Physicians face a mortgage paradox that standard underwriting simply wasn’t built to handle. You have exceptional earning potential, near-guaranteed employment, and a career trajectory that most borrowers would envy. Yet during residency or fellowship, your tax returns show modest income, your student loan balances are significant, and your employment history is measured in months rather than years. Conventional lenders often see the debt without seeing the full picture.
Physician loan programs exist precisely to close that gap. They recognize employment contracts as qualifying income, treat student debt differently in DTI calculations, and eliminate PMI requirements that would otherwise add hundreds of dollars to your monthly payment. The challenge is that not every physician loan program is built the same, and not every lender serves Virginia, Florida, Tennessee, or Georgia with the same depth.
This guide compares the top physician mortgage options available in those four states, starting with the broker model that gives you access to the widest range of programs and working through the major bank offerings. Whether you’re a resident at VCU Health finishing your match in Richmond, an attending physician relocating to Nashville, or a dentist purchasing your first home in Atlanta, here’s what you need to know before you apply.
Physician Loan Rate vs. Conventional: The Breakeven Math
Before comparing lenders, it’s worth understanding the core financial trade-off in physician loans. They typically carry slightly higher interest rates than conventional loans, but eliminate PMI entirely. Here’s how that math plays out on a representative purchase in Virginia.
Scenario: $600,000 home purchase, physician with 5% down ($30,000), 30-year term. Estimated rate environment as of 2026 (rates change daily; consult a licensed mortgage professional for current figures).
Conventional Loan with PMI:
Loan Amount: $570,000 | Rate: 6.75% | Monthly P&I: ~$3,697 | PMI (est. 0.7%/yr): ~$333/mo | Total Monthly: ~$4,030
Physician Loan, No PMI:
Loan Amount: $570,000 | Rate: 7.00% | Monthly P&I: ~$3,793 | PMI: $0 | Total Monthly: ~$3,793
Monthly Savings with Physician Loan: ~$237/month | Annual Savings: ~$2,844
The physician loan saves money every month in this scenario despite carrying a higher rate, because the PMI elimination more than offsets the rate premium. The breakeven calculation matters most when the rate premium is larger than the PMI savings — which is why comparing multiple lenders simultaneously (rather than accepting the first offer) is critical.
Note: This illustration uses estimated figures for educational purposes only. Actual rates, PMI costs, and loan terms vary by lender, credit profile, and market conditions. Not a commitment to lend.
Physician Loan Comparison: Program Snapshot
The table below summarizes key program features across the lenders covered in this guide. Use it as a quick reference before diving into the full analysis.
Lender | Min Down | No PMI | Credit Score Floor | Hard Pull to Quote | States (This Guide)
Duane Buziak / MBR | 0% | Yes | 500 (Vantage 4.0) | No (NoTouch) | VA, FL, TN, GA
Truist Bank | 0% | Yes | ~700 (est.) | Yes | VA, GA
Fifth Third Bank | 0% | Yes | ~700 (est.) | Yes | VA + Southeast
Flagstar Bank | 0–5% | Yes | ~700 (est.) | Yes | VA, TN, GA
Bank of America | Varies | Yes | ~700 (est.) | Yes | VA, FL, TN, GA
TD Bank | 0% | Yes | ~700 (est.) | Yes | VA (East Coast)
Regions Bank | Varies | Yes | ~680 (est.) | Yes | TN, GA
Huntington Bank | 0% | Yes | ~700 (est.) | Yes | Varies
UMB Bank | 0–5% | Yes | ~680 (est.) | Yes | Select states
Credit score minimums listed as estimates based on publicly available program guidelines. Verify directly with each lender. Availability in specific states subject to change.
1. Mortgage Broker Richmond / Duane Buziak Mortgage Maestro
Best for: Physicians who want to compare hundreds of lenders without a credit hit, including those with credit scores below 680 or bank turndowns.
Mortgage Broker Richmond is an independent mortgage brokerage serving Virginia, Florida, Tennessee, and Georgia, led by Duane Buziak (NMLS #1110647), offering access to hundreds of lenders through a single application process with no hard credit pull required to begin.
