Question 1

What is a doctor loan (physician mortgage)?

Accepted Answer

A physician mortgage (doctor loan) is a specialized loan program designed for licensed medical professionals. Key benefits include up to 100% financing with no down payment, no private mortgage insurance (PMI) even at high LTV, loan amounts up to $2 million or more, and student-loan-friendly DTI calculations. These programs recognize that medical professionals have high earning potential despite potentially high student debt and early-career income levels.

Question 2

Which medical professionals qualify for physician loan programs?

Accepted Answer

Eligible professionals typically include Medical Doctors (MD), Doctors of Osteopathic Medicine (DO), Dentists (DDS/DMD), Pharmacists (PharmD), Veterinarians (DVM), Podiatrists (DPM), Certified Registered Nurse Anesthetists (CRNA), and Physician Assistants (PA). Medical residents and fellows with signed employment contracts are also eligible. Specific eligibility varies by lender and program.

Question 3

Can I qualify for a mortgage while still in residency?

Accepted Answer

Yes. Our physician loan programs allow medical residents and fellows to qualify using their signed employment contract for projected income. This means you do not have to wait until you are earning your full attending salary to purchase a home. You can buy during residency and start building equity immediately.

Question 4

How are student loans handled in a physician mortgage?

Accepted Answer

Physician loan programs use student-loan-friendly DTI calculations. Depending on the program, your student loans may be calculated at the income-driven repayment (IDR) amount, 0.5% of the outstanding balance (instead of the standard 1%), or excluded entirely if in deferment. This significantly increases your purchasing power compared to traditional loan programs.

Question 5

Is there really no PMI with zero down?

Accepted Answer

Correct. Unlike conventional loans that require PMI when you put less than 20% down, physician mortgage programs waive PMI entirely — even with 0% down. On a $750,000 home, this can save you $300-$600 per month compared to a conventional loan with PMI, translating to thousands of dollars saved each year.

Question 6

How do physician loan rates compare to conventional mortgage rates?

Accepted Answer

Physician loan rates are typically competitive with conventional mortgage rates, and sometimes slightly higher (0.125-0.25%). However, when you factor in the elimination of PMI and the ability to finance up to 100%, the overall monthly cost is often lower than a conventional loan with PMI. We compare all available options to find the most cost-effective solution for your situation.

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