Professionals
Doctor & Physician Mortgage Loans
Physician programs exist because a resident's balance sheet looks alarming right up until the attending contract starts.
Quick Answer
A physician mortgage allows eligible medical professionals to finance a home with little or no down payment and no monthly mortgage insurance, often using an employment contract as proof of income before the first paycheck. Student loan debt is typically treated more favorably than under standard guidelines, which is what most improves qualification. Eligible degree types, maximum loan amounts, and residency-status rules vary by lender.
What these programs address
- Student loan debt that distorts standard debt-to-income calculations
- Employment contracts that begin after closing
- Limited savings early in a high-earning career
- Eligibility that may extend to dentists, veterinarians, and other professions depending on the lender
Worth comparing, not assuming
A physician program is not automatically the best option. For some borrowers a conventional loan prices better. The point of running both is finding out which is true for you before you commit.