Your degree took years. Your mortgage shouldn't take as long.

Most loan programs weren't built with your career path in mind, the student debt, the late start on savings, the income that's about to change. The Physician Loan Program was. It opens the door to homeownership with up to 100% financing, no mortgage insurance required up to $2 million.

What is a physician or doctor mortgage loan? 

It is a specialty mortgage loan aimed at doctors and other medical professionals. They require no down payment for loan amounts below $1 million, nor will borrowers be asked to pay any private mortgage insurance (PMI).  These advantages are designed to help doctors afford a home while also juggling medical student debt. This type of loan typically allows you to qualify for a house more easily than a conventional loan. 

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Who can qualify for a physician loan? 

Physician loans are ideal for new doctors and medical professionals. If you’re a recent medical school graduate, resident, or doctor entering the field, you can pursue a doctor loan for flexible financing. These loans are for the following professionals: 

• Medical Doctor (M.D.) 
• Doctor of Science (D.S.) 
• Doctors of Osteopathic Medicine (D.O.) 
• Doctor of Podiatric Medicine (D.P.M.) 
• Doctor of Dental Medicine (D.M.D.) 
• Doctor of Dental Surgery (D.D.S.) 
• Doctor of Veterinary Medicine (D.V.M.) 

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Pros and Cons

Before you commit to this loan type, learn some of the advantages and disadvantages. 

PROS
Positively, physician loans offer benefits such as: 

• No down payment required 
• No PMI payment 
• Flexible eligibility criteria 

CONS
There are some downsides to a physician loan, including: 

• ARMs can result in unpredictable interest rates 
• The loan is limited to primary residences, not vacation homes 
• Interest rates may be higher than traditional mortgages 

Additionally, any time you buy a home with no down payment, you can create an underwater mortgage, which means that if your property value drops, you can owe more money than your property is worth.