If you're a medical professional shopping for a home, you'll likely choose between a physician (medical professional) home loan and a standard conventional loan. Here's how they compare — and how to decide.
A conventional loan typically wants a larger down payment to avoid private mortgage insurance. A physician mortgage can finance up to $1,000,000 with 0% down on a primary residence, with low-down options on higher amounts.
Put less than 20% down on a conventional loan and you'll usually pay PMI every month. Physician mortgages typically waive PMI entirely — keeping your payment lower at the same down payment.
Conventional underwriting can count a large student-loan payment against you even on an income-driven plan. Medical professional programs treat student debt more realistically, allowing debt-to-income ratios up to 45%.
Physician programs are designed for the higher loan amounts medical professionals often need, including jumbo options above $1.5M — frequently without PMI.
Conventional loans usually want established income. A physician mortgage can use a signed employment contract, letting incoming residents and attendings close before their first paycheck.
If you have a large down payment saved, little or no student debt, and you're buying a lower-priced home, a conventional loan can be competitive — sometimes with fewer restrictions. The right choice depends on your numbers.
If you want to keep your cash invested, you're early in your career, you carry student debt, or you need a higher loan amount, a medical professional mortgage is usually the stronger fit.
Not always — it depends on your down payment, debt, and the home price. A licensed loan officer can compare the numbers for your situation.
This site does not quote rates, and terms vary by lender and borrower. The defining benefits are the down-payment, no-PMI, and student-debt advantages.
You may be able to refinance using your medical professional profile — see our refinance options.
Ready to compare for your situation? Explore the Ascending Physician program, see all programs, or talk to a licensed loan officer — no cost, no obligation.
MedLoan Advisor is an informational and advertising service, not a lender or broker. Equal Housing Opportunity.
