🩺 The Power of Physician Loans: Why Doctors Have a Huge Advantage When Buying a Home
For many people, buying a home means saving for years just to cover a down payment. But if you’re a physician — or training to become one — there’s a powerful financing option that can make homeownership far more attainable: the Physician Loan.
Whether you’re a new resident at Mayo Clinic or a seasoned specialist settling into Rochester, physician loans are designed specifically to help medical professionals buy homes earlier and with less financial stress.
💡 What Is a Physician Loan?
A physician loan (sometimes called a “doctor loan”) is a special mortgage program created for medical professionals.
Lenders recognize that doctors often carry significant student loan debt but also have high earning potential — so these loans are structured with that in mind.
👩⚕️ Who Qualifies?
Eligibility can vary slightly by lender, but generally includes:
Medical Doctors (MD)
Doctors of Osteopathy (DO)
Dentists (DDS, DMD)
Pharmacists (PharmD)
Optometrists (OD)
Veterinarians (DVM)
Residents and Fellows — even before you start your attending position
Some programs also extend eligibility to nurse practitioners (NP) and physician assistants (PA), depending on the lender.
💰 Key Benefits of Physician Loans
Here’s why so many Rochester physicians choose this route:
No Down Payment Required – Many programs allow 0% down, meaning you can buy a home without waiting years to save.
No Private Mortgage Insurance (PMI) – Unlike traditional loans, physician loans waive PMI, saving you hundreds of dollars per month.
Flexible Student Loan Treatment – Most lenders exclude or reduce student loan debt from your debt-to-income ratio, which can make qualifying much easier.
Close Before You Start Working – You can often close up to 90 days before your new employment begins, using a signed offer letter as proof of income.
Competitive Interest Rates – Rates are often on par with or better than conventional loans, even without a down payment.
🏡 Why It Matters in Rochester
Rochester is a unique market. Between the Mayo Clinic’s growth and the steady influx of residents and fellows, housing demand remains strong — and timing matters. Physician loans allow you to move quickly on the right home, even before your first paycheck.
For new doctors relocating to Rochester, this can mean settling into a neighborhood you love, building equity sooner, and avoiding the rent treadmill.
🤝 Work With an Advisor Who Knows Your World
As someone whose wife is a physician at Mayo Clinic, I’ve seen firsthand the financial challenges doctors face early in their careers — and how powerful physician loan programs can be.
When you work with me, I’ll connect you with trusted local lenders who specialize in physician loans and understand the nuances of medical employment contracts. Together, we’ll help you secure the best terms and find a home that fits your lifestyle and long-term goals.
❤️ Giving Back
A portion of every home I sell — including those purchased with physician loans — supports Isabel’s Impact, the foundation my wife and I started to help families with children undergoing heart transplants.
So when you buy a home through me, you’re not just investing in your future — you’re helping others build theirs too.
📞 Ready to Learn More?
Reach out anytime — I’ll connect you with lenders who specialize in these programs and help you get started.
Matt Humphrey
Real Estate Advisor, Engel & Völkers Rochester
🌐 matthumphrey.evrealestate.com
💖 Co-Founder, Isabel’s Impact
