10 Best Physician Mortgage Loans in Georgia: Optional Down Payment, No PMI

If you’re a physician looking to purchase or refinance a home in the Peach State, there’s a homeownership program that can give you a solid leg up in this competitive housing market. A physician mortgage loan in Georgia provides exclusive access to $0 down payment options and loan amounts that well exceed the conventional loan limit.

According to the Georgia Association of REALTORS, in February 2023, homes in the $300,000 and above range saw a 31% increase in pending sales price in the last year. With rising interest rates and a limited inventory of homes across the state, you need to use every advantage to buy your dream home.

Let’s explore how you can benefit from a physician mortgage loan in Georgia.

How do Georgia physician mortgages work?

Physician mortgages, sometimes called doctor home loans, traditionally cater to medical doctors and dentists. But many programs have expanded their eligibility to include other high salary professions, such as optometrists, podiatrists and veterinarians.

One of the biggest benefits of physician mortgages is getting up to 100% financing for your home loan with no private mortgage insurance (PMI) requirement.

Most physician mortgage programs offer a $0 down financing option for qualified borrowers. Alternatively, you might be looking at a low down payment of 5% to 10%, particularly if you need a home loan reaching $1 million or more.

But that’s still well below the 20% down payment that’s generally required for a conventional home loan if you want to avoid triggering the need for PMI.

PMI can cost you thousands of dollars each year alone. With a physician mortgage, you won’t be required to carry PMI, regardless of your down payment amount. This is the case even if you take advantage of a $0 down payment option.

Additionally, if you plan to purchase a home that exceeds the conventional home limit ($726,200 in 2023 for most counties across the U.S.), you won’t need to turn to a jumbo loan with higher interest rates.

A physician mortgage loan can allow you to access a million-dollar loan (or more) while maintaining a competitive rate. But these high lending caps can be dangerous if you aren’t diligent about your mortgage payment budget.

New physicians can benefit from a physician mortgage loan in Georgia

Physician mortgage programs are made for young physicians who typically carry a large student debt balance and might not have the income history needed to qualify for a traditional home loan program.

Depending on the lender, your student debt will receive favorable treatment when calculating your debt-to-income ratio. In some cases, it might be excluded altogether if in deferment. Alternatively, the bank might use your actual monthly payment on an income-driven repayment (IDR) plan.

New physicians — including residents, fellows and interns — can really cash in on this program by being able to buy a new home before starting their new position. Most physician mortgage lenders require an employment contract with a start date within 60 to 90 days of closing to qualify.

These relaxed underwriting guidelines can help fast-track your home buying timeline as a new physician.

10 Lenders to consider for physician mortgages in Georgia

If Georgia is on your mind, we’ve put together the top Georgia physician mortgage lenders (listed alphabetically). We’ve also included direct contact information for loan officers that can guide you through the physician mortgage process.

Note that most physician mortgage programs only apply to purchasing or refinancing a primary residence. But select programs allow secondary homes.

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.

As a licensed medical doctor with MD, DDS, DMD or DO designation, you could qualify even if you have student loan debt, are starting residency soon, and have an employment contract with a start date within 90 days of closing. 

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

2. Fifth Third Bank

Georgia doctors, dentists, podiatrists, optometrists and veterinarians can finance up to $2 million and potentially no required down payment with the Fifth Third Bank physician mortgage loan program. Eligible degree designations include MD, DO, DPM, DDS, DMD, DVM and OD.

Financing options for established physicians with at least 12 months of employment include:

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

Interns, residents and fellows have a maximum loan amount of $1.5 million with a low down payment.

Your student loans will be excluded from your DTI calculation with documentation showing your payment will be deferred or in forbearance for at least one year after closing.

It is important to note that this program is for purchasing a primary residence, not a second home or investment property, and that a credit score of at least 700 is needed in order to be approved.

For more information, contact Sandy Salas.

3. First Horizon Bank

A physician home loan with First Horizon Bank can help qualified borrowers secure up to $2.5 million in financing with a low down payment. To be eligible, you must be an MD, DO, OMS or DPM and have a credit score of at least 670.

Financing options include:

• 0% down for up to $1.5 million.
• 5% down for up to $2 million.
• 10% down for up to $2.5 million.

Unlike others, this program isn't restricted to new physicians. So, it's a great option whether you're just starting out or have 10+ years under your belt.

They also offer H-1B visa non-citizens loans and 100% financing.

