Who it is for
- Medical residents and fellows buying before attending salary kicks in
- New attendings with high student debt and low savings
- Dentists, veterinarians, and other doctoral professionals (per lender definitions)
- Physicians relocating for residency or a new position
Typical Physician Loans requirements
| Down payment | 0-10% common; no PMI despite low down payment |
|---|---|
| Eligible titles | MD, DO, DDS/DMD, DVM, PharmD (varies by lender) |
| Student loans | Often excluded from DTI or treated with reduced payments |
| Contract income | Future employment contracts accepted as income |
| Loan caps | Varies by lender; jumbo physician programs exist |
Figures are typical market ranges as of October 2026. Actual terms depend on the lender, your credit, the property and the program, and are confirmed on your Loan Estimate or term sheet.
How it works
- Confirm you hold an eligible degree/title under the lender’s definition.
- Provide your employment contract, future start dates are typically accepted.
- Student loan debt is treated favorably: many programs exclude deferred loans or use reduced payment calculations.
- Put 0–10% down with no PMI, the lender accepts the risk based on your profession and trajectory.
- Close like a conventional purchase; the "physician" features are in the underwriting, not the closing table.
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Pros and cons
Advantages
- Low or no down payment with no PMI, the headline benefit
- Student debt does not torpedo qualification
- Future contract income counts before you start the job
- Designed for the exact financial profile of medical training
Trade-offs
- Rates are often slightly above conventional, the no-PMI benefit has a price
- Limited to specific medical/dental/veterinary titles
- Large loan with little equity means slow equity buildup
- Not all lenders offer them; shopping is harder than conventional
Documents you’ll need
- Medical degree / license or residency appointment letter
- Employment contract (current or future-dated)
- Student loan statements (for DTI treatment)
- Standard income, asset, credit, and ID documents
Physician Loans FAQ
Do I need to be an attending to get a physician loan?
No, residents and fellows are the core audience. Most programs accept a residency contract or appointment letter as employment.
Is there really no PMI with 0% down?
Correct on most physician programs: the lender waives PMI as a feature of the product. The tradeoff is typically a slightly higher rate than a 20%-down conventional loan.
Do dentists and veterinarians qualify?
Many physician loan programs include DDS/DMD and DVM holders; some include pharmacists. Definitions vary by lender, confirm before applying.
Can I use a physician loan for an investment property?
No, physician loans are for primary residences. Investors should look at DSCR or conventional investor programs.
How much can I borrow with a physician loan?
Varies by lender, but many go to $1M-$2M with 0-5% down, and jumbo physician programs reach higher. Each lender sets its own cap.
Are physician loan rates higher?
Usually slightly above conventional rates, often 0.125-0.5% higher. The no-PMI benefit typically outweighs the rate difference for low-down-payment buyers.
Can residents with a future contract qualify?
Yes, this is the core use case. Most programs accept a signed employment contract with a future start date, sometimes up to 60-90 days out.
Do I need reserves?
Some programs require 2-6 months of reserves. It varies by lender and loan size.
Can I use a physician loan twice?
Generally yes, if you sell the first home or meet the lender’s rules. Some lenders allow a second physician loan for a relocation.
How Physician Loans compare
| Physician Loans | Conventional Loans | Jumbo Loans | First-Time Homebuyer Loans | |
|---|---|---|---|---|
| Best for | Medical residents and fellows buying before attending salary kicks in | Buyers with good credit and steady income | Luxury and high-cost-market purchases | Renters ready to buy |
| Down payment | 0-10% common; no PMI despite low down payment | 3% (eligible first-time buyers), 5%+ otherwise; 15–25% on investment property | Typically 10–20% | 0% VA, 3% conventional, 3.5% FHA |
| Credit | , | 620 | Typically 680–720+ | , |
| Income docs | , | , | , | , |
Typical ranges, your Loan Estimate or term sheet confirms actual terms.
Coming soon: a 2-minute walkthrough from our loan team.
Related programs
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
Jumbo Loans
A jumbo loan is a mortgage larger than the FHFA conforming loan limit for your county, used for higher-priced homes.
First-Time Homebuyer Loans
First-time homebuyer loans are mortgage options with low down payments, typically 3% conventional, 3.5% FHA or $0 VA, often paired with state or local down payment assistance.