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PHYSICIAN LOANS

Physician Loans

A physician loan is a mortgage solution designed to accommodate the unique financial needs of doctors, dentists, veterinarians and medical residents. Whether you have large amounts of deferred student loan debt, need to move into a home before starting your first job, or have been practicing medicine for many years, our physician loan program can help. We can provide flexible financing to doctors, dentists and veterinarians at any career stage.

Apply for a Physicians Mortgage

Physicians Mortgage Program

Benefits

  • 100% financing up to $1 million1
  • 89% financing up to $2 million
  • No mortgage insurance requirements
  • Purchase and rate-and-term refinance options available
  • Primary residence and condos allowed; non-warrantable condos considered
  • Loan amounts available up to $500,000 for Medical Residents with proof of fully executed employment contract
  • Gift funds allowed towards down payment, closing costs and reserves

Eligibility

  • Available to medical doctors who have a minimum of a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Pharmacy (PharmD), or Doctor of Veterinarian Medicine (DVM) degree and an employment contract or verification of terms of employment acceptance. Medical Doctors with the degrees listed above but specializing in a particular field including but not limited to Dentists, Podiatrists and Ophthalmologists are also permitted.
  • Student loan debt must be in deferment or forbearance for at least 12 months after loan closing to avoid being counted in your debt-to-income calculations.
  • 100% financing to Residents on loan amounts up to $500,000. Borrower must have a minimum credit score of 680 to be eligible. 100% financing down does not exclude closing costs and/or prepaids that may be required.

Meet with an experienced mortgage professional to evaluate your current situation and better determine which mortgage options might be right for you.

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Download First Merchants Mortgage Loan Originators' Unique Identifier Numbers

Frequently Asked Questions for Physician and Medical Professional Loans

You can easily apply online for a Physician Loan through our website. You can also contact a mortgage banker for a free, no-obligation consultation to learn more about the program and find out what you may qualify for.

All loans are subject to credit approval. Programs are available only to qualified borrowers. Not all applicants will qualify for all program benefits. Please contact First Merchants Bank to learn more about the program and the eligibility requirements. Programs are subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. Must be purchase of a primary residence in Indiana, Michigan, Ohio, Illinois and Kentucky. Borrower must have a minimum credit score of 680 to be eligible.

1100% financing does not exclude closing costs and/or prepaids that may be required.

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