DVM Mortgage: Mortgages for Veterinarians with 0%-10% Down

If you’re a veterinarian, you wait longer than many of your college educated peers to earn a real salary and buy a home. Luckily, there’s something called a DVM Mortgage that can help you achieve your home ownership dreams faster.

With a DVM Mortgage, you can put as little as 0% to 10% down with no private mortgage insurance (PMI). You also receive more generous treatment of student loan debt and income history in underwriting, making it easier to qualify in many cases.

We’ll go over the top banks offering veterinarian mortgages and what you can do to apply.

What is a DVM mortgage and how does it help veterinarians?

Loans with such low-down payment options have specific eligibility criteria. Banks limit a DVM mortgage to veterinarians due to your lower risk of default and their desire to build a relationship with you for other financial needs you might have.

The DVM Mortgage is a subset of a broader loan product called “the physician mortgage.” This doctor home loan product now expands beyond the initial target of medical doctors into other professionals such as veterinarians.

Usually, a bank will require you to keep a bank account with them, but the minimum deposit is often a nominal amount.

In exchange, you can get approved to borrow more than the conventional mortgage limit, which is $726,200 in most parts of the country.

Additionally, a veterinarian mortgage shines when it comes to the down payment. Putting as little as 0% down allows you to use your savings towards other important goals, such as renovating your home, buying furniture or even paying down your student debt faster.

You can start the quote process with the form below or keep reading.

10 Lenders that offer the DVM mortgage for veterinarians

The following lenders offer DVM mortgage options in specific states across the nation. Lenders are listed alphabetically with contact information when applicable. Note that a DVM mortgage is intended for veterinarians who plan to live in the house as a primary residence and is not intended for investment properties.

1. Fifth Third Bank

Fifth Third Bank has an even stronger presence in the Midwest, while still offering veterinarians mortgage options in parts of the Southeast. They also have a significant practice finance operation, as Fifth Third recently purchased Provide.

Current or future practice owners would do well to include Fifth Third in your search. They also offer lower interest rates with slightly higher 5% or 10% down payments. You can be approved for a home loan as high as $2 million, through Fifth Third Bank's physician mortgage program.

States available: FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV

Contact: Sandy Salas

2. First National Bank

As a major regional bank in the Mid-Atlantic, Southeast, and parts of the Midwest, First National Bank allows veterinarians in 11 states to take part in their DVM mortgage program.

This mortgage program offers various down payment options based on the loan amount: 0% down for loans up to $1.25 million, 5% down for loans up to $1.5 million, and 10% down for loans up to $2 million. Veterinarians can also choose from various mortgage types, including 30- or 15-year fixed-rate mortgages and 15-, 10-, 7-, and 5-year adjustable-rate mortgages (ARMs).

States available: DE, FL, GA, MD, NC, OH, PA, SC, TN, VA, WV

Contact: Josh Feldman

3. First National Bank of Omaha (FNBO)

The physician mortgage program with FNBO offers veterinarians and many other high-income professions financing options such as 0% down for up to $850,000 and 5% down for up to $1.25 million. Loan amounts up to $1.5 million can be accessed with a 10% down payment. Note that borrowers must have a minimum credit score of 720.

States available: CO, IA, IL, KS, MO, NE, SD, TX, WY

4. Fulton Mortgage Company

Fulton Mortgage Company works with veterinarians to provide home financing opportunities up to $3 million. Down payment options include 0% down for up to $1.5 million and 5% down for up to $2 million. However, higher loan amounts are available with 90% financing.

States available: DC, DE, MD, NJ, VA

Contact: Jim Webster

5. Huntington Bank

With one of the most broadly available DVM home loan programs, Huntington Bank allows you to borrow up to $2 million. You can also get up to 100% financing when borrowing up to $1 million.

States available: AR, CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY

6. Northpointe Bank

Northpointe Bank allows veterinarians in all 50 states except New York to buy a home through their DVM veterinarian mortgage program.

With Northpointe, you can finance up to 100% of the purchase price, but you might put down slightly more in exchange for a better interest rate. Northpointe Bank has one of the broadest programs available for veterinarians looking to qualify.

States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

7. Old National

Veterinarians can take advantage of Old National's physician home loan program, which offers 0% down for up to $750,000. If you need a higher loan amount, you can choose between 5% down for up to $1.25 million or 10% down for up to $1.5 million.

States available: IA, IL, IN, KY, MI, MN, WI

Contact: Joe Saleh

8. Regions Bank

Regions Bank's emerging professional home loan program encompasses many often-overlooked professions, including DVMs. Veterinarians can take advantage of down payment options as low as 3% down. You'll also have access to fixed-rate mortgage options, as well as 10-, 7- and 5-year adjustable-rate mortgages (ARM).

States available: AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, TX

9. S&T Bank

Veterinarians with a credit score of 700 or higher can apply for the S&T Bank physician mortgage program. There's no maximum loan amount, however, a 5% down payment is required. S&T Bank offers a variety of fixed-rate and adjustable-rate options.

States available: AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, WV, WI, WY

10. U.S. Bank

U.S. Bank’s mortgage program is somewhat limited compared to the other options, but it could be a great choice if you fall within their ideal range.

This mortgage is most competitive in the $700,000 to $1 million purchase price range with a 10% down payment.

States available: AL, AK, AZ, CA, CO, ID, IL, MA, MT, MI, MN, MS, NE, NV, ND, NM, OK, OR, RI, SD, TX, UT, WA, WY, WI

Is a DVM mortgage loan right for you as a doctor of veterinary medicine?

A veterinarian mortgage can get you into your dream home faster. The interest rate tends to be comparable with what you would get with a conventional home loan, but you can borrow far more with a DVM mortgage with better, more flexible terms.

Most veterinarians with student loans should consider a DVM mortgage simply because it lets you deduct mortgage interest if you itemize, while student loan interest is generally not tax deductible.

Additionally, the lower down payment is a great benefit — you might have a hard time getting financing to redo your kitchen or master bathroom if you use all your savings for the down payment.

You’ve sacrificed years of your life to become a veterinarian. Having a mortgage exclusively designed for you can be a responsible way to become a homeowner more quickly than you would have been able to otherwise.

Of course, recognize that the primary financial decision you should be thinking about when buying a home is the purchase price. The down payment you contribute matters much less than if the housing payment will be affordable, as the banks will approve you for far more than you should probably spend.

Get started with your DVM Mortgage quote process with the form below.