Key Takeaways:
- Wyoming physician home loans do not require private mortgage insurance (PMI), leaving more money in your pocket each month.
- A physician mortgage loan in Wyoming is an excellent option if you’re a medical professional, especially if you have student debt.
- Doctor mortgage loans can provide up to 100% financing for loans up to $1 million or more, depending on the loan amount.
Although Wyoming is the least populated state in America, it can be an advantage when looking to buy a new home or refinance your current one. Less competition can mean getting more real estate for your money.
This is especially true for doctors or dentists looking to move to a less crowded city for a slower pace of life. A doctor home loan in Wyoming may be a good option for you.
With more than 1,200 practicing physicians in Wyoming, the state has grown at a steady rate of 0.3% since July 2020. As the population grows, so will the demand for affordable housing.
In most parts of the state, you can still find great homes with lots of land for an affordable purchase price. But in a popular tourist city like Jackson Hole, expect to pay higher prices for the best real estate.
According to Zillow, the median home price in Wyoming is $312,064, which makes it an affordable housing market (yet still higher than its neighboring state of Nebraska). Over the past year, single-family home prices in Wyoming have gone up 4.6% and are expected to continue as demand for homeownership increases.
Not to worry, though. Now is a great time to take advantage of a doctor mortgage loan in the Equality State. Here’s how a Wyoming physician mortgage works and the details you should know before applying.
Wyoming physician mortgage loan options and benefits
A physician mortgage in Wyoming, sometimes called a doctor loan, can help make your dream of owning a home a reality. These types of loans for medical professionals have much higher limits than conventional mortgage loans. Plus, they offer many other attractive financial benefits for those with student loan debt.
Most lenders that offer doctor mortgage loans in Wyoming allow physicians, dentists and veterinarians to select a loan with no PMI and options for 0% down. In many cases, interest rates and terms for physician home loans are comparable to conventional mortgages. They may even have lower down payments than FHA loans.
Here are some of the benefits of doctor mortgage loans in Wyoming:
- Up to 100% financing with no or low-down payment options.
- Allowances for new physicians to close before they start their new position.
- No Private Mortgage Insurance (PMI) required.
- Favorable treatment of student loan debt from medical or dental school when calculating debt-to-income ratio (DTI).
If your mortgage is well above the conventional loan limit (around $647,200 in most states), you need to compare loan details for a physician mortgage loan in Wyoming. A Wyoming physician mortgage loan is a no-brainer thanks to no PMI, little-to-no down payment options and lower interest rates than most JUMBO mortgages.
If you’re concerned about the risk, the main con of using a doctor mortgage in Wyoming is that you could be approved for a lot more than you budgeted.
Although mortgage interest is tax-deductible, remember to stick to a budget you feel comfortable with so you don’t overextend yourself with a high monthly payment. Thankfully though, a home-buying budget in Wyoming will go a fairly long way compared to other states.
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7 Best Wyoming physician mortgage lenders
If you’re looking for the top physician mortgage lenders in Wyoming, we’ve found the best options through our research. Some of these preferred lenders offer mortgage loans to just doctors or attending physicians, while others lend to those still in residency.
Some banks will also allow dentists, nurses and veterinarians to borrow under their physician mortgage programs. Review the details of each medical professional program listed below to see if it fits your needs.
1. Flagstar Bank
Flagstar Bank has been helping people just like you buy homes for over 35 years. They offer doctor mortgage loans for home purchases and refinancing in all 50 states. You can get up to 100% financing with no PMI. Plus, you can qualify as an H-1B visa or green card holder.
Financing choices from Flagstar Bank include:
- 0% down for up to $1 million.
- 5% down for up to $1.5 million.
Flagstar Bank accepts applications from medical residents, MDs, DDSs, DMDs, ODs, Doctors of Pharmacy, DPMs, DOs, RNs, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPAs, attorneys, and veterinarians. A candidate must have started his or her career within the last 10 years to qualify.
For 1099 workers, you can qualify if you can supply at least two years of income documentation.
However, you can only choose from adjustable rate options — Flagstar doesn’t have a 30-year fixed-rate loan. You must also have a credit score of at least 720 to take advantage of the 0% down option. For 5% down, you must have a credit score that’s at least 700.
Contact Tish Kumar by email to learn more.
2. KeyBank
KeyBank is a well-known leader in the mortgage industry and has an exclusive Medical Professional Loan program for physicians and dentists. In addition to offering some of the highest mortgage loans in the country, you may be able to qualify for a loan-to-value (LTV) ratio of up to 100%.
