Doctor Loans: Compare Physician Mortgage Options and Requirements

A doctor mortgage is a lender-specific home-loan option for selected physicians, dentists and other eligible medical professionals.

Depending on the lender, potential features can include:

Low or no down payment
No separate borrower-paid PMI
Qualification using an eligible future employment contract
Program-specific student-loan treatment
Higher loan amounts
Fixed- or adjustable-rate options
Principal-residence financing for residents, fellows and new attendings

A medical degree or license does not guarantee approval, 100% financing, no PMI, a particular rate or a specific loan amount.

Physicians

Dentists

Residents

Fellows

New Attendings

Selected Medical Professionals

Eligibility and terms vary by lender, profession, employment, student-loan payment, credit, down payment, reserves, property and state. Compare doctor loans with conventional, FHA, VA and jumbo financing.

Doctor Loan Qualification Snapshot

Profession

Potentially eligible under selected programs:

MD
DO
DDS
DMD
DPM
DVM
OD
PharmD
CRNA
NP
PA
Resident
Fellow

The lender’s approved-profession list controls.

Career Stage

Potentially eligible:

Resident
Fellow
Newly attending physician
Established employed physician
Locum tenens physician
Practice owner
Dentist
Other approved clinician

Employment

The lender can use:

Current fixed salary
Eligible future employment contract
Verified base income
Documented variable income
Self-employment income
Program-approved alternative documentation

Student Loans

The lender applies:

Documented payment
income-driven payment
deferred-loan calculation
fully amortizing payment
program-specific calculation

Student debt is not automatically ignored.

Down Payment

Selected products may permit:

Zero down
Low down payment
Tiered down payment by loan amount

Closing costs and reserves can still apply.

Mortgage Insurance

Selected doctor loans do not charge separate borrower-paid PMI.

Compare the complete rate and fee structure.

Occupancy

Most doctor-loan benefits focus on:

Eligible principal residence

Second-home, investment, cash-out and multi-unit eligibility varies.

Final Approval

Requires:

Credit
income
contract
assets
debts
property
appraisal
title
insurance
underwriting

What Is a Doctor Loan?

A doctor loan is generally a private-lender or portfolio mortgage designed for selected medical professionals.

It is not one standardized:

Government program
Fannie Mae program
Freddie Mac program
FHA program
VA program
Nationwide product

Why Lenders Offer It

Medical careers can involve:

Long education
High student debt
Delayed higher earnings
Residency or fellowship income
Relocation
Future attending contracts
Limited initial down payment
Strong documented professional employment

Potential Features

Low down payment
No separate PMI
Future-contract qualification
Higher loan amount
portfolio underwriting
ARM or fixed rate
student-loan calculation different from another program

Important Tradeoffs

Higher rate
more points
adjustable rate
greater leverage
higher reserves
principal-residence restriction
profession restriction
relationship requirement
limited lender competition

Who May Qualify for a Doctor Loan?

Eligibility varies.

Frequently Eligible Credentials

Selected lenders can include:

Medical Doctor — MD
Doctor of Osteopathic Medicine — DO
Doctor of Dental Surgery — DDS
Doctor of Dental Medicine — DMD
Doctor of Podiatric Medicine — DPM
Doctor of Veterinary Medicine — DVM
Doctor of Optometry — OD

Sometimes Eligible

Selected programs can include:

Pharmacist — PharmD
Certified Registered Nurse Anesthetist — CRNA
Nurse Practitioner — NP
Physician Assistant — PA
Other advanced clinical professionals

Career Stage

Potentially eligible:

Final-year resident
Resident
Fellow
New attending
Established attending
Self-employed doctor
Practice owner
Locum tenens physician

Professional Documentation

Potential items:

Degree
state license
residency contract
fellowship contract
attending contract
employer verification
board status
credentialing
hospital privileges

Not Automatic

A profession alone does not determine:

