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Physician Mortgage Loans

What are Physician Mortgage Loans?  They are home loans with special terms offered only to doctors.  If you prove you’re a doctor, you can get a mortgage with favorable terms, EVEN if you’re burdened with student loan debt and aren’t making a lot of money!


A Physician Mortgage can be a great way for some physicians to get a head start on home buying.  Banks offer these loans specifically to doctors coming out of training.  These tend to be portfolio loans, meaning they are not going to be sold to Fannie Mae or Freddie Mac. 

What to focus on to apply for a Physician Mortgage Loan

  • Proof of Medical Degree
  • Signed contract.indicating that your job as doctor will start within 60 to 90 days.
  • FICO score of 700 (although some lenders will go as low as 680 or other lenders as high as 720).
  • Deferred student loans
  • A debt-to-income ratio (DTI) of 45% or less, NOT including school loans.

Most lenders don’t include student loan, in the DTI, so even though your official DTI might be higher than that, it is likely not to matter because your medical school debt isn’t really counted.

Advantages of Physician Mortgage Loans

Doctors are considered low-risk borrowers.  Getting a doctor mortgage loan provides a quick path to homeownership for physicians by providing a mortgage with competitive terms that wouldn’t be typically available to non-doctors in similar circumstances.  Banks know that even in low-paying specialties, doctors are going to make plenty of money and very few default on their mortgage.

One of the biggest advantages, however, is that private mortgage insurance (PMI) isn’t usually charged, despite the fact that few doctors have 20% downpayment saved up for their first home.  The rates are generally favorable as well, which means income can go toward paying off the student debt more quickly!

In a Hurry?  Just Need More Info?

Updated April 20, 2019