Mortgages for doctors, dentists, and medical professionals

Do you actually need a "doctor loan"?

If you're a physician, dentist, or other medical professional searching for mortgage options, you've probably seen ads for "physician loans" or "doctor mortgages." These programs exist, and they can be helpful in certain situations. But here's something the marketing won't tell you: many medical professionals don't actually need them.

Let's break down what these loans offer, when they make sense, and when you might be better off with a conventional mortgage.

What physician loans offer

Doctor loan programs typically include:

• No PMI with less than 20% down - This is the big one. Regular loans require private mortgage insurance if you put down less than 20%.
• Student loan flexibility - Some programs exclude or reduce how student loans affect your debt-to-income ratio
• Future income consideration - New attendings can sometimes qualify based on their employment contract, not current income
• Higher loan limits - Some programs allow jumbo-sized loans with the same benefits

These features address real challenges that early-career physicians face: high student debt, recent career start, and income that will grow significantly.

When physician loans make sense

A doctor loan might be right for you if:

• You're a new attending with a signed contract - Traditional lenders want to see income history; physician programs understand your situation
• Student loans are crushing your DTI - If $300k+ in student debt is preventing qualification, these programs help
• You have limited savings but strong income - Can afford payments but haven't had time to save 20% down
• You're buying in an expensive market - Need a jumbo loan without jumbo requirements

When you might not need one

Here's where it gets interesting. Physician loans aren't always the best deal:

• If you have 20% down - PMI isn't a factor, so the main benefit disappears
• If your student loans are manageable - New income-driven repayment options mean DTI might not be an issue
• If rates are higher - Some physician programs charge slightly higher rates to offset the no-PMI benefit
• If you've been practicing a while - Established income history means conventional underwriting works fine

We've helped plenty of doctors and dentists who came in asking about physician loans, only to find that a conventional loan actually saved them money.

The math you should do

Don't just assume a physician loan is best. Compare:

1. Total monthly payment - Physician loan vs. conventional with PMI
2. Interest rate difference - Even 0.125% adds up over 30 years
3. How long you'll have PMI - It drops off at 20% equity, often within 5-7 years
4. Closing costs - Some physician programs have higher fees

Sometimes paying PMI for a few years at a lower rate costs less than a slightly higher rate with no PMI. Run the numbers.

Who qualifies as a "medical professional"?

Programs vary, but typically include:

• MDs and DOs (physicians)
• Dentists (DMD, DDS)
• Podiatrists
• Optometrists
• Veterinarians (some programs)
• Residents and fellows (with contract)
• Nurse practitioners and PAs (some programs)

Each lender has different eligibility requirements, so if you're in a related field, it's worth asking.

What we recommend

Don't start by looking for a physician loan. Start by looking for the best loan for your situation.

Come talk to us. We'll look at your full picture - income, debt, savings, timeline - and figure out what actually makes sense. Sometimes that's a physician program. Often it's a conventional loan. Occasionally it's something else entirely.

The goal is the right mortgage, not the one with the best marketing.

Get a quote or schedule a call to discuss your options.