Credit
affordable payment
property value
title
cash to close
final approval

Compare Doctor Loans, Conventional, FHA, VA and Jumbo

Feature	Doctor Loan	Conventional	FHA	VA if Eligible	Standard Jumbo
Eligible Borrower	Approved medical profession	Broad eligible borrowers	Broad eligible borrowers	Eligible Veteran/service member/surviving spouse	Broad qualified borrowers
Down Payment	Selected programs may allow zero or low down	Selected programs allow 3% or more	FHA minimum and underwriting apply	Potentially zero down with sufficient entitlement and approval	Lender-specific
Mortgage Insurance	Selected programs have no separate PMI	PMI commonly applies above 80% LTV	Upfront and annual mortgage insurance	No monthly PMI; funding fee can apply	Lender-specific
Future Contract	Lender-specific	Permitted under defined agency rules	Program and lender-specific	Program and lender-specific	Lender-specific
Student Loans	Lender-specific	Current agency calculation	FHA calculation	VA calculation	Lender-specific
Loan Limit	Lender-specific	2026 county conforming limit	2026 FHA county limit	Entitlement, value and lender approval	Private lender-specific
Rate Structure	Fixed or ARM	Fixed or ARM	Fixed or ARM under eligible products	Fixed or ARM under eligible products	Fixed or ARM
Occupancy	Usually principal residence	Principal, second or investment by program	Principal residence	Principal residence	Program-specific
Main Strength	Profession-specific flexibility	Broad competition and standardized options	Low-down-payment government insurance	Strong benefit for eligible military borrowers	Higher balances
Main Tradeoff	Pricing and eligibility vary	PMI can apply	Mortgage insurance	Funding fee can apply	More reserves and stricter overlays

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Compare the Same Scenario

Use:

Same property
Same loan amount
Same down payment
Same term
Same lock period
Same points
Same estimated closing date

Review official Loan Estimates.

Down Payment, PMI and Cash to Close

Down Payment

A doctor loan can use tiered financing.

Illustrative only:

Higher financing at a lower loan amount
Larger down payment at a higher loan amount
Different limits for resident versus attending
Different maximum for condo or multi-unit property

No Separate PMI

Selected physician products do not charge a separate monthly PMI premium.

The lender can account for risk through:

Rate
points
reserve requirement
lower LTV
ARM
underwriting

Cash to Close

Potential items:

Down payment
closing costs
prepaid interest
property taxes
insurance
escrows
HOA
appraisal
deposit
points

Reserves

Post-closing reserves can be required in addition to cash to close.

Zero Down Risk

Zero down can preserve savings but creates high leverage.

If the property value falls or the borrower moves early, there may be little equity after selling costs.

How Student Loans Are Treated

Doctor-Loan Treatment

A lender can use:

Actual documented payment
income-driven payment
percentage of balance
fully amortizing payment
program-specific payment
deferment treatment
exclusion under limited policy

Conventional Fannie Mae Treatment

Current Fannie Mae guidance permits:

Credit-report payment
Current statement payment
Documented actual $0 income-driven payment
1% of balance or fully amortizing payment for deferred or forbearance loans when no qualifying payment appears

Questions to Ask

What monthly student-loan payment will be used?
Is a $0 IDR payment accepted?
What happens if the loan is deferred?
Are private and federal loans treated differently?
Is an employer payment considered?
Is a co-signed loan counted?
Does the calculation change before closing?

Student Debt Remains Owed

A mortgage calculation does not:

Forgive
refinance
defer
modify
consolidate

the student loan.

Monthly debt obligations

Employment Contracts and Future Income

Current Employment

Potential documents:

Pay statements
W-2 forms
verification of employment
contract
start date
salary
status

Future Employment

Potential documents:

Fully executed offer
non-contingent contract
employer
position
fixed base salary
start date
conditions satisfied
employer confirmation
license
reserves

Fannie Mae Future Contract Alternative

Current Fannie Mae guidance permits an eligible fixed-base future employment contract for a one-unit principal-residence purchase under defined conditions.

The start date can be no later than 90 days after the note date under the applicable option, with required financial resources.

Doctor Loan Difference

A portfolio doctor-loan lender may use:

Different start-date window
Different reserve calculation
Different profession list
different contract conditions
higher loan amount

No Earning-Potential-Only Approval

The lender must use verifiable current or reasonably expected income.

Fannie Mae employment offers or contracts

Residents, Fellows and Newly Attending Physicians

Resident

Potential income:

Base salary
call pay
moonlighting
stipend
future attending salary

Fellow

Potential income:

Fellowship salary
call pay
research stipend
future attending contract

New Attending

Potential documentation:

Current paystub
attending contract
start date
base salary
bonus
RVU compensation
sign-on bonus
relocation

Important Distinction

Guaranteed base salary can be treated differently from:

Bonus
call
RVU
production
partnership
profit sharing

Employment Gap

Budget for the gap between:

Closing
first payment
employment start
first paycheck

Contract Changes

Report:

Start delay
compensation change
employer change
specialty change
license issue
credentialing issue

before closing.

Bonus, Call Pay, RVU, Moonlighting and Locum Income

Bonus

Can require history and trend.

