Medical Professional Loan Program | Merchants Bank

You’ve always wanted to help other people through your work, but this career path can make it difficult to finance a big purchase like a home when you’re just starting out. Our specialty mortgage loan program for medical professionals, sometimes known as a doctor home loan program, streamlines the process and reduces some of the fees that often come with traditional residential home mortgage loan programs for single family homes, town homes and condominiums.

Program Benefits

Low to no down payment: Up to 100% financing of purchase price, plus borrowers may finance closing costs
Loan amounts of up to $1.5 million
Early loan closing 60 days prior to employment start date possible with a signed contract
- Lower monthly payments: No Private Mortgage Insurance (PMI) required
- No prepayment penalties
- Cap on origination fee of $2,500
Student loan debt in deferment for 12 or more months is not included in borrower’s debt to income ratio

Eligibility Requirements

At least one borrower on the loan must hold one of the following licenses:
- Medical Resident (Educational License)
- Medical Doctor (MD)
- Doctor of Dental Science (DDS)
- Doctor of Dental Medicine or Surgeon (DMD)
- Doctor of Optometry (OD)
- Doctor of Ophthalmology (MD)
- Doctor of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
- Anesthesiologist
- Doctor of Pharmacy (Pharm D)
- Advanced Practice Registered Nurse (APRN)
  - Nurse Practitioner (NP)
  - Certified Registered Nurse Anesthetist (CRNA)
  - Certified Nurse Midwife (CNM)
  - Clinical Nurse Specialist (CNS)
  - Clinical Nurse Leader (CNL)
- Doctor of Veterinary Medicine (DVM)
- Physician Assistant
Borrower(s) must be a US citizen; permanent Resident Alien; or Non-Resident Alien with a Visa expiration date at least six months beyond loan maturity or with a qualified US citizen co-applicant