Physician Home Loan
Remove The Barrier Of Buying A New Home While Entering The Medical Professional’s Field.
Physician loans are designed to help medical professionals buy homes despite having a unique situation with new employment and high student loan debt.
A Home Loan Tailored to You!
Starting a career in medicine is about as noble of a career choice you can find. It takes years of schooling and rigorous testing to finally reach success and credentials. What’s more significant than saving lives, leading medical breakthroughs, and improving the quality of life for others?
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Some physician loans “doctor loans” as they are often called, exclude student loan payments for qualifying. Often they allow you to buy a home with no money down.
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You can celebrate the start of your career in your new home with as little as 0 down.
Benefits of a Medical Professional Loan “Physician Loan”
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100% Financing available up to $1,250,000.00 in Loan Amount
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If you don’t qualify with 100% financing, you may be able to put down as little as 3% or 5%, even on homes $850,000.00 and above.
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Student loan debt can be excluded or calculated as a lower payment amount, helping you qualify for a larger home purchase as your income increases.
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The physician loan is available to us citizens and foreign nationals with a valid social security number and work visa.
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You may even be eligible to qualify if you have joined a partnership “new practice”, or work on a 1099 payment schedule. If you have an employment agreement and/or offer letter outlining your compensation you may be able to qualify.
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Exited your most recent training program within the last 10 years.
Who Is Eligible For A Physician Loan?
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Medical Doctors (MD)
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Medical Resident or Fellow
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Ophthalmologist (MD)
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Dentist (DMD)
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Dental Surgeon (DDS)
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Osteopath (DO)
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Veterinarian (DVM)
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If you are currently training or working in the medical field but are not sure whether you qualify for a physician loan, its worth reaching out to a NorthPort Funding Loan Officer who specializes in this type of loan and your profession type.
What’s Needed To Qualify For A Physician Loan?
Understanding that you are in one of the eligible medical fields, you have passed the first step to qualifying for a physician home loan. The next step is to review the financial and employment criteria to be approved for a physician home loan.
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Credit score 680 or higher
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May need to have as little as 3% of the purchase price saved for reserves and closing costs. This can come from sources like a 401K, IRA, Savings, Checking, and Gift from a direct relative.
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You are unable to qualify for a conforming conventional loan product like FHA, VA< or USDA) because of student loan debt.
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You are the sole wage earner in your household
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You have employment that does not start within 60 days of closing on the home
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You do not meet the cash reserve requirements for a conventional jumbo or conforming mortgage.
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You have an executed employment agreement with your new or future employer
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You have passed and received your medical license in the state you are going to be practicing in.
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The NorthPort Physician Home Loan allows you to buy a primary home and 2-unit home under the program. The program is specific to a primary residence, second homes and investment properties are ineligible for the physician home loan.
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If you are not sure whether you qualify for a physician home loan, contact one of the loan officers at NorthPort Funding. They will walk you through the guidelines, programs, and features of the physician home loan. You may be eligible for another type of low down payment program that has better terms and features than a physician loan.
What are the down payment requirements for a Physician Loan?
FICO 720 +​
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0% down payment up to $1,000,000 in loan amount
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5% down payment up to $1,750,000 in loan amount
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10% down payment up to $2,500,000 in loan amount
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FICO 680 - 719
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5% down payment up to $750,000 in loan amount
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10% down payment up to $1,500,000 in loan amount
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25% down payment up to $2,500,000. in loan amount
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