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Physician Mortgage - FAQ

About

  • What is a Physician mortgage?
    Laurel Road’s Physician mortgage is a home loan tailored specifically to doctors and dentists featuring up to 100% financing* for loans $750,000 or less. These loans have fewer restrictions than conventional mortgages and recognize the lender’s trust in medical professionals’ creditworthiness and earning potential. *100% financing is 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 Dental Medicine (DMD), Doctor of Dental Surgery (DDS), or Doctor of Podiatric Medicine (DPM). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $750,000. Retired doctors are not eligible. Additional conditions and restrictions may 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 mortgage a conforming, conventional or government loan?
    No. This program is a sponsored 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 mortgage?
    • 0% down payment option for loans $750,000 or less*
    • A variety of mortgage options without PMI (Private Mortgage Insurance)**
    *100% financing is 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 Dental Medicine (DMD), Doctor of Dental Surgery (DDS), or Doctor of Podiatric Medicine (DPM). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $750,000. Retired doctors are not eligible. Additional conditions and restrictions may apply. **Only available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Retired doctors are not eligible. Additional conditions and restrictions apply.
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Documents

  • What documents will I need to provide during the application process for Laurel Road’s Physician 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)
    • Self-employed will require additional documentation
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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 loan program?
    Primary residence single-family homes, single-family attached, Planned Urban Developments (PUD) and condominiums are eligible. Second homes are also eligible but a larger down payment may be required and additional restrictions may apply. Please contact us at (800) 653-4067 for further details and information. Customers using a TDD/TTY device, please use (800) 539-8336.
  • Who can apply for Laurel Road’s Physician mortgage?
    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 Dental Medicine (DMD), Doctor of Dental Surgery (DDS), or Doctor of Podiatric Medicine (DPM). A borrower may have only two outstanding Doctor and Dentist loans 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. Retired doctors are not eligible. Additional conditions and restrictions apply.
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