Doctor Loans — Physician Mortgage Programs With 0% Down and No PMI
Doctor loans are a specialized mortgage designed for physicians, residents, dentists, and other medical professionals who need financing that works with their unique financial situation — high student loan balances, a recent residency start date, and limited savings for a down payment. Mortgage-World.com (NMLS #1630225) is a Bergen County-based mortgage broker licensed in NJ, CT, and FL. We work with 20-plus wholesale lenders and offer doctor loan programs with 0%–5% down, no PMI, loan amounts up to $2,000,000, and flexible student loan debt rules. MDs, DOs, DDS, DMD, PharmD, DVM, DPM, CRNAs, and medical residents are all eligible.
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What Is a Doctor Loan and How Does It Work?
A doctor loan — also called a physician mortgage loan or physician home loan — is a non-agency mortgage program designed specifically for medical professionals. Standard mortgage programs penalize physicians for the things that come with a medical career: six-figure student loan balances, a short employment history after residency, and limited cash reserves from years of training income. Doctor loans are built around the realities of a physician’s financial profile.
The core advantages of a doctor loan are significant. First, you can purchase a home with little to no down payment — typically 0% to 5% depending on the loan amount — without triggering private mortgage insurance (PMI). Second, student loans in deferment or on an income-based repayment (IBR) plan can often be excluded from the debt-to-income calculation, which means a medical resident with $300,000 in deferred student debt can still qualify. Third, a signed employment contract is accepted as proof of income, so you can close on a home before your attending physician salary begins. According to the American Medical Association, physician mortgages are one of the most effective tools available to help new doctors build home equity early in their careers.
At Mortgage-World.com, we work with 20-plus wholesale lenders and have access to multiple doctor loan programs across NJ, CT, and FL. We match you with the program that fits your specific degree, loan amount, and closing timeline.
Eligible Borrowers
Eligible Medical Professionals and Qualifying Credentials
Doctor loan programs cover a wide range of medical professionals — not just MDs. Below is a breakdown of who is eligible and the degree credentials that qualify.
| Medical Professional | Credential | Eligible for Doctor Loan? |
|---|---|---|
| Medical Doctor | MD | Yes — all programs |
| Doctor of Osteopathy | DO | Yes — all programs |
| Dentist / Oral Surgeon | DDS, DMD | Yes — all programs |
| Doctor of Pharmacy | PharmD | Yes — most programs |
| Veterinarian | DVM, VMD | Yes — most programs |
| Podiatrist | DPM | Yes — most programs |
| Ophthalmologist / Psychiatrist | MD or DO | Yes — all programs |
| Nurse Anesthetist | CRNA with DNAP or DNP | Yes — select programs |
| Medical Residents, Fellows & Interns | Any of the above degrees | Yes — with employment contract |
Loan Program Parameters
Physician Mortgage Program Requirements and Guidelines
Understanding the specific requirements of a doctor loan program helps you prepare your application and choose the right product. Below are the core parameters for the physician mortgage programs we offer through our wholesale lender network.
Doctor loans allow financing up to 100% LTV on eligible programs, meaning a 0% down payment is possible. Minimum LTV to access the doctor loan program is 90.01%, with a maximum of 100%. Loan amounts from $100,000 up to $2,000,000. ARM programs require a minimum loan amount of $350,000.
A minimum FICO score of 680 is required for doctor loan programs. Higher scores improve your pricing and rate. This is a non-agency product, so standard Fannie Mae and FHA score rules do not apply. The 680 minimum is the program floor across all lenders we work with for physician mortgages.
One of the most significant benefits of a doctor loan is the elimination of private mortgage insurance even at high LTVs. A conventional borrower with 5% down pays PMI until equity reaches 20% — on a $700,000 purchase, that can mean $250–$400 per month in added cost. Doctor loans skip PMI entirely, saving thousands annually.
Doctor loan programs offer 15-year and 30-year fixed rates, plus adjustable-rate options including 5/6 ARM, 7/6 ARM, and 10/6 ARM. Many physicians choose a 7/6 or 10/6 ARM because they plan to refinance or sell before the adjustment period begins. Temporary rate buydowns are not permitted on this product. In-person closing only — virtual and hybrid eNote closings are not eligible.
Max DTI is 45% for LTV above 95%, ARMs, and 15-year fixed loans. For LTV at or below 95% on 30-year fixed programs, DTI can go up to 50%. These are more generous than conventional guidelines and reflect the higher earning trajectory of medical professionals. Non-occupant co-borrowers are permitted with some restrictions.
For residents and fellows currently in a clinical training program, student loans in deferment or on IBR may be fully excluded from the DTI calculation. For all other borrowers, if the credit report shows a $0 monthly payment, 1% of the outstanding balance is used unless documentation shows an income-driven payment. The Federal Student Aid website has details on IBR plan documentation requirements.