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:
- Loans up to $3.5 million.
- No PMI required.
- 0% down payment on qualified loans.
With this program, medical doctors and dentists can refinance their current homes or purchase a second home.
To learn more, email J. Mansisidor (NMLS# 354606) or call him at 757-926-0106.
3. U.S. Bank
U.S. Bank is another well-known name in the mortgage industry, and for good reason — it has great customer service and options for many different banking services. When choosing a mortgage loan as a medical professional, you want a partner like U.S. Bank, who you can trust. Loans are available for up to $2.5 million.
Loan financing options:
- 5% down for up to $1 million
- 10% down for up to $1.5 million
- 15% down for up to $2 million
U.S. Bank’s unique physician mortgage program is available only for medical physicians, residents, fellows and DOs. Plus, if you’re already a customer with U.S. Bank, you can take 0.25% of the cost of the loan and deduct it from your final closing costs, up to a maximum of $1,000.
To get a quote or more information, email Jonathan Brozek or call 916-602-4080.
4. Huntington Bank
If you are a physician, dentist or veterinarian with an MD, DO, DDS, DMD or DVM designation, you could qualify to be part of Huntington Bank’s doctor mortgage program.
Not only that, but recent graduates will find this program very appealing. New grads can apply for 0% down financing thanks to a letter from their employer and a signed contract showing their expected income.
Huntington Bank mortgage financing options:
- 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, email Bill Kekatos (NMLS# 216590) or call him at 847-443-5978.
5. BMO Harris
With BMO Harris, 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
With the BMO Harris Physicians’ Mortgage Program, you can get either a fixed or an adjustable rate mortgage without any special fees.
Contact: Patrick O’Malley. Email Patrick or call him at 623-283-1433.
6. Citizens Bank
Citizens Bank has been around for nearly two hundred years and now operates in 11 states, including Wyoming. The Citizens Bank Doctor Loan program benefits physicians and dentists seeking a home loan. This program allows for home purchases and limited cash‑out refinances of primary residences.
Mortgage financing options from Citizens Bank:
- No private mortgage insurance.
- Up to 95% financing for loans up to $600,000.
- Student loan debt is excluded from the DTI ratio or can use IBR payment.
- Minimum credit score of 700 for doctor loans only.
Citizens Bank doctor mortgage also offers the choice of a fixed rate or adjustable rate mortgage. If you want even more options for doctor mortgage loans in Wyoming, check out our complete list of lenders by state.
7. First National Bank of Omaha (FNBO)
The FNBO physician mortgage loan program is available to practicing physicians, dentists and other select healthcare professionals in Wyoming. It offers low down payment options (100% financing is available for qualifying professions) with no PMI.
In addition to their physician mortgage program, they have one of the broadest professional mortgage programs that includes those with a CPA, CFA, JD, PA, NP, CRNA, or DVM.
Student loans may be excluded from your debt-to income ratio if your loans are deferred for 12 months.
Who’s eligible (loan amounts up to $1.25 million):
- Practicing medical doctors and residents
- Anesthesiologists
- Dentists
Financing options include:
- 0% down for up to $850,000
- 5% down for $850,000 to $1.25 million
- 10% down for $1.25 million to $1.5 million
Who’s eligible (loan amounts up to $1 million):
- Physician Assistants
- Nurse Practitioners
- Certified Registered Nurse Anesthetists
- Veterinarians
Financing options include:
- 5% down for up to $750,000
- 10% down for up to $1 million
Contact: Abe Huerta. Email Abe or call him at 469-575-4730.
Is a Wyoming doctor mortgage right for you?
Wyoming is a great state for adventure and outdoor enthusiasts. From gorgeous mountains to untouched wilderness and rolling plains, the state has a lot to offer those seeking a chill work-life balance. Whether you’re practicing as an attending or entering a residency program in Wyoming, a physician mortgage can help make homeownership possible.
In today’s competitive job market, not everyone graduates without student loan debt or has a six-figure income to use towards a down payment. But as you can see from the banks listed above, Wyoming physician mortgage loans come with some amazing pros and very few cons.
Thanks to benefits like a 0% down payment and generous underwriting options for those with student loan debt, realizing your dream of homeownership could be right around the corner.
Before deciding on a Wyoming doctor mortgage loan for your home, remember that this is an investment for you and your family. Choose from our list of the best banks and find out if a doctor mortgage in Wyoming is right for you.
