Physician Loan (Doctor Mortgage)
Student loan debt can make buying a home tough. The HomyLoan physician loan helps residents and fellows, recent graduates and early-career doctors buy a home sooner with a low down payment and terms tailored to medical professionals.
- Low down payment options
- For residents, fellows and doctors
- Employment contract may qualify
The basics
Physician Loan Overview
You spend your career caring for others, but student loan debt can make homeownership challenging. If you're a resident or fellow, a recent medical school graduate or early in your career, a physician loan is designed for you. This doctor mortgage offers a low down payment and terms tailored to medical professionals with strong earning potential, and may let you qualify with a signed employment contract, helping you reach your homeownership goals sooner.
- Built for
- Medical professionals
- Down payment
- Low options
- Property
- Primary residence
How it works
Your physician loan in four steps
Your schedule is busy. One licensed loan officer keeps your file moving from pre-approval to closing.
- 01
Tell us about your career
Share where you are in training or practice, your income or signed employment contract, and your student loan details.
- 02
Get pre-approved
Your loan officer reviews your credit, assets and debts and checks which physician loan options you may qualify for.
- 03
Find your home
Shop with your pre-approval. Once your offer is accepted, an appraisal confirms the home's value.
- 04
Underwriting and closing
The lender reviews your file and conditions. Review your Closing Disclosure, sign and get your keys.
Features and eligibility
Physician Loan Features
What the program offers, and who can use it.
Program features
- Low down payment options for qualified doctors
- Loan amounts vary by lender and program
- 5/1 and 7/1 adjustable-rate mortgage (ARM) options available
- Deferred student loan debt may be excluded from debt-to-income ratios¹
- Seller and other interested-party contributions allowed
Eligible borrowers
The physician loan is available to licensed medical professionals, including:
- Medical residents and fellows (with an educational license)
- Medical Doctors (MD)
- Doctors of Dental Surgery (DDS)
- Doctors of Dental Medicine (DMD)
- Doctors of Optometry (OD)
- Ophthalmologists (MD)
- Doctors of Osteopathic Medicine (DO)
- Doctors of Podiatric Medicine (DPM)
¹ Only the medically licensed borrower may qualify for the student loan deferment exclusion, and deferment must extend at least 12 months beyond closing. Available for purchases and rate-and-term refinances of primary residences only. Some restrictions apply; all borrowers are subject to credit approval. Program terms are subject to change, and underwriting conditions apply.
Get a QuoteWho it's for
Who typically qualifies for a physician loan
Physician loans are built for medical professionals with high expected income and student debt. Each lender sets its own list of eligible professions and career stages.
- Medical doctors (MD or DO), including residents and fellows
- Physicians early in their careers or changing jobs
- With some lenders, other professionals such as dentists
- Borrowers buying a primary residence
Common features
Low down payment
Many programs allow a smaller down payment than a typical conventional loan for the same loan size.
No PMI with many programs
Many physician loans don't charge private mortgage insurance, even with less than 20% down.
Employment contract
A signed employment contract may be used to qualify before your new position starts.
Student loan flexibility
Some programs may exclude deferred student loans or count a reduced payment in your debt-to-income ratio.
Features, eligible degrees and loan amounts vary by lender. Subject to credit approval and program guidelines.
Homy is online
Ask Homy anything about home loans
Hi, it's Homy! I can explain loan programs, down payments and the steps to buy or refinance in Texas. For advice on your situation, a licensed loan officer is one tap away.
Homy gives general information, not a loan offer or approval. HomyLoan, LLC is a licensed mortgage broker, NMLS 2783307.
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Physician loan FAQs
A physician loan, or doctor mortgage, is a home loan built for medical professionals. It may allow a low down payment, no PMI and more flexible treatment of student loan debt than a typical conventional loan.
Programs commonly serve medical doctors (MD or DO) and, with some lenders, other professionals such as dentists, at the resident, fellow or attending stage. Each lender sets its own list of eligible degrees.
Often, yes. Many physician loan programs may let you qualify with a signed employment contract that starts within a set period after closing.
Some programs may exclude deferred student loans or use a lower payment when calculating your debt-to-income ratio. Rules vary by lender.
Many physician loan programs do not charge private mortgage insurance, even with a low down payment. Terms vary by lender and are subject to credit approval.
Not always. Depending on your down payment and credit, a conventional, FHA or VA loan may cost less, so it pays to compare. Your loan officer can show options side by side.