Where This Tool Shines
The core advantage here is structural. A bank can only offer its own products. An independent broker with access to hundreds of lenders can route your file to the program that fits your specific profile — whether that’s a physician loan, a bank statement program, or a non-QM solution for self-employed physicians with complex tax returns. For physicians who’ve been turned down by a bank or credit union, this routing capability is often the difference between a denial and a closing.
The NoTouch Credit pre-qualification is a genuine differentiator. Using Vantage Score 4.0, physicians can explore rate options and program eligibility without triggering a hard inquiry on their credit report. This matters when you’re in residency, actively managing your credit profile, or simply shopping multiple options before committing. Most bank-based physician loan programs require a hard pull before they’ll show you a rate.
Key Features
NoTouch Credit Pre-Qualification: Vantage Score 4.0 used for initial qualification — no hard credit inquiry, no impact to your score during the shopping phase.
Access to Hundreds of Lenders: One application, one broker, one comparison session across a wide network — rather than applying separately to each lender and accumulating hard pulls.
Credit Scores Accepted Down to 500: Most physician loan programs at banks require 680–720+. This program extends eligibility significantly further, including physicians rebuilding credit or those with thin credit files from years in training.
Bank and Credit Union Turndown Conversions: When a physician is declined by a direct lender, the broker network provides alternative routing to lenders with more flexible underwriting criteria.
Speed to Close: Faster close timelines than typical bank processing, which matters for physicians relocating for a new position with a start date already set.
Homes For Heroes Program: Available for qualifying medical professionals — a structured savings program for healthcare workers purchasing or refinancing a home.
Best For
Physicians in Richmond and across VA, FL, TN, and GA who want to compare the broadest range of programs in a single session, those with credit scores below the 680–720 floor most banks require, residents and fellows with limited credit history, and physicians who have already received a bank or credit union denial. Also well-suited for self-employed physicians or those with complex income structures.
Pricing
No upfront cost to pre-qualify. Broker fees are disclosed at application per RESPA requirements. Compensation structure is transparent and regulated. Contact directly at mortgagebrokerrichmond.com or (804) 212-8663.
2. Truist Bank Physician Loan Program
Best for: Established physicians in Virginia or Georgia who prefer working with a large regional bank with southeastern roots.
Truist Bank is a large southeastern regional bank formed through the merger of SunTrust and BB&T, offering dedicated physician mortgage products with 0% down options up to $1 million and no PMI requirement.
Where This Tool Shines
Truist has meaningful branch presence across Virginia and Georgia, which matters for physicians who prefer in-person guidance during a complex purchase. Their physician loan program accepts employment contracts for recently matched residents and fellows, which removes the two-year tax history requirement that trips up many early-career doctors at conventional lenders.
As a large bank, Truist brings institutional stability and a familiar brand to the table. Physicians who already bank with Truist may find the relationship streamlines the application process, though the rate you receive will still be a single-lender offer rather than a shopped comparison.
Key Features
0% Down Up to $1M: Full purchase price financing available for qualifying physicians without PMI.
No PMI: Eliminated on physician loan products regardless of down payment amount.
Employment Contract Acceptance: Residents and fellows can qualify using a signed employment contract rather than established income history.
Designation Eligibility: MD, DO, DDS, and DMD designations accepted; verify current eligible designations directly with Truist.
Southeastern Footprint: Branch network covers Virginia and Georgia, two of the four states in this guide.
Best For
Physicians in Virginia or Georgia with strong credit profiles (estimated 700+) who prefer a large regional bank relationship and are purchasing at or below the $1M loan limit. Existing Truist banking customers may find the onboarding process more streamlined.
Pricing
Rates vary by market conditions, loan amount, and credit profile. Contact Truist directly for current rates. Note: a hard credit pull is required to receive a rate quote, which means comparison shopping across multiple banks will generate multiple inquiries.
3. Fifth Third Bank Physician Mortgage
Best for: Physicians seeking 100% financing with student loan debt excluded from DTI calculations.
Fifth Third Bank is a national bank offering physician mortgage programs with 0% down financing and favorable treatment of student loan debt in DTI calculations — a critical feature for physicians carrying significant educational debt.
