What is a Doctor Loan?
A Doctor Loan, also referred to as a Physician Loan, is a specific loan product from select national and local lenders that are available to medical doctors. Some lenders also provide Medical Professional Loans for other medical professionals. These loan products vary greatly from one lender to the next from down payment requirements, restrictions on eligible professions, mortgage insurance costs, qualifying property (single family versus multi-family), along with many other exclusive terms.
What are the benefits of a Doctor Loan?
- A lower down payment, sometimes as low as 0%
- Some lenders waive the Private Mortgage Insurance (PMI), an additional cost
- More flexible underwriting for high student debt, short or no work history, buy home prior to working
What type of medical professionals are eligible for a Doctor Loan or Medical Professional Loan?
This varies widely from one lender to the next so it is important to have our experienced agents guiding you. Below are medical professions that qualify for a Doctor Loan or Medical Professional Loan with one or more lenders.
Doctor of Medicine, M.D.
Doctor of Osteopathic Medicine, D.O.
Doctor of Optometry, O.D.
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.
Doctor of Physical Therapy, D.P.T
Doctor of Nurse Anesthetist, D.N.A
Doctor of Pharmacy, PharmD.
Physician Assistant, P.A.
Nurse Practitioner, N.P.
Certified Nursing Specialist, C.N.S.
Registered Nurse, R.N.
Can I get a Doctor Loan before I begin working in my profession?
It depends. Some lenders will qualify residents, fellows, or other medical professionals with a signed employment contract. While others, require the medical professional to have a work history.
Are these loans available across the nation?
Doctor Loans are available in all 50 states and Medical Professional Loans are available in almost every state. Some lenders are local to a region and only lend for properties in that region while other lenders are nationwide. Connect with us to get started with the right agent and lender for your unique buying needs.
What type of properties are eligible?
It varies from one lender to the next. Some lenders only allow single-family, condos, co-op, or towhhomes. While other lenders also allow for multi-family properties. Regardless, the property must be owner-occupied.
How do you select real estate professionals to match me with?
We value making YOU our priority. Therefore, we carefully hand-select our real estate professional to match you with.
- Experienced real estate professional with exceptional client reviews
- A hyper-local expert with comprehensive knowledge of their real estate market
- Extensive experience working with clients purchasing with Doctor Loans or Medical Professional Loans
- Be a Realtor®, a designation with an advanced level of Code of Ethics
- Traits you have expressed you'd like in your real estate professional:
Positive; similar interests; gender; etc.
Does using Lundgren & Co. matching services cost me anything?
Absolutely not. This free service was created so our nations medical professionals could be better served in their home-buying process. Our free services include matching your distinctive home buying needs with our nationwide network of specialized real estate agents and lenders. Your matched agent(s) and lender(s) will contact you via email and/or phone. Lundgren & Co. is compensated by our network of real estate agents at the time of a succesfully closed transaction through a referral fee.
