Home Financing Built for Medical Professionals
Most doctors finish training with two things working against them on a mortgage application: very little saved for a down payment, and student loan balances that look alarming on paper. Meanwhile the income that makes them excellent borrowers is often brand new — or hasn't started yet.
Conventional underwriting handles that badly. Physician loan programs were built to handle it correctly.
North Star Mortgage Network has placed home loans for Northeast Florida families since 2000. We work with many wholesale lenders, which means we can match a physician borrower to the program that actually fits their situation rather than the one product a single bank happens to offer.
Who Qualifies
Physician loan programs are open to a broader group of medical professionals than most people expect:
- Medical Doctor (MD)
- Doctor of Osteopathy (DO)
- Doctor of Dental Science or Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Doctor of Ophthalmology (MD or DO)
- Doctor of Psychiatry (MD or DO)
- Doctor of Pharmacy (PharmD)
- Doctor of Veterinary Medicine (DVM or VMD)
- Doctor of Podiatric Medicine (DPM)
Other advanced medical degrees may also qualify depending on the lender. If your credential is not listed here, ask us — guidelines vary, and it costs nothing to check.
Residents, fellows, and interns holding one of the above degrees are eligible. You do not need to have finished training, and you do not need years of income history behind you.
Program Highlights
- Financing available up to 100% of the purchase price
- Loan amounts from $100,000 to $2,000,000
- No mortgage insurance at any loan-to-value
- Fixed-rate and adjustable-rate options
- Debt-to-income ratios considered up to 50%
- Minimum credit score of 680
- No first-time homebuyer restriction — you can have owned before
Program guidelines as of this writing and subject to change. All loans are subject to credit approval and underwriting review. Terms vary by borrower and by lender.
What No Mortgage Insurance Actually Saves You
On a conventional loan with less than 20% down, mortgage insurance is a monthly cost that buys you nothing — it protects the lender, not you. On an FHA loan, it's both an upfront charge and a monthly one, and on most FHA loans today it never comes off.
Physician programs remove that cost entirely, even at high loan-to-value. On a typical Jacksonville purchase price, that difference is meaningful every single month for the life of the loan.
We'll run your actual numbers side by side so you can see the comparison for your purchase, not a generic example. Any figures we provide are estimates based on the information you give us, and are subject to credit approval.
An Important Detail Most Pages Leave Out
Physician loan programs generally carry a minimum loan-to-value — often just above 90%.
That surprises people, because it's the opposite of how mortgages usually work. It means the program is designed specifically for buyers making a small down payment. If you're putting 20% down, you likely don't qualify for the physician program — and you probably shouldn't want to, because a standard conventional loan will typically price better at that level.
This is exactly the kind of thing worth a ten-minute conversation before you start shopping. Choosing the wrong program costs real money.
What These Loans Can and Can't Be Used For
Physician loan programs are typically limited to:
- One-unit, owner-occupied properties — the home you'll live in
- Purchases and rate-and-term refinances
They generally do not cover cash-out refinances, investment properties, second homes, or multi-unit buildings. If you're financing a rental or pulling equity out, we'll point you toward a program built for that instead. We have plenty of them.
Why Work With a Broker for This
A bank can only offer you its own physician product. If your situation doesn't fit that one program, the answer is no.
As an independent brokerage, we work with many wholesale lenders, and their physician guidelines differ in ways that matter — how they treat an employment contract that hasn't started, how student loan payments are counted, what they'll do at the top of the loan-amount range. Finding the lender whose guidelines match your file is most of the work.
That's the job. It's what we've done in Northeast Florida since 2000.
Getting Started
You don't need a Social Security number or a credit pull to begin. A short conversation about your degree, your employment situation, your target price range, and your timeline is enough for us to tell you whether a physician program is the right fit.
If you're relocating to Jacksonville for a residency, fellowship, or a new position, reach out earlier rather than later. Contract timing affects which lenders can work with you, and a little lead time gives you more options.
Frequently Asked Questions
Can I get a physician loan before I start my job?
Often yes. Many lenders will use a signed employment contract with a defined start date instead of pay stubs. How far in advance they'll allow varies by lender, which is one reason having access to several of them matters.
How is my student loan debt counted?
It depends on the lender and on your repayment status. Some use a percentage of the outstanding balance, some use your documented income-driven payment, and some treat deferred loans differently again. This is frequently the difference between an approval and a denial, so it's worth reviewing your specific situation before applying.
Do I really get no mortgage insurance with less than 20% down?
Yes — that's the defining feature of these programs. It's also why the credit score and documentation requirements tend to be a bit tighter than a standard low-down-payment loan.
Is a physician loan always the best choice?
No. If you have 20% or more to put down, a conventional loan will usually cost less. Physician programs are built for a specific situation — strong future income, limited savings, and student debt. When that's your situation, they're excellent. When it isn't, we'll tell you so.
Contact
North Star Mortgage Network, Inc.
12058 San Jose Blvd, Suite 404
Jacksonville, FL 32223
Nathan Young, Founder & President
904-880-6741 | nathan@nsmn.com
Company NMLS #356789 | Nathan Young NMLS #325206
Florida DBPR Mortgage Brokerage License #MB0858506
All loans subject to credit approval. Rates and payments quoted are estimates based on the information provided and are not a commitment to lend. Program guidelines subject to change.
