In short
A physician loan is a mortgage for doctors and select medical professionals that allows low or no down payment, usually without private mortgage insurance, treats student loans realistically, and can close on a signed employment contract. The minimum credit score is 680, or 700 for 97% to 100% financing up to $3M.
Reviewed by Scottie Campbell, NMLS #1610726 · Last updated October 18, 2026
What is a physician loan and how does it work?
A physician loan is a mortgage program for doctors and select medical professionals that accounts for heavy student debt and a career that may be just getting started. Most programs allow low or no down payment without private mortgage insurance, many consider your actual student loan repayment instead of a hypothetical payment, and many let you close on a signed employment contract before your start date. The minimum credit score is 680, or 700 for 97% to 100% financing up to $3M. Eligible degrees include MD, DO, DDS, DMD, PharmD, DVM / VMD, DPM and CRNA, plus residents, fellows and interns, with OD, PA, NP, RN, CNS and DC on select tiers.
Key takeaways
You've spent years in training, you have a contract in hand, and a traditional lender still wants two years of pay stubs and a full picture of your student loans before it will talk seriously. A physician loan looks at where your career is going. I'm Scottie Campbell, Mortgage Advisor and founder of Waymaker Mortgage Company, and I help doctors, dentists, residents and other medical professionals buy a home on their timeline, not the bank's.
A Mortgage Built Around a Medical Career
Quite frankly, standard underwriting was not designed for doctors. You can have a signed contract with a strong salary and still look risky on paper because of six-figure student loans, a short work history, or a start date that is three months away. A physician loan fixes that mismatch. It looks at where your career is headed, not just where your bank statement sits today.
I'm Scottie Campbell, Mortgage Advisor and founder of Waymaker Mortgage Company in Georgetown, TX. I've been doing this since 2003, and I'm an active real estate investor myself. My job is to educate and empower you. Your job is to decide.
What a Physician Loan Does Differently
Physician programs vary by investor, but most share a few features that matter to medical professionals:
- Low or no down payment. Financing up to 97% to 100% of the purchase price is available on qualifying tiers, which keeps your cash free for the move, furniture and an emergency cushion.
- No private mortgage insurance on most programs. A conventional loan with less than 20% down usually carries PMI. Most physician programs skip it, even with very little down.
- Student loans viewed realistically. Many programs use your actual repayment plan, or treat deferred loans more favorably, instead of plugging in a large hypothetical payment that wrecks your debt-to-income ratio.
- Close on your contract. Many programs let you close using a signed employment contract before your first day, within a set window.
- Room for larger loan amounts. Higher-tier financing reaches up to $3M for qualified borrowers.
What that means for you is that you can buy near your hospital or practice now, instead of renting for years while you build a work history.
Who Qualifies
Eligibility is broader than many people expect. These degrees are eligible:
- MD and DO
- DDS and DMD
- PharmD
- DVM / VMD
- DPM
- CRNA
- Residents, fellows and interns holding any of the degrees above
On select tiers, these professionals can qualify too:
- OD
- PA
- NP
- RN
- CNS
- DC
If you're on one of the select-tier lists, the program options, financing levels and terms can differ. Feel free to text me your degree and situation, and I'll tell you straight which tiers are open to you.
Credit Score Requirements
Here is the floor, plainly:
| Financing level | Minimum credit score |
|---|---|
| Standard physician financing | 680 |
| 97% to 100% financing, up to $3M | 700 |
If you're a little under those numbers today, can't do it now doesn't mean can't do it ever. Residency is a busy season, and a late payment or a high card balance happens. I'll show you exactly what to work on and help you build a Mortgage Action Plan so you're ready when your contract starts.
Residents, Fellows and Relocating Doctors
Timing is where physician loans really earn their keep. If you're matching into a program or signing with a group across the state or across the country, you can often lock down a home before you arrive. I kinda like that strategy for you because it means one move instead of two: no short-term lease, no second round of movers, no scrambling during your first weeks on the job.
To make it work, we plan backwards from your start date. That includes when to apply, when your contract must be signed, how close to your first day the program allows you to close, and whether any reserves are needed up front.
How I Approach Your File
Greenlight Approval
I pre-underwrite as many files as possible before you shop. A Greenlight Approval is the highest assurance of approval available, and it can make your offer as strong as cash, sometimes stronger in the eyes of a seller. For a doctor buying from out of town, that confidence matters.
More than one door
I work with multiple investor partners, and physician guidelines differ from one to the next: which professions count, how student loans are treated, how far ahead of your start date you can close. If one program's guidelines don't fit, I take your file to one that does. It's never a no. It's always a how.
Total Cost Analysis
Putting the least money down is not automatically the smartest move. With a Total Cost Analysis, I lay out what each option costs over the time you expect to own the home: physician loan versus conventional, how much to put down, and how it fits your student loan plan. If you expect to move after fellowship, that changes the math, and I'll show you how.
