Top 3 Physician Mortgage Loans in Alaska with No PMI + $0 Down

In a competitive housing market, the dream of owning a home as a medical professional can feel out of reach. You may think doctors or dentists who graduate with large student loan balances won’t have many opportunities for purchasing a new home. 

However, thanks to a secret weapon called the physician mortgage loan, that is not true. This type of home loan is specifically designed for those in professional health fields like doctors, nurses, dentists, veterinarians and pharmacists. Because of this, it’s often called a doctor mortgage. Thankfully, it’s available to more than just doctors.

Some banks and lenders work specifically with high-earning, high-student debt professionals like you to provide an affordable home loan in Alaska. Now is a great time to take advantage of a doctor mortgage loan in the Last Frontier State. Let’s explore the benefits and features of an Alaska physician mortgage that you need to know.

Alaska physician mortgage loan benefits and features

A physician mortgage loan in Alaska offers many financial benefits that are attractive to medical professionals when purchasing a home, even those with student loan debt. Here are some of the main advantages of doctor mortgage loans in Alaska.

• No money down financing options available
• Up to 100% financing on loans as high as $1 million or more
• No PMI (private mortgage insurance) requirements
• Flexible debt-to-income underwriting guidelines for those with high student loan debt
• Allowances for new physicians to close before they start their new position
• Relaxed income history requirements for residents or fellows
• Lower interest rates than a JUMBO loan

In many cases, interest rates and terms for physician home loans are comparable to conventional mortgages but have many more options. Physician mortgages have larger loan limits and more attractive interest rates than conventional mortgages. They may even have lower down payment options versus FHA loans. 

Plus, borrowers can avoid PMI, skip putting money down and get lower interest rates than most JUMBO mortgages. For these reasons, an Alaska physician mortgage loan can be a much more budget-friendly option for those with careers in medicine.

Top 3 physician mortgage lenders in Alaska 

After doing a lot of research, here are the top physician mortgage lenders in Alaska and the features they offer doctors, attending physicians and those still in residency. Some banks will also allow dentists, nurses and veterinarians to purchase a home under their physician mortgage programs. 

1. Amerant Mortgage

Amerant's doctor loans program assists doctors, dentists, oral surgeons, veterinarians and attorneys with purchasing a primary residence or secondary home. This program offers no PMI and a variety of financing options.

Financing options include:

• 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
• Fixed-rate and adjustable-rate options available

Note: The DTI maximum allowed is 45%. Also, a residual income of $3,000 is required.

In order for applicants to qualify, you need to have a minimum FICO score of 720.

Future homebuyers who are doctors should note that he or she must be a newly licensed medical resident that has either completed his or her residency recently and is about to begin employment OR has residency for six months or less left.

2. KeyBank

KeyBank’s exclusive Medical Professional Loan program is an excellent choice for physicians and dentists. They have one of the highest lender limits in the country, with loan amounts available up to $3.5 million. Medical doctors and dentists can also refinance their current home or purchase a second home with KeyBank.

Mortgage financing options from KeyBank:

• Up to 100% financing on qualified loans
• Loan amounts up to $3.5 million
• No PMI required

3. U.S. Bank 

With U.S. Bank’s physician mortgage program, eligible MDs, DOs, residents and fellows could get up to 95% financing on a home loan. Plus, U.S. Bank customers could get access to very attractive savings and reduced loan fees.

Mortgage financing options from U.S. Bank: 

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

If you want even more choices for doctor mortgage loans in Alaska, check out our full list of the best lenders in all 50 states.

Is a doctor home loan in Alaska right for you?

Alaska is one of the least populated states in the country, with only about 731,000 residents. However, a less populated state can be a real advantage when buying a home or refinancing. 

Less competition for jobs and housing can mean getting more real estate for your money. This is why now is the perfect time to apply for a doctor mortgage in Alaska and make your dreams of homeownership a reality.

Plus, if you are looking for a more urban lifestyle in Alaska, you can live in towns like Anchorage and still pay less for a house than in Washington state. According to Zillow, the average cost of a home in Alaska as of March 2023 is $339,303, with home values increasing only about 2.6% since the year before.

Alaska faces unique challenges due to a more rural lifestyle and cold temperatures. Despite this, Alaska physician home loans aren't any less appealing for many practicing physicians. In fact, in 2023, nearly 2,000 active physicians call the great state of Alaska home.

It’s a wonderful state to live in if you seek adventure and a healthy outdoor lifestyle. Alaska has one of the most picturesque landscapes in the world, thanks to rugged wilderness and unspoiled beauty. Whether you’re a practicing physician or entering a residency program in Alaska, a doctor mortgage can help make it happen.

To get started, fill out the form below or choose from our list of the preferred loan officers mentioned above.