Loan program

Doctor & Physician Loans in NC, SC & GA

Residents, fellows, and new attendings often have strong future income, large student loan balances, and not much saved yet. Standard loans do not always handle that well. Physician loans are designed for exactly that situation. They are portfolio products, so every lender sets its own rules, and my job is to shop the ones that fit your specialty, timeline, and plans.

How it works

How it works.

Physician loans are usually held by the lender (portfolio loans) rather than sold to Fannie Mae or Freddie Mac, so the lender writes its own rules. Many offer 0% to 10% down without PMI up to certain loan amounts. Many also treat deferred or income-driven student loan payments more favorably than conventional guidelines, and some let you close on a new home based on a signed employment contract that starts within a set window, often a few months. Eligible professions vary: MDs and DOs are nearly always included, and some lenders add dentists, veterinarians, pharmacists, and other advanced medical degrees.

Student loans and debt-to-income

Student loans are the biggest reason doctors struggle with standard loans. Conventional and FHA guidelines often count a payment based on a percentage of the balance when your payment is deferred or very low, which can wipe out your approval. Many physician programs instead use your actual income-driven payment, or exclude deferred loans for a period, which can dramatically change what you qualify for.

If you are on an income-driven repayment plan or pursuing Public Service Loan Forgiveness, keep your servicer documentation handy. How it will be counted depends on the lender.

Closing on an employment contract

Many physician lenders will approve you based on a signed, non-contingent employment contract before your first paycheck. The allowed window between closing and your start date varies, often up to a few months. Some also require reserves to cover the gap. This is especially useful for fellows and residents relocating for their first attending job.

Doctor loan vs. conventional vs. VA

A physician loan is not automatically the cheapest option. If you have 20% down, a conventional loan may price better. If you are a veteran, a VA loan offers $0 down with no monthly mortgage insurance. If your loan amount is well above the conforming limit, compare physician jumbo tiers with a standard jumbo. I put the options side by side, including rate structure, fees, and whether the rate is fixed or adjustable.

Step by step

How the process works, start to finish.

1. 1

   Confirm eligibility

   We confirm your degree, license, and training status against each lender's list of eligible professions.

2. 2

   Gather contract and student loan documents

   Your employment contract and student loan statements drive the approval, so we get them early.

3. 3

   Compare lenders

   I compare down payment tiers, PMI, fixed vs. adjustable options, and how each lender counts your student loans.

4. 4

   Pre-approval and home search

   With a pre-approval that fits your start date, you can shop with confidence, even from out of state.

5. 5

   Appraisal, underwriting, and closing

   The loan closes with a local attorney. Some lenders allow closing before your start date within their window.

FAQ

Common questions: Doctor Loans.

• Who qualifies for a doctor loan?

  It depends on the lender. MDs and DOs are almost always eligible, including residents and fellows. Many lenders also include dentists, and some add veterinarians, pharmacists, podiatrists, optometrists, or other advanced medical degrees.

• Do physician loans require PMI?

  Many physician programs do not charge PMI even with a low down payment, up to certain loan amounts. Terms vary by lender, so we compare the full cost.

• How are student loans counted on a doctor loan?

  Many physician lenders use your actual income-driven payment or exclude deferred loans for a period, rather than the percentage-of-balance rules on conventional and FHA loans. Each lender has its own policy.

• Can I buy a house before I start my new job?

  Often, yes. Many physician lenders will close based on a signed, non-contingent employment contract with a start date within their allowed window, which is often a few months. Some require reserves to cover the gap.

• Can residents get a doctor loan?

  Yes. Many programs include residents and fellows. Your current training income and future contract both matter, depending on the lender.

• Are doctor loan rates higher?

  Sometimes. Pricing varies by lender, down payment, and loan amount, and some physician loans are adjustable rate. I compare fixed and adjustable options and never quote rates on this site since they change daily.

• Can I use a doctor loan for a rental or second home?

  Most physician programs are for a primary residence only. For a rental or vacation home, a conventional or investment loan is usually the path.

• Is a doctor loan better than a conventional loan?

  Not always. If you have 20% down, conventional may be cheaper. A physician loan shines when you want to keep cash, avoid PMI with a low down payment, or need flexible student loan treatment.

Sources: Lender physician mortgage program guidelines (terms vary by lender); Fannie Mae Selling Guide and FHA Handbook 4000.1 (standard student loan payment rules for comparison).

Last reviewed September 2026 by Keith Lopez, NMLS #2814077.

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