Physician Loans
A mortgage built for medical careers.
Physician loans let doctors, dentists and other medical professionals buy a home with little or no money down and no monthly mortgage insurance, even with student loans and a brand-new contract.
- Low or no down payment
- No monthly mortgage insurance
- Qualify on a signed employment contract
No credit pull and no obligation. Prefer to talk? Call or text (949) 910-3943.
At a glance
- Down payment
- As low as 0% to 10%
- Mortgage insurance
- None
- Student loans
- Flexible treatment
- Property use
- Primary residence
Why a physician loan
Designed around how medical careers work
Years of training, large student loan balances and a new contract can make a standard mortgage hard to get. Physician loans are written for exactly that situation.
Little or no down payment
Many programs offer up to 100% financing, with the amount depending on the loan size.
No monthly mortgage insurance
No PMI, even when you put down less than 20%.
Student loans treated fairly
Deferred loans may be left out of your ratios, or your income-based payment can be used.
Qualify on a contract
A signed employment contract can count as income before your first paycheck.
Higher loan amounts
Loan sizes go well above standard conforming limits, which helps in higher-cost markets.
Residents and fellows welcome
Many programs are open to physicians who are still in training.
Compare
Physician loan vs. a conventional loan
How the two compare for a medical professional buying a home.
| Physician loan | Conventional loan | |
|---|---|---|
| Down payment | As low as 0%, depending on loan amount | 3% to 20% or more |
| Mortgage insurance | None | Required with less than 20% down |
| Student loans | Deferred loans may be excluded, or an income-based payment used | A payment is usually counted, even on deferred loans |
| Income | A signed contract can qualify | Usually pay stubs and a work history |
| Interest rate | Often slightly higher | Often lower with 20% down |
If you have 20% to put down, a conventional or jumbo loan may cost less. I will check both.
Want to see what your payment could look like?
Eligibility
Who can use a physician loan
Each lender keeps its own list of eligible professions. I shop the lenders that fit your degree and career stage.
| Profession | Availability |
|---|---|
| Medical doctors (MD, DO) | Widely eligible |
| Dentists and oral surgeons (DDS, DMD) | Widely eligible |
| Residents and fellows | Eligible with many programs |
| Veterinarians, podiatrists, optometrists and pharmacists | Eligible with some lenders |
| Nurse anesthetists, nurse practitioners and physician assistants | Eligible with select lenders |
Not sure whether your degree qualifies? Ask me and I will confirm before you apply.
Qualifying
Do you qualify?
Typical requirements
- An eligible medical degree, or a current residency or fellowship
- The home will be your primary residence
- Credit score usually 700 or higher, lower with some lenders
- Current employment, or a signed contract with a start date soon after closing
- Cash reserves, often a few months of payments
What you will need
- Your employment contract or offer letter, or recent pay stubs
- Student loan statements showing balances and payment status
- Bank statements for your funds to close and reserves
- Proof of your degree, license or training program
- A government-issued photo ID
The process
From first call to closing
Tell me where you are
Your specialty, career stage, start date, student loans and where you want to buy.
Options and pre-approval
I compare physician programs against conventional and jumbo, then issue a pre-approval.
Go under contract
Make your offer with confidence, even if you are relocating for a new position.
Underwriting to closing
I work around your schedule and keep you updated at every step.
Common questions
Physician loan questions, answered
Do I have to be finished with residency?
No. Many programs are open to residents and fellows, as well as attending physicians and established practitioners.
Can I buy before I start my new job?
Often, yes. Many lenders accept a signed employment contract and allow you to close before your start date, commonly within 60 to 90 days.
How are my student loans counted?
It depends on the lender. Some leave out loans that are deferred or in forbearance, and others use your income-based repayment amount instead of a percentage of the balance.
Can I use it for a second home or a rental?
Generally no. Physician loans are for a home you will live in. For a rental, a conventional or DSCR loan is usually the better fit.
I am self-employed or own a practice. Can I qualify?
Yes, with some lenders. You will typically need to document your practice income, often with two years of tax returns.
Are the rates fixed or adjustable?
Both are available. I will show you fixed and adjustable options side by side so you can choose.
Starting a new position or relocating?
Tell me your specialty, start date and price range, and I will show you how much you can buy, what you need to bring in and what the payment looks like.
Physician loan programs are offered by select lenders. Eligible professions, down payment, loan limits and student loan treatment vary by lender. This is general information, not a loan offer, rate quote or commitment to lend. Program terms, fees and eligibility can change and depend on your credit, income, property and lender guidelines. Mack Davidson, NMLS #1006831, CA DRE #02086053, E Mortgage Capital, Inc., NMLS #1416824. Equal Housing Opportunity.