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Getting a Physician’s Loan: Everything you need to know Feature Image
Posted on 01/15/2121 5 minute read

Getting a Physician’s Loan: Everything you need to know


Doctors, especially new physicians, have unique and often complex financial situations. These situations can make buying a home with conventional mortgage financing a challenge.

Medical school and even practicing can create some high debt levels and a limited amount of cash available for a mortgage down payment. However, experienced physician loan lenders like Homefinity understand that you’re on a journey to a lucrative and highly compensated career. That’s why we offer a special kind of mortgage loan for medical professionals – a physician mortgage loan.

Here is everything you need to know about getting your physician mortgage loan.

Do doctors get special mortgages?

Yes, you do! Why you might ask? Because we know that your current financial situation is probably a weird moment in your life, a period that is unique to medical professionals. 

As a young doctor, you worked very hard and probably accumulated a lot of debt to finance your specialized education. During this grueling multi-year education and training process, you most likely have started a family. Now, as you begin practicing medicine, we understand and want to give you credit for your high-income potential and low risk of default. 

We want to help you give yourself and your family a new home by offering an exclusive mortgage program for you – the physician’s mortgage loan.

What is a doctor’s mortgage loan?

A physician’s loan, or sometimes called a doctor’s mortgage loan, is a unique mortgage loan program designed exclusively for qualified medical professionals.

These mortgage loans are often for larger homes and home loan balances, offer very low down payments, no private mortgage insurance (PMI), and more flexible debt-to-income ratios. 

This flexible mortgage financing is very appealing to young physicians and doctors – doctors, dentists, veterinarians, and pharmacists (MD, DO, DDS, DMD, DVM, PharmD, OD). 

Should you get a physician’s loan?

If you’re ready to become a homeowner but can’t afford the sizable down payment and still have a significant amount of student loan debt, then this exclusive mortgage loan program was designed to help you. Typically, a physician loan is ideal for new doctors getting ready to start a new position in their medical specialty. 

Who qualifies for these unique physician’s loans?

A physician loan is an exclusive mortgage program designed for qualified medical professionals. 

Currently, this loan program is available to: 

  • Doctors of Medicine (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Dental Surgery (DDS)
  • Doctors of Dental Medicine (DMD)
  • Doctors of Veterinary Medicine (DVM)
  • Doctors of Pharmacy (PharmD)
  • Doctors of Osteopathic Medicine (OD)

Like other mortgage loan programs, there are various other qualifying criteria that one of our specialized loan officers would be happy to walk you through. 

If you would like to learn more about qualifying for a physician loan, you can begin your application process here.

Is a physician’s loan a conventional loan?

No, this is not a conventional mortgage loan. Physician loans are exclusively for qualifying medical professionals.

Conventional mortgage loan financing often prevents doctors from qualifying because of their unique financial backgrounds. Physician mortgage loans have qualifying criteria that are far more accommodating and adapted to doctors’ financial profiles’ unique characteristics. 

Here are just a couple of those special accommodations:

  • Relaxed debt-to-income ratios – Medical school and residency are expensive, probably leaving you with lots of student loans. But, your long-term earning potential can make this debt insignificant soon. A physician loan considers this unique dynamic.
  • No income history – Medical school and residency is also a long process. You’re a little older and more mature than the typical fresh-faced college graduate. You probably have started a family or facing a relocation to begin your professional practice. You are also probably holding a signed employment agreement that is substantial. We can work with these situations to help you become a homeowner sooner than later.

One of our physician mortgage loan specialists can walk you through the details. Start your physician loan application now.

Can I buy a home with a low down payment?

Low down payments are one of the appealing features of a physician loan.

If you’re ready to buy a home for yourself or your family but haven’t had the time to accumulate a conventional loan qualifying down payment, then a physician loan might be for you. 

You have enormous earning potential, but you haven’t had time to recuperate your savings and pay off your student loans – a physician mortgage loan can help.

Do doctors pay mortgage insurance?

Another very compelling feature of physician loans is that most don’t require private mortgage insurance (PMI). 

When a borrower puts less than 20 percent down on a home purchase, conventional loans require PMI to protect the lender from potential non-payment or default on that mortgage. Because of their unique earning potential, physicians have a low financial risk profile that is considered in qualifying for a physician mortgage loan.

Can I refinance my physician’s loan?

Yes, you can refinance a physician loan.

Refinancing a physician loan can be an important consideration for doctors as they progress in their careers and their savings and net worth rapidly increases. Often conventional mortgages, that are not an option for young doctors without significant savings and high student loan debt can offer a lower interest rate. So, as your career advances and you begin accumulating wealth and retire your student loans, refinancing might be a good option.

Next Steps

Start the conversation with a Homefinity professional mortgage loan officer specializing in this exclusive physician loan program. Start your application process now by answer a few quick questions.

Photo by Thirdman from Pexels

Mortgage Programs Designed for Physicians and Medical Professionals

Physician Loans

  • Financing up to 95% of your home’s value, up to $1 million
  • Financing up to 90% of your home’s value, up to $1.5 million
  • Low down payment
  • No mortgage insurance
  • Qualify with deferred or IBR student loans
  • Able to close up to 90 days prior to the start of employment contract
  • A gifted or borrowed down payment is just fine

Eligible Medical Professionals

  • Doctors of Medicine (MD)
  • Doctors of Osteopathy (DO)
  • Doctors of Dental Surgery (DDS)
  • Doctors of Dental Medicine (DMD)
  • Doctors of Veterinary Medicine (DVM)
  • Doctors of Pharmacy (PharmD)
  • Doctors of Osteopathic Medicine (OD)

Further Reading


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