4 Best Physician Mortgage Loans in Oregon for Purchasing or Refinancing

If you’re a doctor, dentist or other high-income professional, you might qualify for a physician mortgage loan. It can help you close on your dream home without years of saving up for a large down payment.

According to data from the Central Oregon Association of REALTORS, the median sales price for homes in the state increased by almost 19% in 2023, compared to a year ago. With rising home prices and a highly competitive housing market, you might have an exclusive homeownership program in your back pocket that you aren’t even aware of.

Read to learn about physician mortgage loans in Oregon.

How does an Oregon physician mortgage loan work?

A physician mortgage loan allows doctors and dentists to purchase a home with low down payment options and no private mortgage insurance (PMI) requirement. Other professions, such as chiropractors, pharmacists and veterinarians, might also be eligible depending on the specific physician mortgage lender.

The main benefits of a physician mortgage loan in Oregon include:

• $0 down or other low down payment options
• No PMI, period
• High loan amounts (e.g. $1 million to $3.5 million) while still maintaining competitive interest rates
• Lenient underwriting guidelines allow new physicians to qualify despite carrying a large student debt balance or having a limited income history

Each lender has its own eligibility requirements. However, physician home loans generally treat student loan debt more favorably when calculating your debt-to-income ratio than conventional underwriting. Additionally, most physician mortgage programs allow you to close on a new home with proof of an acceptable employment contract.

A physician mortgage loan can provide a great opportunity for young physicians, including residents and fellows, who are just starting out but are ready to make a long-term investment.

4 Lenders to explore physician mortgages in Oregon

If the Beaver State is your ideal location for your next home, then check out these top physician mortgage loans in Oregon.

Note that physician mortgage programs are for purchasing or refinancing an existing primary residence. But some lenders include other eligible properties, such as second homes and new construction.

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. Huntington National Bank

Medical doctors, dentists, podiatrists, ophthalmologists and veterinarians can purchase or refinance their homes in Oregon using a physician mortgage loan with Huntington Bank.

Low down payment options are available for borrowers with a minimum credit score of 680. However, the best financing deals usually require a score of 700 or more.

Financing options include:

• 100% financing for up to $1 million
• 95% financing for up to $1.25 million
• 90% financing for up to $2 million

Note this program can be used to finance a two-unit primary residence. It's a great opportunity for house hacking physicians because you can live in one unit and rent out the other.

3. KeyBank

Medical doctors and dentists can use the KeyBank medical professional loan to access loan amounts all the way up to $3.5 million.

Low down payment financing options include:

• 100% financing for up to $1 million
• 95% financing for up to $1.5 million
• 85% financing for up to $2 million

Unlike many physician mortgage programs, second homes are also eligible for this program.

4. U.S. Bank

Although U.S. Bank doesn’t offer a 0% down physician mortgage loan option, it has other low down payment options that can give you access to large loan amounts at a competitive interest rate.

Medical doctors, residents, fellows and lawyers with a minimum credit score of 710 might be eligible for the following financing options:

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

Is an Oregon physician mortgage right for you?

Physician mortgage programs have many advantages, including optional down payments and flexible underwriting. There’s also no PMI requirement, regardless of whether you put down 5% to 15% of your home purchase price or a big whopping $0. So, you’ll keep more money in your pocket each month. Plus, you won’t need to drain your savings on a large down payment.

Prospective homeowners in Oregon can also benefit from higher loan amounts than a conventional loan that caps out at $726,200 in most counties.

For example, suppose you’re looking for a home in the Bend, Sisters or Sunriver areas. The median home sales price for each of these housing markets is easily $700,000 or more. Yet, the conventional loan limit for Deschutes County is still only the standard limit.

By using a physician mortgage loan, you could avoid using a jumbo loan that generally comes with an interest rate hike.

However, as with any financial decision, comparison shopping is a must to ensure you’re getting the best rate and mortgage option for your situation. We recommend reaching out to the loan officers listed above as they work specifically with physician mortgage loans in Oregon.

You can also fill out the form below to get free quotes for your next purchase or refinance.