7 Best Physician Mortgages in Nevada: Top Doctor Loans For Homeownership

Nevada is known for many things, including being the gambling and entertainment capital of the country. But the fourth-largest producer of gold in the world is also home to many national parks and outdoor recreation. 

If a move to Nevada is on the horizon for you, you’re not alone. Nevada has a population of more than 3 million residents, with 6,597 of them being practicing physicians. Like most of the country, Nevada is experiencing a fast uptick in housing prices. According to March 2023 data from Zillow, the average home value in Nevada is $409,400, depending on the location of the home. 

And over the past year, home values in Nevada have continued to go up and are expected to continue climbing. To help meet this surge in housing demand, Nevada has special programs for prospective buyers called physician mortgage loans. 

Saving up for a large down payment while balancing your debt-to-income ratio from student loans can be tough. Thankfully, this secret weapon known as a physician mortgage can help MDs, DOs and other medical personnel, achieve homeownership. In some cases, there are other attractive home buying programs for lawyers and accountants as well. 

If you’re looking to buy a house in Nevada as a medical or other high-income professional, don’t wait to get started. Let’s explore what a physician mortgage loan in Nevada looks like and what it means for you.

What are the main benefits of a Nevada physician mortgage loan?

Physician mortgage programs are mainly available to doctors and dentists, including residents, fellows and interns. For this reason, these types of home loans are also called doctor mortgages. However, some doctor mortgage programs also cater to other high-income professionals like podiatrists, chiropractors, ophthalmologists and pharmacists. If you fall into any of these categories, keep reading.

A physician mortgage in Nevada offers many attractive financial benefits. Here are just a few of the many features:

• No private mortgage insurance (PMI) requirements
• Up to 100% home financing or other low down payment options
• Has higher loan limits than conventional loan caps
• Competitive interest rates compared to taking out a jumbo loan
• Flexible income requirements thanks to being able to close on a home before starting your new position
• Accounts for student loans more generously when calculating debt-to-income ratio (DTI)

A physician mortgage in Nevada is specifically tailored for professionals with high income and high student loan debt from school. Lenders in this space offer lenient underwriting and $0 down payment options to help make owning a home a reality. 

Many of these programs offer special treatment for student loan debt, allowances for new physicians to close before they start their new position and relaxed income history requirements for residents or fellows. 

Plus, physician mortgages often have more attractive interest rates and even lower down payment options compared to conventional mortgages or FHA loans. One thing to be aware of though, is that a doctor loan often requires a minimum credit score of 650+ to qualify, so be sure to ask for a quote to get started. 

For the benefits listed above, we think that a Nevada physician mortgage could be a good choice for anyone who has a qualifying medical career.

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

7 Best physician mortgage lenders in Nevada

If you’re planning to purchase a home or refinance your existing property in the Silver State, we’ve listed the best physician mortgage lenders in Nevada to check out. We’ve included the direct contact information for each loan officer who works specifically with physician mortgage loans.  

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

Contact: Patrick O’Malley

2. Citizens Bank

Citizens Bank offers physician mortgage loans for as much as $1.5 million with down payments as low as 5%. Their program is a great fit for physicians and dentists looking to buy a primary residence. 

If you have student loan debt, that’s not a problem with Citizens Bank. Any student loan debt deferred for at least 12 months is excluded from the debt-to-income ratio OR if on IBR, you can use your IBR payment.

Get a variety of mortgage loan options from Citizens Bank for their physician home loan, with adjustable rate and fixed rate choices.

3. Evolve Bank & Trust

Evolve Bank has a special doctor loan program for physicians, dentists, veterinarians, pharmacists, optometrists, podiatrists, registered nurses, PAs, NPs and clinical nurse specialists in Nevada. The program is also open to ATP pilots, CPAs, attorneys and 1099 workers.

Their loan terms include a maximum mortgage loan of up to $1.5 million with no private mortgage insurance (PMI) requirements.

Down payment options include:

• 0% down for up to $1 million with 720 minimum credit score
• 5% down for up to $1.5 million with 700 minimum credit score

In addition to offering some of the best mortgage loans in the country, Evolve Bank serves H-1B and green card holders. However, 25% down is required.

Evolve's doctor loan program only provides adjustable-rate mortgages (ARMs), no 30-year fixed-rate loan is available.

4. Flagstar Bank

Flagstar's physician mortgage loan program allows homebuyers the options of zero down and no PMI. Additionally, Flagstar welcomes work visa and green card holders who are in one of their qualifying careers.

Qualifying careers include: ATP pilots, attorneys, clinical nurse specialists, MD, DDS, DMD, OD, PharmD, DPM, DO, PA, RN, NP, CPA and DVM.

Financing choices include:

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

One disqualifying factor for approval that borrowers should note is the requirement for a credit score of 700 or better.

5. KeyBank

KeyBank has one of the highest maximum loan limits for physician mortgages in Nevada. Medical doctors and dentists can use the KeyBank medical professional mortgage loan program to purchase either a primary or second home or refinance. 

The maximum loan amount is up to $3.5 million, but there are optional down payments available.

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

6. NEO Home Loans

NEO Home Loans' Physician Home Loans program facilitates the purchase of a primary residence for those who have an MD, DO, DDS, DMD, DPM or DVM. Approved applicants must close within 90 days pre-employment start date. Those who have one of the aforementioned credentials can apply, even if they are a J1 visa holder. Veterans are encouraged to apply as well.

A 30-year ARM is the only rate option allowed under this program.

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

Gifted or borrowed funds are permitted as a means for a down payment.

7. U.S. Bank

Nevada JDs, MDs, DOs, residents and fellows should check out the physician mortgage program from U.S. Bank. Depending on the home’s purchase price, there are down payment ranges available from 5% to 25%. 

Other high-income professionals like lawyers and veterinarians can access a similar program with only a 10% down payment requirement. Here’s how the numbers breakdown:

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

To be eligible for this doctor mortgage program, you’ll need a credit score of at least 710 to qualify.

Looking for even more options for Nevada physician mortgage loans? Check out our full list of the best lenders in all 50 states.

Does a physician mortgage in Nevada make sense for you?

Finding a home in today’s competitive housing market isn’t easy. So, it makes sense to take advantage of every perk and benefit you can. With a Nevada physician mortgage loan, you don’t have to spend years saving up for a large down payment. 

There’s no PMI added to your monthly payment. You also don’t need to worry about a solid history of income or large student loan debt. In other words, there’s a lot to like about a physician home loan.

However, with high loan limits, you want to budget smartly for your home mortgage payment. Don’t go over budget in order to buy a house you can’t afford. Use our updated physician mortgage loan calculator to see how much home you can afford and what to expect.

Nevada is home to an ever-changing healthcare landscape that’s appealing to dentists, residents and physicians. Whether it’s a residency program or a new job as an attending, a physician mortgage in Nevada can make your homeownership dreams come true.

If you’re a young professional with limited cash reserves or a seasoned doctor, then a physician mortgage could be a great option. Ready to get a quote? Start by filling out the form below or choose from our list of the preferred loan officers.