Who qualifies for a physician loan?
Physician loans offer up to 100% financing for medical professionals — not just MDs. Nurses, anesthesiologists, and veterinarians typically qualify, and depending on the lender, some first responders do too. These programs are designed for professionals with strong future earning power who haven't yet built a large down payment.
Key takeaways
Doctor loans are a fantastic program, and they're not just for MDs. Nurses, anesthesiologists, veterinarians, and — depending on the lender — some first responders can qualify too. I work with several lenders who each have different options, so I can match the right program to your profession. I've helped a number of physicians relocating to the Dairy and greater Nashua area find homes this way.
What is a physician loan?
A physician loan (sometimes called a doctor loan) is a specialty mortgage that offers up to 100% financing with no borrower-paid PMI for medical professionals. It exists because lenders recognize that doctors and other clinicians have strong, reliable future income — even before they've built a big down payment or paid down student debt.
It's not just for doctors
The ideal borrower works in the medical field, but that's broader than most people assume:
- Physicians (MD/DO), podiatrists (DPM), and dentists (DDS/DMD)
- Nurses, anesthesiologists, and veterinarians
- Residents and fellows — even before you start earning attending pay
- Depending on the lender, some first responders
I work with several lenders, and each has different eligible professions, options, and credit rules — some want a score around 740 — so part of my job is matching your profession to the lender that treats it best.
Physician loan vs. conventional
| Physician loan | Conventional loan | |
|---|---|---|
| Down payment | As little as 0% | 3%+ |
| PMI | None | Required under 20% down |
| Student loan debt | Often excluded or discounted | Counted in full |
| Close before job starts | Often yes, with a contract | No |
| Best for | New attendings, residents, big student debt | Strong cash, modest debt |
If you already have 20% to put down and modest debt, a conventional loan may be cheaper. If your income is strong but your cash and student loans are working against you, the physician loan is usually the winner. I run both side by side so the choice is obvious.
The student-loan advantage
Here's what makes these loans powerful: lenders will often exclude or heavily discount your student-loan payment when calculating your debt-to-income, recognizing that medical training pairs big balances with big future income. That single difference is frequently what lets a new physician qualify for the home they actually want.
Close before you start the job
Many physician programs let you close on a home up to 60–90 days before your start date using a signed employment contract as proof of income — perfect if you're relocating for a new position and would rather not rent first.
Great for relocations
Many of my physician clients are relocating to the area. I have a strong referral relationship tied to the medical community in Derry and greater Nashua, and Manchester's hospital systems bring a steady stream of medical professionals to town. If you're moving for a new position, let's get you pre-approved early so you can shop with confidence.
Frequently asked questions
Who qualifies for a physician loan?
More professions than people expect. Physicians (MD/DO), dentists (DDS/DMD), podiatrists (DPM), nurses, anesthesiologists, and veterinarians typically qualify, as do residents and fellows still early in their careers — and depending on the lender, some first responders. I work with several lenders that each treat these professions differently, so I match you to the best fit.
Are physician loans worth it, or is a conventional loan better?
It depends on your cash and your student debt. A physician loan shines when you have strong future income but limited down-payment savings or large student loans, because it offers up to 100% financing with no PMI and often excludes that student debt from your ratios. If you already have 20% to put down and modest debt, a conventional loan may be cheaper. I run both side by side so the choice is obvious.
How do doctors buy a home with large student loan debt?
This is the core advantage of a physician loan: lenders will often exclude or heavily discount your student-loan payment when calculating debt-to-income, since medical careers pair big balances with strong future earnings. That's frequently the difference between qualifying and being told no on a conventional loan.
Can residents and fellows get a physician loan?
Yes — many programs are built for exactly that stage, letting residents and fellows buy before reaching full attending income. Terms vary by lender, so I'll match you to one that's comfortable with where you are in your training.
Can I close on a home before I start my new job?
Often yes. Many physician programs let you close up to 60–90 days before your start date using a signed employment contract as proof of income — ideal if you're relocating for a position and would rather not rent first. Let's get you pre-approved early so you're ready to write an offer.
Can a physician loan really finance 100%?
Yes, many physician programs offer up to 100% financing with no borrower-paid PMI, recognizing that medical professionals have strong future earning power even before building a large down payment. The exact terms depend on the lender and your profession.