Doctors often start their careers with high income potential, big student-loan balances, and little saved for a down payment. Standard loans don’t handle that combination well — which is why physician (doctor) loans exist. They’re one of the most borrower-friendly programs in mortgage lending, and in Florida several lenders offer them.
Key Takeaways
- Physician loans offer low or zero down payment — often up to $1M+ with little down.
- No PMI, even with a small down payment — a rare and valuable feature.
- Student loan debt is treated favorably (IBR payment used, or deferred payments excluded).
- You can often close before your job starts using a signed employment contract.
- Not just MDs — DOs, dentists, vets, and some other professionals may qualify.
What Makes a Physician Loan Different
A physician loan is designed around a doctor’s reality: strong future income but a debt-heavy, cash-light start. The three signature benefits are low/no down payment, no PMI, and flexible debt treatment — a combination you almost never see together on a conventional loan.
No PMI — the Underrated Perk
On a conventional loan, putting less than 20% down means paying private mortgage insurance. Physician loans waive PMI even at 5% or 10% down, which can save hundreds of dollars a month. Over the early years of a career, that adds up fast.
On a $500,000 loan, skipping PMI can save roughly $150–$300/month. That’s money toward student loans, retirement, or simply breathing room.
How Student Loans Are Handled
This is where physician loans shine. Instead of counting a large standard student-loan payment against you, many programs use your income-based repayment (IBR) amount, or exclude deferred loans entirely. That single difference can be what makes the numbers work.
Closing Before Your Job Starts
Relocating for a residency, fellowship, or new position? Many physician programs let you close with a signed employment contract and a start date within 60–90 days — you don’t need pay stubs from a job you haven’t started. That’s huge for doctors moving to Florida for a new role.
Florida’s no state income tax and growing health systems make it a top relocation state for physicians. Doctor loans are widely available here for exactly that reason.
Who Qualifies Besides Doctors
Programs vary by lender, but eligible professions often include MDs, DOs, dentists (DDS/DMD), veterinarians (DVM), podiatrists, optometrists, pharmacists, and sometimes attorneys, CPAs, and other high-earning professionals. If you’re in a licensed professional field with strong income, it’s worth asking.
Doctor, dentist, or other professional buying in Florida? Let’s see what you qualify for.
Get Pre-Approved →Frequently Asked Questions
What is a physician loan?
A mortgage designed for doctors and certain professionals that offers low or no down payment, no PMI, and favorable treatment of student loan debt — often with the ability to close using a signed employment contract before the job begins.
Do physician loans really have no PMI?
Yes. Even with a small down payment, physician loans typically waive private mortgage insurance, which can save hundreds of dollars a month compared to a conventional loan at the same down payment.
Can I get a physician loan before I start my job?
Usually yes. Many programs allow closing with a signed employment contract and a start date within 60–90 days, so you can buy before your first paycheck — ideal for relocating physicians.
Are physician loans only for MDs?
No. Depending on the lender, DOs, dentists, veterinarians, podiatrists, optometrists, pharmacists, and sometimes attorneys and CPAs qualify. The exact eligible list varies by program.
Is a physician loan rate higher than a conventional loan?
Rates are competitive and sometimes comparable to conventional, especially considering you avoid PMI. The right comparison is total monthly cost, and we run that side by side for you.
See Your Physician Loan Options
We work with multiple physician-loan lenders across Florida. Get a free, no-pressure look at low-down, no-PMI options built for professionals.