If you’re a doctor with high income potential but limited savings for a down payment, you may find that traditional mortgages don’t quite fit the realities of an early medical career. Years of study and training often mean being saddled with substantial medical school debt, even as your earning power is poised to grow.
That’s why Newrez created the Medical Professional Home Loan.
Designed for doctors just starting out in their careers, this loan supports the financial realities of medical professionals: high future income, the weight of educational expenses and a need for flexible mortgage options. It’s built to accommodate short-term hurdles so you can take advantage of long-term financial stability.
Below, you’ll find a breakdown of how the Medical Professional Home Loan works and the advantages it offers qualified borrowers. If this loan sounds like the right fit for you, reach out to a Newrez mortgage expert and they’ll be glad to lay out next steps.
Who the Medical Professional Home Loan is Designed for
This loan is tailored to medical professionals with advanced degrees. To qualify, at least one occupying borrower whose income is used for approval must hold one of the following degrees and be actively practicing in one of these fields:
- Medical Doctor (MD)
- Doctor of Osteopathy (DO)
- Doctor of Dental Science or Surgery (DDS)
- Doctor of Dental Medicine (DMD)
- Doctor of Ophthalmology (MD or DO)
- Doctor of Psychiatry (MD or DO)
- Doctor of Pharmacy (PharmD)
- Doctor of Veterinary Medicine (DVM or VMD)
- Doctor of Podiatric Medicine (DPM)
- Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP)
- Medical residents, fellows, or interns with one of the above degrees
The Basics of the Medical Professional Home Loan
This program enables qualified medical professionals to make a low or no down payment without having to pay traditional mortgage insurance. This loan can also offer flexibility for medical professionals early in their careers who expect to make significant income later on.
Key Features:
- Up to 100% financing for qualified borrowers
- No mortgage insurance
- Loan amounts as high as $2 million if you qualify
- Only available for single-unit primary residences, planned unit developments, condos and co-ops.
Benefits of the Medical Professional Home Loan
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Student Loan Flexibility
Medical professionals often carry significant educational debt, but we don’t believe that should stand in the way of homeownership. When determining your eligibility, we use flexible student loan calculations tailored to medical professionals. -
Up to 100% Financing
Saving for a down payment can be tough when you’ve been making a medical resident’s salary. With the Medical Professional Home Loan, qualified borrowers may be able to finance up to 100% of the purchase price — with no money down. (Bear in mind that eligibility and program features vary based on factors like your credit profile, loan amount and loan-to-value ratio.) As a bonus, you can avoid mortgage insurance, which Conventional loans often require when you put down less than 20%. -
Income Flexibility for Early-Career Doctors
If you’re still in your residency, internship or fellowship, your current income doesn’t reflect your future income potential. This loan allows you to qualify based on your projected income, rather than relying solely on historical earnings.
Start Your Career and Buy a Home
You’ve worked hard to launch your medical career. Now, you can reach for your homeownership dreams, too. Remember:
- Buying a home doesn’t mean you have to put 20% down. Some loans can flex to your circumstances, if you qualify.
- Student loans don’t have to be a barrier to your home purchasing power.
- With this loan, your career trajectory matters just as much as your income history.
We’re thrilled to support medical professionals as they find their footing in their demanding and essential fields. If you’d like to find out more information about the Medical Professional Home Loan, give us a ring or schedule a chat — our loan experts are ready to lay out the details for you.
Frequently Asked Questions (FAQ)
At least one occupying borrower whose income is used to qualify must be an eligible medical professional with a qualifying degree and actively practicing, including residents, fellows and interns.
Yes. The program offers flexible student loan treatment designed to accommodate the higher student loan debt common among medical professionals.
The program allows for up to 100% financing, meaning qualified borrowers may not need a down payment, depending on their credit score.
No. The Medical Professional Home Loan does not require traditional monthly private mortgage insurance.
Yes. Income flexibility allows residents, fellows and interns to qualify using structured or future earnings rather than relying on solely historical income.
The loan is available for primary residences only and limited to 1-unit properties, including single-family homes, planned unit developments, condos and co-ops.
Loan amounts are available up to $2,000,000.
No. This program is suitable for both first-time and repeat buyers.
Reserve requirements vary based on loan-to-value (LTV) and loan amount. Additional reserves may be required if you are using projected income to qualify.
