5 Best Physician Mortgage Loans in Wisconsin: Get Up to 100% Financing

If snowmobiling in the winter, fishing in the summer and endless beer and cheese year-round sound like a dream, Wisconsin will make you feel right at home. But buying a home in this competitive housing market might be a different story.

According to February 2023 data from Wisconsin REALTORS, the median home sales price across the state has increased by 11.7% since February 2022. This spike in housing costs and the recent jump in mortgage rates has led to a 30.1% reduction in housing affordability.

Fortunately, doctors, dentists and other high-income professions have access to a special home financing program that many borrowers simply aren’t aware of. This exclusive program is called a physician mortgage loan.

Read on to learn how you can benefit from a physician mortgage loan in Wisconsin and where to find these exclusive financing programs.

What are the benefits of a Wisconsin physician mortgage loan?

To be eligible for a physician mortgage loan, you must first be within their target audience. Medical doctors (MD and DO), dentists (DDS and DMD), residents, fellows and interns are almost always included. But other professions, such as chiropractors, pharmacists and veterinarians, might also qualify depending on the lender.

If you can qualify for a physician mortgage loan, then you’ll reap some serious benefits that others can only wish for, including:

• $0 down or other low down payment options.
• No requirement to carry private mortgage insurance (PMI) regardless of your down payment amount.
• Higher loan limits than a conventional mortgage (which is capped at $647,200 in most parts of the country).
• More flexible income requirements that allow you to qualify before you begin a new position (note that an acceptable employment contract will be required).

Additionally, your student loans won’t necessarily hold you back from owning a home. Physician mortgages generally treat student loan debt more favorably than traditional underwriting guidelines.

Depending on the lender, your actual monthly payment might be used when calculating your debt-to-income ratio (DTI). Alternatively, physician mortgage lenders will use a percentage of your total loan balance or exclude deferred student loans altogether.

If you’d like quotes from physician mortgage loans in Wisconsin, fill out the form below or continue reading.

5 Lenders to consider for physician mortgages in Wisconsin

If you’re a Cheesehead looking for a new home, use this list of physician mortgage lenders to fast-track your search for optional down payment home financing.

Most physician mortgage programs are specifically for purchasing or refinancing a primary residence. However, a select few apply to second homes or vacation homes.

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

If you have more than ten years of post-residency experience, up to 90% financing is available.

2. Huntington National Bank

Wisconsin doctors, dentists, veterinarians, podiatrists and ophthalmologists can access up to $1 million with $0 down using the physician mortgage with Huntington Bank.

Other 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

If you’re interested in house hacking, Huntington Bank is one of the few physician mortgage programs that will finance a two-unit property. You’ll need to live in one of the units, but this opens the door to being able to rent out the second one to cover your expenses.

3. KeyBank

KeyBank’s medical professional mortgage loan provides loan amounts up to $3.5 million. This program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.

Borrowers can be granted 100% financing on a conventional mortgage.

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.

Maximum cash out available is $1,000,000.

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

KeyBank allows the purchase or refinance of a second home, which isn’t the norm among physician mortgage programs.

4. Wintrust Mortgage

Wisconsin doctors, dentists, podiatrists, chiropractors and pharmacists could score a mortgage for up to $3 million with Wintrust Mortgage's Doctor Loan Program. Qualified credentials include MDs, DOs, DPMs, DDSs, DMDs, DCs and PharmDs. If you're in the last phase of your residency with less than six months remaining, you can also qualify.

This program offers various financing options to fit your goals, including:

• 100% for up to $850k
• 97% for up to $1.25 million
• 95% for up to $1.5 million
• 90% for up to $2 million
• 80% for up to $3 million

If you're closing within 90 days of starting a new job, Wintrust will take into account your future income.

Contact: Mike DeRaspe.

5. U.S. Bank

Residents, fellows and practicing physicians (MD and DO) can use the U.S. Bank doctor mortgage loan to finance up to $2.5 million for their next home. Lawyers are also welcome to apply. Dentists and nurses are not eligible at this time.

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

Banks that used to offer a Physician Mortgage in Wisconsin

1. Evolve Bank

Evolve Bank used to offer a physician loan, but shed their program.

Is a Wisconsin physician mortgage right for you?

Physician mortgages are helpful for young professionals who are just starting out in their careers. But you could still benefit from low down payment options and higher loan limits if you’re mid-career.

In today’s market, you might need to settle for an older home or one that needs renovations to stay within your housing budget. Remember, most houses are going for over the asking price right now, which could mean bidding wars. A physician mortgage loan gives you the option to use your savings for immediate improvements — say, a brand new kitchen or updated bathrooms — instead of draining it on a large down payment.

There’s a lot to consider throughout the home buying process, so it’s best to shop around and compare your home loan options. Fill out the form below for quotes for your next purchase or refinance.