Medical Professional Mortgage | The 2 Mortgage Guys

Why Medical Professionals Need a Different Mortgage

Medical professionals can have excellent long-term earning potential while still facing obstacles with traditional mortgage guidelines. You may have:

Significant student loan balances
Recently completed medical school or residency
A new job that hasn’t started yet
Limited savings after years of education
Contract or 1099 income
Recently transitioned into self-employment
A need for a larger loan amount

Built around your career path

A Medical Professional Mortgage is designed to take these circumstances into consideration — student loans, residency timing, a job that hasn’t started, limited savings, contract income, recent self-employment, and larger loan amounts.

Program Highlights

Potential benefits for qualifying medical professionals — exact terms vary by borrower and selected program.

01

Up to 100% Financing

Qualified medical professionals may be able to purchase a primary residence with little or no down payment. That can allow you to keep more of your savings available for moving expenses, reserves, investments or other financial priorities.

02

No Mortgage Insurance

Unlike many traditional low-down-payment mortgage programs, Medical Professional Mortgage options may provide financing without monthly private mortgage insurance (PMI). That can make a significant difference in your monthly housing payment.

03

Higher Loan Amounts

Financing options may be available for loan amounts of up to $2.5 million, depending on your qualifications, property and program selected. This can make the program particularly attractive for medical professionals purchasing higher-priced homes.

04

Student Loan Flexibility

Large student loan balances are common among medical professionals. Certain program options provide more favorable treatment of student loan debt, including situations involving medical residency or fellowship programs. For qualifying borrowers in residency or fellowship, certain student loan payments showing a $0 required payment may potentially be excluded from qualifying debt.

05

Future Income May Count

You may not have to wait until you’ve received months of paychecks from your new position before purchasing a home. Qualifying medical professionals with an acceptable employment contract may be able to use future employment income when the new position begins within the program’s required timeframe.

06

Contract & 1099 Income Options

Some medical professionals are compensated through employment contracts or 1099 arrangements. Qualifying contract or 1099 income may be considered, including certain situations where employment begins shortly after closing.

Who May Qualify?

Medical Professional Mortgage options may be available to qualifying professionals in these allowable positions:

Medical Doctors (MD)
Doctors of Osteopathic Medicine (DO)
Dentists
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Psychiatrists
Veterinarians (DVM)
Certified Registered Nurse Anesthetists (CRNA)
Physician Assistants / Physician Associates (PA)
Nurse Practitioners (NP)
Pharmacists / Doctors of Pharmacy (PharmD)
Optometrists (OD)
Podiatrists / Doctors of Podiatric Medicine (DPM)
Ophthalmologists
Medical Residents, Fellows & Interns with an eligible medical degree

Eligibility is limited to these positions

Medical residents, fellows, and interns must hold an eligible medical degree. We’ll confirm whether your specialty and employment status fit a qualifying program option.

Residents & Fellows

You Don’t Necessarily Have to Wait to Buy

Starting your medical career often creates an unusual financial situation. Your current income may not reflect what you’ll soon be earning, and student loan balances may make traditional mortgage qualification more difficult.

Medical Professional Mortgage guidelines may allow qualifying medical residents, fellows, and interns with an eligible medical degree to:

Purchase with little or no down payment
Avoid mortgage insurance
Receive special consideration for certain student loan payments
Use qualifying future employment income
Purchase before beginning their next position

Recently Starting a New Medical Position?

A signed employment agreement may potentially allow us to qualify you using income from a position that hasn’t started yet.

Some program options allow qualifying employment to begin up to approximately five months after closing.

That means you may be able to buy your home and complete your move before your new position begins.

Self-Employed Medical Professionals

Traditional mortgage programs often require a longer self-employment history.

Certain Medical Professional Mortgage options may provide additional flexibility for doctors and other qualifying medical professionals who recently became self-employed.

In some circumstances, qualification may be possible with approximately 12 months of documented self-employment history, subject to underwriting requirements.

Basic Program Guidelines

Typical features of Medical Professional Mortgage options. Requirements vary.

Property UsePrimary Residence

Maximum FinancingUp to 100%

Mortgage InsuranceNone

Minimum Credit ScoreOptions beginning around 680

Maximum Loan AmountUp to $2.5 Million

Debt-to-Income RatioPotentially up to 50%

Loan TermsFixed & Adjustable Rate Options

PurchaseAvailable

Rate/Term RefinanceAvailable

Future Employment IncomeMay Be Allowed

Contract / 1099 IncomeMay Be Allowed

Residents, Fellows & InternsEligible with an eligible medical degree

Non-Permanent ResidentsMay Be Eligible

Exact loan amount, down payment, credit, reserve, debt-to-income and eligibility requirements vary based on the individual borrower and selected program.

What Can You Use the Program For?

The Medical Professional Mortgage can generally be used for:

Buying a Home

Purchase a qualifying primary residence with specialized financing designed for medical professionals.

Refinancing

Rate-and-term refinance options may also be available for existing homeowners.

Is a Medical Professional Mortgage Better Than a Conventional Loan?

Not always — and that’s why we compare your options.

Depending on your financial situation, a traditional conventional mortgage may still provide the best combination of interest rate, payment and closing costs.

We’ll compare the Medical Professional Mortgage against other financing options so you can see which one makes the most sense for you.

The goal isn’t to put you into a physician loan. It’s to find the right mortgage for your situation.

Medical Professional Mortgage FAQ

Straight answers on down payment, PMI, residents, student loans, credit, and more.

Do physician mortgage loans require a down payment?

Qualified borrowers may have options requiring little or no down payment, including financing up to 100% of the home’s purchase price.

Does a medical professional mortgage have PMI?

Qualifying program options do not require monthly private mortgage insurance.

Can residents qualify?

Yes. Medical residents, fellows, and interns with an eligible medical degree may qualify.

Can I qualify before starting my new job?

Potentially. Certain programs allow qualifying future employment income when your new position begins within the required timeframe.

How are student loans treated?

Student loan treatment depends on your situation. Certain residents and fellows with a documented $0 required payment may qualify to have that debt excluded.

What credit score do I need?

Program options are available beginning around a 680 credit score, although requirements vary.

How much can I borrow?

Qualified borrowers may have financing options available up to approximately $2.5 million.

Can I use this program for an investment property?

No. These programs are primarily designed for owner-occupied primary residences.

Do I have to be a physician?

Not necessarily. Allowable positions include Medical Doctors (MD), Doctors of Osteopathic Medicine (DO), Dentists, Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Psychiatrists, Veterinarians (DVM), Certified Registered Nurse Anesthetists (CRNA), Physician Assistants / Physician Associates (PA), Nurse Practitioners (NP), Pharmacists / Doctors of Pharmacy (PharmD), Optometrists (OD), Podiatrists / Doctors of Podiatric Medicine (DPM), Ophthalmologists, and Medical Residents, Fellows & Interns with an eligible medical degree.

Can I refinance using this program?

Yes. Rate-and-term refinancing may be available.

Talk With The 2 Mortgage Guys

Your medical specialty, employment status, income, student loans, credit profile and home price all affect which Medical Professional Mortgage option works best.

We’ll compare the available options and show you the financing strategy that fits your situation.

Explore My Medical Mortgage Options

No obligation. We’ll help you understand your options before you decide how to proceed.