RVU or Production Income

Can fluctuate and may be averaged.

Call Pay

Can be treated as overtime or variable income.

Moonlighting

Can be treated as a second job or self-employment.

Locum Tenens

Can be:

W-2
1099
LLC
S corporation
multiple contracts

Documents

Potential items:

Pay statements
W-2
1099
contracts
tax returns
bank statements
P&L
employer verification

Conservative Qualification

Use eligible documented income—not maximum potential compensation.

Bonus, commission, overtime and tip income

Practice Owners and Self-Employed Medical Professionals

A borrower with 25% or more business ownership is generally self-employed under agency guidance.

Potential Documents

Personal tax returns
business tax returns
Schedule K-1
P&L
balance sheet
business bank statements
ownership
distributions
debt schedule

Practice Revenue Is Not Personal Income

The lender evaluates:

Gross revenue
expenses
net income
add-backs
ownership share
distributions
liquidity
declining income
business obligations

New Practice

A newly opened practice can require:

History in the same field
one full year of returns under selected rules
prior earnings
strong reserves
business stability

Alternative Documentation

Selected private programs can use:

Bank statements
P&L
asset-based income

Those options can carry different pricing and down-payment requirements.

Credit, DTI, Assets and Reserves

Credit

The lender can review:

Scores
mortgage history
student-loan history
revolving debt
installment debt
collections
judgments
bankruptcy
foreclosure
inquiries

DTI

The lender can count:

Proposed housing payment
student loans
auto loans
credit cards
personal loans
tax plans
support obligations
other mortgages
business debts

Assets

Potential eligible sources:

Checking
savings
brokerage
retirement
gift
sale proceeds
verified employer assistance

Reserves

Potential requirements depend on:

Loan amount
zero down
future employment
property
credit
other real estate
lender

Do Not Use All Savings

Maintain funds for:

Emergency
relocation
repairs
insurance deductible
licensing
job transition
student-loan changes

Property and Occupancy Requirements

Principal Residence

Most doctor-loan benefits focus on the home the borrower will occupy.

Possible Property Types

Single-family
townhome
eligible condo
PUD
selected duplex, triplex or fourplex
selected new construction

Potential Restrictions

Investment property
short-term rental
condotel
timeshare
mixed use
manufactured home
non-warrantable condo
unique property
excessive acreage
property needing major repairs

Occupancy Accuracy

Do not classify an investment property as a principal residence.

Multi-Unit

If the borrower occupies one unit, another program may use eligible rental income.

Appraisal

The lender relies on acceptable market value and property condition.

2026 Loan Limits and Jumbo Doctor Loans

Conforming Limits

For 2026:

One-unit baseline: $832,750
One-unit high-cost ceiling: $1,249,125
Special statutory areas have higher limits

Above the Limit

A loan above the county conforming limit is generally:

Jumbo
portfolio
private-bank
doctor-loan portfolio

Doctor-Loan Maximum

The maximum depends on:

Lender
profession
credit
down payment
property
county
reserves
income

Compare Standard Jumbo

A standard jumbo loan can offer:

Fixed rate
ARM
different down payment
relationship pricing
broader profession eligibility
Jumbo mortgage options
2026 conforming limits

Rates, ARMs, Points and Five-Year Cost

Rate

Depends on:

Market
credit
LTV
loan amount
term
fixed or ARM
property
points
lender

ARM

Review:

Initial period
index
margin
first adjustment
periodic cap
lifetime cap
maximum payment

Points

One point equals 1% of the loan amount.

Lender Credit

Can reduce upfront costs in exchange for a higher rate.

Five-Year Cost

Compare:

Interest
fees
points
PMI or mortgage insurance
balance reduction

Expected Holding Period

A resident or fellow expecting to move should compare:

Three-year cost
five-year cost
ARM adjustment
sale costs
remaining balance
Compare Loan Estimates

Refinance, Cash-Out and Debt Consolidation

Rate-and-Term Refinance

Can change:

Rate
term
loan type
mortgage insurance
payment

Cash-Out Refinance

Can:

Increase balance
reduce equity
replace current rate
pay debt
provide cash

Doctor-Loan Refinance

Not every purchase doctor-loan program offers:

Rate-and-term refinance
cash out
no-PMI refinance
100% refinance

Debt Consolidation

Converting unsecured debt into a mortgage places the home at risk.

Documents Needed for a Doctor Loan

The exact checklist is lender-specific.

