The Physician Mortgage Loan Program helps those who qualify to receive a mortgage loan from participating lenders with zero to very little money down, no private mortgage insurance (PMI), and special circumstances are taken into consideration for Debt to Income Ratio concerning Med School Loans. These particular loans allow professionals in the medical field to buy a home when they may otherwise be considered risks.
Physician home loans are also often called: Physician Loans, Doctor Loans, Doctor Home Loans, and Doctor Mortgage Loans.
Who qualifies for this Program?
A “qualified borrower” is generally defined as a Licensed Medical Resident, fellow, or attending physician with a signed contract for employment.
The following is a list of licenses that usually qualify for doctor loans:
- Doctors of Optometry (OD)
- Doctors of Osteopathy (DO)
- Doctors of Ophthalmology (MD)
- Doctors of Podiatric Medicine (DPM)
- Doctors of Dental Medicine (DMD) (select markets only)
- Doctors of Dental Science (DDS) (select markets only)
- Doctor of Veterinary Medicine (DVM)
- Doctor of Pharmacy (PharmD)
Those with D.P.M. degrees, P.A. (Physician Assistants), PH.D.s, and PSY.Ds may also qualify.
Some lenders also include Nurse Anesthetists, Nurse Practitioners, and Clinical Nurse Specialists who may qualify.
Many lenders allow potentially qualified borrowers to satisfy the employment requirement by producing an employment contract even before the residency begins. Still, other lending programs will lend to borrowers with less than two years of self-employment or work as independent contractors.
Medical students do not qualify for physician mortgage loans.
You must also be a citizen or permanent resident of the United States to qualify for physician loans.
MDMortgageLoan.com has compiled a list of Physician Mortgage Lenders and Banks by state and qualifications.
MDMortgageLoan.com can help find professional physician mortgage programs and industry-leading competitive rates that fit various financing needs.