Physician Mortgage Eligibility Calculator

Physician mortgages — also called 'doctor loans' — are specialty loan products offered by select lenders to MDs, DOs, DDSs, DVMs, and similar professional doctorates. They offer 100% financing (no down payment), no Private Mortgage Insurance (PMI), and accept signed employment contracts as income proof (useful for new attendings starting a job).

What Physician Loans Offer

(1) 100% financing — no down payment required up to ~$1M, then escalating down payment requirements above. (2) No PMI — saves $200-400/month on a $400K loan. (3) Student loan-friendly DTI — uses IBR/PAYE payment, not standard 10-year amortization. (4) Signed employment contract as income — closes before first paycheck.

The Rate Trade-Off

Physician loan rates are typically 25-50 bps higher than conventional. On a $500K loan, the rate premium adds $80-150/month and over 30 years roughly $30K-$55K of total interest. But preserving your down payment cash (often $80K+ at 20% on a $400K loan) for investments at 7-10% annual returns can easily offset the rate premium.

When to Use a Physician Loan

(1) New attending with signed contract starting in 30-60 days. (2) Saving 20% down would deplete emergency fund or investments. (3) Student loan payment makes conventional DTI fail. (4) Want to maintain liquidity for residency loans or practice purchase. NOT for: long-time attendings with $200K+ saved who would normally put 20% down on a conventional loan.

Last updated May 2026. Sources: CFPB Mortgage Guide, Physician Loan Programs Comparison.