Question 1

What is a physician mortgage loan?

Accepted Answer

A physician mortgage loan (also called a doctor loan) is a specialized mortgage program designed specifically for medical professionals. It offers 0% down payment (100% financing), no private mortgage insurance (PMI), and flexible debt-to-income calculations that exclude student loans. According to Bankrate, physician loans typically allow up to $2,000,000 in financing—significantly higher than conventional conforming loan limits of $766,550 (2024).

Question 2

Who qualifies for a physician mortgage?

Accepted Answer

Physician mortgage loans are available to 11 medical professions: Medical Doctors (MD), Doctors of Osteopathy (DO), Dentists (DDS/DMD), Pharmacists (PharmD), Veterinarians (DVM/VMD), Podiatrists (DPM), Nurse Anesthetists (CRNA), Ophthalmologists, Psychiatrists, and residents/fellows with eligible degrees. According to the Bureau of Labor Statistics, these professions represent over 2.5 million healthcare workers in the United States.

Question 3

What's the maximum loan amount for a physician mortgage?

Accepted Answer

Our physician loan program offers financing up to $2,000,000 with 100% LTV (zero down payment). This is significantly higher than most programs, which typically cap at $1,000,000. For comparison, the 2024 conforming loan limit set by FHFA is $766,550 for most counties. Physician loans bypass these limits because they are portfolio loans held by lenders.

Question 4

Do I need a down payment for a physician mortgage?

Accepted Answer

No down payment is required. Physician mortgages offer 100% financing (0% down) for qualified borrowers up to $2,000,000. According to the National Association of Realtors, the median home price in 2024 is $417,700—meaning most physician loan borrowers can purchase with zero out-of-pocket down payment.

Question 5

Is PMI required on physician loans?

Accepted Answer

No, private mortgage insurance (PMI) is never required with physician loans—even with 0% down payment. According to Freddie Mac, conventional loans require PMI when the down payment is less than 20%, typically costing 0.5% to 1.5% of the loan amount annually. On a $500,000 loan, that's $2,500 to $7,500 per year saved with a physician mortgage.

Question 6

How are student loans treated on physician mortgages?

Accepted Answer

Physician loans offer unique student loan treatment. During residency or fellowship, deferred student loans can be completely excluded from debt-to-income (DTI) calculations. For income-based repayment (IBR/PAYE/SAVE) plans, lenders use actual payment amounts instead of the 1% of balance calculation required by conventional loans. According to the AAMC, the median medical school debt is $200,000—excluding this dramatically increases buying power.

Question 7

Can I qualify for a physician mortgage with an offer letter?

Accepted Answer

Yes, physician loans accept employment offer letters for borrowers starting a new position within 90 to 150 days of closing (varies by lender). This is particularly valuable for residents and fellows transitioning to attending physician positions. According to Medscape's 2024 Physician Compensation Report, the average attending physician salary is $363,000—offer letter income can be used to qualify.

Question 8

Can residents qualify for physician mortgages?

Accepted Answer

Yes, residents and fellows can qualify for physician loans using their current residency income or a signed offer letter for their attending position. While residency salaries average $64,000 according to Medscape, the program accounts for future earning potential. Student loans in deferment can be excluded from DTI calculations during training.

Question 9

What credit score is needed for a physician mortgage?

Accepted Answer

The minimum credit score for physician mortgages is typically 680-700, depending on the loan amount and LTV. This is slightly higher than FHA loans (580 minimum) but achievable for most medical professionals. According to Experian, the average credit score in the U.S. is 714, and physicians typically have above-average credit due to stable employment history.

Question 10

How long does the physician mortgage process take?

Accepted Answer

Physician mortgage closing typically takes 30-45 days from application to closing, compared to 45-60 days for conventional loans according to ICE Mortgage Technology. With in-house underwriting, pre-approval can be obtained in as little as 15-20 minutes. Expedited closings are available for time-sensitive situations like relocation for a new position.

Feature	Traditional Loan	Physician Loan
Down Payment	5-20% required	0% available
PMI	Required if <20% down	Never required
Student Loans	Counted in full DTI	Can be excluded
Offer Letter Income	Not accepted	Accepted
Max Loan Amount	~$766,550 (conforming)	Up to $2,000,000
Underwriting	Strict guidelines	In-house flexibility

Requirement	Detail
Eligible borrowers	MD, DO, DDS/DMD, PharmD, DVM/VMD, DPM, CRNA, plus residents & fellows (11 professions)
Down payment	0% — 100% financing available
Private mortgage insurance (PMI)	Never required
Maximum loan amount	Up to $2,000,000
Minimum credit score	Typically 680–700
Student loans	Deferred loans can be excluded from DTI during residency or fellowship
Employment	Offer letters accepted up to 150 days before your start date
Maximum debt-to-income (DTI)	Up to 50%

100% Financing forMedical Professionals

Who Qualifies for a Physician Loan?

Medical Doctors

Osteopathic Doctors

Dentists

Pharmacists

Veterinarians

Podiatrists

Nurse Anesthetists

Residents & Fellows

Why a Physician Loan?

Key Takeaways: Physician Mortgage vs. Conventional Loan

Why Banks Offer This

Program Highlights

100% LTV Financing

No PMI Required

Up to $2,000,000

Offer Letter Accepted

Student Loan Flexibility

In-House Underwriting

Physician Loan Requirements at a Glance

Available Loan Types

Student Loans Shouldn't Stop You From Owning a Home

Deferred Loans Excluded

IBR/PAYE Payments Used

Up to 50% DTI Allowed

Example DTI Calculation

Meet Your Loan Officer

Tanner Cook

Frequently Asked Questions

Physician Loan Guides & Lender Rankings

Best Physician Mortgage Lenders in 2026: Complete Ranking

By Profession

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By State

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Ready to See If You Qualify?

100% Financing for
Medical Professionals