In-Depth Answers to Physician Mortgage Planning Questions
Physician mortgage planning involves questions that don't have simple yes-or-no answers. These are the questions I work through with physicians at every career stage — residents finishing training, attendings relocating, and established physicians ready to build.
Matt Siket | Mortgage Loan Originator | NMLS #442558
Can I qualify for a physician mortgage while still in residency?
Qualifying during residency depends on your income, remaining training length, and the specific program. Some physician programs allow qualification on training stipend income; others require a signed attending contract. The planning review will identify which approach is available based on your situation.
How does a signed employment contract support mortgage qualification?
A signed employment contract may allow the mortgage qualification process to begin before the first paycheck arrives. The contract must be signed by both parties, specify a start date, and include compensation details. The start date must be within a reasonable window of the closing date — typically 60–90 days.
How are student loans treated on a physician mortgage?
Student loan treatment is one of the key differences between physician programs and conventional financing. Physician programs may use a reduced or excluded student loan payment in the debt-to-income calculation, depending on the repayment structure — income-driven, deferred, or standard repayment are all handled differently.
Do physician mortgage programs require a down payment?
Some physician programs offer financing options that do not require a traditional down payment for eligible borrowers. Eligibility requirements apply. No down payment does not necessarily mean no cash due at closing — closing costs, prepaid expenses, and reserves may still apply.
Can a physician use specialized financing to build a home?
A single-close construction loan may allow physician-specific guidelines to apply to the permanent mortgage portion. If you already own the land, the equity in that land may satisfy some or all of the required equity contribution, allowing you to build without an additional cash down payment in some cases.
What is the difference between a physician mortgage and a conventional mortgage?
Physician programs differ from conventional financing in several key ways: student loan treatment in the debt-to-income calculation, down payment flexibility, mortgage insurance requirements, and the ability to qualify with a signed employment contract rather than established pay history. The right program depends on your career stage and financial situation.
Have a Question That Isn't Answered Here?
Every physician situation is different. A planning review gives you answers specific to your career stage, income structure, and housing goals — not generic information.