5 Best Physician Mortgage Loans in Idaho

Idaho offers over 1.7 million residents vast real estate that’s full of natural resources and rugged landscapes. And of course, lots of potatoes! It’s one of the largest states in the Union and has a cheaper cost of living compared to other populated states. This makes Idaho a smart choice for doctors and dentists. In fact, as of 2023, the state has nearly 3,300 practicing physicians who are looking to grow their careers in a more affordable environment.

The Gem State, as it’s also known, has seen a population increase of 22.52% from 2010 to 2023 alone, making it the second fastest climbing state. As the need for more jobs and more houses increases, so will the price of homes as the state experiences this continued growth.

According to Zillow, in March 2023, the average home value in Idaho was $430,508, a 3.1% decline since last year, likely due to the fed increasing interest rates. If you’re thinking of purchasing a home in Idaho as a medical professional, act now before the cost of a new home begins to rise again. 

As a dentist, doctor or veterinarian in Idaho here’s exactly what you need to know about securing a physician mortgage loan. 

How do Idaho physician mortgage loans work?

A physician home loan, or a doctor mortgage as it's sometimes called, is a customized loan specifically designed for medical professionals. In Idaho, this can mean professionals who are doctors, nurses, dentists and even veterinarians. 

This type of loan is for professionals with high income and high debt, mostly due to large amounts of student loans. Generally speaking, these individuals look to qualify for higher mortgage amounts than conventional mortgages and that’s what a physician mortgage allows. Here are some of the main benefits of getting an Idaho physician mortgage;

• No private mortgage insurance (PMI) required
• Allow new physicians a house closing before they start their new position
• Up to 100% financing
• $0 down or low down payment options
• Loans up to $3.5 million for qualified borrowers
• Attractive terms for professionals with student loan debt during underwriting

If your budget for a home in Idaho is above the conventional loan limit (around $726,200 in 2023), a physician mortgage loan is a great option to consider. With a doctor mortgage loan, versus a JUMBO mortgage, for instance, you’ll get a lower interest rate and have very little or no down payment. Plus, there are no PMI requirements with an Idaho physician mortgage loan.

If you want to get started, check out the quote form below, or keep reading to see the names of each of the Idaho banks offering doctor mortgages.

5 Best Idaho physician mortgage lenders 

While researching the top physician mortgage lenders in Idaho, we’ve compiled a list of the best options. These trusted lenders offer mortgage loans to a wide variety of medical professionals in Idaho, including doctors, attending physicians, and those still in residency. 

1. BMO Bank, N.A.

BMO Bank, N.A. is another well-established, great bank in Idaho that offers affordable doctor home loans. Thanks to the BMO Bank, N.A. Physicians’ Mortgage Program you can take advantage of flexible debt-to-income ratio underwriting too. 

It’s an especially good choice if you’re a licensed medical doctor with MD, DDS, DMD and DO designations with large amounts of student loans. You could also qualify for the program if you’re starting residency or in fellowship and have an employment contract with a start date within 90 days of closing. 

Mortgage loan features from BMO Bank, N.A.: 

• No private mortgage insurance needed
• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

2. Huntington Bank (previously TCF Bank)

At the end of 2020, Huntington Bank announced it was acquiring TCF Bank, which operated in midwest states like Idaho since 1923. To qualify for their doctor loan program you must be a physician, dentist or veterinarian with an MD, DO, DDS, DMD, or DVM designation. 

If you’re newly graduated, you can apply for a 0% down payment — just bring a letter from your employer and a signed contract showing your expected salary.

Mortgage loan features from Huntington Bank:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million
• No PMI required

3. KeyBank

Thanks to KeyBank’s generous Medical Professional Loan program, your dream of homeownership can become a reality. Unlike other banks, doctors and dentists can apply for a physician mortgage loan no matter how long they’ve been in practice.

Mortgage loan features from KeyBank:

• 0% down up to $750,000
• 5% down up to $1 million
• 10% down up to $1.5 million
• Qualified loans up to $3.5 million
• No PMI required

4. 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, JD or PharmD.

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.

Note: Residents who have a minimum household income of $150,000 are eligible to apply.

Read our full UMB Bank review

5. U.S. Bank 

U.S. Bank’s unique physician mortgage program is available for most medical professions, including physicians, residents, fellows and DOs. Lawyers are also eligible. As long as you have a credit score of 710 or higher you could qualify. U.S. Bank has slightly higher down payment requirements than other lenders on this list, but their customer service is outstanding for those in the medical field. 

Mortgage loan features 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

Is an Idaho doctor mortgage right for you?

If you’re someone who is averse to debt and concerned about the risk of getting a physician mortgage loan in Idaho, we get it. If you have a lot of savings or a conservative budget, then you may be better suited for a conventional loan. 

However, as housing prices continue to soar along with the cost of education, you may need a better deal offered by a physician mortgage. Of course, you shouldn’t overextend yourself financially. Make sure the monthly cost of your mortgage is still within your budget.

Do keep in mind too, that depending on your income, mortgage interest is deductible on your taxes. You don’t want to just buy a house for the tax deduction, but it’s an added bonus to consider as part of your overall financial planning. 

Is it graduating from medical school, opening a new practice, or moving closer to your family that brings you to the state? An Idaho doctor mortgage could aid you in realizing your home buying dreams. If you’re ready to take that next step, fill out the form below to get a quote.