Identity and Credit

Potential items:

Government ID
Social Security number
credit authorization
address history
explanation letters

Professional

Potential items:

Degree
diploma
medical license
dental license
residency contract
fellowship contract
attending contract
board status
credentialing
employer contact

Employment

Potential items:

Pay statements
W-2 forms
employment verification
contract
offer letter
start-date confirmation
conditions satisfied

Student Loans

Potential items:

Current statements
repayment plan
income-driven payment
deferment
forbearance
private-loan statement
employer repayment agreement

Assets

Potential items:

Bank statements
brokerage
retirement
gift documentation
sale proceeds
relocation benefit
sign-on bonus evidence

Self-Employment

Potential items:

Tax returns
business returns
K-1
P&L
balance sheet
business bank statements
ownership
debt schedule

Property

Potential items:

Purchase contract
appraisal
insurance
title
HOA
condo documents
property taxes

Secure Submission

Use the approved secure mortgage portal.

Do not email unencrypted:

Social Security number
complete bank account numbers
tax returns
medical-license credentials
student-loan login
bank passwords

How to Apply for a Doctor Loan?

Confirm Profession Eligibility

Provide:

Degree
license
career stage
specialty
employment type

Define the Transaction

Choose:

Purchase
rate-and-term refinance
cash out
principal residence
selected second home

Review Employment Timing

Confirm:

Current employment
start date
contract conditions
first paycheck
employment gap

Review Student Loans

Obtain:

Current payment
repayment plan
deferment
statement
credit-report treatment

Review Credit and Debts

Calculate:

Housing payment
student loans
auto
cards
personal loans
other obligations

Review Assets

Determine:

Down payment
closing costs
prepaid items
reserves
emergency savings

Compare Loan Programs

Compare:

Doctor loan
conventional
FHA
VA if eligible
jumbo
assistance programs

Request Same-Scenario Loan Estimates

Use:

Same loan amount
same down payment
same term
same points
same lock period

Get Preapproved

The lender reviews borrower documents.

Select a Property

Confirm:

Occupancy
type
units
condition
condo eligibility

Appraisal and Title

The lender verifies:

Value
condition
ownership
liens
insurance

Final Underwriting

Update:

Employment
credit
assets
student loans
contract
license

Review Closing Disclosure

Review:

Rate
APR
payment
costs
cash to close
ARM
mortgage insurance
escrows

Close and Occupy

Follow the occupancy agreement.

Common Doctor Loan Mistakes

Assuming Every Medical Professional Qualifies

Profession lists vary.

Believing Zero Down Means Zero Cash

Closing costs and reserves remain.

Choosing No PMI Without Comparing the Rate

The pricing can be built elsewhere.

Ignoring Conventional 3% Down Options

Conventional may cost less.

Assuming Conventional Cannot Use a Future Contract

Current agency rules can permit one.

Assuming Student Loans Are Ignored

Every lender uses a calculation.

Using Maximum Contract Compensation

Bonus and RVU may need history.

Treating Locum Income as Salary

It may be self-employment.

Ignoring Partnership Buy-In

Future obligations affect cash flow.

Spending All Savings

Zero down does not remove emergency needs.

Buying Too Much Home

Approval is not a comfort budget.

Expecting a 24-Hour Guaranteed Preapproval

Timing depends on documents.

Expecting a 10-Day Guaranteed Closing

Property and underwriting matter.

Ignoring an ARM Adjustment

Review the maximum payment.

Paying Points Without a Holding-Period Analysis

A resident may relocate before break-even.

Assuming Every Doctor Loan Is Fixed Rate

Some are ARMs.

Assuming $2 Million Is Universal

Limits vary.

Buying an Investment Property Under a Principal-Residence Program

Occupancy must be accurate.

Changing Employment Before Closing

Report changes.

Opening New Debt

It can alter approval.

Ignoring Condo Eligibility

The project must qualify.

Relying on an Unverified Testimonial

Review actual Loan Estimates.

Start Your Doctor Loan Review

A personalized review can help determine:

Profession eligibility
Resident, fellow or attending qualification
Employment-contract eligibility
Start-date and reserve requirements
Student-loan qualifying payment
Doctor loan versus conventional
FHA or VA alternative
Down payment
cash to close
no-PMI pricing
fixed versus ARM
2026 conforming or jumbo status
loan amount
credit and DTI
property eligibility
documents needed to proceed

Doctor and physician mortgage programs are lender-specific. Eligibility, profession, down payment, loan amount, credit, DTI, student-loan treatment, employment-contract requirements, reserves, mortgage insurance, rate, points, fees, property, occupancy, refinance and availability vary. Zero down, no separate PMI, a future contract, professional license or medical degree does not guarantee approval or lower cost. All loans are subject to borrower, credit, income, asset, debt, property, appraisal, title, insurance and underwriting approval. This information is educational and is not legal, tax, employment, student-loan or financial advice or a commitment to lend. Equal Housing Opportunity.