4. First National Bank

First National Bank’s Doctor Loan program is available to eligible MDs (Doctor of Medicine), DOs (Doctor of Osteopathic Medicine), dentists, veterinarians and podiatrists who are less than 10 years from training.

Those with greater than ten years are still eligible, but are required to put down a minimum of a 10% down payment. H-1B and green card holders are encouraged to apply. To be approved, one must provide his or her signed offer letter or employment contract.

Financing options include:

• 0% down for up to $1.25 million.
• 5% down for up to $1.5 million.
• 10% down for up to $2 million.

For more information, contact Josh Feldman.

5. Huntington National Bank

Georgia doctors, dentists, podiatrists, ophthalmologists and veterinarians can take advantage of a physician mortgage with Huntington National Bank.

For well-qualified borrowers (credit score of 700 or higher), financing options include:

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

If your credit score is between 680 and 700, you can still access low down payment options.

6. KeyBank

KeyBank’s doctor and dentist program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.

Borrowers can be granted 100% financing on a conventional mortgage.

KeyBank has 30, 25, 20, 15, and 10 year fixed rate options, as well as adjustable rate options of 10/6 ARM, 7/6 ARM, and 5/6 ARM.

Maximum cash out available is $1,000,000.

It’s one of the limited programs that includes second homes as eligible property.

7. Regions Bank

Regions Bank's Medical Professional Loans program is most definitely something worth looking into for Georgia medical professionals.

Pharmacists, attorneys, nurse anesthetists, nurse practitioners, physician assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs and DDSs (including residents and fellows) are eligible to apply for a physician mortgage loan with Regions Bank.

With Regions Bank, you will not be required to pay PMI, and you can have some deferred student loan payments excluded from your DTI ratio (with approval). This makes it easier for you to qualify for the amount of mortgage that you want.

A few of the financing perks available include:

• No loan amount cap
• Construction-to-permanent financing
• Closing up to 90 days prior to start date (with employment contract)
• 30 and 15-year fixed-rate loans
• 10, 7 and 5-year ARMs

It is important to note that non-permanent visa holders are not eligible at this time.

Related: Regions Bank Physician Mortgage Review

8. Truist

If you’re a physician in Georgia, you can take advantage of a Truist doctor mortgage loan. This program provides up to $1.5 million for practicing physicians (MD, DO, DPM, DDS or DMD) and up to $750,000 for licensed residents, interns and fellows.

Financing options for physicians with less than 10 years of experience include:

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

Note that a minimum credit score of 720 is required to access 100% financing. Additionally, physicians with 10 to 15 years of experience are limited to 89.99% financing.

If you’re starting a new position, you can close on your new home up to 90 days prior to your start date with proof of an employment contract.

For more information, contact Matt Albert.

9. 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 attorneys. Residents can also be accepted, but he/she must have a household income of at least $150,000.

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 adjusted-rate mortgage options are available.

10. U.S. Bank

MDs and DOs (including residents and fellows) and lawyers with a credit score of 710 or higher might benefit from a doctor loan with U.S. Bank.

Financing options include:

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

Depending on your loan amount, you’ll need three, six or 12 months’ worth of savings.

For your DTI calculation, U.S. Bank will either use your actual income-driven repayment (IDR) monthly payment or 2% of your loan balance if your loans are in deferment.

Related: U.S. Bank Physician Mortgage Review

Is a Georgia physician mortgage right for you?

Doctors, dentists and other eligible borrowers can benefit greatly from pursuing a physician mortgage loan in Georgia. Exclusive perks like 100% financing, no PMI and more flexible underwriting can help make homeownership a reality much sooner for many high-income professionals.

Additionally, you’ll have the option to funnel the capital that would have been used for a down payment toward other financial goals. For example, you could pay off your student debt or max out your retirement.

Alternatively, you could increase your home value by using your down payment savings to fund planned home renovations. In this market, your dream home might be out of reach considering homes are going for well above their listing price. By leveraging a physician home loan, you’ll have the option to use your down payment savings to immediately remodel key spaces (e.g. kitchen and bathrooms) or invest in other interior or exterior upgrades.

It’s worth reaching out to at least two physician mortgage lenders to learn about eligibility requirements and financing options available to you.

You can quickly email loan officers for some of the top physician mortgage loans in Georgia by clicking the provided links above. Or fill out the form below to receive quotes for your next home purchase or refinance.