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 million residents, with over 6,700 of them being active MD or DO physicians. 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 up nearly 30% year-over-year, now is the perfect 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 Harris Bank

At BMO Harris Bank, 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. Call Patrick at 623-283-1433.

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 720 to qualify. You can borrow up to $1.5 million with 5% down with a credit score of at least 700.

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 the medical field. For instance, medical residents and professionals with an MD, DDS, DMD, OD, PharmD, DVM, DPM, DO and RN degree can qualify. But you’re also eligible if you’re a physician assistant, nurse practitioner, clinical nurse specialist, ATP pilot, CPA or 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.

Keep in mind you can choose from various adjustable-rate mortgage options, but there is no 30-year fixed-rate loan from 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

For more information, call Bill Kekatos (NMLS# 216590) at 847-477-6247.

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

To learn more information, call J Mansisidor (NMLS #354606) at 757-927-1961. 

5. 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

Contact: Jonathan Brozek. Call Jonathan at 916-602-4080.

6. 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, and PharmD, as well as attorneys.

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 (must be an attending physician)
• 5% down for up to $1.5 million (must be an attending physician)
• 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.

Read our full UMB Bank review

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.