A physician loan, also known as a doctor loan, is a mortgage product designed for medical professionals.
These loans allow doctors to buy a home with little to no down payment.
Unlike traditional loans, PMI is waived on a doctor loan.
Lenders may be more lenient with student loan debt when calculating debt-to-income ratios.
Most lenders offer these loans to doctors with an executed employment contract. This allows the physician to close on a house up to 90 days before their employment start date. The physician can also get credit for future higher income instead of their current income.
Doctor loans allow for higher borrowing amounts compared to conventional loans.