Where This Tool Shines
Fifth Third’s approach to student loan debt in DTI is one of its most physician-friendly features. Rather than counting the full monthly student loan payment against your debt-to-income ratio, the program can exclude or significantly reduce that figure — which directly expands how much home you can qualify for. For physicians carrying $200,000–$400,000 in student loans, this treatment can be the difference between qualifying and not qualifying at a given purchase price.
The bank also accepts signed employment contracts as qualifying income documentation, making it accessible to newly hired physicians who haven’t yet received their first paycheck from a new position.
Key Features
0% Down Up to $1M with No PMI: Full purchase financing available for qualifying physicians.
Employment Contract Income: No two-year tax history required; signed offer letter or employment contract accepted.
Student Loan DTI Treatment: Student loan debt excluded or reduced in DTI calculations depending on repayment status.
Broad Designation Eligibility: MD, DO, DDS, DMD, and other medical designations accepted; verify current list directly.
National Footprint: Available in Virginia and southeastern states; confirm current state availability at application.
Best For
Physicians with high student loan balances who need favorable DTI treatment to qualify at their target purchase price, and newly hired attendings relocating to a new position who don’t yet have established income documentation.
Pricing
Rates vary by market and credit profile. A hard credit inquiry is required at application. Contact Fifth Third directly for current program terms and state availability.
4. Flagstar Bank Physician Loan
Best for: Physicians purchasing higher-value homes above $1M, or veterinarians and pharmacists who need broader designation eligibility.
Flagstar Bank is a national mortgage lender offering physician loan products with loan limits reaching up to $1.5 million and one of the broader designation eligibility lists among physician loan programs.
Where This Tool Shines
The $1.5M loan limit is a meaningful differentiator for physicians purchasing in higher-cost markets or buying larger homes. Many physician loan programs cap at $1M with 0% down, which can create a gap for physicians in markets like certain parts of Northern Virginia (note: this guide focuses on Richmond and central VA, not the NOVA/DC metro area) or high-value neighborhoods in Atlanta or Nashville.
Flagstar’s designation list is also notably broad. Including DVM (veterinarians) and PharmD (pharmacists) alongside the standard MD, DO, DDS, and DMD designations means healthcare professionals outside traditional medicine can access physician-style loan terms.
Key Features
Loan Limits Up to $1.5M: Higher ceiling than most physician loan programs, with 0–5% down options.
No PMI: Eliminated across qualifying physician loan products.
Broad Designation Eligibility: MD, DO, DDS, DMD, DVM, and PharmD — one of the wider eligibility lists available.
Flexible Student Loan DTI: Student loan treatment favorable in DTI calculations; verify specific methodology directly.
Multi-State Availability: Available in Virginia, Tennessee, and Georgia among others; confirm current state coverage at application.
Best For
Physicians, veterinarians, and pharmacists purchasing homes above the $1M threshold, or those in designations not covered by more narrowly focused physician loan programs. Also useful for physicians in Tennessee and Georgia looking for a national lender with southeastern availability.
Pricing
Rates vary by loan amount, state, and credit profile. Contact Flagstar directly for current rates. Hard credit pull required at application.
5. Bank of America Doctor Mortgage
Best for: Physicians who are existing Bank of America customers and can leverage Preferred Rewards rate discounts.
Bank of America is a major national bank offering physician mortgage products with no PMI and potential rate reductions for existing customers through the Preferred Rewards program.
Where This Tool Shines
Bank of America’s Preferred Rewards program creates a genuine pricing advantage for physicians who already hold significant assets with the bank. If you maintain qualifying balances in BofA or Merrill Lynch accounts, you may receive a rate discount on your physician mortgage — a benefit that’s difficult to replicate through a bank that doesn’t know your full financial relationship.
The national branch network also means in-person support is available across all four states covered in this guide. For physicians who prefer face-to-face mortgage guidance rather than a fully digital process, Bank of America’s branch density provides that option in Virginia, Florida, Tennessee, and Georgia.
Key Features
No PMI: Eliminated for qualifying physician mortgage products.
Preferred Rewards Rate Discounts: Existing BofA customers with qualifying account balances may receive mortgage rate reductions.
