Physician Mortgage Loans: The Complete 2026 Guide

A physician mortgage (doctor loan) is a specialized home loan program that offers no PMI even with less than 20% down, higher loan limits ($1M-$2M+), and the ability to exclude or reduce the impact of student loan debt in DTI calculations. These loans are designed specifically for MDs, DOs, DMDs, and other medical professionals who have high future earning potential but may currently carry significant educational debt.

Yes. Most physician mortgage programs accept residents and fellows, often using an employment contract or match letter as proof of future income. Lenders evaluate your contracted salary rather than your current resident salary when determining affordability, allowing you to purchase a home before your attending salary begins.

Physician mortgages typically carry slightly higher interest rates (0.125-0.375% above conventional) as the trade-off for no PMI and flexible DTI requirements. They are also adjustable-rate more often than conventional loans, which creates rate risk. Additionally, qualifying for a large mortgage as a resident does not mean you can comfortably afford the payments on a resident salary — be cautious about over-leveraging.

Most physician mortgage programs allow borrowing up to $1M-$2M with no PMI and 0-10% down payment. Some programs go higher with additional down payment requirements. The exact limit depends on the lender, your income, credit score, and the property location. Programs generally require a minimum credit score of 700-720.

Use a physician mortgage when: you have less than 20% down payment (avoiding PMI saves $200-$800/month), your student debt would disqualify you from conventional DTI limits, or you need the loan before your attending salary starts. Use a conventional loan when: you have 20%+ down, your DTI is under 43% without special exclusions, and you can get a lower rate on a conventional product. Run both scenarios with a lender to compare total costs.