You spent a decade earning the degree.
Buy the house with 0% down.

A physician loan is a mortgage built around how doctors are actually paid and indebted: little saved for a down payment, a large student loan balance, and a signed contract instead of a pay history. On this program that means up to 100% financing on a primary residence to $1,500,000 with a credit score of at least 680, or to $2,000,000 with a 720, and no mortgage insurance at any of those levels. A conventional loan at the same loan-to-value would charge mortgage insurance every month.

Up to 100% financing is available on a primary residence to $1,500,000 with a minimum 680 credit score, and to $2,000,000 with a 720. That covers the purchase price; you still need closing costs and, on larger loans, cash reserves. Gift funds are permitted and may cover 100% of the down payment, closing costs, prepaids and reserves — there is no minimum contribution required from your own funds.

MD, DO, DDS, DMD, Doctor of Ophthalmology, Doctor of Psychiatry, PharmD, DVM or VMD, DPM, Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP), and Nurse Practitioners with an MSN or DNP. Medical residents, fellows and interns holding one of those degrees also qualify. At least one borrower must hold an eligible degree and be in active clinical practice. Chiropractors are not eligible under this program.

Often not. Student loan payments in deferment or forbearance, or reporting as $0 under an income-based repayment plan, may be excluded from your debt-to-income ratio entirely — provided you are currently in or entering residency or a medical clinical fellowship, and you qualify on the income from that program. That single rule is what makes the difference for most residents, because a six-figure balance stops counting against you.

Yes. You can qualify on a fully executed employment contract or offer letter with a start date up to 150 days after the note date. The document has to state your title, start date and compensation, and the compensation must cover at least twelve months. The only contingencies allowed are receipt of your medical license and normal administrative items like background checks or drug testing. This is how residents and attendings buy before the first paycheck lands.

It depends on loan size and down payment. At or below 95% loan-to-value: $100,000–$1,500,000 requires no reserves, and $1,500,001–$2,000,000 requires three months. Above 95% loan-to-value: to $1,500,000 requires three months, above that six months. If you are qualifying on a future start date you also need additional reserves covering each month between closing and your first day. Gift funds are eligible for reserves.

No. Mortgage insurance is not required on this program at any of the loan-to-value levels offered, including 100% financing. On a conventional loan, putting less than 20% down means paying PMI monthly until you reach 20% equity. Avoiding that is a large part of why the physician loan is worth comparing even when you could put money down — the low down payment comparison is here.

A warrantable condominium is eligible, as are PUDs and single-unit homes. Non-warrantable condominiums and condo-hotels are not. This matters more in Florida than almost anywhere else: since the Surfside collapse, buildings are reviewed on reserve funding, milestone inspection status and structural reserve studies, and an association that fails review can end the purchase no matter how strong your file is. Send me the building before you go under contract.

Primary residence only, one unit. Single-family homes, PUDs, warrantable condos, co-ops meeting agency project standards, and modular homes are eligible. Second homes, investment properties, two-to-four unit buildings, manufactured and mobile homes, non-warrantable condos and condo-hotels are not. If you are looking at an investment property or a second home, that is a different loan and a different conversation.

Loan amounts run from $100,000 to $2,000,000, with a minimum of $350,000 on adjustable-rate options. Fixed-rate terms of 15, 20, 25 and 30 years are available, as are 5/6, 7/6 and 10/6 adjustable-rate options. Because these go well past the conforming limit, a physician loan is often a jumbo loan that simply does not behave like one on the down payment — the standard jumbo page is here.

US citizens and permanent resident aliens with evidence of lawful residency are eligible; permanent residents must have been employed in the US for the past twenty-four months. Non-permanent resident aliens with an unexpired visa and evidence of lawful residency are eligible for a primary residence with a twenty-four month US employment history, up to 95% financing. All borrowers need a valid Social Security number. Foreign nationals, DACA and ITIN borrowers are not eligible under this program — the foreign national page is here.