National Branch Network: In-person support available across VA, FL, TN, and GA.
Designation Eligibility: MD, DO, DDS, and DMD accepted; verify current list directly with Bank of America.
Digital and In-Branch Options: Full application flexibility between online and in-person processes.
Best For
Established physicians with existing Bank of America or Merrill Lynch relationships who can unlock Preferred Rewards pricing. Best suited for attendings with strong credit profiles and asset balances rather than residents or fellows with limited banking history.
Pricing
Rates vary; Preferred Rewards members may receive rate reductions based on qualifying asset tiers. Hard credit pull required to receive a rate quote. Contact Bank of America directly for current physician mortgage terms.
6. TD Bank Physician Mortgage
Best for: Physicians in Virginia seeking a physician loan program with broader designation eligibility including optometrists and podiatrists.
TD Bank is a regional bank with a strong East Coast presence offering physician mortgage programs with 0% down options and one of the broader designation eligibility lists among bank-based physician loan programs.
Where This Tool Shines
TD Bank’s inclusion of OD (optometrists) and DPM (podiatrists) in its physician loan eligibility is a meaningful differentiator. Many physician loan programs restrict eligibility to MDs, DOs, and dentists — leaving optometrists and podiatrists to navigate conventional underwriting despite facing similar student debt and income trajectory challenges. TD Bank’s broader eligibility list addresses this gap.
The East Coast branch footprint makes TD Bank particularly relevant for Virginia physicians, especially those in the Richmond area who want in-person support from a lender with regional market familiarity.
Key Features
0% Down Options: Available for qualifying physicians with no PMI requirement.
Broad Designation Eligibility: MD, DO, DDS, DMD, OD (optometrists), and DPM (podiatrists) — notably wider than many competitors.
East Coast Branch Presence: Strong coverage in Virginia; in-person support available.
Employment Contract Acceptance: Residents and fellows can qualify using signed employment contracts.
Best For
Optometrists, podiatrists, and other medical professionals in designations not covered by most physician loan programs, as well as MDs and DOs in Virginia who prefer a regional East Coast lender with in-person branch access.
Pricing
Rates vary by state and credit profile. Hard credit pull required at application. Contact TD Bank directly for current physician mortgage terms and to confirm current state availability.
7. Regions Bank Physician Loan
Best for: Physicians in Tennessee or Georgia who prefer a southeastern regional bank with strong local market presence.
Regions Bank is a southeastern regional bank with particularly strong market presence in Tennessee and Georgia, offering physician loan programs with flexible DTI calculations and no PMI requirement.
Where This Tool Shines
Regions Bank’s depth in the Tennessee and Georgia markets is its primary advantage. For physicians relocating to Nashville, Memphis, Atlanta, or Savannah, Regions brings local market knowledge and a branch network that’s genuinely embedded in those communities. This regional familiarity can translate to smoother transactions in markets where local relationships matter.
The flexible DTI calculations for physicians with student debt are standard for the physician loan category, but Regions’ southeastern focus means their loan officers are likely to have handled many physician files from the major medical centers in those markets, including Vanderbilt Medical Center in Nashville and Emory in Atlanta.
Flexible DTI for Student Debt: Student loan balances treated favorably in debt-to-income calculations.
Strong TN and GA Presence: Deep branch network and market familiarity in Tennessee and Georgia.
In-Person Branch Support: Available across southeastern state markets.
Best For
Physicians purchasing in Tennessee or Georgia who want a regional bank with local market depth, in-person support, and familiarity with the medical professional borrower profile common to those markets.
Pricing
Rates vary; contact Regions Bank directly for current physician mortgage terms. Hard credit pull required at application.
8. Huntington Bank Physician Mortgage
Best for: Physicians seeking an established physician lending track record with 0% down and employment contract acceptance for new attendings.
Huntington Bank is a bank with a long track record specifically in physician lending, offering 0% down up to $1 million with no PMI and broad acceptance of employment contracts for residents transitioning to attending roles.
