What is a Physician Mortgage Loan?
A physician mortgage loan (also known as a "doctor loan") is a lender-specific mortgage program that may be offered to qualifying medical professionals. Eligibility, underwriting, cash requirements, rates, fees, and student-debt treatment vary by lender and borrower.
What to Compare
Cash to Close and Reserves Ask for a written estimate of down payment, closing costs, lender fees, and required reserves. Requirements can change with the lender, borrower, loan amount, and property.
Rate, APR, Mortgage Insurance, and Monthly Cost Do not compare a program label alone. Review the rate, APR, points, fees, mortgage-insurance structure, taxes, insurance, and total monthly cost in the same scenario.
Student Debt and Future Income Ask each lender to show how student debt, income-driven repayment, and future employment were treated in underwriting. Methods and documentation vary.
Who Qualifies?
Programs may consider professions such as:
- MD and DO physicians
- Dentists (DDS, DMD)
- Podiatrists (DPM)
- Other medical professions, depending on the lender and program
This is not an eligibility list. Confirm your degree, career stage, property, and borrower profile with each lender.
When to Apply
The best time to apply depends on your situation:
During Residency or Fellowship Ask whether the lender can consider future employment, which documents it requires, and how far before the start date it can close.
As a New Attending Compare current written scenarios rather than assuming career stage guarantees a particular amount or term.
Related Resources
If you're still deciding whether to buy, check out our guide on when residents should buy vs rent. For those concerned about student loans affecting approval, read about how student loans affect your mortgage.