Physician Loan for Doctors

A physician loan is a specialized mortgage product designed for doctors and certain other eligible medical professionals. It may offer features not typically available through standard conventional or jumbo loan programs, including low or no down payment, no mortgage insurance requirement, more flexible treatment of student loan debt, and the ability to qualify using a signed employment contract in some cases. These features are designed around the specific financial realities many medical professionals face early in their careers, such as high student debt, limited cash reserves, and delayed income documentation.

Eligible borrowers may include physicians (MD/DO), dentists (DDS/DMD), pharmacists (PharmD), veterinarians (DVM/VMD), podiatrists (DPM), and CRNAs with qualifying credentials, as well as certain residents, fellows, and interns with an eligible degree. Not every role in the healthcare field will qualify. Eligibility depends on profession, degree held, documentation, and program guidelines. Reach out to discuss whether your specific profile may fit.

Student loan treatment depends on the borrower's situation and documentation. In certain residency and fellowship scenarios, qualifying student loan payments may be excluded from DTI calculations. Other eligible borrowers may use the IBR payment or actual payment rather than the standard 1% of balance calculation. This is one of the program's most meaningful differentiators for early-career medical professionals with significant student debt.

For eligible W-2 borrowers, a properly documented employment contract or offer letter may support qualifying up to 150 days before the note date. Certain 1099 or contract-based physicians may also qualify if the start date falls within program requirements and the contract structure meets guidelines. Documentation and underwriter review are required. Eligibility is not guaranteed based on a contract alone.

Within the program's parameters and for eligible borrowers, mortgage insurance is not required. This is a significant difference from many conventional low-down-payment options, which often require PMI until sufficient equity is reached. Specific terms apply, and all scenarios remain subject to underwriting review and program guidelines.

The program supports loan amounts up to $2,000,000 for eligible borrowers. Maximum loan amounts are subject to LTV, credit, reserve, and income documentation requirements, and may vary by borrower scenario. This makes the program relevant for physicians and other professionals purchasing higher-value primary residences where conforming loan limits are insufficient.

The minimum FICO score for this program is 680. This requirement applies regardless of employment status, income trajectory, or down payment amount. Borrowers with credit events such as recent collections, judgments, or major derogatory history may face additional review depending on circumstances and timing.

The program supports eligible rate/term refinances in addition to purchase transactions. Cash-out refinances are not available under this program structure.

Yes, residents and fellows may qualify for a physician loan if they hold an eligible degree and meet program guidelines. One of the most valuable features for this group is the potential to qualify using a signed employment contract or offer letter, allowing a purchase before a new attending position officially begins. Student loan treatment may also be more flexible for borrowers in residency or fellowship. Certain 1099 or contract-based physicians may also qualify, subject to contract structure, documented start date, and program requirements. We recommend reaching out to discuss your specific scenario.