A doctor loan is a home loan for doctors, dentists and other licensed medical professionals, including residents and fellows. Little or no down payment, no mortgage insurance, student loans in deferment left out of the calculation during training, and the chance to buy on a signed contract before the job starts.
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Fidelity Residential · NMLS #103098 · Equal Housing Lender
Fidelity Residential offers a home loan designed for doctors, dentists and other licensed medical professionals: physicians (MD and DO), dentists (DDS and DMD), pharmacists (PharmD), veterinarians (VMD), podiatrists (DPM), nurse anesthetists (CRNA) with a doctorate, nurse practitioners (NP) with a master’s or doctorate, and the residents, fellows and interns who hold one of those degrees. It is built around three things that make an early-career clinician hard to fit into an ordinary mortgage: up to 100% financing for qualifying medical professionals, with no mortgage insurance; student loans in deferment or forbearance that are left out of the calculation while you are in residency or fellowship; and the chance to buy on a signed employment contract before the job starts.
Disclosure (draft, for counsel’s review). About “up to 100% financing”: for a qualifying borrower, the loan may cover up to the full value of a one-unit primary residence, so the down payment can be as little as none; the share the program will finance depends on the size of the loan and the borrower’s credit, and the lower of the purchase price and the appraised value governs. Terms of repayment: a fixed-rate loan is repaid in equal monthly payments of principal and interest over a term of fifteen to thirty years; an adjustable-rate loan is repaid over thirty years, with the rate fixed for the first five, seven or ten years and able to change after that, so the payment can rise. Property taxes and insurance are paid in addition, usually through an escrow account. Annual percentage rate: the statement required here is for the attorney to supply, together with the adjustable-rate statement that the rate and the annual percentage rate can increase after closing; Fidelity Residential does not state rates on this site. Not every applicant will be eligible. Terms are subject to change without notice.
Every loan is reviewed by an underwriter by hand, with full documentation of your income, assets and credit. The program is for the home you live in, bought or refinanced without taking cash out.
Not sure whether your degree is on the list? Ask a loan officer whether your degree qualifies. If you have a down payment, an ordinary fixed-rate or jumbo loan may also fit.
Doctor and dentist loans at a glance
An ordinary loan reads a resident’s file as a large debt and a small income. This program reads the career instead.
Student loans that are deferred, in forbearance or on an income-based plan with no payment due are not counted against you while you are in residency or fellowship and the loan is based on that income. Once you are in practice, your student loan payments count as they would on any mortgage.
You can buy on a signed employment contract for a position that starts after closing; the program allows a start date up to about five months after closing. You show savings to cover the payments until the first paycheck arrives.
The program is built so that the down payment is not the obstacle it is on an ordinary loan, and it charges no mortgage insurance at any level of financing. How much of the price it will finance depends on the size of the loan and your credit.
The program reaches well above the conforming loan limit, so a higher-priced home does not push you into a separate jumbo program with its own down payment rules.
A fixed rate keeps principal and interest the same for the life of the loan, with a choice of term lengths. An adjustable rate is fixed for the first several years and then can change, so the payment can rise.
How adjustable rates workEvery loan is reviewed by an underwriter, with full documentation of your degree, your income, your assets and your credit. It is not a no-document loan.
In words, without the figures: a loan officer can tell you where your file falls.
Disclosure (draft, for counsel’s review). About “up to 100% financing”: for a qualifying borrower, the loan may cover up to the full value of a one-unit primary residence, so the down payment can be as little as none; the share the program will finance depends on the size of the loan and the borrower’s credit, and the lower of the purchase price and the appraised value governs. Terms of repayment: a fixed-rate loan is repaid in equal monthly payments of principal and interest over a term of fifteen to thirty years; an adjustable-rate loan is repaid over thirty years, with the rate fixed for the first five, seven or ten years and able to change after that, so the payment can rise. Property taxes and insurance are paid in addition, usually through an escrow account. Annual percentage rate: the statement required here is for the attorney to supply, together with the adjustable-rate statement that the rate and the annual percentage rate can increase after closing; Fidelity Residential does not state rates on this site. Not every applicant will be eligible. Terms are subject to change without notice.
In training, starting a new position, or in practice; your degree; how your student loans are being repaid; and the home you have in mind.
Proof of your degree and licence or training status, pay stubs and W-2s or the signed employment contract, student loan statements, and statements for closing costs and savings.
The home is appraised in full. The program does not use appraisal waivers.
An underwriter reviews the file by hand against the program’s rules. You review your closing disclosure and sign.
This is a fully documented loan. Most borrowers can start with these.
Physicians (MD and DO), dentists (DDS and DMD), pharmacists, veterinarians, podiatrists, nurse anesthetists with a doctorate, nurse practitioners with a master’s or doctorate, and residents, fellows and interns who hold one of those degrees. At least one borrower whose income is used must hold the degree and be in practice or in training. If your degree is not listed, ask a loan officer whether it qualifies.
Student loans that are deferred, in forbearance or on an income-based plan with no payment due are not counted while you are in residency or a clinical fellowship and the loan is based on that income. Student loans with a payment due count as on any mortgage.
Yes, on a signed employment contract or offer letter that states your title, start date and pay. The program allows a start date up to about five months after closing, as long as you can show savings to cover the payments until then.
Little or none, depending on the size of the loan and your credit, and the program charges no mortgage insurance. The requirements above carry the disclosure that goes with that statement; a loan officer can tell you where your file falls.
No. The program is for a one-unit primary residence, bought or refinanced without taking cash out. For a second home or a rental, see our jumbo loans or investment property loans; for cash out, see the cash-out refinance page.
Loan amounts well above the conforming limit are available, so a higher-priced home does not push you into a separate jumbo program. A loan officer can tell you the ceiling for your credit and down payment.
Either. A fixed rate keeps principal and interest the same for the life of the loan, with a choice of term lengths. An adjustable rate is fixed for the first several years and then can change, so the payment can rise. Your loan estimate shows how and when the rate can change.
A credit score requirement applies, with a credit history of at least two years. The program waits four years after a bankruptcy, foreclosure or short sale. Tell your loan officer the dates so the right program can be chosen.
Permanent residents and visa holders with two years of U.S. employment may be eligible; visa holders need a somewhat larger down payment. Everyone on the loan needs a Social Security number. Ask a loan officer whether your status fits.
Fidelity Residential is licensed in many states. The full, current list is on NMLS Consumer Access (opens in a new tab), or call us at 732-686-9999. Some program limits apply in particular states; a loan officer can tell you whether one affects you.
Get a quote, apply online, or talk it through with a licensed loan officer.
This page is general information, not a commitment to lend. Programs, terms and eligibility depend on credit, income, property and underwriting review and are subject to change without notice.
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