A physician mortgage is a specialty jumbo loan program offered by a number of wholesale and portfolio lenders that lets doctors and other eligible licensed medical professionals buy a primary home with little to no down payment, no PMI, and favorable treatment of student loan debt. Loan amounts typically go up to roughly $2M, with some lenders going higher. The program is built around the doctor career path: high future income, high student debt, and a delayed start to the attending paycheck.

Yes. Residents and fellows are the original target borrower for physician mortgage programs. Most lenders allow qualification using a signed employment contract for the attending or fellowship position, typically up to 60 to 90 days before the start date. We work with lenders going to the most permissive window where allowed. Documentation is the signed contract, sometimes a verification letter from the employer, and the standard credit and asset documentation.

This is the killer feature of the program for most borrowers. Most physician mortgage lenders either exclude student loans from your debt-to-income ratio entirely, or use the actual IBR / PAYE payment instead of the 1 percent of balance figure that conventional underwriting falls back to. That single underwriting choice is often what makes the difference between qualifying and not qualifying.

No. Physician mortgage programs do not require PMI, even at very low or zero down payments. That is one of the largest practical savings of the product compared to a conventional loan at the same LTV. Over the first several years of the loan, the absence of PMI usually offsets any modest rate premium on the physician program versus standard jumbo pricing.

Generally no. Most physician mortgage programs are limited to a primary residence. A few lenders allow a second home with stricter down payment and underwriting requirements. For investment property, the right tool is usually a DSCR loan or standard non-owner financing rather than a physician program.

The published tiers across the wholesale channel are roughly 0 percent down up to $1M, 5 percent down up to $1.5M, and 10 percent down up to $2M. Some lenders extend higher with additional down payment and reserves. We work with lenders going to program minimums where allowed, so the specific cap depends on lender, profession, and borrower profile.

Sometimes slightly, sometimes not at all. Physician program rates are typically similar to or modestly above standard jumbo rates with no discount points. The value of the program is rarely about the rate itself, it is the combination of low or zero down, no PMI, and the student loan and offer-letter underwriting flexibility. Over the life of the loan, that combination is usually a clear win versus a conventional jumbo at the same LTV.

Yes. Most physician mortgage lenders extend the program to DDS, DMD, DVM, OD, DPM, PharmD, and CRNA borrowers, often on the same tiers as MDs and DOs. A smaller set of lenders also include physician assistants, advanced practice nurses, attorneys, and CPAs. See our /professional-mortgage hub for the non-physician variations.