Program highlights
- Medical doctors, oral surgeons, dentists, optometrists, ophthalmologists, pharmacists
- Registered nurses, anesthetists, nurse practitioners, physician assistants
- Veterinarians, attorneys, CPAs, and certified financial advisors
- As little as 5% down
- Flexible deferral for student loans
- Employment may begin up to 90 days after closing
- No mortgage insurance required
- Jumbo loan amounts available
What is a doctor or professional loan?
A doctor or professional loan is a mortgage designed for licensed professionals whose earning power is strong but whose finances look unusual on paper, such as large student loans, a recent move, or a job that has not started yet. Instead of treating those as red flags, the program is built around them.
Who qualifies
Our professional loan program covers:
- Medical: medical doctors, oral surgeons, dentists, optometrists, ophthalmologists, and pharmacists
- Nursing and advanced practice: registered nurses, anesthetists, nurse practitioners, and physician assistants
- Other professions: veterinarians, attorneys, CPAs, and certified financial advisors
Licensing and employment documentation requirements vary by profession.
How it works
The program has four features that set it apart from a standard loan:
- As little as 5% down. You can keep more of your savings in reserve, which matters when you are just starting out.
- No mortgage insurance required. Most loans with less than 20% down carry mortgage insurance. This one does not.
- Flexible deferral for student loans. Deferred or income-driven student loan payments can be treated more flexibly than on a standard loan, which can make a large difference in your debt-to-income ratio.
- Employment may begin up to 90 days after closing. With a signed employment contract, you can close on a home before your new job starts.
Jumbo loan amounts are also available, so the program can work for higher-priced homes.
Who it fits
This loan fits professionals early in their careers, such as residents, fellows, and new associates, who have strong future income but limited savings and meaningful student debt. It also fits established professionals relocating for a new position. If you have 20% or more to put down and simple finances, a conventional loan may compare well, and we will show you both.
What you need to apply
- Your professional license or proof of licensure in progress, as required
- A signed employment contract or offer letter, if you are starting a new job
- Recent pay stubs or W-2s, if currently employed
- Student loan statements showing current status and payment plan
- Two months of bank and retirement account statements
- A valid ID
How we help in Austin
Austin's growing medical community, including hospitals, clinics, and the Dell Medical School area, brings a steady flow of residents and physicians to Central Texas. Many arrive with a contract signed and a start date a few months out. We coordinate the timeline so you can close on a home and move in before your first day. We also lend in 6 other states, which helps if your residency match or new job takes you elsewhere.
Additional terms and conditions apply. Not all loan types are compatible with this product. Subject to underwriting conditions. Not a promise to make a loan. All borrowers must qualify.
Doctor and Professional Loans: common questions
Which professions qualify for your professional loan?
Our program covers medical doctors, oral surgeons, dentists, optometrists, ophthalmologists, and pharmacists; registered nurses, anesthetists, nurse practitioners, and physician assistants; and veterinarians, attorneys, CPAs, and certified financial advisors. Licensing and employment documentation requirements vary by profession, so tell us your role and where you are in training, and we will confirm eligibility.
How much do I need to put down on a doctor loan?
As little as 5% down, depending on loan amount, credit, and property type. Jumbo loan amounts are also available under this program. Keeping your down payment low lets you hold more savings in reserve during the early years of your career, when student loans and moving costs can add up quickly.
Is there mortgage insurance on a professional loan?
No. Our doctor and professional loan program does not require mortgage insurance, even with less than 20% down. On most other loan types, putting less than 20% down means paying private mortgage insurance or government mortgage insurance. Removing that cost can make a meaningful difference in your monthly housing expense.
Can I close before my new job starts?
Yes. Under this program, employment may begin up to 90 days after closing, typically with a signed, non-contingent employment contract. That lets residents, fellows, and relocating professionals buy a home and get settled before their first day. We coordinate the closing timeline with your start date and your Realtor.
How are my student loans counted?
The program offers flexible deferral treatment for student loans, which can be more favorable than standard guidelines that assign a payment even when loans are deferred. How your loans are counted depends on their status and repayment plan. Send us your current student loan statements, and we will show you how they affect your qualifying ratio.