Physician Living | Wealth & Wellness
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Physician Mortgage & Refinance Loans for 2026

100% financing. No PMI. Flexible underwriting built for medical professionals at every career stage—from residency through retirement.

Zero Down Options

100% financing up to $1M (some lenders up to $2M at 90–95% LTV)

No PMI Required

Avoid $200–$500/mo in insurance costs

Student Debt Flexibility

IBR/PAYE accepted

Contract-Based Approval

Close 90–120 days before job start

Jumbo Loan Access

Borrow $806,500-$2.5M

Refinance Flexibility

Rate-and-term or cash-out refinance options

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​​​Why Physician Mortgages Exist

  • Early-career physicians carry a median of $205,000 in student loans (AAMC 2024).

  • Conventional underwriting can’t handle the DTI, lack of savings, or limited W-2 history.

  • Physician mortgage lenders see “human capital equity” — future earning power and extremely low default rates.

  • These loans are held in portfolio (non-QM), giving lenders flexibility:

    • Use future attending salary (within 90-days of start date)

    • Waive PMI

    • Allow 0% down

Rate Note:

Physician mortgages usually run 0.125–0.50% higher than conventional loans, but preserve liquidity during early career stages.

Thomas Raschka, NMLS #205578

“Physician mortgages exist because doctors represent the lowest-risk borrower segment in residential lending… The challenge isn’t your ability to pay — it’s matching the loan to your career stage.”
— Thomas Raschka, Senior Mortgage Originator, NMLS #205578


​​Core Benefits (And What They Actually Mean)

100% Financing (Zero Down)

Most programs go up to $1M with 0% down.

Nuance: You start with zero equity — risky if you must move in 3–5 years.

No PMI

PMI waived even under 20% down.

Nuance: The cost is priced into the rate.

Flexible Student Loan Treatment

Uses IBR/PAYE.

Nuance: IBR payment is typically lower than traditional payment.

Contract-Based Approval

Close up to 90 days before job start using a signed employment contract.

Nuance: Contract workers/locums may face extra verification.

Jumbo Access ($806,500–$2.5M)

Higher loan limits than conventional.

Nuance: Higher down payment tiers apply.

Flexible DTI (Up to 50%)

More room for student debt.

Nuance: High DTI increases financial fragility — budget conservatively.

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​​Physician Mortgage vs. Conventional Loan: A $500,000 Example

 FeaturePhysician MortgageConventional Loan
Purchase Price$500,000$500,000
Down Payment$0 (0%)$25,000 (5%)
Loan Amount$500,000$475,000
Rate7.00% (7/6 ARM)6.625% (30-yr fixed)
PMI$0$270/mo
Monthly P&I$3,327$3,018
Total Monthly$3,327$3,288
Cash to Close~$15k~$40k
Equity at Close$0$25k
Student LoansIBR1% Rule

The physician mortgage preserves $25k in liquidity while adding about $40/mo in cost. It’s a short- to mid-term bridge tool (3–7 years), not a permanent loan. Most borrowers refinance once they build equity and income increases.

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​​​​Get Started with Your Physician Mortgage

Whether you're purchasing your first home or refinancing an existing loan, we'll match you with lenders who specialize in physician financing.

Purchasing? You could be a PGY-4 matching into your first attending role or an established physician relocating for partnership—either way, physician mortgages offer terms conventional lenders can't match.

Refinancing? If you closed your loan 3+ years ago, have an ARM nearing its first adjustment, or finally hit 20% equity, now may be the right time to lower your payment or drop PMI

What you'll need

  • Signed employment contract or most recent paystub
  • Authorization to pull your credit
  • Proof of medical degree or license
  • A rough list of your current debts

Typical timeline

  • Application review: 24–48 hours
  • Pre-qualification letter: 3–5 business days
  • Clear-to-close target: 30–45 days

​​Where Are Physician Mortgages Available?

Physician mortgage availability depends on the lender and the state where you’re buying. National banks, regional lenders, and credit unions each have their own footprint, loan limits, and risk rules. That means your options as a doctor in California may look very different from your options in New York or Hawaii.