Where This Tool Shines
Huntington has been in the physician mortgage space for a significant period of time, which means their loan officers have processed many physician files and are familiar with the nuances of resident-to-attending transitions, fellowship income documentation, and the timing challenges that come with relocation for a new position. That institutional experience can reduce friction during the underwriting process.
The student loan exclusion from DTI is particularly valuable for physicians who completed longer training programs — internal medicine subspecialties, surgical fellowships, or academic medicine tracks — where debt accumulation over a 7–10 year training period is common.
Key Features
0% Down Up to $1M with No PMI: Full purchase financing with no mortgage insurance requirement.
Employment Contract Acceptance: Signed contracts accepted in lieu of two-year income history for new attendings.
Student Loan DTI Exclusion: Student loans excluded from DTI in many qualifying scenarios.
Established Physician Lending Track Record: Institutional experience with physician borrower profiles.
Best For
Physicians transitioning from residency or fellowship to attending roles who need employment contract acceptance and student loan DTI exclusion, particularly those who value working with a lender that has deep familiarity with physician borrower profiles.
Pricing
Rates vary by market and loan amount. Hard credit pull required at application. Confirm current state availability and program terms directly with Huntington.
9. UMB Bank Physician Loan
Best for: Healthcare professionals with high student debt loads who need the most favorable possible DTI treatment to qualify at their target purchase price.
UMB Bank is a mid-size bank focused on healthcare professionals, offering physician mortgage products with competitive terms and particularly favorable treatment of student loan debt in DTI calculations.
Where This Tool Shines
UMB’s focus on healthcare professionals as a core customer segment means their physician loan program isn’t a peripheral product — it’s a strategic offering. That focus tends to translate into loan officers who understand the physician borrower profile and underwriting teams that are experienced with the specific documentation challenges physicians face.
The DTI treatment for student loans is cited as a strength of UMB’s program, which matters most for physicians in specialties with longer training tracks and correspondingly higher debt loads. A physician with $350,000 in student loans who is on an income-driven repayment plan may have a very different effective DTI impact under UMB’s methodology than under a conventional lender’s calculation.
Key Features
Favorable Student Loan DTI Treatment: Particularly beneficial for physicians with high debt loads on income-driven repayment plans.
Broad Medical Designation Eligibility: Healthcare professionals beyond standard MD/DO/DDS covered; verify current list directly.
Competitive Rates for Healthcare Professionals: Pricing structured specifically for the physician borrower segment.
0–5% Down Payment Options: Flexible down payment requirements with no PMI.
Best For
Physicians with particularly high student debt loads who need the most favorable DTI treatment available, and healthcare professionals in broader designations who may not qualify for more narrowly focused physician loan programs. Confirm state availability in VA, FL, TN, and GA directly with UMB before applying.
A Note on Local Richmond Competitors
Richmond physicians searching online will encounter several local and regional lenders worth understanding in context. C&F Mortgage Corporation, Alcova Mortgage, River City Lending, and CapCenter all have Virginia roots and genuine local expertise. Movement Mortgage (including the Jay Bowry team locally) and CrossCountry Mortgage (including the Benjamin Burkett Richmond team) offer physician-adjacent products with competitive service models.
The structural difference between these direct lenders and an independent broker is straightforward: a direct lender can only offer its own programs. When a file doesn’t fit their box, they decline it. An independent broker with access to hundreds of lenders can route that same file to a lender whose guidelines do fit — which is why bank and credit union turndowns are often convertible to approvals through a broker channel.
Physicians researching local options should also be aware that Colonial 1st Mortgage appears in some Richmond and Glen Allen mortgage broker directory listings. The Better Business Bureau lists this business as out of business, their domain no longer resolves to a functioning mortgage company website, and their most recent Yelp review dates to 2017. If you encounter Colonial 1st Mortgage in search results, verify current licensing status at nmlsconsumeraccess.org before making contact.
Frequently Asked Questions: Physician Loans in VA, FL, TN & GA
Q: Can I get a physician loan while still in residency?
A: Yes. Most physician loan programs accept a signed employment contract as qualifying income documentation, meaning you can close on a home before your first attending paycheck. The key is having a signed offer letter from your employer with a confirmed start date.
Q: Do physician loans require a 20% down payment?
