11+ Best Mortgage Lenders Of 2025 [For Physicians]

Choosing a mortgage lender is one of the most important steps when buying a home with a mortgage.

With so many lenders in the market, finding the right fit can be overwhelming.

The right lender can save money, simplify the mortgage process, and offer personalized loan options to match your financial situation.

As physicians with busy schedules, we understand that it can be hard to dedicate time for extensive research on good mortgage lenders.

So, we’ve curated a list highlighting the top 10 mortgage lenders for 2024. Keep reading to learn more.

1. Bank of America

Bank of America is a trusted name in the financial industry, offering different mortgage products.

Their loan programs include fixed-rate and adjustable-rate mortgages (ARMs), jumbo loans, doctor loans, and government-backed loans, such as FHA and VA loans.

The Doctor Loan program of Bank of America is designed for medical professionals.

It offers benefits like lower down payments and the exclusion of your student loan debt from the total debt calculation.

You can learn more about the Doctor Loan program here.

Why Choose Bank of America?

The Bank of America offers competitive mortgage rates and excellent customer service.

Additionally, borrowers benefit from their affordable closing costs and first-time homebuyer program, which includes down payment assistance for eligible applicants.

Also, they have several online tools, including mortgage, affordability, and closing costs calculators, to help potential buyers pre-qualify themselves.

The downside of this mortgage lender is that they don’t disclose their minimum credit score requirements.

Plus, they don’t offer USDA loans.

2. Wells Fargo

Wells Fargo is another mortgage lender that offers low interest rates and comprehensive loan offerings, including FHA loans, VA loans, ARMs, jumbo, and conventional mortgages.

Why Choose Wells Fargo?

Borrowers who meet the requirements can get up to $10,000 in assistance towards a down payment and $5000 for closing costs.

Also, they offer relatively lower interest rates than many other mortgage lenders.

You may even qualify for an interest rate discount on jumbo loans for eligible Wells Fargo assets.

Wells Fargo also boasts of an extensive network of local branches, which allows you to work directly with a consultant in your area.

Their website has a locator that makes finding their branch’s addresses easy.

Much like Bank of America, Wells Fargo withholds their minimum credit score and offers no USDA loans.

3. Guaranteed Rate

Guaranteed Rate has made a name for itself as one of the best digital mortgage lenders in the industry.

They offer various mortgage loan options, like fixed-rate mortgages, VA loans, FHA loans, jumbo loans, and refinancing options.

With Guaranteed Rate, you can get home equity loans to finance renovations in your home.

They offer a reverse mortgage option where eligible borrowers can get cash from their home equity to support their retirement life.

They also offer a mortgage insurance program for homeowners.

Why Choose Guaranteed Rate?

One of the standout features of Guaranteed Rate is its fully online application process, which should be more convenient if you have a busy lifestyle.

They also provide a mortgage rates tool to help you compare mortgage rates in real time.

Additionally, with their streamlined digital process, mortgage pre-approval happens in minutes, approval comes that same day, and you get your loan in less than two weeks.

If you experience a financial setback that may delay your monthly mortgage payment, Guaranteed Rate can also offer assistance.

The downside of Guaranteed Rate, however, is the high minimum credit score requirement of 620.

The application fee has an APR that is above the national average. They also don’t offer USDA loans.

4. Alliant Credit Union

Alliant is a credit union with a five-star rating across reputable sites like Bankrate, Newsweek, CNBC, and Nerdwallet.

Their loan products include conventional loans, jumbo, doctor, and government-backed loans like FHA, USDA, and VA loans.

They also offer refinance loans.

Why Choose Alliant?

There are several reasons to choose Alliant Credit Union as your mortgage lender.

Their application process is convenient because it’s fully online, and they also have a custom rate tool to help you discover the home that fits your financial situation.

Plus, you get a loan officer who guides you through the entire process.

Unlike Guaranteed Rate, there’s no application fee. They also have down payment assistance programs to help low-income earners.

Moreover, Alliant offers a mortgage rate lock to protect you against interest rate fluctuations in the market.

However, Alliant Credit Union doesn’t lend to all borrowers.

You must meet membership criteria to get a mortgage loan, and their interest rate is above average.

5. PennyMac

PennyMac is a top choice for borrowers seeking government-backed mortgages.

They specialize in FHA and VA loans to make homeownership more accessible to low—to moderate—income buyers.

They also offer refinancing options and home equity loans.

Other than government loans, Pennymac provides other loan options, such as conventional mortgage loans, ARMs, construction loans, jumbo mortgages, and investment property loans.

Why Choose PennyMac?

PennyMac is one of the few mortgage lenders that offers discounts on interest rates and closing costs.

Also, their website features loan calculators and other tools to help you understand your options.

In addition, the FHA and VA loans have a minimum credit score requirement of 580, which is lower than the requirement for most mortgage lenders.

They offer relief or assistance programs to support borrowers in financial crises.

Lastly, PennyMac primarily operates online, which is generally convenient.

