Down Payment · 7 min read
A Practical Guide to Down Payment Assistance
How grants, second liens, and state programs actually work, and when they're worth using.
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Lending Team|Personalized Mortgage Experience
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Specialized Financing
Physician Loans
A mortgage built around the way doctors actually live and earn, structured for large student loans, modest savings, and a signed contract as the biggest asset on the page.
Corie Adams · Producing Branch Manager · NMLS #1875205
Who this is for
Whether this fits the plan you have.
Medical training doesn't wait for a perfect balance sheet. Physician loan programs were built for the years when a career is moving faster than a traditional mortgage file.
MDs and DOs
Physicians in residency, fellowship, or early practice whose student loans and modest savings don't reflect a growing earning trajectory.
Dentists (DDS/DMD)
Dental professionals often qualify under the same programs built for physicians.
Veterinarians (DVM)
Many investors extend physician loan eligibility to veterinarians as well.
Advanced-degree professionals
Podiatrists (DPM), optometrists (OD), pharmacists (PharmD), and CRNAs qualify with many investors, depending on the specific program.
Residents and fellows relocating
Physicians moving for a new position who need to close before their employment start date using a signed contract.
How it works
The path, step by step.
The process follows a standard mortgage timeline, with a few structural differences built around how physicians actually earn and borrow.
Confirm program eligibility
We confirm which physician loan programs your degree and employment situation qualify for, since eligibility depends on the specific investor.
Review student loan treatment
We document your IBR, PAYE, or PSLF payment structure and determine whether deferred loans can be excluded from your debt-to-income calculation.
Compare against conventional financing
We run the numbers on a physician loan alongside a conventional loan with a larger down payment so you can see both paths in real figures.
Apply using your signed contract
If you're closing before a new position starts, we use your signed employment contract to move the application forward.
Underwriting and closing
We move through underwriting and can close up to 60 to 90 days before your employment start date on many programs.
Start with a real number, not an estimate.
A pre-approval reviews your income, assets, and credit so you know the price range you can actually work with before you tour a home or sign a builder contract.
Requirements at a glance
What underwriting looks at.
These are typical program features. Specific guidelines depend on the investor and your degree type.
- Eligible degrees
- MD, DO, DDS/DMD, DVM, and often DPM, OD, PharmD, and CRNA
- Down payment
- As little as 0 percent on many programs, depending on the loan amount
- Mortgage insurance
- Typically not required, unlike most low down payment conventional loans
- Student loan treatment
- Actual IBR/PAYE/PSLF payment used, or deferred loans excluded in some cases
- Employment start date
- Closing up to 60 to 90 days before start date allowed on many programs, using a signed contract
- Loan amount
- Often available at jumbo-size amounts above conventional limits
Guidelines vary by investor and change over time. Nothing here is a commitment to lend or an approval of credit.
Costs and assumptions
What it costs, and what we assumed.
Costs follow the same categories as any mortgage, with a few line items that behave differently for physician borrowers.
Down payment
Often minimal or none, which keeps more cash available during the early years of practice.
Mortgage insurance savings
Skipping private mortgage insurance is a real monthly savings compared with most low down payment conventional loans.
Closing costs
Standard mortgage closing costs apply, including title, appraisal, and lender fees.
Common misconceptions
What people get told, and what is actually true.
Often heard
I can't buy until my student loans are paid off.
In practice
Physician loan programs were designed specifically to work around student debt, not ignore it. The right structure can make homeownership possible years earlier than most physicians expect.
Often heard
Physician loans are only for MDs.
In practice
Most programs extend to DOs, dentists, and veterinarians, and many also include podiatrists, optometrists, pharmacists, and CRNAs.
Often heard
A physician loan is always the cheapest option.
In practice
Sometimes a conventional loan with a larger down payment fits better long term. We compare both in real numbers before you decide.
Often heard
You have to wait until your job actually starts to close.
In practice
Many programs allow closing up to 60 to 90 days before your employment start date using a signed contract.
Questions
Asked at the kitchen table.
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