BMO Harris Bank Physician Mortgage Loans

Physician Mortgages—Paving Your Way to Home Ownership

BMO Harris Bank Physician Mortgage Loans

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New Doctors and Dentists Qualify for Mortgages with Special Financing

You have invested all your time (and money) into your medical education. From medical school to residency, your whole life has been focused on becoming the best physician you can be. Home ownership may seem a lifetime away, with roadblocks everywhere. However, there are lenders who understand your struggle and want to help. Along with the challenges of becoming a medical professional are rewards—doctors have stellar repayment reputations, and are not only a low risk for default, but also take advantage of other financial services which banks offer. Therefore, many creditors consider physicians a valuable customer and want to acquire your business. Instead of fearing the process of purchasing a home, remind yourself of your income potential and what it means in terms of financial success.

Its important to understand what physician mortgage lenders can offer you when looking to purchase (or refinance) a home loan. In our series, we are evaluating several top lenders who offer specialized mortgage programs for medical professionals. Join us as we look through the requirements and benefits of these niche loan providers.

The Lenders

When it comes to selecting a lender for your physician mortgage loan, it is important to look for those whose requirements you can meet as well as offer benefits which fit your specific needs. To help you sort through the many options in loan providers, we are evaluating some of the top lenders in physician mortgage loans and revealing some of what makes them good choices for doctors and dentists looking to purchase or refinance a home.

Subsidiary of Canadian bank, BMO Financial Group, BMO Harris Bank is a leading financial institution in the Chicago area. Like other major lenders, BMO Harris Bank offers a variety of products to its customers, from personal banking and wealth management, to industry-specific banking services and credit card services. BMO Harris Bank strives to be recognized for its inclusiveness and has proven its commitment by earning accolades as a Forbes’ Best Employers for Women and America’s Best Employers for Diversity in 2019.

Although BMO Harris markets to young physicians, they offer attractive financing options to more experienced doctors and dentists as well. Their unique features include:

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BMO Harris Physicians’ Mortgage Program details:

Minimum Credit Score


States Available


Loan Amounts For Residents & Fellows

100% on mortgages up to $750,000
Close up to 60 days prior to starting employment with new employer
Use future employment income for qualifying purposes
Purchase or rate/term refinance of primary residence (1-2 unit, single family, condominium and townhomes) located in AZ, FL, IL, IN, KS, MN, MO, WI

Loan Amounts For Practicing Physicians

100% on mortgages up to $750,000
95% on mortgages up to $1 million
90% on mortgages up to $1.5 million
Physicians that have been practicing for more than 10 years are limited to 90% financing

Eligible borrowers include

Medical Doctor (MD)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Osteopathy (DO)


BMO Harris offers flexible debt-to-income underwriting guidelines
Fixed, adjustable rate mortgage products available
Available for new purchase or refinance
No Private Mortgage Insurance (PMI), which could equate to thousands of dollars in savings over the lifetime of your mortgage
Physicians who take out mortgage loans up to 100% financing will not hold equity in the property until sufficient principal payments are made to reduce the outstanding balance of the mortgage loan below the appraised value of the property and/or the property’s appraised value appreciates
Discounts for auto ACH payments made from a qualified BMO Harris bank account

With so many options for both new and established medical professionals, BMO Harris Bank can offer all physicians a mortgage which allows them to own a home at any point in their careers. With a strong history of mortgage lending, BMO Harris is a top contender. You can browse our series of lender reviews here.

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