6 Best Physician Mortgage Loans in Utah for Medical Professionals

Are you a medical professional thinking of buying a home in Utah? If you’re a doctor, nurse, dentist, veterinarian or pharmacist, you could qualify for a zero down payment home loan of up to $3.5 million.

Utah has a population of more than 3.44 million residents, with about 7,322 of them being active physicians in 2023. To serve healthcare professionals, the state offers a unique program called the physician mortgage loan. It’s specifically designed for those in professional fields and medical industries, whether you're a graduate, fellow or resident. And in some cases, there are home loan programs for lawyers and accountants. 

In Utah, many banks and lenders are used to working with high-earning, high-student debt professionals just like you. With home buying prices down 7.6% since last year, as of February 2023, now could an ideal time to purchase your dream home. 

Let’s explore the specific benefits and features of a physician mortgage loan in Utah.

What are the main benefits of a physician mortgage loan in Utah?

In the past, physician home loans in Utah were limited to medical doctors and dentists only (hence why sometimes it’s called a doctor mortgage). But recently, some home loan mortgage programs also include professionals like chiropractors, podiatrists, pharmacists, ophthalmologists and other professions.

A Utah physician mortgage comes with a ton of financial benefits, including zero to low down payment, no PMI and higher loan limits than conventional loans. Not only that, but you can get special treatment of student loan debt, allowances for new physicians to close before they start their new position, and relaxed income history requirements for residents or fellows. 

Physician mortgages usually have more attractive interest rates and even lower down payment options versus conventional or FHA loans. However, many of these programs require a minimum credit score of 650+ to qualify, so be sure to ask for a quote to get started. 

For these reasons, we think a doctor loan in Utah is a budget-friendly choice if you have a career in medicine.

6 Physician mortgage lenders to explore for Utah doctors and dentists

After doing a lot of research, here are the top physician mortgage banks and lenders in Utah. We feature the details of each program and how to get more information. 

1. BMO Bank, N.A.

At BMO Bank, N.A., their Physicians Mortgage Program is open to existing medical personnel with MD, DDS, DMD or DO designations as well as residents and fellows. The program is available for refinancing your current home or the purchase of a new home. This includes single-family homes, condominiums or townhomes in Utah.

Financing options include: 

• 100% financing for loans up to $1 million (95% max in CA) 
• 95% financing for loans up to $1.5 million
• 90% financing for loans up to $2 million (including physicians that have been in practice for more than 10 years)

Contact: Patrick O’Malley

2. Evolve Bank & Trust

If you want 0% down and no PMI, consider Evolve Bank's physician mortgage loan. You can borrow to buy a house or refinance with no PMI.

The 0% down option is available for loans up to $1 million, but you need a credit score of at least 700 to qualify. You can borrow up to $1.5 million with 5% down (with a credit score of at least 700 as well).

One of the best features of doctor loans from Evolve Bank is that it's open to physicians and a wide range of professionals in and outside of the medical field. Medical residents and professionals with an MD, DDS, DMD, OD, PharmD, DVM, DPM, DO and RN degree can qualify. Other eligible careers include physician assistant, nurse practitioner, clinical nurse specialist, ATP pilot, CPA and attorney.

Loans are available to 1099 workers with at least two years of income documentation, as well as H-1B visa and green card holders. However, it's important to note that in order for H-1B visa and green card holders to be approved, they must put 25% down.

Keep in mind that you can choose from various adjustable-rate mortgage options, but there is no 30-year fixed-rate loan option with this program with Evolve Bank.

3. Huntington National Bank

Physician mortgage loans from Huntington National Bank are available in Utah to professionals with an MD, DO, DDS, DVM or DMD degree. Huntington National Bank has options that are significantly more flexible than other doctor mortgage loans. 

It’s great for residents and fellows who can bring a copy of an employment contract and a letter from an employer. Plus, student loans are treated more favorably when calculating the debt-to-income (DTI) ratio. Borrowers can get a maximum loan amount of up to $2 million. 

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

Contact: Bill Kekatos, NMLS# 216590

4. KeyBank

KeyBank’s Medical Professional Loan program offers one of the highest maximum loan limits in Utah. Because of this, it allows physicians or dentists to use the program for either a primary or second home purchase or refinance. 

There are no PMI requirements.

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.

Financing options include: 

• Up to 100% financing on qualified loans
• Loan amounts up to $3.5 million

5. NEO Home Loans

The Physician Home Loans program at NEO assists those with an MD, DO, DVM, DMD or DPM with the ability to put zero down on a home or use gifted or borrowed funds for a down payment.

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 you are a veteran or J1 visa holder and have one of the above listed credentials, you are eligible for this program.

It is important to note that the only rate option provided under this program is a 30-year ARM.

6. U.S. Bank

Eligible MDs, DOs, residents and fellows in Utah should check out the physician mortgage program from U.S. Bank. Other high-income professionals like lawyers and veterinarians can access a similar program with only a 10% down payment requirement. If you’re already a customer of U.S. Bank, you could get access to additional savings and reduced loan fees. 

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

If you want even more choices for doctor mortgage loans in Utah, check out our full list of the best lenders in all 50 states.

Does a Utah physician mortgage make sense for you?

While Utah isn’t considered one of the most populated states, it still has a strong medical workforce. This could mean a great opportunity for you to purchase a home at a reasonable price, thanks to less competition for jobs and housing.

You could also qualify for a tax deduction on the purchase of a new home. Mortgage interest is fully deductible up to the first $750,000 of principal on all homes purchased after December 2017. The money you save on your taxes could be used towards other financial goals, like renovations and upgrades, or paying down student loans.

Whether it’s a residency program or a new job as an attending that takes you to Utah, a physician mortgage can make it happen. If you’re looking for a healthy outdoor lifestyle, Utah is a wonderful state to live in for amazing skiing and gorgeous National Parks.

If you’re ready to get a quote, start by filling out the form below or choose from our list of the preferred loan officers mentioned above.