Doctors often finish training with high earning potential but also heavy student loans and little time to save. Physician loans are designed around that reality.
Common features
- Low or zero down payment, even on larger loan amounts
- No mortgage insurance on many programs
- Flexible treatment of student loan debt when qualifying
- The ability to close on a future job offer or contract in some cases
Who qualifies
These programs typically serve physicians and residents, and some lenders extend them to dentists, veterinarians, and other licensed professionals. Eligibility varies by lender.
The tradeoff
The convenience can come with a slightly higher rate or stricter credit standards. It is worth comparing a physician loan against a conventional loan to see which costs less over your real time in the home.
If student loans are the only thing holding back your approval, a physician loan may look past them in a way standard loans cannot.