Physician Loans
Physician loans in Maine and Florida
A doctor loan program I offer through my wholesale lenders may fit a primary residence purchase or a refinance without cash out. I review the guidelines against your file before suggesting a path.
All loans subject to credit and underwriting approval. Not all applicants will qualify. Rates, terms, and program availability are subject to change without notice. This page is for general education and is not an offer to lend or a commitment to make a loan. Travis Penny, NMLS ID #1649161, is a mortgage loan originator with Vision Mortgage, LLC, NMLS #1286953. Equal Housing Opportunity.
What is a physician loan?
A physician loan is a mortgage program for eligible medical doctors, dentists, and other qualifying healthcare professionals. The doctor loan program offers low down payment options on a primary residence, and borrowers may qualify without mortgage insurance. Eligibility and final terms depend on the file and current guidelines.
Primary homes
The doctor loan program applies to primary residences, not investment properties.
Student debt review
Residents and fellows may receive more flexible treatment of qualifying deferred or forbearance student loan payments.
Direct guidance
I compare this program with conventional financing based on the full costs and your plans.
Who qualifies
Medical doctors, dentists, and other qualifying healthcare professionals may be eligible. The expanded healthcare professional tier covers registered nurses, nurse practitioners, physician assistants, clinical nurse specialists, and chiropractors under its own guidelines. Read the nurse and healthcare professional guide if that tier fits your work.
Financing and mortgage insurance
The doctor loan program I offer through my wholesale lenders offers low down payment options, loan amounts up to $2 million, and no mortgage insurance. The minimum credit score is 680. These terms apply to the doctor loan program for medical doctors, dentists, and other qualifying doctors. The healthcare professional tier for registered nurses, nurse practitioners, physician assistants, clinical nurse specialists, and chiropractors has its own guidelines, which I confirm for each file. It is for a primary residence purchase or a refinance that changes loan terms without taking cash out. Guidelines can change, and I confirm current terms for each file.
Student loans and residency
Student loan debt may be treated more flexibly than under some conventional programs. Residents and fellows may be able to exclude deferred or forbearance student loan payments from qualifying. Documentation and program rules determine whether that applies to your file.
Closing on an employment contract
Using a signed employment contract to qualify may be possible depending on the program and your start date. I confirm what documentation is accepted for your file before you make an offer.
Doctors moving from Maine to Florida
I am licensed in Maine and Florida. If you are moving for a position, we can review your employment contract, timing, and primary residence plans alongside the Maine to Florida relocation guide.
Doctor loan or conventional loan
A doctor loan may help with financing and mortgage insurance, but those features alone do not make it the best choice. Compare the payment, closing costs, points, and total loan terms with a conventional option. I will review both with you.
Discuss your file
Call or text me at (207) 615-7770, or email Travis@travis.mortgage. Guidelines can change, and I confirm the current terms for each file.
Frequently asked questions
Who can use a physician loan in Maine or Florida?
Medical doctors, dentists, and other qualifying healthcare professionals may be eligible. A separate healthcare professional tier for nurses, nurse practitioners, physician assistants, clinical nurse specialists, and chiropractors has its own guidelines, and the doctor loan terms on this page do not automatically apply to it.
How much do I need for a down payment on a physician loan?
The doctor loan program I offer through my wholesale lenders has low down payment options for an eligible primary residence. Down payment options vary by program, and approval depends on the file and current guidelines.
Is mortgage insurance required?
This doctor loan program does not require mortgage insurance. The healthcare professional tier has its own guidelines. I confirm the current program terms for each file.
Can a resident physician qualify with student loans?
Residents and fellows may be able to exclude qualifying deferred or forbearance student loan payments. I review the documentation and current guidelines for your file.
Can I qualify before starting a new job?
Qualifying with an employment contract may be possible depending on the program. Your contract, start date, and other documents must be reviewed.
Is a doctor loan always better than a conventional mortgage?
No. Compare the full payment, closing costs, and terms for your situation. A conventional loan may be a better fit for some borrowers.
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