Frequently Asked Questions

What is a doctor loan?

It is a lender-specific mortgage for selected medical professionals, often designed around high student debt, delayed earnings or future employment.

Is it a government program?

Usually no.

Doctor loans are generally private portfolio, conventional or jumbo products.

Who qualifies?

Eligibility varies by lender.

Common credentials can include MD, DO, DDS and DMD, with selected lenders accepting other professions.

Can residents and fellows qualify?

Potentially.

The lender can use current income, an eligible future contract or another permitted method.

Can I qualify before starting my attending job?

Potentially.

The contract, start date, conditions and reserves must meet the lender’s requirements.

Does conventional financing accept future employment contracts?

Yes under defined current agency requirements for eligible transactions.

Are student loans ignored?

Not universally.

The lender applies a documented qualifying payment.

Can a $0 income-driven student-loan payment be used?

Current Fannie Mae rules permit a documented actual $0 IDR payment under applicable requirements.

Doctor-loan lenders use their own policies.

Is 100% financing available?

Selected programs may permit it.

It is not guaranteed and can be limited by loan amount and borrower profile.

Does zero down mean zero cash to close?

No.

Closing costs, prepaid items and reserves can apply.

Do doctor loans have no PMI?

Selected programs have no separate borrower-paid PMI.

Compare the rate, points and total cost.

Are doctor-loan rates lower?

Not necessarily.

Rates and costs vary by lender and transaction.

Can I use gift funds?

Potentially under selected programs.

Documentation and contribution rules apply.

Is a medical license required?

Some programs accept residents or graduates before full licensure, while others require an active license.

Can dentists qualify?

Often under selected programs.

Verify DDS or DMD eligibility.

Can veterinarians qualify?

Some lenders accept DVM borrowers and others do not.

Can pharmacists, CRNAs, NPs or PAs qualify?

Selected programs include them.

Eligibility is not universal.

Can a self-employed practice owner qualify?

Yes under eligible full-documentation or alternative-documentation programs.

Can I use 1099 or locum income?

Potentially.

The lender must classify and document it properly.

Can I buy a condo?

Potentially.

The condo project and unit must satisfy lender requirements.

Can I buy a duplex or fourplex?

Selected programs allow owner-occupied multi-unit properties.

Confirm before applying.

Can I use a doctor loan for an investment property?

Most profession-specific benefits focus on principal residences.

Use a separate investor program for non-owner-occupied property.

Can I use it for a second home?

Selected lenders may permit it.

Can I refinance?

Selected programs permit rate-and-term or cash-out refinancing.

How much can I borrow?

The maximum depends on lender, county, income, credit, down payment and property.

What are the 2026 conforming limits?

The one-unit baseline limit is $832,750 and the high-cost ceiling is $1,249,125.

County and special-area limits vary.

What credit score is required?

There is no universal score.

Are reserves required?

Potentially.

Requirements often increase for high loan amounts or delayed employment.

How fast can I get preapproved?

Timing depends on complete documentation and lender review.

How fast can I close?

There is no guaranteed timeline.

Is a doctor loan always better than conventional?

No.

Compare down payment, PMI, rate, points, five-year cost and flexibility.

Should an eligible Veteran use a doctor loan or VA loan?

Compare both.

VA financing can provide major benefits for eligible borrowers.

Is final approval guaranteed by my medical contract?

No.

Borrower, property, appraisal, title and underwriting conditions still apply.

Reviewed by Rodney Rose

Loan Officer / Branch Manager
NMLS #1396861 · DRE #00853403
E Mortgage Capital, Inc. · NMLS #1416824

Rodney Rose helps physicians, dentists, residents, fellows, practice owners and other eligible medical professionals compare doctor loans with conventional, FHA, VA, jumbo and alternative-documentation mortgage options.

Last reviewed: July 25, 2026

Loans available nationwide

Low Rate, Low Fee.

"A Loan for every home"

Guaranteed Closing*

Rodney Rose

Loan Officer / Branch Manager

NMLS#: 1396861 DRE#: 00853403

C: (916) 232 3040

E: rrose@emortgagecapital.com

W: MortgageMarketUpdate.com

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