Loan Options
Doctor Loan Program
Also known as Physician Loans, Doctor Loans help new physicians overcome common obstacles to homeownership.
- Forgiving calculation of medical school debt
- As low as $0 down
- No private mortgage insurance
What are Doctor Loans designed to do?
One aspect of qualifying for a mortgage is a borrower’s debt-to-income (DTI) ratio: a calculation of monthly debts divided by gross monthly income. This is a significant obstacle for new doctors because medical school debt is extremely high in proportion to the typical starting salary. Doctor Loans help by using a modified DTI calculation that minimizes the impact of medical school debt on qualifying, as well as eliminate the monthly cost of private mortgage insurance (PMI).
In addition to reframing monthly affordability, Doctor Loans also give new doctors a head start on the upfront affordability of homeownership with low to zero down options.
Is this a one-size-fits-all option?
There are a variety of Doctor Loans to choose from! They are available at fixed or adjustable interest rates and there is a long list of potential loan terms, so you can find one that best suits you. Loan amounts go up to $2M, with varying credit and down payment parameters at different loan amount levels to help you achieve your ultimate homeownership goal.
Who is Eligible for a Doctor Loan?
- Medical doctors (MD)
- Doctors of dental science (DDS)
- Doctors of dental medicine or surgeons (DMD)
- Doctors of optometry (OD)
- Doctors of ophthalmology (MD)
- Doctors of osteopathy (DO)
