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FAQ

Physician Mortgage

Physician Mortgage - FAQ

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About

  • What is a Physician & Dentist Mortgage?
    Laurel Road’s Physician and Dentist Mortgage is a home loan tailored specifically to physicians and dentists featuring up to 95% financing for loans of $1,500,000 or less with no Private Mortgage insurance required.* These loans have fewer restrictions than conventional mortgages and recognize the lender’s trust in medical professionals’ creditworthiness and earning potential. *Only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.
  • Are your loans available in all 50 states?
    Yes. Laurel Road is a brand of KeyBank, N.A. offering mortgage loans in all 50 states, plus Washington D.C. We do not lend in US territories. Our digital lending platform is available 24/7 at https://homelending.key.com.
  • Is the Laurel Road Physician & Dentist Mortgage a conforming, conventional or government loan?
    No. This program is a portfolio program which allows for greater flexibility in underwriting, mortgage product offerings, and down payment options by recognizing the overall creditworthiness of the medical professional.
  • What are the benefits of Laurel Road’s Physician & Dentist Mortgage?
    • Low down payment options for loans $1,500,000 or less*
    • A variety of mortgage options without PMI (Private Mortgage Insurance)*
    *Only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.
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Documents

  • What documents should I be prepared to provide during the application process for Laurel Road’s Physician & Dentist Mortgage product?
    • Diploma or accreditation of completion (medical license)
    • Employment contract/offer letter if accepted to a residency program
    • 2 years of 1040 personal tax returns
    • W2’s from your last two years of employment (if applicable)
    • If practicing, two most recent pay stubs
    • Proof of alimony, child support or other maintenance income (if applicable and ONLY IF you want it considered in determining your qualification)
    • Statements from checking and savings account for the past two months
    • Statements from IRA, 401k or other investments accounts for the past quarter
    • Source and verification of down payment funds (if applicable)
    • Copy of the purchase and sale agreement (not applicable for refinancing)
    • Flood Certification / Flood Insurance Policy (if applicable)
    • Homeowners association dues amount, frequency (if applicable)
    • If self-employed, additional documentation will be required, such as P&L Statement, and 2 most recent years’ personal and business tax returns
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Eligibility

  • Do I have to be a U.S. Citizen or permanent resident to qualify?
    U.S. Citizens and permanent residents are permitted, and nonresidents are permitted with certain VISA type restrictions.
  • What property types are eligible for Laurel Road’s Physician & Dentist Mortgage program?
    Primary residence single-family homes, single-family attached, Planned Urban Developments (PUD) and condominiums are eligible. Please contact us at (877) 801-4686 for further details and information. Customers using a TDD/TTY device, please use (800) 539-8336.
  • Who can apply for Laurel Road’s Physician & Dentist Mortgage?
    The Laurel Road Physician and Dentist Mortgage offering is available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). A borrower may have only two outstanding Doctor and Dentist Mortgages at one time; one owner-occupied and one second home. Residents that have a signed residency contract effective within the next ninety (90) days are also eligible. Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.
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