Select profession-based programs

PHYSICIAN LOAN

Select programs for eligible medical professionals. Down-payment, mortgage-insurance, loan-amount and qualification requirements vary by program.

Physician Loan

The Physician Loan is a mortgage program built specifically for the financial reality of medical professionals. Doctors, dentists, pharmacists, nurses, and other licensed healthcare providers spend a decade or more in training before earning an attending salary. By the time they are ready to buy a home, they often carry significant student loan balances, have limited savings for a down payment, and may not yet have a full year of employment history at their current income level.

The conventional mortgage system was not designed for this borrower. The Physician Loan was. Select participating physician programs may offer low- or no-down-payment options, alternative treatment of eligible employment contracts, or no monthly mortgage insurance. Availability and qualification requirements vary by profession, lender, credit, reserves, debt-to-income ratio, property and employment status.

We compare available participating-lender options for your scenario and coordinate toward the agreed closing timeline. Timing and final terms depend on underwriting, appraisal, title, property and lender requirements. One loan officer from start to close.

Professions that select programs may consider:

Medical Doctor (MD)
Doctor of Osteopathic Medicine (DO)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Pharmacy (PharmD)
Doctor of Veterinary Medicine (DVM)
Doctor of Podiatric Medicine (DPM)
Doctor of Optometry (OD)
Certified Registered Nurse Anesthetist (CRNA)
Nurse Practitioner (NP / DNP)
Physician Assistant (PA)
Medical residents, fellows, and interns with an eligible degree and a signed employment contract

Eligibility varies by lender and program. Some lenders extend physician loan benefits to attorneys, CPAs, and other high-earning professionals. We confirm exactly which designations each lender accepts before submitting your file.

Program Highlights

Possible program features:

Low- or no-down-payment options in select participating programs
No monthly mortgage insurance in some participating programs
Loan-amount tiers vary by program

Profession-based mortgage programs vary by participating lender, eligible profession, employment stage, occupancy, property type, credit profile, reserves, loan amount, and location. Future-income, employment-contract, student-loan, down-payment, and mortgage-insurance treatment is not universal. All examples shown are conditional and subject to current underwriting guidelines.

Common qualification considerations (vary by program):

Credit score requirements
Debt-to-income ratio limits
Reserve requirements
Primary residence only
Available for purchase and rate-and-term refinance
Seller-paid closing cost limits per program
Gift funds from immediate family members accepted

Student loan treatment:

Treatment of deferred student loans varies by program, documentation and lender review
Student loans on income-driven repayment (IDR or IBR) may be counted at a documented monthly payment on some programs
Student loan treatment varies by lender and program — we review available participating-program rules for your situation

Employment and income qualification:

Some programs may consider a signed employment contract for residents, fellows, and physicians beginning a new position
Employment-start timing and acceptable contract documentation vary by program
Treatment of projected or contract income varies by program and is not universal
Locum tenens and 1099 income is reviewed on a case-by-case basis
Self-employed physicians may be reviewed on tax returns or through alternative-documentation programs

Physician Loan vs. Conventional

How a Physician Loan compares to a conventional mortgage:

Down payment: select physician programs may offer low- or no-down-payment options; conventional loans generally require PMI below 20% down
Student debt: treatment may differ from conventional guidelines on some programs
Employment: some programs may consider an eligible employment contract
Loan amounts: limits vary by program
Mortgage insurance: some physician programs do not require monthly mortgage insurance
Qualification: requirements vary by profession, lender, credit, reserves, debt-to-income ratio, property and employment status

Select participating physician programs may offer low- or no-down-payment options, alternative treatment of eligible employment contracts, or no monthly mortgage insurance. Availability and qualification requirements vary by profession, lender, credit, reserves, debt-to-income ratio, property and employment status.

Why Use a Mortgage Broker for a Physician Loan

A single bank may offer a limited set of physician loan programs. As a mortgage broker, WestFi may compare available participating-lender physician programs.

How WestFi may help:

Compare available participating-lender physician options
Review which programs may consider your professional designation
Review how available programs may treat your student debt
Coordinate toward the agreed closing timeline
Provide one licensed loan officer from application to closing — no handoffs

Physician Loan Disclaimer

The information provided above is for general educational and informational purposes only and should not be interpreted as a commitment to lend, preapproval, underwriting approval, or financial advice. Physician loan programs, eligibility requirements, eligible professional designations, interest rates, down payment requirements, student loan treatment policies, debt-to-income ratios, and financing terms vary by lender and are subject to change without notice.

Not all healthcare professionals will qualify for all physician loan programs described above. Eligible designations, minimum credit scores, maximum loan amounts, occupancy requirements, and student debt treatment policies differ by lender. All loans are subject to credit approval, property approval, verification of income or qualifying documentation, and investor or lender underwriting requirements.

Interest rates, APRs, loan terms, and program availability are subject to change without notice and may not be available at the time of loan commitment or lock-in. Primary residence only. Not available for investment properties or second homes.

Westmount Financial Group Inc DBA WestFi is an Equal Housing Opportunity mortgage company. We fully comply with the Equal Credit Opportunity Act (ECOA), Fair Housing Act, and all applicable federal and state lending regulations. NMLS #2890320. CA DRE #02443798.