6. Veterans United Home Loans

As the name implies, Veterans United Home Loans offers VA loans, including VA refinancing loans and jumbo mortgages.

They are the leading lender for VA loans and exclusively cater to veterans, active-duty military personnel, and their families.

Why Choose Veterans United Home Loans?

One of the benefits of VA loans is that no down payment is required.

Other benefits include competitive interest rates, relaxed credit requirements, closing fee limits, no private mortgage insurance needed, no loan pre-payment, and no loan limit.

While the benefits are tempting, you may not be eligible as a physician unless you’re a veteran or the surviving spouse of a military personnel who died in service.

7. Rocket Mortgage

Rocket Mortgage is another online lender offering comprehensive mortgage options, from conventional to FHA loans.

Their offer also includes home equity loans, ARMs, and refinancing options.

Why Choose Rocket Mortgage?

Rocket Mortgage is known for its user-friendly and streamlined digital experience.

They have a menu item labeled “Calculators,” which includes all their calculator tools, such as down payment, home equity, refinance, home affordability, and rent vs. buy calculators.

These tools help you assess the options available for your financial situation.

They also have specialized programs like the ONE+ by Rocket Mortgage.

With this program, you only need to pay 1% of your down payment while they cover the rest, making home buying more affordable.

There are additional loan options called HomeReady and Home Possible.

You pay a 3% down payment for them, but they reduce your mortgage insurance premiums.

With the additional Purchase Plan option, you may get up to a $7500 grant for closing costs.

Plus, Rocket Mortgage also accepts third-party down payment assistance.

They also offer the RateShield program, which locks in your interest rate for up to 90 days while you shop for a home.

This protects you when mortgage interest rates increase within that period, but you can also lower your locked-in interest rate if it reduces.

The flip side is that they don’t have USDA loans, which may benefit you if you’re planning to get a home in a rural or suburban area.

Also, their mortgage rates could be slightly higher than competitors.

8. PNC Bank

PNC Bank is another financial institution that grants home loans to eligible physicians.

They offer conventional loans, refinancing, government mortgages, ARMs, and Home Equity Lines of Credit (HELOCs).

Why Choose PNC Bank?

Their focus on personalized service makes them a top choice if you value one-on-one support.

In addition, their website features comprehensive tools and resources to guide you, especially if you’re a first-time homebuyer.

The PNC Home Insight Planner, in particular, can compare various loan options and mortgage rates, help discover a monthly payment plan that suits your budget, search for homes, and apply for loans—all in one place.

Additionally, they offer assistance like closing costs grants to improve the affordability of home loans.

PNC Bank has active online support and physical branches across 29 states, but the limited number of physical branches may be a problem for physicians who prefer in-person mortgage services.

9. BMO Bank

BMO is another trusted name in the financial industry in North America.

If you’re looking to refinance or buy a home, they have various mortgage options, including conventional loans, jumbo mortgages, and investment/multi-family loans.

Why Choose BMO?

They offer competitive rates and different low-down payment mortgages with fair credit score requirements.

Just as the Neighborhood Home Loan Product, which allows you to pay the lowest monthly mortgage payments.

If you’re a Canadian looking to purchase a home in the US, BMO offers cross-border mortgages that simplify the process.

Additionally, assistance and rate discounts will be given to eligible homebuyers.

There’s also a special Physician’s Mortgage Program designed to help licensed medical doctors like you finance a home.

Also, if you bank with BMO, you can get up to a 0.125% rate discount using autopay.

Some of the major benefits of the physician’s program include:

• Allowing higher debt-to-income ratios to accommodate student loan debt.
• Accepting proof of future income, such as a residency or employment contract, instead of income history.
• Eliminating the need to pay mortgage insurance premiums, saving you thousands over the loan term.
• Permitting borrowers to close on their home up to 90 days before their employment start date.

While these benefits are appealing, BMO doesn’t disclose its APR online, and there’s no tool for a personalized rate quote.

10. SoFi

SoFi is an online mortgage lender that caters to high-credit borrowers while offering mortgage options like FHA, VA, home equity, jumbo, and refinancing loans.

For this, you need a minimum credit score of 600 to qualify for a government mortgage loan.

Why Choose SoFi?

One of the perks of choosing SoFi is its closing speed.

They close mortgages faster than most competitors and offer a $10,000 money-back guarantee.

The application process is simple, with qualified loan officers offering guidance as you consider your options.

Additionally, SoFi is transparent with their rates, so there are no surprise fees along the way.

Plus, you can check your personalized rate on the website, and it won’t lower your credit score.

Generally, SoFi is a good choice.

However, the credit score for government mortgages is high compared to competitors, and there’s no option for USDA loans.

Choosing the Best Mortgage Lender

Mortgages are often long-term, and choosing the right mortgage lender is crucial for a smooth experience throughout the life of the loan.

Whether you prefer personalized service, competitive rates, or digital convenience, the lenders on this list offer something for every type of borrower.

Take the time to compare options while considering your financial goals.

If you don’t have the time or need expert advice, Physicians Thrive can help; simply contact us here.

Remember, help is available whenever you need it.