Financial Fellowship Ask

Physician money, answered straight.

Contracts, student loans, insurance, and the attending transition, broken down by specialty and by the decision in front of you.

Ask your question

Who Qualifies: What Counts as a Physician

Ryan Inman Ryan Inman Published Updated 4 min read

Physician finance

The short answer: MD and DO qualify everywhere. Dentists (DDS, DMD) qualify at most programs. After that, it is lender by lender. Veterinarians, podiatrists, pharmacists, PAs, CRNAs, and NPs are eligible at many programs and excluded at others, and there is no industry standard list. If one lender says your degree does not qualify, that tells you about one program, not the market.

The universal tier: MD and DO

Every physician mortgage program covers MDs and DOs. BMO's fine print lists MD, DDS, DMD, and DO as the licensed professionals in scope, plus residents and fellows (BMO). Regions' Doctor Loan covers MD, DMD, DDS, and DO regardless of how long they have been practicing (Regions, via White Coat Investor).

Dentists: the near universal tier

DDS and DMD appear in nearly every program list, including BMO, Regions, Fifth Third, and First National Bank. If you are a dentist, you qualify for the core physician loan almost everywhere it is offered.

The lender by lender tier: vets, podiatrists, pharmacists, and advanced practice

This is where the lists diverge.

  • Fifth Third includes MD, DO, DPM, DDS, DMD, DVM, and OD (Student Loan Planner). Physicians, dentists, podiatrists, veterinarians, and optometrists can access the program.
  • First National Bank's Doctor Loan covers MD, DO, CRNA, dentists, veterinarians, and podiatrists within 10 years of training (Student Loan Planner).
  • First Merchants Bank covers MD, DO, DDS, DMD, DVM, and PharmD (Student Loan Planner).
  • The Federal Savings Bank's Medical Professionals Program is one of the broadest: MD, DO, CRNA, DPM, PharmD, OD, PA, psychologist, APRN nurse midwife, NP, and DVM (The Federal Savings Bank).
  • Flagstar Bank covers medical residents, MD, DO, DDS, DMD, DPM, DVM, optometrists, pharmacists, PAs, NPs, CRNAs, clinical nurse specialists, and RNs, plus attorneys, CPAs, and pilots, but ARM only for some groups (MedMoneyGuide).
  • Regions splits its world in two: the Doctor Loan for MD, DMD, DDS, and DO with no practice time limit, and the Emerging Professionals Program for attorneys, certified pharmacists, nurse anesthetists, physician assistants, nurse practitioners, veterinarians, chiropractors, optometrists, and podiatrists with no more than 7 years in their profession (Regions, via White Coat Investor).
  • Fulton Mortgage extends up to $3 million in financing for pharmacists, veterinarians, and podiatrists (Student Loan Planner).
  • TD Bank's Medical Professional Mortgage includes podiatrists, oral surgeons, and self employed physicians (MedMoneyGuide).

Read those lists as evidence of one principle: the further you are from MD/DO/DDS, the more the answer depends on the individual lender's portfolio guidelines. PAs and NPs, for example, are fully in at The Federal Savings Bank and Flagstar, and they sit in Regions' Emerging Professionals tier, but many classic physician programs will not take them.

Residents and fellows with a signed contract

Residents and fellows are eligible at most lenders, and the key mechanism is the same one that serves new attendings: a signed employment contract counts as income verification, and you can close before you start.

  • BMO imposes no income history requirement and allows employment to start within 90 days of closing (BMO).
  • Many programs let residents and fellows qualify as early as 90 days before beginning residency or fellowship, and allow closing 90 to 150 days before the employment start date (Mortgage Research Center, White Coat Investor).
  • United Federal Credit Union allows eligibility when you will begin employment within 60 days of closing with an offer letter or contract (United FCU).

If you are a resident relocating for fellowship or an attending job, the contract is the qualifying document. Start the mortgage conversation when the contract is signed, not when you move.

The years since training limit

Some lenders cap eligibility by time since you finished training. Ask about this before you apply, because the marketing page rarely headlines it.

  • BMO excludes physicians with more than 10 years in practice after training, and limits physicians at 5 to 10 years to 95% financing (BMO).
  • First National Bank requires borrowers to be less than 10 years from training for its expanded eligibility groups (Student Loan Planner).
  • Regions' Emerging Professionals Program caps non physician professionals at 7 years in the profession (Regions, via White Coat Investor).
  • One widespread program cited in lender roundups requires applicants to be within 10 years of completing their original residency (Millennial Money).

The logic is consistent: these are portfolio loans priced for early career professionals with high future income and low current assets. A mid career established physician with a big balance sheet is not the target borrower.

How to read an eligibility list

When you land on a lender's program page, check four things: the degree list, the trainee status (resident/fellow included or not), the time since training cap, and whether your profession sits in the headline program or a secondary program with different terms (like Regions' Emerging Professionals). If any of the four is unclear, ask the loan officer in writing before you pay for an appraisal.

Sources

Ryan Inman spent 10 years as a financial advisor to physicians, hosted the Financial Residency podcast, and founded Financial Fellowship to teach physicians the money mechanics of a medical career.

Have a money question from your own training or practice? Submit it at financialfellowship.com/submit. Real questions get real answers.

Have a money question we have not answered?

If you have a question about a decision you are about to make, ask it here.

Ask your question

More reading

Refinance Your Student Loans Without Regret

Who this is for: You are a resident, fellow, or attending with student loans, and a lower rate sounds simple. It is not simple when the loans are federal. This guide shows you how to take the savings when the savings are real, and how to avoid the one move you cannot undo.

If you have a question about a decision you are about to make, ask it here

Ask your question

Education for physicians. Run the numbers against your own contract, specialty, and state, and confirm moves with your licensed planner, CPA, or attorney.