Common State Restrictions

  • New York – Several physician mortgage lenders exclude NY due to regulatory and foreclosure complexity.
  • Alaska & Hawaii – Fewer lenders participate because of smaller markets and higher operational costs.
  • Washington, DC – Some lenders do not include DC in their physician loan footprint.
Even in restricted states, there may be niche or regional options. We’ll tell you up front what’s realistically available based on your target city and property type.

States With Strong Physician Mortgage Coverage

Many big physician lenders focus on states with large physician populations and active housing markets. You’ll typically see multiple options in:

  • California
  • Texas
  • Florida
  • Pennsylvania
  • Ohio
  • Illinois
  • North Carolina
  • Georgia
  • Virginia
  • Maryland
  • Massachusetts
  • Michigan
  • Indiana
  • Tennessee
  • Wisconsin


In these states, it’s common to have 2–5 competing physician mortgage programs to compare, depending on your credit profile, loan size, and career stage.

We Match You With Lenders Licensed In Your State

When you complete the short questionnaire above, we use your property state, career stage, and loan amount to match you with lenders that:

  • Are licensed where you’re buying
  • Offer physician-focused underwriting
  • Fit your down payment and loan size goals

You won’t need to chase every bank in your area. We’ll narrow the list to realistic options and introduce you to loan officers who know physician guidelines inside and out.

Looking for state-specific details? We’re building out dedicated guides for physician mortgage options in California, Texas, Florida, New York, and more.

​​Meet Our Physician Mortgage Lender Network

We work with a vetted network of mortgage lenders and physician-focused loan specialists across the United States. Every lender in our network understands the unique financial profile of medical professionals — high student loan balances, steep income transitions, residency relocations, and contract-based employment timelines.

Instead of sending you to a single bank or asking you to shop multiple lenders yourself, we match you with the programs that best fit your career stage, credit profile, and property location. That means:

  • You get access to multiple physician mortgage programs, not just one bank’s guidelines
  • You’re matched only with lenders licensed in your state
  • Your profile is reviewed by underwriters familiar with IBR/PAYE/REPAYE
  • You avoid wasting time with lenders who don’t serve physicians or your state
  • You get a simpler, faster path to realistic options — without cold-calling around

How Our Matching Process Works

  1. Submit the short form above (purchase or refinance)
  2. We review your details — specialty, state, credit range, loan goals
  3. We match you with the best-fit physician mortgage lenders in our network
  4. You receive introductions to loan officers who specialize in medical borrowers
  5. You compare your personalized options and choose how to proceed

Multiple lender programs reviewed for each borrower

Specialists in contract-based approvals and student-loan underwriting

Coverage across most U.S. states

Programs include 100% financing, jumbo options, and IBR-friendly underwriting

Lender introductions happen only after you complete the form.

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​​Frequently Asked Questions

Can I qualify as a resident or fellow?

Yes. Most physician mortgage programs allow residents and fellows to qualify using a fully executed employment contract instead of 2 years of W-2s.

Typical requirements:

  • Signed employment contract with a start date within 90 days

  • Diploma or transcript for degree verification

  • Minimum credit score 720+ required for 0% down (solutions to 680+ credit score available with down payment requirements)

  • Expanded DTI limits available

This is why physician mortgages are especially useful during residency → attending transitions.

How do lenders handle my student loans?

Physician loans use more flexible student loan calculations than conventional mortgages.

Depending on the lender:

  • IBR/PAYE/REPAYE payment used

  • A reduced percentage (e.g., 1.0% of balance) may apply for attendings. For residents or fellows, separate student loan calculator is utilized for reduced payment.

  • Standard repayment = actual documented payment

What credit score do I need?

Most physician mortgage programs require:

  • 680–719: Minimum tier; requires down payment

  • 720+: Best pricing and flexibility; preferred for jumbo loans ($2M+) and lowest rates; full array of down payment options

If you’re below 680, raising your score by even 20–40 points can significantly improve your loan terms.

What happens if the appraisal comes in low?

An appraisal gap means the property appraises below the purchase price. With 0% down loans, this is especially important.

If you’re under contract and the home appraises low, you can:

  1. Renegotiate with the seller to reduce purchase price to match the value of the home

  2. Bring cash to cover the gap to meet in the middle

  3. Cancel if your contract has an appraisal contingency

To reduce the risk, avoid aggressive overbids and review comps before making an offer.

