In What Circumstances Could a Medical Student Qualify for a Physician Home Loan?


Physicians who want to own a home can benefit from the mortgages offered exclusively to medical professionals. With low interest rates and low down payments — sometimes even zero dollar down payments — these loans are a boon for anyone struggling with medical school loans on top of all of her other bills shortly after becoming a doctor. As a medical student, you might want to get a head start on your new life and buy a house or condo; however, there are only a few circumstances in which you’d yet to qualify.

As an M4 Student With Residency Contract

M4 students in their fourth year of medical school can qualify for physician home loans if they have a signed residency contract in hand — these are typically available three to four weeks after Match Day (most often mid-March). You will also need to have saved enough to cover the payments necessary before you begin drawing your residency salary, as you may be required to show proof of funds.

As a Resident

M4 and M5 resident students qualify for most physician mortgages. However, consider the fact that a sizable number of residency students go on to accept permanent assignments at other facilities, sometimes even in other states. Buying instead of renting during this time means you’ll have to sell and buy again once you move; still, if the housing market is good, you won’t have a difficult time selling the property and you’ll get all or even more than your investment back.


Medical fellows also qualify for physician loans in most cases. Because you’re drawing a steady salary, you’ll be able to demonstrate a long-term ability to meet your payments. Plus, many fellows go on to practice where they complete their fellowship, so you’ll be in a good position to buy.

If unsure whether or not you qualify for a physician mortgage, please contact Physician Mortgage Specialists at (800) 667-9516. If you don’t yet qualify, you’re likely to qualify soon, once you start practicing, and we’re here to help you pinpoint the perfect time to apply. If you can’t wait to buy a house, it’s possible to refinance at a later time once you’ve begun practicing as well.