Additional Guidelines
Additional Guidelines and Restrictions to Know
Beyond the core parameters above, there are several additional guidelines that apply to doctor loan programs. Tradeline history must cover a minimum of 24 months with at least one active tradeline. Escrow waivers are not permitted on this product. Appraisal waivers are also not permitted — a full appraisal is required on every transaction, along with a secondary valuation such as an acceptable FNMA CU risk score, a Collateral Desktop Analysis (CDA), or a second full appraisal by a different appraiser.
This is a primary purchase and rate-and-term refinance program only. Cash-out refinances are not eligible under the doctor loan product. If you are a physician looking to pull equity from your home, a conventional cash-out refinance or jumbo loan program would be more appropriate. For properties over 10 acres, only a 30-year fixed rate is available. A maximum of 4 financed properties is permitted. Properties must be primary residences — second homes and investment properties are not eligible under doctor loan guidelines.
The medical professional must be the primary wage earner on the loan. Non-occupant co-borrowers are permitted but their income cannot exceed 50% of the total qualifying income used. This is a non-agency product that is not sold to Fannie Mae or Freddie Mac, which is why it can accommodate the unique financial profile of a new physician where standard conforming guidelines would fall short.
Property Types That Are Not Eligible for This Program
Certain property types are not eligible for physician mortgage financing. Mixed-use properties, model home leasebacks, and condohotels are excluded. Properties in Hawaii lava zones 1 and 2, properties with a condition rating of C5/C6 or construction quality rating of Q6, and non-warrantable condominiums are also ineligible. Working farms, ranches, and orchards do not qualify. Properties used for commercial purposes or that generate income from the property itself (other than incidental rent from a boarder) are not eligible. Bridge loans and construction-to-perm financing are outside the scope of doctor loan programs.
Residents and New Attendings
Can a Medical Resident Get a Doctor Loan?
Yes — and this is where doctor loans truly separate themselves from every other mortgage product. Medical residents, fellows, and interns are fully eligible provided they hold one of the qualifying degrees and are currently in a residency or clinical fellowship program. A signed employment contract showing your future attending salary is accepted as proof of income in place of pay stubs or W-2s, which means you can close on a home before your first paycheck arrives.
The student loan treatment for residents is also far more flexible. If you are currently in residency or a medical clinical fellowship program, deferred student loans can be excluded from the DTI calculation entirely — rather than counting 1% of the balance per month as is required on conventional and FHA programs. This exclusion can make a substantial difference in qualifying: a resident with $280,000 in deferred student loans would otherwise carry a $2,800 per month phantom payment in their DTI under conventional guidelines. A doctor loan removes that burden completely for active residents and fellows. The Consumer Financial Protection Bureau has general guidance on mortgage options for borrowers evaluating loan types, and our team can walk you through exactly how your residency income and student debt are handled in a doctor loan application.
For first-time buyers among our physician borrowers, our first-time home buyer page covers additional programs and down payment assistance options that may complement a doctor loan when you have some equity or savings to work with.
Qualification Checklist
Qualification Requirements Summary by Category
- Minimum FICO: 680
- Medical professional must be the primary wage earner
- Eligible degree required: MD, DO, DDS, DMD, PharmD, DVM, VMD, DPM, CRNA (DNAP/DNP), or active resident/fellow/intern
- Tradeline history: minimum 24 months, at least 1 active
- Max DTI: 45%–50% depending on LTV and term
- Max 4 financed properties
- Non-occupant co-borrower income must be <50% of total qualifying income
- Primary residence only
- Purchase and rate-and-term refinance only (no cash-out)
- Min loan amount: $100,000 fixed; $350,000 ARM
- Max loan amount: $2,000,000
- LTV range: 90.01%–100%
- Full appraisal required — plus secondary valuation
- In-person closing only — no virtual or hybrid eNote
- Escrow waivers not permitted
- Signed employment contract accepted for new attendings
- Current pay stubs if already in practice
- Residents & fellows: residency agreement plus employment contract
- Income-based repayment plan documentation from servicer
- Deferred student loans may be excluded for active residents
- Non-occupant co-borrower income permitted with restrictions
- 15-year fixed
- 30-year fixed
- 5/6 ARM
- 7/6 ARM
- 10/6 ARM
- No temporary rate buydowns
- Exact Rate and Custom Rate Lock permitted (minimum 15-day lock)
Related Mortgage Programs
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What Clients Say
What Clients Say About Mortgage-World.com
“Chris was the best mortgage person I’ve ever experienced in my life. My refi was very complicated. We must have called him 75 times. He never missed one of my calls. Unbelievable, and we got it done.”
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Frequently Asked Questions
Frequently Asked Questions About Physician Mortgages