How long does it take to close?

Typical physician-mortgage timeline. Clear-to-close target: 30–45 days for most transactions includes:

  • Application review: 24–48 hours

  • Pre-qualification letter: 3–5 days

  • Underwriting: 10–14 days

  • Appraisal: 7–10 days

Delays often occur when employment contracts need verification or when student loan documentation is incomplete.

When should I rent instead of buying?

Renting may be the smarter move if:

  • You expect to stay less than 3 years

  • You’re relocating frequently for training or early-career positions

  • Rent is significantly cheaper compared to home prices

  • You’re carrying high-interest debt (credit cards, personal loans)

  • You need to max out 401(k), 457(b), or Roth IRA contributions first

Buying tends to make sense when you’ll stay 5+ years and have solid emergency reserves.

Can I use a physician mortgage to buy a duplex or investment property?

Most physician mortgage programs allow primary residences only. However, some lenders do offer:

  • 2-unit (duplex) properties, if you live in one unit

  • Condos (if warrantable)

3–4 unit properties are rarely eligible under physician-specific programs.

If you’re interested in a duplex/house-hack scenario, indicate it on your form and we’ll match you with lenders who offer it.


When should I refinance my physician mortgage?

Refinancing may make sense when:

  • Rates have dropped 0.75–1.00%

  • You’ve built 20%+ equity

  • Your ARM is approaching its adjustment year

  • Your income has increased significantly

  • You want to remove PMI or shift to a conventional loan

If you plan to move within 2–3 years or don’t have enough equity, refinancing may not be worthwhile. As rates fall, stay in contact with your lender.

Will my mortgage be sold or serviced by another company?

Most physician mortgages are sold or transferred to different servicers after closing. This is normal and doesn’t change your:

  • Rate

  • Loan terms

  • Payment schedule

Some lenders retain servicing in-house, but most transfer servicing 30–90 days after closing. We’ll match you with lenders that fit your preference.

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​​Additional Resources & Compliance

Authoritative Sources Referenced

  • Association of American Medical Colleges (AAMC)

    Medical School Debt & Financing Data

    https://www.aamc.org/data-reports/students-residents/interactive-data/median-medical-school-debt

  • National Resident Matching Program (NRMP)

    Match Data & Trends

    https://www.nrmp.org/

  • Consumer Financial Protection Bureau (CFPB)

    Mortgage Guides & DTI Explanation

    https://www.consumerfinance.gov/owning-a-home/

  • Federal Housing Finance Agency (FHFA)

    Conforming Loan Limits & Research

    https://www.fhfa.gov/

  • Fannie Mae & Freddie Mac

    Conventional Loan Guidelines

    https://www.fanniemae.com

    https://www.freddiemac.com

Licensing & Verification

All mortgage loan officers you may be connected with are licensed through the Nationwide Multistate Licensing System (NMLS).

You can verify any loan officer’s license at:

NMLS Consumer Access:

https://www.nmlsconsumeraccess.org/

Physician-Finance Resources

  • White Coat Investor – Physician Mortgage Guides

  • Student Loan Planner – Physician Loan Comparisons

  • Financial Residency – Physician Mortgage Resources

Compliance Disclosures

This website provides general educational information and should not be interpreted as financial, legal, or tax advice. Mortgage program availability, loan limits, underwriting guidelines, and interest rates vary by lender, state, and borrower qualifications. All applications are subject to credit approval.

We may receive compensation from lenders for lead submissions or completed applications. This does not influence which lenders we match you with — recommendations are based on program fit, availability in your state, and your stated goals.

Equal Housing Statement

All lenders in our network comply with the Federal Fair Housing Act and the Equal Credit Opportunity Act. Discrimination based on race, color, religion, national origin, sex, familial status, disability, age, or source of income is prohibited.

Privacy & Data Handling

Your information is shared only with physician-mortgage lenders who can serve your state and loan profile. We do not sell or provide your contact data to non-mortgage third parties. You may request removal of your information at any time. Please see our full Privacy Policy at https://www.physicianliving.com/company/privacy-policy

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