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The BMO Physicians’ Mortgage Program

Talk to a Mortgage Banker to get started.

Mon - Thu 8 a.m. - 7 p.m. (CT)Fri 8 a.m. - 6 p.m. (CT)

1-888-482-3781

At BMO, we believe healthcare professionals spend their time helping others and now it is our turn to help them, especially when it comes to homebuying. That’s why we’re pleased to offer the BMO Physicians’ Mortgage Program. footnote 1

Open to residents, fellows and existing or newly licensed medical doctors, footnote 2 the program is designed to help eliminate many of the roadblocks to mortgage financing faced by physicians. footnote 3 Plus, you can get a 0.125% rate discount with auto pay. footnote 4

We address the concerns you might have about homebuying:

  • Think student debt means you can’t afford the home you’d hoped for?

    BMO offers flexible debt-to-income underwriting guidelines

  • Worried about a lack of income history?

    We impose no income history requirement (proof of future income, like residency or employment contracts, is required) footnote 5

  • Want to save thousands over the life of your loan?

    No private mortgage insurance is required

  • Concerned about a lack of ready cash?

    We give you the ability to borrow up to 100% on mortgages up to $1 million, 95% on mortgages up to $1.5 million or 89.99% on mortgages up to $2 million footnote 3

  • Need to move in before you start your new position?

    Employment start date can take place within 90 days of closing footnote 5

Other advantages:

  • All standard fixed- and adjustable-rate footnote 6 mortgage products are available
  • Available for new purchase or refinance
  • Various property types are allowed footnote 1

Have questions?

Call Us

Mon - Thu 8 a.m. - 7 p.m. (CT)Fri 8 a.m. - 6 p.m. (CT)

1-888-482-3781
  • Footnote 1 details Available to qualified licensed medical doctors (including MD - Doctors of Medicine, DDS - Doctor of Dental Surgery, DMD - Doctors of Dental Medicine, and DO - Doctors of Osteopathic Medicine), residents and fellows for the purchase or rate/term refinance of primary residence (1-2 unit, single family, condominium and townhomes) located in all states except New York. Investment properties and second homes are excluded.
  • Footnote 2 details Licensed medical doctors include, Doctors of Medicine (MD), Doctors of Dental Surgery (DDS), Doctors of Dental Medicine (DMD) and Doctors of Osteopathic Medicine (DO). Resident is a person who has received a medical degree and who practices medicine under the supervision of fully licensed physicians, usually in a hospital or clinic. A residency may follow the internship year or include the internship year as the first year of residency. Fellowship is an additional specialty training period required for certain fields. Fellowship follows residency when required.
  • Footnote 3 details Physicians that have been practicing for 5-10 years are limited to 95% financing. Physicians that have over 10 years in practice post training (residency and/or fellowship) are not eligible for the Physicians Program. The following states are limited to 95% max LTV: CA, DC, FL, HI, ID, MD, NV and RI.
  • Footnote 4 details Auto Pay Interest Rate Discount
  • To receive a 0.125% rate discount, you must authorize BMO at origination to withdraw your loan payment each month from your BMO consumer checking account. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.
  • Footnote 5 details You must provide evidence that employment will start within 90 days of loan closing.
  • Footnote 6 details Your initial interest rate is fixed for a short period of time, and then converts to a variable rate that adjusts during the life of your loan. The amount of your payments will change when the interest rate changes. Historical performance of Adjustable-Rate Mortgage (ARM) indexes does not predict future performance and is only one factor to consider when choosing a mortgage loan. Certain restrictions and fees may apply.