Physician Loan
Highlights of the
Physician Loan
(1) Little to no down payment required (2) No Private Mortgage Insurance (PMI) (3) Lenders typically don’t count full student loan balances in your debt-to-income ratio
Eligibility
Here are some of the eligibility requirements for the Physician Loan program. Select ‘Get Started’ to check if you’ll be a good fit.
Typically for:
MD (Doctor of Medicine)
DO (Doctor of Osteopathic Medicine)
Often also accepted:
DDS/DMD (Dentists)
DVM (Veterinarians)
PharmD (Pharmacists)
Sometimes PAs and NPs (depends on lender)
Must be employed or have a signed employment contract (often allowed to close up to 90 days before start date).
Residents and fellows are usually eligible.
Must be your primary residence.
Minimum credit score typically around 700, though some lenders may accept 680 with stronger compensating factors.
Student loans must be in good standing.
Down payment as low as 0%–5%, depending on loan size and lender.
Common Questions
Can I qualify if I haven’t started working yet?
Yes — most physician loans accept an employment contract as proof of income and may let you close 60–90 days before your start date.
Do I have to pay PMI if I put less than 20% down?
No — PMI is typically waived, even with a small or no down payment.
How do student loans affect my approval?
Student debt is usually treated more favorably — many lenders use IBR or deferment amounts instead of the full loan balance in your debt-to-income (DTI) ratio.
Are residents or fellows eligible?
Yes — most programs include residents and fellows, even with limited income and high student debt.
What’s the max loan amount?
It varies by lender and location, but it’s often up to $1M–$1.5M with low or no down payment.
Other Info
They May Have Higher Interest Rates
Compared to conventional loans (especially with 20% down), physician loans can carry slightly higher interest rates to offset the no-PMI and low-down-payment perks.