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FAQ

Physician Mortgage

Physician Mortgage - FAQ

About

  • What is a Physician Mortgage?

    Laurel Road’s Physician Mortgage is a home loan tailored specifically to physicians and dentists featuring up to 100% financing* for loans of $1,000,000 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 and no private mortgage insurance (PMI) 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 Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). 100% financing is available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. 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 $1,000,000 or less*
    • A variety of mortgage options without PMI (Private Mortgage Insurance)*

    *100% financing and no private mortgage insurance (PMI) 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 Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). 100% financing is available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may 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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