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The doctor loan, without the small print.
A physician mortgage loan lets new and practicing doctors buy a home with little or no money down, no PMI, and an offer letter in place of pay stubs. We’ll explain what it is, who qualifies, and how to tell a real program from a repackage.
0-10%
Down payment
$0
PMI required
50+
States covered
SPECIMEN DISCLOSURE
Physician Loan Program
Down payment
0 to 100% financing common
0-10 %
Down payment
0 to 100% financing common
0-10 %
Down payment
0 to 100% financing common
0-10 %
Down payment
0 to 100% financing common
0-10 %
Down payment
0 to 100% financing common
0-10 %
Issue by
Dr.HomeFinance Network
Dr. M. Patel
VERIFIED BORROWER . 2026
- 27lenders in network – verified
$40k+ avg lifetime PMI saved
0% down available, up to $IM
Offer letter accepted 90 days early
IBR/ PAYE student-loan payments accepted
IN THIS REFERENCE . 7
CHAPTERS
A start-to-finish read on the physician mortgage — what it is, who qualifies, the honest math, and how to use it without getting hurt. About a fourteen-minute read.
01
Definition
02
How it works
03
Eligibility
04
Pros & cons
05
Compare
06
Afford
07
Guardrails
01
DEFINITION
What is a physician mortgage loan?
The plain-English version. A loan product a handful of banks created for doctors — designed around an offer letter and a student-loan-heavy balance sheet, not around the standard W-2 underwriting box.
A physician mortgage loan is a portfolio mortgage built by a small number of banks specifically for physicians and a handful of other high-credential professionals.
The bank keeps the loan on its own balance sheet, which means it can rewrite the rules everyone else has to follow. In a conventional mortgage, the lender plans to sell the note to Fannie Mae, Freddie Mac, or a similar agency.
To do that, the file has to match the agency’s box — two years of W-2s, a debt-to-income ratio under 43%, and a down payment large enough to avoid private mortgage insurance.
Most new doctors don’t fit that box. They have a six-figure offer letter that hasn’t started paying yet, six figures of student debt on income-driven 90 days early.
VERIFIED repayment, and no down-payment savings. A real doctor mortgage program takes those facts as a given and underwrites around them.
There are four mechanical things a real program will do that a conventional loan won’t. They’re listed on the right — and hey show up, in writing, on the closing disclosure.
THE FOUR RULES
What a real program does
i Closes on an offer letter
Up to 90 days before your first day of work — with no pay stubs required.
.
ii Uses your IBR/PAYE payment
Or 0.5-1% of balance — not the fully amortized number.
.
iii 0-10% down, no PMI
Up to high loan amounts covering most metro markets.
.
iv Underwrites for physicians
Income trajectory is recognized as unusually predictable.
02
HOW IT WORKS
The three things a real program actually does.
Each one is acolumn on your closing disclosure. If your lender can’t produce it in writing, the program isn’t a real physician loan — it’s a conventional loan wearing the label.
i. Down payment
O-10%
Little or nothing down
A real physician program funds 90—100% of the purchase price up to high loan amounts. You bring earnest money and closing costs — not a year of saved-up cash you don’t have yet.
ON THE DISCLOSURE . DOWN PAYMENT 0-10%
ii. Mortgage insurance
No PMI
No private mortgage insurance
Less than 2 down on a conventional loan typically adds $150-$400/mo in PMI. A real doctor loan eliminates it entirely — saving most borrowers $40k+ over the life of the loan.
ON THE DISCLOSURE . PMI = $0
iii. Income proof
Offer letter
An offer letter is your income
A real program funds up to 90 days before your first day — using the signed contract from your hospital, group, or fellowship as proof of income. No stubs, no W-2s.
ON THE DISCLOSURE . EMPLOYMENT OFFER