In short
A physician loan is a specialty mortgage for doctors and certain other medical professionals that allows low or zero down payment without private mortgage insurance, counts student debt at the actual income-driven payment, and often permits closing on a signed employment contract before the start date. Eligible professions and terms vary by lender.
Reviewed by Mike Maiorano, NMLS #2033984 · Last updated September 8, 2026
What does a physician loan do that a conventional loan won't?
Three things, mainly. It typically allows very low or zero down payment without private mortgage insurance, even at loan sizes where a conventional loan would require it. It treats student debt realistically, often using your actual income-driven repayment amount instead of a large hypothetical payment, which keeps your debt-to-income ratio from disqualifying you on paper. And many programs let you close on a signed employment contract before your first day of work. Together those three features are frequently the difference between buying now and buying in three years. Specific eligibility, professions covered and terms vary by lender, which is where shopping the program matters.
Key takeaways
Doctors sit in a strange spot with mortgages. Your future earnings are strong and predictable, but you're often carrying six figures of student debt and starting a job that hasn't begun. Standard underwriting punishes both of those facts. Physician loan programs were built specifically to look past them. I've placed these for residents, fellows and attending physicians relocating into practices in Ann Arbor, metro Detroit and the Gulf Coast, and the difference they make is usually years, not months.
Built Around the Doctor's Actual Situation
The conventional underwriting model assumes a borrower with modest debt and a job they already started. A physician finishing training is the opposite: significant student loans, a strong signed contract, and a start date that may be weeks away. On paper that borrower looks risky. In reality they're one of the most reliable files a lender can write.
Physician loan programs exist to close that gap, and they're one of the more genuinely useful specialty products in this business.
The Three Features That Matter
Low or zero down, without PMI. This is the headline. On a conventional loan, putting little down means paying private mortgage insurance every month. Physician programs generally waive it, even on larger loan amounts. That's real money back in your pocket monthly.
Student debt handled sensibly. Conventional guidelines can impute a large hypothetical payment on deferred student loans, which wrecks your debt-to-income ratio. Physician programs typically use your actual income-driven payment instead. For a resident with substantial loans, that single difference can swing qualification entirely.
Close on your contract. Many programs let you close before your start date on the strength of a signed employment agreement. If you're relocating for a position, that means you can move into your house rather than into a short-term rental while you wait to be employable on paper.
Who Typically Qualifies
Eligibility varies by lender, and this is worth confirming rather than assuming. Programs commonly include:
- MD and DO physicians, including residents and fellows
- Dentists (DDS/DMD)
- Depending on the program: veterinarians, optometrists, podiatrists, pharmacists, CRNAs and physician assistants
Some lenders are broad, some are narrow, and some limit how far past training you can be. That's exactly the kind of thing I check before you get attached to a program.
Where I'd Push Back
I'm not going to tell you a physician loan is automatically the right answer. If you have modest student debt and real savings, a conventional loan may cost you less overall. Zero down also means borrowing the full purchase price, which is a bigger balance and slower equity. And buying immediately in a city you just moved to isn't always wise — sometimes renting for a year while you learn the neighborhoods is the smarter financial move, even though it doesn't earn me anything to say so.
I'd rather tell you that than put you in a house you regret.
Relocating Between States
I'm licensed in 12 states, which is genuinely useful for physicians — you may match, train and practice in three different places. If you're heading to a hospital system in Southeast Michigan or Ann Arbor, or relocating to the Sarasota and Venice area, you don't need to find a new lender each time.
Start Before You Sign the Contract
The best time to call me is while you're still negotiating the position. That way the financing is mapped out before you're house hunting on a deadline.
All loan scenarios and figures on this page are illustrative examples only, are not an offer or commitment to lend, and do not reflect guaranteed terms. Program availability, eligible professions, eligibility requirements, and limits vary by lender and are subject to change. Contact me for current details specific to your situation.
Quick facts
- Who it's for
- Physicians and select medical professionals
- Down payment
- Low or zero for eligible borrowers
- Mortgage insurance
- Typically none, even with low down
- Student debt
- Usually counted at income-driven payment
- Employment
- Can often close on a signed contract
- Occupancy
- Primary residence
Is this loan right for you?
Who it's for
- MD and DO physicians, including residents and fellows
- Dentists, and depending on the program other medical professionals
- Doctors relocating who want to close on a signed contract
- High-student-debt borrowers whose debt-to-income blocks conventional financing
Who it may not fit
- Professionals outside the lender's eligible categories
- Doctors with modest student debt and strong savings, who may pay less conventionally
- Buyers who aren't confident they'll stay in the area long enough to build equity
Pros and cons
Pros
- Low or zero down payment with no private mortgage insurance
- Student loan debt treated at the actual income-driven payment
- Can often close on a signed employment contract before starting
- Accommodates the loan sizes physicians typically need
Trade-offs to weigh
- Eligibility is limited to specific professions and varies by lender
- Zero down means a larger balance and slower equity building
- Not always cheaper than conventional financing for every physician
Frequently asked questions
Can I get a physician loan as a resident or fellow?
Frequently, yes. Many programs are designed for exactly that stage and will close on a signed contract before you start. Which lenders allow it and how far into training they'll go varies, so let me match you to a program that fits where you are.
Which professions besides MDs qualify?
It depends entirely on the lender. Dentists are commonly included, and some programs extend to veterinarians, optometrists, podiatrists, pharmacists, CRNAs or PAs. Because it varies so much, I confirm eligibility with the specific lender before we build a plan around it.
How is my student loan debt counted?
Typically at your actual income-driven repayment amount rather than a large assumed payment, which is the main reason physicians qualify under these programs when they wouldn't conventionally. The exact treatment differs by lender.
Is zero down actually a good idea?
Sometimes. It preserves your cash, which matters when you're starting out. But it also means a bigger loan balance and slower equity. I'll run it both ways and give you my honest read rather than just the one that closes.
I'm relocating from another state. Can you still help?
Yes — I'm licensed in 12 states, so a move doesn't mean starting over with a new lender. That's especially handy for physicians who train in one state and practice in another.
Related loan programs
Bank statement loans qualify you on the money actually moving through your business — not on what's left after your accountant does their job.
DSCR financing looks at the rent the property brings in — not your tax returns, not your debt-to-income.
Waterfront on the Gulf Coast, Birmingham and Grosse Pointe estates, second homes — financing above conforming limits.
Last updated September 8, 2026 · Reviewed by Mike Maiorano, NMLS #2033984. This page is educational and not a commitment to lend; program details change — ask for current figures.