See how much home you can afford with physician-only loan programs. Up to 100% financing, no PMI, and student loan flexibility — built for doctors.
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A physician mortgage loan is a specialized home financing product designed exclusively for medical professionals. Unlike conventional mortgages that treat all borrowers through the same qualification framework, physician mortgages recognize the unique financial trajectory of doctors, dentists, and other healthcare practitioners.
The core premise is simple: physicians represent some of the lowest-risk borrowers in the country. Despite graduating with substantial student debt and limited savings after years of training, their career earning potential is among the highest of any profession. Physician mortgage programs are structured around this reality, offering terms that would be impossible under conventional lending guidelines.
These programs are offered by banks and lenders that specialize in medical professional lending. They typically feature zero or low down payment options, complete elimination of private mortgage insurance (PMI), favorable treatment of student loan debt, and the ability to qualify based on a future employment contract rather than current income. For a resident earning $65,000 with $300,000 in student debt, these features can mean the difference between homeownership and years of renting.
Physician mortgage programs allow 100% financing (0% down) for borrowers with 680+ FICO on homes up to $1.5 million, and up to $2 million for borrowers with 720+ FICO. This eliminates the single largest barrier to homeownership for early-career physicians. Rather than spending years accumulating a $100,000 down payment while paying rent, doctors can purchase immediately and begin building equity. The 0% down option is particularly valuable during the transition from training to practice, when relocation expenses and practice startup costs are already straining finances.
On a conventional loan, any borrower putting less than 20% down is required to pay PMI, which typically costs 0.5% to 1.0% of the loan balance annually. On a $500,000 loan, that translates to $2,500 to $5,000 per year ($208 to $417 per month) in additional costs that build zero equity. Physician mortgage programs waive PMI entirely, regardless of down payment amount. Even with 0% down on a $1 million home, no PMI is charged. Over the life of a loan, this saves tens of thousands of dollars.
This is arguably the most impactful benefit. Conventional lenders typically calculate student loan obligations using 0.5% to 1.0% of the total outstanding balance as a monthly debt obligation, regardless of actual payment amount. For a physician with $350,000 in loans, this means $1,750 to $3,500 per month counted against their debt-to-income ratio, often making qualification impossible.
Physician mortgage programs take a fundamentally different approach. Residents and fellows with deferred student loans who are qualifying on their current residency or fellowship income can have those loans excluded entirely from DTI calculations. Practicing physicians on income-driven repayment plans have their actual monthly payment used instead of the punitive percentage-of-balance calculation. This single feature often determines whether a physician can buy a home.
Residents and fellows with signed employment contracts can qualify based on their future attending salary rather than current training income. The contract must include position title, start date (within 150 days of the Note date), and guaranteed base salary. This allows physicians to close on a home during the gap between training and practice, rather than waiting months after starting their new position.
Physician mortgage programs accept debt-to-income ratios up to 50% (45% with certain conditions), compared to the 43% to 45% limit on most conventional loans. This higher ceiling recognizes that physicians' income typically grows substantially in the early years of practice, making current DTI ratios less predictive of long-term payment ability.
An important distinction of physician mortgage programs: they are designed for high-LTV borrowers. The minimum LTV is 90.01%, meaning you must be financing more than 90% of the home's value. Borrowers who want to put 10% or more down may find conventional loans more appropriate. Escrow (impound) accounts for taxes and insurance are required, and secondary financing is not permitted.
Physician mortgage eligibility is based on medical designation, not specialty or practice area. The following designations typically qualify:
Residents, fellows, and interns in approved training programs are eligible, as are physicians with signed employment contracts for future positions. Minimum requirements include a 680+ FICO score, purchase of a primary residence, and a single-unit property. For a complete breakdown of eligibility criteria, see our Physician Mortgage Eligibility Guide.
The treatment of student loan debt is where physician mortgages deliver their most significant advantage. The average medical school graduate carries over $200,000 in educational debt, with many specialists accumulating $300,000 to $400,000 or more when undergraduate loans are included.
Under conventional lending rules, a physician with $350,000 in student loans would have $3,500 per month (using the 1% rule) counted toward their DTI. On a resident salary of $65,000, this single obligation consumes more than 64% of gross monthly income before any housing costs are considered. Homeownership under these rules is mathematically impossible for most training physicians.
