Professionals · Florida
Doctor loans
A newly attested physician has high income, a mountain of student debt and almost no savings, and conventional underwriting punishes all three. Physician loans were built for exactly that profile.
What is a physician mortgage loan?
A physician mortgage loan is a portfolio product for medical professionals that allows a low or zero down payment without private mortgage insurance, and treats student loans by their actual monthly payment or excludes them when deferred. Eligibility usually covers MDs, DOs, dentists, veterinarians and often residents and fellows with a signed employment contract.
Who qualifies
Lenders differ, but the core list is MD, DO, DDS, DMD, DPM and DVM. Many extend it to pharmacists, nurse practitioners, physician assistants and attorneys. Residents and fellows can usually qualify on a signed contract with a start date inside 60 to 90 days, before the first pay cheque arrives.
Why the terms are better
Banks lend to doctors on the strength of what they will earn, not what they have saved. That is why the product tolerates 0 to 10 percent down without mortgage insurance, why a signed contract can stand in for a pay stub, and why deferred or income-driven student loans are counted at their real payment rather than a punitive percentage of the balance.
The trade is a rate a little above conventional, and these are portfolio loans held by the lender, so each bank's rules are its own. That is where a broker earns the fee: we know which lenders take which specialties, and whose student-loan treatment is most generous.
Next step
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Straight answers
Frequently asked
Can a resident get a mortgage before starting work?
Often, yes. Physician loan programs commonly accept a signed employment contract in place of pay stubs, provided the start date falls within a window the lender sets — typically 60 to 90 days of closing. The contract has to state salary and be unconditional.
Do physician loans require PMI?
No. The defining feature of a physician mortgage is a low or zero down payment without private mortgage insurance, which on a conventional loan would be required below 20 percent equity. The lender prices the risk into the rate instead of a separate monthly premium.
How is student loan debt counted on a doctor loan?
By its actual monthly payment under whatever plan you are on, including income-driven repayment, and frequently excluded altogether while in deferment. Conventional guidelines can instead assume a payment based on a percentage of the balance, which for a six-figure loan can wipe out qualifying income.
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