Physician Loan

Physician loans are mortgages specifically designed for medical professionals. This loan program provides flexibility for doctors who are just starting their career, with the potential for no down payment or private mortgage insurance (PMI).

Benefits of an Physician Loan

Doctors often have difficulty getting a mortgage early in their career due to high amounts of debt from medical school. River City Mortgage understands your unique circumstances as a medical professional. We can help you get approved for a loan that fits your career path.

Unlike other loan types, physician loans are created with the understanding that doctors have a high-income potential despite their current debt circumstances.

Get Approved for a Physician Loan


100% financing available


No private mortgage insurance


Flexible debt-to-income ratio


No money down

How It Works

Physician loans are for primary residences only. With a credit score of at least 700, you can receive 100% financing on loan amounts up to $750,000, and 90% financing on loan amounts up to $2 million.

While much of the flexibility allowed with physician loans differs from conventional or FHA loan types, the term lengths remain the same. You can choose a 30-year, 20-year, or 15-year term length. ARM rates are also available with fixed terms of 3, 5, 7, 10, and 15 years.

To qualify you’ll need the following:

  • Employment verification
  • M.D., D.O., D.D.S., or D.M.D. degree
  • Documentation of sufficient income or cash reserves
  • For the home you’re purchasing to be your primary residence

We also offer this loan type to dentists, podiatrists, ophthalmologists, and veterinarians.

River City Mortgage is able to provide up to 100% financing based on circumstances unique to medical professionals. A doctor leaving medical school usually does not have the savings required for a down payment, yet they have the income to qualify for a home.

As a result, a down payment may not be required or will be a low amount. PMI is not required as a way to allow doctors to focus on monthly mortgage payments rather than insurance payments.

Is a Physician Loan Right for You?

These answers to home buyer’s commonly asked questions may help guide you. To take the next step, our loan officers can help you choose the most affordable loan for your home.

Do I qualify for a physician loan?

Borrowers who qualify for physician loans have an established medical practice and a minimum of an M.D., D.O., D.D.S, or D.M.D. degree. 

We also offer physician loans to veterinarians, dentists, podiatrists, and ophthalmologists, but this program is not available to chiropractors.

Your lender will request proof of employment and income documentation to determine whether you will be able to repay your mortgage loan.

If I am completing my residency can I qualify for a physician loan?

Yes, you may qualify for a physician loan if you are completing your residency.

Physicians beginning their residency after the loan closing will be required to show their signed employment contract or offer letter.

You also must be able to verify that you have sufficient income or cash reserves to support your mortgage payments between loan closing and the start of employment.

Is a physician loan better for me than an FHA or conventional?

Physician loans were crafted exclusively for doctors. This means your unique situation, including high student loan debt and potential for a substantial increase in income as you move through your career, is taken into consideration.

FHA and conventional loans won’t take the same factors into account. While these loan types offer their own benefits to borrowers, there are certain documents and requirements that new doctors usually aren’t able to provide.

These loan types also require monthly mortgage insurance payments unless you pay a certain down payment amount. Physician loans do not require borrowers to make these payments.

Do physician loans have higher loan limits?

River City Mortgage offers physician loan amounts up to $2 million, with 90% to 100% financing depending on the loan amount.

These higher loan limits reflect your income potential as a doctor.

Can you refinance a physician loan?

Yes, you can refinance a physician loan for a new interest rate and terms.

With a credit score of 700 or higher, you can receive up to 95% financing for loan amounts up to $700,000, and 90% financing for loan amounts up to $2 million.