What’s Up, Doctor’s Loans?

You spent years slogging through undergraduate and then medical, dental or veterinary school. You completed your residency and maybe even a fellowship. You studied for and sat through grueling board exams. All the while your friends graduated college, started their careers and have become homeowners.

Now it’s your turn. You’re ready to start your career and buy a home. But all that hard work has left you with little savings and a lot of student loan debt. What’s a young doctor to do?

Delayed gratification… rewarded

I’ve got some good news for you. There are special programs designed just for you. These loans exist to meet the unique needs of young medical professionals as they finish up their education and enter the workforce.

Special Features

Guaranteed rate offers several Doctor’s loan programs and each has its specific own guidelines. The benefits of these programs fall into a few general categories:

Low down payment

Doctors’ programs generally require a much smaller down payment than a comparable loan. Down payment options of a little a 5% are allowed on loans up to $1mil.

No mortgage insurance

Most doctors’ loans do not require that you pay mortgage insurance, even when putting less than 20% down.

Flexibility with regard to student loan debt

A universal feature of all of the doctors’ programs we offer is that student loan debt that is deferred for at least a year after closing can be entirely disregarded when qualifying you for your loan. This is especially helpful for medical residents.

Lending based on a signed contract

All of our doctors’ loans allow  you to qualify for your loan based on a signed contract and then close on your home purchase as much as 60 or 90 days before you begin work.

Who Qualifies?

The requirements to qualify vary from one program to another. In general, you must either be a medical resident, fellow, medical teaching professor or practicing physician. Some, but not all programs are only available for a limited period of time after completion of your residency or fellowship (10 years, for example).

We offer doctors’ programs for all of the following medical practitioners:  


Medical Doctors

• Medical Doctor (MD)

• Doctor of Osteopathic Medicine (DO)

• Doctor of Optometry (OD)

• Doctor of Podiatric Medicine (DPM)

• Pharmacist (RP)

• Surgeon

• Medical teaching professor


• Doctor of Dental Science (DDS), including Orthodontist

• Doctor of Dental Medicine (DMD)

• Dental surgeon specializing in oral and maxillofacial surgery



Is a Doctors’ Loan right for you?

Although the benefits of doctors’ loans are many, it’s important to compare them to any other loan options for which you qualify. Weighing the benefits and features of a variety of loan programs is the best way to make sure you buy your home with the loan that best fits your budget, goals and plans.

To learn more about the doctors’ loan programs we offer and determine if they are right for you, please call (503-799-3711) or email (juleef@rate.com).

Eligible professionals include practicing doctors (includes DOs), dentists, dental surgeons and veterinarians or those within 10 years of completing their original residency or fellowship or newly licensed medical residents who are currently employed, in residency or fellowship or newly licensed medical students who are about to begin new employment/residency within 60 days of closing. Six months of reserves required, borrower must have enough liquid money in the bank to pay for six months of mortgage payments after closing. Dependent on minimum FICO Score requirements, DTI limit is 40% for loans with an LTV less than 89.9% and 43% for loans with an LTV greater than 90%.

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Guaranteed Rate for current rates and for more information.

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate, Inc. does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate, Inc. Guaranteed Rate, Inc. its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.

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