Physician Mortgage FAQ
Short, direct answers to the questions we get asked most. Every number here is sourced and dated, and we recheck the page monthly.
What Is a Physician Mortgage?
A loan a bank keeps on its own books instead of selling to Fannie Mae or Freddie Mac, which lets it write its own rules for doctors. In practice that means little or no down payment, no mortgage insurance, permission to close on a signed employment contract before your first paycheck, and gentler treatment of medical school debt. More in how physician mortgage loans work.
Which Degrees Qualify?
It varies by lender, and the lists are genuinely different from one program to the next. MD and DO qualify essentially everywhere. Dental degrees qualify at most programs. DPM, OD, CRNA and DVM depend entirely on the lender, and some programs publish no list at all.
We cover each: dentists, podiatrists, optometrists, veterinarians.
Can I Really Buy With Nothing Down?
Often yes. Programs commonly publish 100% financing up to around a million dollars, with the down payment stepping up from there as the loan gets larger.
Zero down is not zero cash, though. Closing costs still run 2% to 5% of the purchase price (Freddie Mac, February 2026), and most programs require reserves, meaning money still in the bank after closing. See what the zero down tier really covers.
How Do Lenders Count My Student Loans?
This is the question that moves your approval the most, and the answer depends on the rulebook.
Fannie Mae will accept a documented $0 income-driven payment. FHA and Freddie Mac use 0.5% of the balance when the reported payment is $0. Fannie counts deferred loans at 1% of the balance. Physician programs often set their own rule, and some exclude loans deferred well past closing entirely.
On the class of 2025 median education debt of $215,000, that is a swing from $0 to about $2,150 a month in your ratio (AAMC, October 2025). Full breakdown in how student loans are counted.
Did the Student Loan Rules Change in 2026?
Yes, substantially. The SAVE plan ended by court order on March 10, 2026. A new plan called RAP went live on July 1, 2026 and is open to any Direct Loan borrower (34 CFR 685.209). IBR remains open only for loans made before July 1, 2026, and PAYE and ICR are now restricted.
If you were in SAVE, your servicer notice gives you 90 days to choose a new plan. Missing that deadline drops you into a Standard plan with a much larger payment, which lands directly in your debt-to-income ratio. If you are house hunting, handle that first.
Can I Close Before I Start My Job?
Usually yes, on a signed employment contract. Published windows commonly run up to 90 days before you relocate or change jobs, and 90 or more days before residency begins with a contract and a letter from the employer. This is one of the main reasons the product exists.
Is the Rate Higher Than a Conventional Loan?
Nobody can tell you honestly, because no credible source publishes a physician loan rate premium. These are portfolio products with no public rate series. We looked across regulators, research institutions and industry data and there is not one.
What you can do is get a written quote from a physician program and a conventional lender on the same day and compare full monthly payments. For market context, the 30-year fixed averaged 6.71% and the 15-year 6.04% in the week of September 3, 2026 (Freddie Mac).
Is It Fixed or Adjustable?
Check before you assume. Some programs publish only adjustable rate terms, in 3, 5, 7, 10 and 15-year structures. Others publish both fixed and variable options. If you want a 30-year fixed, confirm it is available before you go under contract.
What Credit Score Do I Need?
Most physician lenders do not publish a minimum. The common published language is only that your loan-to-value options vary based on your FICO score. Third-party directories quote 660, 700, 710 and 720 for the same programs, which tells you those numbers are secondhand.
In practice your score usually decides which tier you land in rather than whether you are approved.
How Much House Can I Afford?
A physician program may approve you at a 50% debt-to-income ratio. A comfortable housing payment is closer to 28% of gross income. Those are very different numbers, and the space between them is where you want to buy. See how much house a doctor can afford.
Should I Buy During Residency?
It depends almost entirely on how long you will be in that city. Round-trip transaction costs run roughly 8% to 15% of the purchase price, and at current appreciation that takes several years to earn back. Under three years is usually a bet. Four or five years and up, the math generally works. See buying a house during residency.
Can I Use It for a Second Home or a Rental?
No. Physician programs generally limit themselves to a primary residence. Condominium and multi-unit eligibility is usually not published either, so ask before you write an offer on one.
What Does HouseCall Cost Me?
Nothing. We are paid by lenders, not by you. There is no fee, and using HouseCall does not change the terms you are offered.
How Many Lenders Will Contact Me?
One. We match your situation to a single lender and send your information only to them. You will not get a wall of calls from a list of banks, which is the usual experience with lead sites and is exactly what we built this to avoid.
What Do You Need From Me?
Your degree, your training stage, the state you are buying in, the loan amount and down payment you have in mind, and your contact details. It takes about two minutes. Start here.
What Should I Have Ready for the Lender?
- Your signed employment contract with start date and salary
- An employment verification letter if you are a resident or fellow
- Recent pay stubs if you are already working, and two years of tax returns if you have earned income
- Bank statements showing reserves
- Your student loan plan confirmation and current payment from your servicer
Last verified September 9, 2026, against published lender disclosures, agency guidelines and current federal regulations. We recheck this page monthly.