The short answer
"Doctor loans" are private lender programs, not government ones, so there is no single rulebook. They commonly allow a small down payment without mortgage insurance and take a more flexible view of student loans and new employment contracts. The terms differ from lender to lender.
How they differ from other loans
| Loan type | Rules come from | Mortgage insurance |
|---|---|---|
| FHA | HUD, in a public handbook | Always, upfront and yearly |
| Conventional | Fannie Mae and Freddie Mac, in public guides | Usually required under 20% down |
| Doctor loan | Each lender, in its own guidelines | Commonly not charged |
No public source exists for doctor loans. This page describes features common across lenders. Jamal to confirm what he can offer and what may be said.
What to ask a lender
- Which degrees and specialties qualify, and whether residents and fellows are included.
- How much down payment is required at your loan amount.
- How student loans are counted, especially loans in deferment or on an income-based plan.
- Whether a signed employment contract is accepted before your start date.
- Whether the rate is fixed or adjustable, and for how long.
- Which property types are allowed.
When a doctor loan may not be the best fit
- You have 20% to put down. A conventional loan has no mortgage insurance at that point either.
- The home is under the FHA or conventional limits and your score is strong. Compare the rates side by side.
- You expect to move in a few years. With little money down, you may owe close to what the home is worth when you sell.
General points, not from a public rule. Jamal to review.
What can go wrong
- Borrowing the maximum. Being allowed a loan is not the same as it fitting your budget.
- Adjustable rates. Some of these programs are adjustable. Know when the rate can change.
- Comparing one lender only. Because each lender writes its own rules, the differences can be large.
What I see in real files
Jamal's own words go here: two to four sentences on what he sees in real files like this. Claude does not write this part.
Questions people ask next
Are doctor loans a government program?
No. They are offered by individual lenders.
Could FHA or a conventional loan be better for me?
Sometimes. It depends on your down payment, the loan amount and the rate offered. Compare them side by side.
Do dentists and veterinarians qualify?
That depends on the lender. Ask which degrees are on its list.