• 90% LTV for up to $2 million

2. Citizens

Citizens has various financial products including student loan refinancing, healthcare banking, and the Citizens Doctor Loan Mortgage Program.

Who’s eligible:

• Doctors of Medicine (MD)
• Doctors of Osteopathic Medicine (DO)
• Doctors of Dental Surgery (DDS)
• Doctors of Dental Medicine (DMD)

Eligibility requirements:

• Must be a current resident, fellow or intern, or have completed residency within the past 10 years
• Only available in select states

Loan terms:

• Fixed-rate or adjustable-rate mortgage option
• Qualify for up to 95% financing with no mortgage insurance

Find more info:

You can book a consultation with Citizens or give them a call at 1-800-4BUSINESS.

3. FNBO (First National Bank of Omaha)

The FNBO physician mortgage loan program is available to practicing physicians, dentists and other select healthcare professionals in Colorado. It offers low down payment options (100% financing is available for qualifying professions) with no PMI.

In addition to their physician mortgage program, they have one of the broadest professional mortgage programs that includes those with a CPA, CFA, JD, PA, NP, CRNA, or DVM who are eligible.

Student loans may be excluded from your DTI ratio if your loans are deferred for 12 months.

Who’s eligible (loan amounts up to $1.25 million):

• Practicing medical doctors and residents
• Anesthesiologists
• Dentists
• Pharmacists

Loan terms:

• 0% down for up to $850,000
• 5% down for $850,000 to $1.25 million
• 10% down for $1.25 million to $1.5 million

Who’s eligible (loan amounts up to $1 million):

• Physician Assistants
• Nurse Practitioners
• Certified Registered Nurse Anesthetists
• Veterinarians

Loan terms:

• 5% down for up to $750,000
• 10% down for up to $1 million

4. Huntington National Bank

Huntington National Bank offers a physician home loan program to medical doctors, dentists and veterinarians. This program is limited to the purchase or refinance of a primary residence.

Who’s eligible:

• Doctors of Medicine (MD)
• Doctors of Osteopathic Medicine (DO)
• Doctors of Dental Surgery (DDS)
• Doctors of Dental Medicine (DMD)
• Doctors of Veterinary Medicine (DVM)

Loan terms:

• Doesn’t require any PMI
• Up to 100% financing for up to $1 million for borrowers with a minimum credit score of 700
• Mortgages up to $1.25 million with 5% down, up to $2 million with 10% down
• Low down payment options for borrowers with credit scores between 680 and 699

5. UMB Bank

UMB Bank is based out of Kansas City, MO and offers various types of mortgages, including physician loans in Colorado. Though it’s not expressly advertised on their site, you can reach out to Student Loan Planner’s UMB Bank contact below to get information on UMB Bank’s Doctorate Professional Mortgage Loan.

Who’s eligible:

• Doctors of Medicine (MD)
• Doctors of Osteopathic Medicine (DO)
• Doctors of Dental Surgery (DDS)
• Doctors of Dental Medicine (DMD)
• Doctors of Optometry (OD)
• Pharmacists (PharmD)
• Attorneys (JD)

Eligibility requirements:

• Borrowers must have an employment contract or signed offer letter, a copy of their license, and close within 60 days of contract acceptance.
• Residents must have a minimum household income of $150,000 to be accepted.

Loan terms:

• 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 adjusted-rate mortgage options are available.

Find more info:

Contact: Andrew Berry.

6. Union Bank

Union Bank is another lender to check out when it comes to physician home loans in Colorado. Its Doctor Loan Program is specifically designed for the needs of physicians looking to finance their next home.

Who’s eligible:

• Doctors of Medicine (MD)
• Doctors of Osteopathic Medicine (DO)

Eligibility requirements:

• Must have a Union Bank a checking or saving account and enroll in autopay
• Loan must be for a primary residence
• Non-refundable $550 fee required

Loan terms:

• No PMI required for loan-to-value over 80%
• Mortgages up to $1.5 million with 90% financing
• Offers jumbo loans up to $5 million
• Three-, five-, seven- and 10-year adjustable rate mortgages available

Banks that used to offer a Physician Mortgage in Colorado

1. Evolve Bank

Evolve Bank used to offer a physician loan, but shed their program.

Is a Colorado doctor mortgage right for you?

Given that Colorado continues to be a popular housing market, having any advantage to get approved for a loan at the best terms is helpful. If you’re a physician or dentist, you might be able to take advantage of physician home loans in Colorado.

You may get approved for more while putting down less. This can be beneficial because you don’t have to put your homeownership dreams on hold because of lack of a down payment or too much debt.

Additionally, if you still have high debt and don’t qualify for a loan or aren’t interested in student loan forgiveness, you can funnel that money toward your debt instead of saving for a hefty down payment. Just make sure the physician home loan aligns with your overall financial plan so you’re not stretching your finances thin or needlessly piling on more debt.

Be sure to check out these top doctor loans — Colorado-edition — to see where you can find the best rate and mortgage loan for you.