7 Best Physician Mortgage Loans in Washington D.C.: Become a Homeowner Sooner

Washington D.C. is one of the most visited places in the United States. Its iconic cherry blossoms draw in people from around the world every year, and its impressive monuments and museums give ample opportunities to immerse yourself in our country’s history. But if you want a piece of property in the nation’s capital, you better be ready to pay for it.

According to the District of Columbia Association of REALTORS, the median price of a home in D.C. is $660,000 as of March 2022. Add that to the fact that intense bidding wars have become the norm in this crazy real estate market, and you have homes selling for hundreds of thousands above the asking price.

So, what’s a prospective homebuyer in Washington D.C. to do? Use every resource and advantage available to you.

If you’re a doctor, dentist or medical professional, that means using a little-known homeownership program called a physician mortgage loan.

Read to learn about how you can benefit from a physician mortgage loan in Washington D.C.

What is a physician mortgage loan?

A physician mortgage is a custom home loan specifically for doctors and dentists offering up to 100% financing with no private mortgage insurance (PMI) and higher loan limits than a conventional loan.

That said, many physician mortgage programs have expanded their eligibility requirements to include other medical and high-income professions. For example, veterinarians and pharmacists can often qualify depending on the lender.

This optional down payment homeownership program is ideal for early- to mid-career physicians (or other eligible borrowers) who might have student loan debt and other financial hurdles, such as limited savings, standing in their way.

Underwriting guidelines for physician home loans are typically more lenient than conventional mortgage requirements. For example, you can qualify for a physician mortgage with proof of an employment contract rather than needing at least two years of steady income history. Therefore, you can close on a home before starting your new position as a resident, intern, fellow or new physician.

Additionally, student debt is treated more favorably by using your actual monthly payment or a percentage of your loan balance when calculating your debt-to-income ratio, or DTI.

If you want to get started on the physician mortgage process, fill out the form below. Otherwise, keep reading to learn about specific physician mortgage loans in Washington D.C.

7 Lenders to explore for physician mortgages in Washington D.C.

Physician mortgage loans can be used to purchase or refinance an existing primary residence. However, some programs allow new construction, second homes or vacation homes.

We’ve put together the best physician mortgage loans available in Washington D.C., listed alphabetically. The direct information for reputable loan officers is included to assist your search.

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. Evolve Bank & Trust

For up to 100% financing with no PMI, look no further than Evolve Bank. Their doctor mortgage loans are available for home purchases and refinancing. Plus, like most physician loans, you won't pay PMI.

Although Evolve Bank doesn't have a 30-year fixed-rate option, their adjustable-rate loans are available with financing options that include:

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

One of the best features of Evolve Bank physician loans is you don't have to be a physician to qualify. You can apply if you're a medical resident, doctor, dentist, pharmacist, optometrist, podiatrist, veterinarian, physician assistant, nurse practitioner, clinical nurse specialist, ATP pilot, CPA or attorney. If you're a 1099 worker and you have at least two years of income documentation, you can apply.

To be eligible, you need to meet a credit score requirement of 700 and be within 10 years of starting your career. In addition, the program is open to H-1B visas and green card holders, as long as 25% down can be provided.

3. Fulton Mortgage Company

Podiatrists, pharmacists and veterinarians, within 15 years since residency or training, can apply for Fulton Mortgage Company's physician mortgage loan program.

A unique feature of this program is that parent co-signers are allowed and there is no reserve requirement. This can be an ideal fit for resident doctors.

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

Contact: Jim Webster

4. NEO Home Loans

With NEO's Physician Home Loan program, those who have an MD, DO, DDS, DMD, DPM or DVM can take advantage of the option for 0% down on a home. Cash out refinancing for 95% LTV for up to $1 million is also available.

If you are okay with using their sole rate option of a 30-year ARM, read below for the available financing options:

• 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, you're in luck, because they also have VA loans as an option for you.

J1 visa holders are also eligible to apply.

Those who are approved can close up to 90 days before his or her start date.

5. TD Bank

Medical and dental residents — as well as physicians with an MD, DO, DPM, DDS or DMD with less than 10 years of post-residency experience — are eligible for the TD Bank medical professional mortgage program.

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

If you own your own practice or are otherwise self-employed, you’ll need at least two years of income history to qualify.

Applicants must have a FICO score of 740 or higher to be approved.

For more information, contact Neil Surgenor.

6. Truist

Physicians with an MD, DO, DPM, DDS or DMD can qualify for up to $1.5 million with the Truist doctor mortgage loan.

If you have less than ten years of post-residency experience, 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 the maximum loan limit for residents, interns and fellows is $750,000 with no money down.

A low down payment option is also available for physicians with more than 10 years of experience. But you’ll max out at 89.99% financing and other requirements might apply.

For more information, contact Matt Albert.

7. U.S. Bank

U.S. Bank’s doctor loan program is available to MD and DO physicians, residents and fellows for loan amounts up to $2.5 million.

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

This program doesn’t have a 0% down payment option like other programs, but this lender has a great reputation and outstanding customer service.

Is a physician mortgage right for your next home in Washington D.C.?

A physician mortgage loan can give you access to 0% down home financing solutions or other low down payment options with more flexible underwriting and no PMI.

This can free up your down payment savings for other financial priorities or desired home renovations.

Additionally, a physician home loan could benefit you come tax season if you’re also paying down student loans. This is because mortgage interest is fully deductible on the first $750,000 of your home loan if you itemize. Whereas student loan interest likely won’t be deductible due to your high income. Therefore, it might be more advantageous to borrow more on your mortgage to pay off your student loans faster.

But it’s important always to shop around and compare mortgage options. Use our list as your starting point, or fill out the form below to receive quotes for your next purchase or refinance.