Physician mortgage programs address this through three mechanisms:
| Feature | Physician Mortgage | Conventional |
|---|---|---|
| Down Payment | 0% available | 3-20% |
| PMI | Never | Required if <20% down |
| Student Loan Treatment | Actual payment or excluded | 0.5-1% of balance |
| Max DTI | 50% | 43-45% |
| Offer Letter Income | Accepted | Not accepted |
Read our complete Physician vs Conventional Mortgage comparison for a detailed side-by-side analysis including real cost scenarios.
Physician mortgage rates are influenced by several factors you can control and optimize before applying.
Your credit score is the single most impactful rate factor. A 720+ FICO unlocks the best rates and 100% financing. Even a 20-point improvement from 700 to 720 can save 0.125% to 0.25% on your rate and unlock significantly better terms. Before applying, review your credit reports, dispute any errors, pay down credit card balances below 30% utilization, and avoid opening new accounts.
Adjustable-rate mortgages (ARMs) offer initial rates 0.5% to 1.0% lower than 30-year fixed options. Physician mortgage ARMs are available in 5/6, 7/6, and 10/6 structures with a minimum loan amount of $350,000. For residents and fellows who plan to sell or refinance within 5 to 7 years, a 5/6 or 7/6 ARM can save $15,000 to $30,000 during the fixed period. For attending physicians settling into a permanent position, a 30-year fixed provides long-term payment certainty. Note that DTI limits are reduced to 45% for all ARM products.
Physician mortgage is a competitive market. Get quotes from at least three to four lenders who specialize in physician programs. Rate differences of 0.25% to 0.50% between lenders are common, which translates to tens of thousands of dollars over the life of the loan. Don't accept the first rate you're offered.
For a complete analysis of rate tiers, ARM products, and rate lock strategies, see our Physician Mortgage Rates Guide.
Yes. Physician mortgage programs are specifically designed for borrowers with high student debt. If you're a resident or fellow with deferred loans and qualifying on your current training income, they can be excluded entirely from your DTI calculation. If you're a practicing physician on an income-driven repayment plan, lenders use your actual monthly payment rather than the full balance. This is the single biggest advantage of physician mortgages over conventional loans. Use our calculator above to see how your specific debt level affects your qualification.
Yes, most physician mortgage programs accept employment contracts and offer letters for qualification. The letter must include your position title, start date (within 150 days of the Note date), and guaranteed base salary. This allows residents and fellows transitioning to attending positions to qualify based on their future income, not their current training salary. Some programs also accept residents currently in training who can document their program and expected completion date.
Yes, this is one of the defining features of physician mortgage programs. Even with 0% down payment and 100% financing, no private mortgage insurance is charged. On a conventional loan, PMI typically costs 0.5-1% of the loan balance annually, which is $2,500 to $5,000 per year on a $500K loan. Physician programs waive this entirely because lenders view doctors as low-risk borrowers with strong future earning potential.
Maximum loan amounts vary by program and down payment. With 0% down (100% financing), loans up to $1.5M to $2M are available for borrowers with 720+ FICO scores. With 5-10% down, limits can extend higher. The specific maximum depends on your credit score, down payment, property location, and the lender's program guidelines. Our calculator above factors in these variables to show you what's available for your scenario.
Yes. Physician mortgage programs specifically accommodate this common scenario. If you have a signed employment contract with a start date within 150 days of the Note date, you can qualify based on your future attending salary. This is one of the most powerful features for residents transitioning to practice. You can close on your home during the gap between finishing training and starting your new position.
Yes, most programs require reserves (liquid assets available after closing). The amount varies by loan-to-value ratio and loan size. Typical requirements range from 0 to 6 months of PITIA depending on LTV and loan size. Importantly, gift funds from family members are generally eligible to satisfy reserve requirements. Our calculator above shows your specific reserve requirement based on your inputs.
Physician mortgage programs are not specialty-specific. They are designation-based. Eligible designations typically include MD, DO, DDS, DMD, PharmD, VMD (Veterinarian), DPM (Podiatrist), and CRNA (Nurse Anesthetist). Whether you're in primary care, surgery, dermatology, or any other specialty, you qualify based on your medical degree and licensure, not your practice area. Residents and fellows in any specialty are also eligible.