Keep more cash in your pocket
Built for buying before your savings catch up. Low cash to close, so your savings can go to the move, the furniture, and the stuff nobody warns you about. Ask me how little.
Doctor loans for physicians and medical professionals, explained.
Physicians, dentists, pharmacists, vets, podiatrists, CRNAs, and nurse practitioners: you spent years in training, you have a contract with a real salary on it, and you also have student loans the size of a house. Regular mortgage rules don't always know what to do with that. My physician loan program does. Here's who it's for, what you get, and how it works.
What a physician loan is
A physician loan, or doctor loan, is a home loan program built for medical professionals whose income is growing faster than their student loans are shrinking. The rules come from the program, not from Fannie Mae or FHA, which is why it can do things a regular loan can't.
I have one. If you're a medical professional buying in Fort Worth, Aledo, or anywhere in DFW, here's the short version: no mortgage insurance, student loan relief, your signed contract can count, low cash to close (ask me how little), and loans up to $2 million. All subject to qualification and program guidelines.
Who qualifies
At least one borrower has to be in active practice with an eligible degree:
- MD and DO physicians, including specialists like ophthalmologists and psychiatrists
- Dentists (DDS or DMD)
- Pharmacists (PharmD)
- Veterinarians (DVM or VMD)
- Podiatrists (DPM)
- CRNAs with a DNAP or DNP
- Nurse practitioners with an MSN or DNP
- Residents, fellows, and interns who hold one of those degrees
Being on the list gets you in the door. Approval is still subject to qualification and program guidelines. Not on the list? Call anyway. I'll tell you what fits instead.
What you get
No mortgage insurance
No monthly mortgage insurance on this program. On a regular conventional loan with a small down payment, you'd usually pay PMI. Not here.
Student loan relief
Your student loans get favorable treatment when you qualify, so a balance the size of a house doesn't automatically sink your debt-to-income ratio. For residents and fellows, loans that are deferred, in forbearance, or on a $0 income-based plan can be left out of qualifying.
Your contract counts
A signed contract or offer letter can be used to qualify, with a start date within about five months of closing. A housing allowance can count too, when it's guaranteed in your contract. Handy when your new job starts in July and your lease ends in June.
Loans go up to $2 million, with fixed-rate and adjustable-rate options. Everything on this page is subject to qualification and program guidelines. It's a good program, not a guarantee.
What it covers
- Your primary home A purchase or a rate-and-term refinance on the home you live in.
- Single-family homes and approved condos Not sure the condo is approved? Send me the address and I'll check.
How it works
- 1. Send me the basics Your degree, where you are in your career, your signed contract or current pay, your student loan statements, and what you want to buy.
- 2. I run it against the program Income, including your contract and any guaranteed housing allowance, how your student loans are counted, your credit, and the property, all checked against the program guidelines.
- 3. You get a straight answer If it fits, you get a pre-approval to shop with. If it doesn't, I'll tell you why and show you what does.
- 4. Find the house, close the loan Your start date has to fall within program limits, so send the contract early and we'll plan around it.
Tradeoffs vs conventional or FHA
- Pricing Not always the cheapest option. The flexibility can cost something compared with a conventional loan with a solid down payment.
- Less equity at the start Keeping more cash in your pocket means starting with less equity in the house. If prices dip and you need to sell soon, that can sting.
- Know the loan Know exactly what you're signing up for. If you pick an adjustable rate, know when it can change. I'll walk you through it.
- It still has to qualify Low cash to close and no mortgage insurance don't skip underwriting. Credit, assets, the property, and the payment all still count under the program guidelines.
When a physician loan isn't the best move
- You have a strong down payment saved. A conventional loan may cost less, even counting PMI if you need it.
- You're a veteran with VA eligibility. A VA home loan may beat it. I'll compare.
- You're buying a second home, a rental, or a property the program doesn't cover. I'll tell you up front.
- Your plans are uncertain, and you might move in a year or two. Low equity plus a quick sale is a rough combination.
What to send me
- Your signed contract or offer letter, with salary, start date, and any housing allowance
- Recent pay stubs if you're working now, including residency or fellowship pay
- Your degree and license, or your residency or fellowship details
- Student loan statements showing balances and status, including any deferment, forbearance, or income-based plan
- Two months of bank and retirement statements
- Where you're buying and roughly the price
How to start
Send the short form, call, or email. Tell me your degree, where you are in your career, your start date if you have a new job, and where you want to buy. I'll tell you whether the doctor loan fits, or whether a regular loan is the better deal.
Phone: 817-873-6288
Email: [email protected]
Doctor loan questions
What is a physician mortgage loan?
A home loan program built for medical professionals. Mine has no mortgage insurance, student loan relief, lets a signed contract count, keeps more cash in your pocket, and goes up to $2 million. All subject to qualification and program guidelines.
Who qualifies for a doctor loan?
At least one borrower has to be in active practice with an eligible degree: MD or DO physicians (specialists included), dentists, pharmacists, veterinarians, podiatrists, CRNAs with a DNAP or DNP, and nurse practitioners with an MSN or DNP. Residents, fellows, and interns with one of those degrees count too. Approval is subject to qualification and program guidelines.
Can residents and fellows use it?
Yes, with an eligible degree. And for residents and fellows, student loans that are deferred, in forbearance, or on a $0 income-based plan can be left out of qualifying.
Is there really no mortgage insurance?
Right. No mortgage insurance on this program. You still have to qualify, and the program guidelines still apply.
Can I qualify on a job I haven't started yet?
Yes. A signed contract or offer letter can count, with a start date within about five months of closing. A housing allowance can count too, if it's guaranteed in the contract. Send me the contract early.
How are my student loans counted?
Favorably. That's the student loan relief part. Exactly how yours are counted depends on the loans and the program guidelines. Send me your servicer statements and I'll tell you.
How much can I borrow?
Loans go up to $2 million. What you can actually borrow depends on your income, debts, credit, and the program guidelines.
What kind of home does it cover?
Your primary home. A purchase or a rate-and-term refinance on a single-family home or an approved condo.
What's not eligible?
Second homes, investment property, 2-4 unit buildings, manufactured homes, and anything over 40 acres. The ranch will have to wait. Ask me what fits instead.
Is a doctor loan always the best choice for a doctor?
No. If you have a solid down payment saved, a conventional loan can come out ahead. I'll compare both.
Subject to qualification and program guidelines. Not all applicants will qualify. Not a commitment to lend.
More answers on the FAQ page. Self-employed instead? See non-QM loans. Or head back home.