Physician Loan or Conventional?
A physician loan is not always the winner. If you have 20% down, light student debt and two years of attending income, a conventional loan can be a strong fit too. I'll run both side by side so you can decide with clear eyes.
About pricing: your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Let's Get You Rocking and Rolling
High-tech, high-touch is how I run this company. You get a fast digital application and secure document upload, plus direct access to me. You're talking to the owner of this company, and I'm licensed in Texas, Florida, Pennsylvania and Ohio. Whether you're buying in Georgetown, TX or relocating for your next position, send me your contract details and timeline, and I'll map out your options. Here to serve.
Information on this page is general and educational. It is not a commitment to lend or an offer of credit. Programs, guidelines and eligibility change and depend on your full scenario. Waymaker Mortgage Company, NMLS 2440476. Equal Housing Lender.
Quick facts
- Minimum credit score
- 680 (700 for 97% to 100% financing up to $3M)
- Financing
- Up to 97% to 100% on qualifying tiers
- Maximum loan amount
- Up to $3M on the high-financing tier
- Mortgage insurance
- Not required on most physician programs
- Eligible degrees
- MD, DO, DDS, DMD, PharmD, DVM / VMD, DPM, CRNA, plus residents, fellows and interns; OD, PA, NP, RN, CNS, DC on select tiers
- Employment
- Many programs close on a signed contract before your start date
Is this loan right for you?
Who it's for
- MDs, DOs, dentists (DDS, DMD), pharmacists (PharmD), veterinarians (DVM / VMD), podiatrists (DPM) and CRNAs
- Residents, fellows and interns with an eligible degree
- OD, PA, NP, RN, CNS and DC professionals on select tiers
- Medical professionals relocating who want to close on a signed employment contract
- Doctors who want to keep cash free instead of putting 20% down
Who it may not fit
- Borrowers without an eligible medical degree or credential
- Buyers with a credit score below 680 today (a Mortgage Action Plan can get you there)
- Doctors with 20% down and light student debt, who may be just as well served by a conventional loan
Pros and cons
Pros
- Low or no down payment, with up to 97% to 100% financing on qualifying tiers
- Most programs do not require private mortgage insurance
- Student loans are often counted at your actual repayment, not a hypothetical payment
- Many programs let you close on a signed contract before your start date
- Financing up to $3M for qualified borrowers
Trade-offs to weigh
- Limited to specific degrees and professions, with some on select tiers only
- Higher credit minimum than many other programs (680, or 700 for the highest financing)
- Putting little down means a larger loan balance and less equity at the start
Frequently asked questions
What credit score do I need for a physician loan?
The minimum is 680. For 97% to 100% financing, up to $3M, the minimum is 700. If you're below that today, I'll walk you through what to adjust and build a Mortgage Action Plan so you're ready by the time your contract starts.
Can I get a physician loan as a resident or fellow?
Yes. Residents, fellows and interns who hold an eligible degree (MD, DO, DDS, DMD, PharmD, DVM / VMD, DPM or CRNA) can qualify. We'll look at your training timeline, your contract and your student loans together to find the program that fits.
I'm a PA, NP or RN. Do I qualify?
Possibly. OD, PA, NP, RN, CNS and DC professionals qualify on select tiers, and the financing levels and terms can differ from the MD and DO tiers. Feel free to text me your degree and situation and I'll tell you which options are open.
How are my student loans counted?
Many physician programs use your actual repayment plan or treat deferred loans more favorably than standard underwriting, which often uses a large hypothetical payment. The exact treatment varies by program, and I'll confirm how yours would be counted before you make an offer.
Can I close before I start my new job?
Often, yes. Many programs allow you to close on a signed employment contract within a set window before your start date. We plan backwards from your first day so the timing works for your move.
Is a physician loan always better than a conventional loan?
No. If you have 20% down, lighter student debt and an established income history, conventional financing can be a strong fit. With a Total Cost Analysis I'll lay out both options over the time you expect to own the home. My job is to educate and empower you. Your job is to decide.
What rate will I get on a physician loan?
Your rate depends on your scenario and the day's market. Reach out and I'll price it for real.
Related loan programs
Bank-statement, 1099 and other self-employed loans funded in house by Waymaker Mortgage Company, with a Mortgage Advisor who takes your file to the investor that fits.
Qualify on the property's rent, not your tax returns. I invest in real estate myself, and Waymaker Mortgage Company funds standard DSCR loans in house.
Buying a higher-priced home? I shop your file across multiple investor partners and build a jumbo strategy around the total cost, not one number.
Last updated October 18, 2026 · Reviewed by Scottie Campbell, NMLS #1610726. This page is educational and not a commitment to lend; program details change — ask for current figures.