You have a handful of options when choosing the right loan to buy a home. Loan types often differ based on their qualification requirements and the terms they offer, such as the loan’s length, interest rate, and minimum down payment amount.

Doctor loans, also known as Physician loans, are made available to those with high-earning careers to finance a home with fewer restrictions than conventional loans.

As someone emerges from medical school and begins their career, they have unique circumstances that not all professionals face. Medical school often brings high amounts of student loan debt, but this investment also leads to high-earning and secure careers. Physician loans consider these unique factors to help with home financing.

With a Doctor loan, you don’t need to have earned a consistent salary yet. A contract of employment may be enough. You also may not need to make any down payment at all, or you may need one up to 10% of the home’s value, which is significantly less than the maximum recommended for conventional loans.

Regardless of your down payment amount, mortgage insurance is waived, saving you from paying extra costs upfront and over the life of the loan. Loan limits are also higher than conventional loans, allowing for financing up to $2 million in some cases.

Student loan debt is considered differently as well. We consider your current payment amount rather than the total owed and work with you even if student loans are deferred or you have an Income-Driven-Repayment plan.

These features make physician loans a popular option among first-time homebuyers and those in the early stages of their careers. They can also be used more than once.