A: No. Most physician loan programs offer 0–5% down payment options with no PMI requirement. This is one of the defining features of the product category.
Q: My student loan balance is over $300,000. Can I still qualify?
A: Physician loan programs treat student debt differently than conventional loans. Many programs exclude student loan balances from DTI entirely, or calculate them based on income-driven repayment amounts rather than the full payment. The specific methodology varies by lender, which is one reason comparing multiple programs matters.
Q: My credit score is below 680. Are there physician loan options for me?
A: Most bank-based physician loan programs require credit scores in the 680–720+ range. Duane Buziak’s broker platform accepts credit scores down to 500 using Vantage Score 4.0, which significantly expands eligibility for physicians with thin credit files or those rebuilding credit after financial challenges during training.
Q: Will shopping multiple lenders hurt my credit score?
A: Multiple hard inquiries for mortgage purposes within a short window are typically treated as a single inquiry by credit scoring models under rate-shopping provisions. However, the NoTouch Credit pre-qualification available through Mortgage Broker Richmond uses Vantage Score 4.0 with no hard pull at all during the initial comparison phase, eliminating this concern entirely.
Q: Are physician loans available for dentists?
A: Yes. DDS and DMD designations are accepted by most physician loan programs covered in this guide. Some programs also extend eligibility to optometrists (OD), podiatrists (DPM), veterinarians (DVM), and pharmacists (PharmD). Verify current eligibility directly with each lender.
Q: How does a mortgage broker differ from a direct lender for a physician loan?
A: A direct lender (bank or credit union) can only offer its own products. If your file doesn’t fit their guidelines, you receive a denial. An independent mortgage broker has access to multiple lenders and can route your application to the program that best fits your specific profile — which is particularly valuable for physicians with non-standard income documentation, lower credit scores, or prior denials.
Which Physician Loan Is Right for You
The right physician loan depends on your specific situation, not on which lender has the most recognizable name. Here’s a practical framework for narrowing your decision.
If your credit score is below 680: Most bank-based physician loan programs will not be an option. Duane Buziak’s broker platform, which accepts scores down to 500 with NoTouch Credit pre-qualification, is the most viable starting point.
If you’ve been turned down by a bank or credit union: A denial from a single lender doesn’t mean you don’t qualify for a mortgage. It means you don’t qualify for that lender’s specific program. An independent broker with access to hundreds of lenders can find alternative pathways that a single-lender institution cannot.
If you’re purchasing above $1M: Flagstar’s $1.5M limit is a meaningful advantage. Verify current program availability in your state before proceeding.
If you’re in Tennessee or Georgia: Regions Bank’s southeastern depth and local market knowledge are genuine advantages for physicians in those markets.
If you’re an existing Bank of America customer with significant assets: The Preferred Rewards discount is worth quantifying before shopping elsewhere.
If you’re a veterinarian, pharmacist, optometrist, or podiatrist: Flagstar and TD Bank offer broader designation eligibility than most competitors. Confirm current eligible designations directly.
For most physicians in Richmond and across VA, FL, TN, and GA, the most efficient starting point is a NoTouch Credit pre-qualification that lets you see options across hundreds of lenders without a credit impact. Once you have a rate comparison in hand, you can evaluate whether a direct bank relationship offers a meaningful advantage for your specific situation.
Get your free pre-qualification today with no credit impact and explore physician loan options across hundreds of lenders through Duane Buziak’s independent broker platform.
This article is for educational purposes only and does not constitute a commitment to lend. Mortgage rates and program terms change frequently and are subject to credit approval, property appraisal, and lender guidelines. Programs available in Virginia, Florida, Tennessee, and Georgia only. Not available in all states. Equal Housing Lender. NMLS #1110647. All loan programs subject to change without notice. Consult a licensed mortgage professional for current rates and program eligibility specific to your situation.
Author: Duane Buziak, Mortgage Maestro | NMLS: 1110647 | Licensed in VA · FL · TN · GA | VA Broker of the Year 2024–2025 | Top 1% Nationwide | Coast2Coast Mortgage | DuaneBuziakMortgageMaestro.com | (804) 212-8663