Doctor & Physician
Mortgage Loans in NJ
Exclusive physician mortgage loans for medical professionals: 0% down payment, no PMI, and flexible student loan treatment. Designed for doctors, dentists, and medical specialists in Bergen County.
Physician Loan Benefits
0-10% Down Payment
Purchase with little to no down payment. Many physician loans require 0% down for loan amounts up to $1M, 10% down above that.
No PMI Required
Avoid monthly mortgage insurance even with less than 20% down. Save $200-$500/month compared to conventional loans.
Student Loan Flexibility
Lenders exclude student loans from DTI calculation or use income-based repayment amounts instead of full balance.
Frequently Asked Questions
What is a physician mortgage loan?
A physician mortgage (doctor loan) is designed for medical professionals with high income potential but significant student debt. Benefits include: 0-10% down payment, no PMI, flexible student loan treatment, and approval based on contract/offer letter (even before residency ends). Available to MDs, DOs, dentists, orthodontists, podiatrists, and some veterinarians.
Can I get a physician loan as a resident or fellow?
Yes! Many physician loan programs approve residents and fellows with an employment contract. You can purchase a home 60-90 days before starting your attending position. This is perfect for doctors relocating after residency/fellowship to start their attending role.
How do physician loans handle student debt?
Physician loans treat student debt more favorably than conventional loans: (1) Exclude student loans from DTI entirely, (2) Use actual income-based repayment amount instead of 1% of balance, (3) Defer student loan payments if still in school. For a doctor with $300K in student loans, this can mean qualifying for $200K-$300K more in home loan.
What are the requirements for a physician mortgage?
Requirements vary by lender but typically: (1) MD, DO, DDS, DMD, or DPM degree, (2) Currently in residency/fellowship or within 10 years of completing training, (3) Employment contract or offer letter, (4) 700+ credit score, (5) Low DTI (even with student loans). Some lenders extend to podiatrists, veterinarians, and optometrists.
Ready to Purchase Your Home as a Medical Professional?
Take advantage of exclusive physician mortgage benefits designed for doctors like you.
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