Question 1

What is a physician mortgage loan?

Accepted Answer

A physician mortgage (also called a doctor loan) is a specialized home loan product designed for medical professionals. Unlike conventional mortgages, physician mortgages allow 0% down without private mortgage insurance (PMI), count future contracted income instead of current salary, and treat student loan debt more favorably in debt-to-income calculations. This makes homeownership accessible to residents and fellows earning $60K–$85K per year with $200K–$400K in student debt.

Question 2

Who qualifies for a physician mortgage?

Accepted Answer

Eligibility varies by lender, but most programs cover: MD, DO, DDS, DMD, and many also include DVM, PharmD, and CRNA. Some lenders extend coverage to PA, NP, and other allied health professionals. Residents and fellows typically qualify by providing a signed employment contract or match letter. Most lenders require that attending physicians be within 10 years of completing training — after that window, standard mortgages usually make more sense.

Question 3

Why no PMI even with 0% down?

Accepted Answer

PMI (private mortgage insurance) exists to protect lenders when borrowers default on low-down-payment loans. Lenders waive PMI for physicians because the default rate among doctors is extremely low historically — even those with large student debt burdens. The combination of high and stable attending income, long-term career trajectory, and licensing requirements that create job security makes physicians an exceptionally low credit risk despite the debt load.

Question 4

How do physician mortgages handle student loan debt?

Accepted Answer

This is one of the biggest advantages. Standard underwriting counts 1% of your student loan balance per month toward your debt-to-income ratio — for a $300K balance that's $3,000/month, which would disqualify most residents. Physician mortgage lenders use one of three better approaches: (1) exclude student loans entirely from DTI, (2) count only the actual IBR payment, or (3) count a small percentage like 0.5%. This dramatically improves qualifying ratios.

Question 5

Should I use a physician mortgage or wait and put 20% down?

Accepted Answer

It depends on your opportunity cost. If putting 20% down would deplete your emergency fund or keep you renting in a market where home values are rising, a physician mortgage often makes financial sense. You avoid PMI through the program itself (not through a down payment), and you can invest the difference in the market. The main downside is a slightly higher interest rate compared to a conventional 20%-down mortgage. Run the math: if the rate difference is 0.25–0.5%, the cost is modest on a 30-year loan. If rates are 0.75%+ higher, reconsider.

Question 6

Can residents get a physician mortgage?

Accepted Answer

Yes — most physician mortgage programs are specifically designed with residents in mind. Lenders count your signed employment contract (even a future attending position) as income for qualifying purposes, not your current resident salary. Some programs even allow matching letters before a formal offer. This lets residents purchase a home in the city where they'll be attending before starting the higher-paying position — which can be especially valuable in competitive housing markets.

Lender	Min down payment	Max at 0% down	Residents	Student loan DTI	Degrees	States
Fairway IndependentNationwide	0% up to $1M	$1,000,000	✓ Yes	Excluded from DTI	MD, DO, DDS, DMD, DVM	All 50 states	Learn more →
BMO Bank	0% up to $1M	$1,000,000	✓ Yes (offer letter)	IBR payment or excluded	MD, DO, DDS, DMD	Most states	Learn more →
First Horizon	0% up to $1.25M	$1,250,000	✓ Yes	Excluded from DTI	MD, DO	Southeast, Mid-Atlantic	Learn more →
Regions Bank	0% up to $750K	$750,000	✓ Yes	IBR payment used	MD, DO, DDS, DMD	Southeast, Midwest	Learn more →
TD Bank	0% up to $750K	$750,000	✓ Yes (offer letter)	IBR payment used	MD, DO	Northeast corridor	Learn more →
KeyBank	0% up to $750K	$750,000	✓ Yes	0.5% rule	MD, DO, DDS, DMD, DVM	New England, Northwest, Midwest	Learn more →

0% down. No PMI. Built for doctors.

Why physician mortgages exist

0% down, no PMI

Future income qualifying

Student loan-friendly DTI

Jumbo loan access

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