Doctor Mortgage Loans

A doctor mortgage loan is a specialized home financing program designed for licensed medical professionals. It accounts for the financial realities that are common early in a medical career: high student loan balances, a delayed start to earning, and income that's just beginning to ramp up. These loans typically offer low or no down payment options, no private mortgage insurance, and underwriting guidelines that treat student debt differently than conventional loans do.

Yes. Residents and fellows are eligible for this program. In fact, one of the biggest advantages of a doctor mortgage loan is that it's designed to meet borrowers where they are in their career, not just where they'll be in five years. A signed employment contract or residency agreement can often be used to document future income even before your start date.

No. Private mortgage insurance is not required with a doctor mortgage loan, even if you're putting little or nothing down. On a conventional loan, PMI is typically required any time your down payment is less than 20%. This program eliminates that requirement, which can meaningfully reduce your monthly payment.

No. This program is available to both first-time buyers and medical professionals purchasing a subsequent home. Whether you're buying your first property or upgrading to something larger as your career grows, you may be eligible.

Yes. Doctor mortgage loans are designed for medical professionals who often have substantial student loan balances. These programs typically use more flexible guidelines for evaluating debt-to-income ratios than conventional mortgages do, which may help eligible borrowers qualify for home financing while carrying student loan debt.

Some doctor mortgage programs offer financing up to 100% of the home's purchase price for qualified borrowers. Higher loan amounts may require a down payment.

Standard Mortgage Corporation requires a minimum score of 680, but score requirements may vary by lender and loan program. In general, borrowers with higher credit scores may have access to more favorable loan terms and financing options.

Interest rates on physician mortgage loans can vary depending on market conditions, loan amount, down payment, credit profile, and lender guidelines. While physician loans offer unique benefits such as low down payment requirements and no PMI, the overall cost of financing should be evaluated alongside those advantages. Comparing available loan options can help determine which program best fits your goals.

Standard Mortgage Corporation offers both fixed and adjustable rate physician mortgages.

Standard Mortgage Corporation offers 30-year fixed-rate mortgages, and 10, 7, and 5-year adjustable-rate mortgages. (10/6, 7/6, 5/6)

Yes, it is possible to refinance with a physician mortgage loan in most states where Standard Mortgage Corporation operates. Texas does not currently allow refinances for this program.

Yes. Self-employed physicians may qualify for doctor mortgage financing with Standard Mortgage Corporation. We require two years of employment history and documentation similar to a self-employed conventional borrower.

The primary difference is that physician mortgage programs are designed specifically for medical professionals. While conventional loans often require larger down payments or PMI when putting less than 20% down, physician loans may offer more flexible options. They may also provide alternative methods for evaluating student loan debt and future income.

Many loan programs allow eligible borrowers to use gift funds toward a down payment or closing costs. Program requirements vary, so it's important to discuss acceptable sources of funds with your lender during the application process.

Yes. Many physician mortgage programs are designed specifically for doctors who are transitioning from residency, fellowship, or training into practice. Qualified borrowers may be able to use a signed employment contract to demonstrate future income, even before receiving their first paycheck.

Maximum loan amounts vary by lender and program. Standard Mortgage offers physician mortgage financing with loan amounts up to $2.5 million for qualified borrowers. Down payment requirements may vary depending on the loan size and borrower qualifications.

Standard Mortgage Corporation can pre-approve you for a Doctor Mortgage Loan in as little as 24 hours. Final approval with underwriting is similar to a conventional loan approval and depends on factors such as documentation, employment verification, and property selection.

A Doctor Mortgage Loan from Standard Mortgage Corporation can be used as a source of permanent financing on a newly constructed, move-in-ready home. The program does not provide temporary construction loans to cover the cost of building the home.

Physician Loan Programs through Standard Mortgage Corporation are available for the purchase of a primary residence. Single-family homes, townhomes, condos, and 2-unit properties are eligible as long as one of the units will be used as the mortgage holder’s primary residence.