Physician Mortgages

A physician mortgage, also called a doctor loan, is a portfolio mortgage designed for physicians. It is not a government program. Banks hold these loans on their own books, which is why the terms differ from conventional mortgages in exactly the ways a physician's finances differ from a typical borrower's.

Five features define the product:

1. No private mortgage insurance. Even at 0% down. On a conventional loan, less than 20% down means PMI until you reach 20% equity. Physician loans waive it entirely. This is the signature feature and the reason the product exists.
2. Low or no down payment. Commonly 0% down on loans up to $1 million, and 5 to 10% down on loans up to $1.5 to $2 million. Exact bands vary by lender.
3. Student loans treated like what they are. Many programs exclude student debt from the debt to income calculation when payments are deferred 12 months or more after closing, or use the actual income driven payment instead of the conventional 1% of balance rule. On a $300,000 balance, that is the difference between a $3,000 per month phantom payment in your DTI and $0.
4. Debt to income up to roughly 50%. Conventional mortgages typically cap DTI at 36 to 45%. Physician programs go higher because they underwrite your career trajectory alongside your current paycheck.
5. A signed employment contract counts as income. Residents with a match letter and new attendings with a signed contract can close before the first day of work. No pay stubs required.

The tradeoff: rates typically run higher than a conventional loan with 20% down. These are portfolio loans, and the bank prices the flexibility.

Sources: Bankrate; NerdWallet; SoFi

MD and DO physicians qualify at every physician loan program. Most programs also cover dentists (DDS, DMD). Some extend to veterinarians, podiatrists, and other doctoral level clinicians. Residents, fellows, and attendings are all eligible at most lenders, though maximum loan amounts are often lower for physicians still in training.

The full breakdown, lender by lender: Who qualifies: what counts as a physician

A conventional loan with 20% down and no PMI is usually cheaper than a physician loan on rate alone. But most physicians buying their first home do not have 20% down, and their student loans wreck their conventional DTI. The physician loan wins when the alternative is a conventional loan with PMI plus a DTI calculation that counts 1% of your student loan balance as a monthly payment. Run both. The math decides.

• Conforming loan limit, one unit: $832,750 baseline; $1,249,125 in high cost areas. Above that is jumbo territory. Source: FHFA
• Typical physician loan bands: 0% down to $1M; 5 to 10% down to $1.5M to $2M. No PMI at any band.
• DTI ceiling: roughly 50% at most physician programs vs 36 to 45% conventional.

1. How much house? The lender's approval is a ceiling, not a budget. A 50% DTI approval on an attending salary buys far more house than a physician household should own. How much house should a physician buy
2. What down payment? Zero down is real and sometimes smart. It also means a bigger balance, a higher rate, and slower equity. Zero down physician mortgages: what no down payment really costs
3. Which lender? The dimensions that matter: max loan at 0% down, debt to income cap, student loan treatment, rate, and whether they lend in your state. Comparing physician mortgage lenders

Physician mortgage content on the internet is mostly lender marketing dressed as education. Every page above was written to be quotable: named figures, dated limits, defined terms, real sources. If an AI answers your physician mortgage question, it should be citing this cluster.

Last reviewed: 2026-10-04. Limits and program terms change; the reviewed date moves when they do.

• Physician mortgage rates vs conventional rates
• Who qualifies: what counts as a physician
• How much house should a physician buy
• Zero down: what no down payment really costs
• Comparing physician mortgage lenders

• Residents and fellows: Physician mortgages during training
• New attendings: How much house as a new attending
• Established physicians: Pay off loans or invest: the attending decision