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Physician mortgage for Illinois doctors

0% iconNo down payment: Buy the perfect home sooner.
 
Loan dashboard$2,500,000 loan limit: Finance a higher-value home.
 
Lower rates and feesNo private mortgage insurance: Keep your monthly costs low.

 

View physician mortgage rates.

We offer doctor loans in Illinois and Indiana.

Licensing (https://www.newcastle.loans/licensing)

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Here's your current rate and payment.

Loan Type: 7-year ARM

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A 7-year ARM offers a lower initial interest rate than a 30-year fixed-rate mortgage, reducing your monthly payments during the early years. For a doctor expecting a significantly higher income, this allows for immediate savings while providing flexibility to refinance or pay off the loan before the rate adjusts.

  • View program limits: Credit score, down payment, and loan amount.
  • Contact us for a 30-year fixed mortgage quote. 
  • Interest rates can change without notice, and your actual rate, payment, and costs could be higher. Before choosing a loan, get an official Loan Estimate. Loan approval is subject to underwriter review. We offer physician mortgages in Illinois and Indiana only.

“The condo is close to work and in a nice neighborhood. But it’s over $1,000,000, and after years of medical school and residency, saving money for a down payment has been challenging.”

Our doctor's loan fits your financial situation.

You found the perfect place—near the hospital, in a safe neighborhood, with everything you hoped for. But the $1 million price tag seems like an impossible dream after years of medical school and residency left little room for savings.

We know limited savings, new employment, and high student loan debt prevent many young doctors from buying homes early in their careers. So, we offer an affordable mortgage to help you buy a more valuable property without waiting.

100% financing eliminates the need to save a significant amount upfront. No private mortgage insurance keeps monthly costs low, even for a high-value loan.

This loan lets you establish a stable, fulfilling personal life sooner, providing a sense of personal accomplishment. Suddenly, your dream home is within reach.

Chicago physician loan

Lower rate and better service

While you focus on your medical career and personal goals, our team of loan experts will guide you to homeownership and ensure everything goes smoothly.

Jim Quist Illinois Doctor Loan

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No down payment

Why wait? Own a home sooner, even if you haven't saved much.

icon down payment

Loans up to $2.5 million

Buy the home you want. Consider a bigger place that’s closer to work with amenities.

Lower rates and fees

No mortgage insurance

Keep your monthly costs low so you can fund other financial goals.


icon 1  Personalize your home loan.

View the rate, payment, and closing costs on our website as you explore options.

icon 1  Apply online.

Share a few details about yourself and the property, connect your employer and bank accounts, and securely transfer income and account records instantly. It's fast, simple, and hassle-free.

icon 1  Receive your mortgage approval letter.

Once our underwriter reviews your financial details, you'll receive approval, which will give you the confidence to find your dream home and make a strong offer.

Chicago doctor loan

 

"NewCastle helped me get my first mortgage, and I recommend them very highly. Incredible customer service, super responsive, and played a huge role in..."

Andy S.
Review

"My experience with New Castle Home Loans and Jim's team was nothing short of outstanding. They provided me with a home loan that was tailored to my family's needs, and the entire process was incredibly easy-going and hassle-free..."

Alex Grubbe
NewCastle Home Loans Google Review

"Fastest and most reliable service I have ever had and heard. I am especially thankful for Jim Quist for his knowledgeable and caring service. His service was above and beyond..."

Monir Moghadam
NewCastle Home Loans Google Review

"I have done three mortgages with new castle. Perfect efficincy and super happy to work with them again."

Yuankai Huo
NewCastle Home Loans Google Review

"The NewCastle team helped us achieve our long-time goal of becoming homeowners. I never dreamed closing on a home could go so smoothly for us. They were..."

Michele Librado
Review

"Highly recommended! Jim and his entire time were friendly, helpful, and responsive. I'm glad I worked with this business, who has an office right here in the city and understands the intricacies of the Chicago market."

Keenan D
NewCastle Home Loans Google Review

"Had a great experience working with Jim and his team. Surely recommended!"

Mo T
NewCastle Home Loans Google Review

"It’s been a absolute pleasure working with the New Castle team for the 2nd time, I can’t say enough good things about this company..."

Pat McRay
NewCastle Home Loans Google Review

"I worked with Jim last year and worked with him again this year as well. Jim was very helpful, and is very obvious that he..."

Alex Alvarado
NewCastle Home Loans Google Review

"I just closed on my home yesterday, as a first time home buyer all because of Jim, literally!!!! …"

Day Day
NewCastle Home Loans Google Review


Physician mortgage FAQ

What credit score do I need for a physician mortgage?

How much is the down payment for a physician mortgage?

What type of property can I buy with the physician mortgage?

Do I need to pay monthly mortgage insurance for a doctor mortgage loan?

Can I get approved for a physician mortgage if I start a new job?

Can I get approved for a physician mortgage with student loan debt?

Can a non-permanent resident get approved for a physician mortgage?

What is a 7/6 adjustable-rate mortgage (ARM)?

Can I refinance a physician mortgage?

Check physician loan rates

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