9 Best Physician Mortgage Loans in Maryland: Buy Your Dream Home With $0 Down

Although Maryland is one of the smallest states, it’s home to more than 6 million people. From mountains and beaches to picturesque farms or the bright lights of Baltimore, the Old Line State has plenty to offer. Additionally, it's a convenient location to popular cities like Washington D.C. and Philadelphia, making it a hotspot for professionals looking for affordable living.

The Maryland real estate market has experienced some volatility as of late. The median sales price of homes across Maryland increased 4.2% from 2022 to 2023, according to data from Maryland REALTORS. That’s on top of the even higher spike that occurred from 2021 to 2022. Now home prices have calmed down, but supply is low. You want an edge to make your offer stand out and give you the best financing terms at the same time.

Fortunately, Maryland doctors, dentists and other medical professionals have an untapped home buying resource at their disposal called the physician mortgage.

How do Maryland physician mortgages work?

A physician mortgage loan is a low down payment home financing solution for medical doctors and dentists. However, depending on the lender, other graduate-level professions (e.g., pharmacists and veterinarians) may also be eligible.

Here’s what a physician mortgage has to offer:

• Up to 100% financing with down payment options ranging from 0% to 15% down.
• No private mortgage insurance (PMI) requirement, even if your down payment is a big ole zero.
• Ability to qualify with proof of an employment contract (usually with a documented start date within 90 days of closing).
• More leniency toward student loan debt when calculating your debt-to-income ratio.

Additionally, physician mortgage loans have much higher loan limits than a conventional mortgage. For reference, the conventional conforming loan limit for 2023 is $726,200.

So, if you’re looking for homes in the $1 million range or higher, you can avoid the need for a jumbo loan which typically triggers a rate increase.

Fill out the form below to get quotes or keep reading.

9 Lenders to explore for physician mortgages in Maryland

If you plan to purchase or refinance a home this year, check out this list of top physician mortgage loans in Maryland. We’ve included ways to directly contact the physician mortgage loan officer with each lender, as well as basic eligibility and financing options.

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:

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

2. First National Bank

Medical doctors, dentists, podiatrists, and veterinarians with less than 10 years from training can access the First National Bank doctor mortgage loan program to purchase or refinance a primary residence or second home. Those with greater than 10 years from training are required to put 10% down.

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

This program allows up to 80% on cash-out refinancing.

An employment contract or signed offer letter is required to be approved.

Contact: Josh Feldman

3. Fulton Mortgage Company

Fulton Mortgage Company’s physician mortgage loan is available to Maryland podiatrists, pharmacists and veterinarians who are within 15 years or less since residency.

Parent co-signers, with no reserve requirement, are allowed. So, this program could be a good fit for resident doctors with willing parents.

Financing options include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $3 million

Eligible borrowers can close on their new home up to 90 days before starting a new position with an acceptable employment contract.

Contact: Jim Webster

4. Huntington National Bank

Maryland doctors, dentists, veterinarians, podiatrists and ophthalmologists can use the physician mortgage with Huntington Bank to purchase or refinance a primary residence. However, unlike many other programs, Huntington will finance a two-unit building as long as you live in one of the units — making this a great opportunity if you want to start house hacking.

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

5. KeyBank

The KeyBank medical professional loan has one of the highest loan limits for medical doctors and dentists, capping out at $3.5 million.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 15% down for up to $2 million

This program can be used for primary residences and second homes, making it a great option for physicians looking to purchase a year-round vacation spot.

6. Northwest Bank

Northwest Bank’s “Physician’s Loan Program” is available to eligible applicants with an MD, DO, DDS, DMD or DPM. With down payment requirements as low as 0% and no required private mortgage insurance (PMI), this program is worth looking into.

Fixed rate and adjustable rate mortgages are available, as well as rate and term refinance options.

Financing options include:

• 0% down for up to $950,000
• 5% down for up to $1.25 million
• 10% down for up to $1.5 million

Note that residents are only eligible for up to $647,200 with no money down.

Contact: Bob Amico

7. TD Bank

TD Bank’s medical professional mortgage allows physicians with an MD, DO, DPM, DDS or DMD designation to access up to $1.5 million for their next purchase or refinance. Medical and dental residents also qualify. Before applying, make sure you meet the minimum FICO score of 740 requirement.

Financing options 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 this program is for physicians with less than ten years of post-residency experience.

Contact: Neil Surgenor

8. Truist

Residents, interns, fellows and practicing physicians (MD, DO, DPM, DDS or DMD) can apply for the Truist doctor mortgage loan.

Financing options include:

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

However, the maximum loan amount for residents, interns and fellows is $750,000.

Contact: Matt Albert 

9. U.S. Bank

Medical doctors, residents and fellows can use the U.S. Bank doctor mortgage loan to access up to $2.5 million for their next home purchase or refinance. Lawyers are also encouraged to apply. Unfortunately, dentists and nurses are not eligible at this time.

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

Is a Maryland physician mortgage right for you?

Physician mortgage programs can be a great home financing solution for early- to mid-career professionals. If student loan debt is keeping you from buying a home, this could be your secret weapon to becoming a homeowner sooner.

Although there are plenty of benefits to using a physician mortgage, be aware that you’ll likely receive a higher interest rate than you could with a conventional conforming loan with a 20% down payment.

Additionally, you’ll need to be diligent about sticking to a mortgage payment you can safely afford. You’ll likely get approved for a higher loan amount with more lenient underwriting guidelines. This could be a good thing, but not for those who might be tempted into buying more house than they can afford.

If you want to see what a physician mortgage can offer you, fill out the form below to receive quotes for your next purchase or refinance.