Physician Mortgage Loans
The Doctor Mortgage Loan Program is designed to help qualified Physicians and Dentists acquire a residential mortgage loan from participating lenders with zero to very little money down and no PMI.
Who qualifies for the Doctor Loan Program?
- Licensed Medical Residents, Fellows, Medical Physicians (MD), and Doctors of Osteopathic Medicine (DO)
- Dentists (DDS/DMD)
- Some lenders offer Doctor Loans to Podiatrists, Optometrists, and Veterinarians
Benefits of the Physician Loan Program at a Glance
- Very low to zero down-payment: Only 0%, 5%, and 10% down depending on the lender
- No PMI (Private Mortgage Insurance)
- Higher maximum loan amounts: Lenders typically allow up to $850k/$1.5 Million
- Close on your loan early: up to 60-90 days before starting new employment (depending on the lender)
- An employment contract can be used as evidence of income – if starting a new job.
- Medical school loans can often be waived from your debt ratio (if deferred 12 months after closing)
- Competitive Fixed and Adjustable rates available
- Gift funds or seller contributions may be used for closing costs