Physician Loan
A Home Loan Designed for Medical Professionals
Up to 100% financing with no mortgage insurance – built around the unique financial profile of physicians, dentists, pharmacists, veterinarians, and medical residents.
Why Medical Professionals Choose This Loan
Traditional mortgages weren’t designed for borrowers with six-figure student debt, income that doesn’t start until residency ends, and the need to relocate on short notice. The GMFS Physician Loan is.
Up to 100% Financing
No down payment required on loans up to $1.5 million with a 720 credit score. Loans up to $2 million are available with as little as 5% down. Keep your savings where you need them.
No Mortgage Insurance
Unlike conventional loans that require PMI above 80% LTV, this program waives mortgage insurance entirely — even with zero down. That can save you $400–$800 or more per month.
Student Loan Flexibility
Residents and fellows with deferred student loans may qualify without those payments counting against them. For practicing physicians, income-based repayment plans are accepted for qualification.
Close Before You Start
Relocating for a new position? Qualify using a signed employment contract up to 150 days before your start date. Buy and move on your timeline, not your employer’s payroll schedule.
Up to $2 Million
Loan amounts from $100,000 to $2,000,000 with 30-year fixed-rate and adjustable-rate options. Buy in the market where you want to live — near the hospital, in the school district your family needs.
Available Where GMFS Lends
This program is available in all states where GMFS Mortgage is licensed.
Physician Loan Program Details
| Minimum Credit Score | Maximum LTV | Maximum Loan Amount | Down Payment | Mortgage Insurance |
|---|---|---|---|---|
| 720 | 100% | $1,500,000 | 0% | None |
| 720 | 95% | $2,000,000 | 5% | None |
Available for primary residence purchases and rate/term refinances on single-unit properties including single-family homes, PUDs, warrantable condominiums, co-ops, and modular homes. A 30-year fixed-rate and adjustable-rate (5/6, 7/6, and 10/6 ARM) options are available.
How Student Loans Are Treated
Student loan debt is the number one concern for medical professionals considering homeownership. This program addresses it directly. If you are currently in residency or a medical fellowship and your student loans are in deferment or forbearance, those payments may be excluded from your debt-to-income calculation entirely. For physicians in practice, income-based repayment plan amounts are accepted — not the full loan balance or fully amortized payment. This means your qualifying power is significantly stronger than with a conventional mortgage.
Qualify With a Future Employment Contract
If you have a signed employment contract or offer letter, you may qualify based on your future income — even before your first paycheck. The start date can be up to 150 days after closing for W-2 employees. This is particularly valuable for graduating residents who need to purchase a home near their new hospital or practice before training ends. Gift funds from family are also accepted for closing costs and reserves.
Who Qualifies?
The GMFS Physician Loan is available to licensed or degree-holding medical professionals in the following fields — whether you are in residency, fellowship, or active practice:
- Medical Doctors (MD)
- Doctors of Osteopathy (DO)
- Physician Assistants (PA)
- Dentists (DDS/DMD)
- Pharmacists (PharmD)
- Veterinarians (DVM/VMD)
- Podiatrists (DPM)
- Ophthalmologists (MD/DO)
- Psychiatrists (MD/DO)
- CRNAs (with DNAP or DNP)
- Nurse Practitioners (NP)
- Optometrists (OD)
- Medical Residents & Fellows
At least one borrower on the loan must hold an eligible degree. Non-medical co-borrowers who will occupy the property are permitted. Medical residents, fellows, and interns with qualifying degrees are fully eligible.
Frequently Asked Questions
What is a physician home loan?
A physician home loan — sometimes called a doctor loan or doctor mortgage — is a specialized mortgage designed for medical professionals. It typically offers higher loan amounts with lower or no down payment requirements, waived mortgage insurance, and flexible treatment of student loan debt. These programs exist because lenders recognize the low default rates and high earning potential of medical professionals.
Can I buy a home during residency?
Yes. Medical residents and fellows with an eligible degree are fully eligible for the GMFS Physician Loan. If your student loans are in deferment or forbearance, those payments may be excluded from your qualification. If you have a signed employment contract for an attending position, you may also qualify based on that future income.
Do I need a down payment?
Not necessarily. The GMFS Physician Loan offers up to 100% financing — meaning no down payment — on loans up to $1.5 million with a minimum 720 credit score. Loans up to $2 million are available with a 5% down payment (95% financing).
Is mortgage insurance required?
No. Unlike conventional mortgages that typically require private mortgage insurance (PMI) when the down payment is less than 20%, the GMFS Physician Loan waives mortgage insurance entirely — even with zero down payment. This can save hundreds of dollars per month.
How are student loans handled for qualification?
It depends on your situation. If you are currently in residency or fellowship and your student loans are in deferment, forbearance, or an income-based repayment plan at $0, those payments may be excluded from your debt-to-income ratio. For physicians in practice, the income-based repayment amount, the credit report payment, or 1% of the outstanding balance can be used — whichever is documented.
Can I close on a home before I start my new job?
Yes. With a signed employment contract or offer letter, you may close up to 150 days before your employment start date. The contract must state your position, start date, and salary covering at least 12 months. You will need to demonstrate sufficient reserves to cover mortgage payments between closing and your first paycheck.
What types of properties are eligible?
The program covers single-family homes, planned unit developments (PUDs), warrantable condominiums, co-ops, and modular homes. The property must be a primary residence and a single unit. Investment properties, second homes, and multi-unit properties are not eligible.
Is this program available in my state?
The GMFS Physician Loan is available in all states where GMFS Mortgage is licensed to originate.
Are gift funds allowed?
Yes. Gift funds from family members can be used toward closing costs, down payment, and even reserves. This provides additional flexibility, especially for residents and new physicians who are still building savings.
Ready to Get Started?
See what you qualify for. Speak with a loan officer who understands the financial profile of medical professionals.
Start Your ApplicationThis is not a commitment to lend. All loans are subject to credit approval, satisfactory appraisal, and underwriting requirements. Program terms, rates, and conditions are subject to change without notice. Not all applicants will qualify. Equal Housing Lender. GMFS Mortgage, NMLS #64997.
What Sets Us Apart
A Lender Who Cares
With GMFS Mortgage, you’re not just getting a loan—you’re getting a team that’s all in, every step of the way.
Established
Since 1999, we’ve helped over 150,000 people across 23 states become homeowners.
Efficient
Everything from processing to closing happens under one roof. That means fewer hiccups…and more high-fives.
Trusted
A+ BBB rating. Torch Award for Marketplace Trust. A reputation built on doing the right thing.
Experienced
Our team averages 14+ years in the industry—and a lifetime of showing up for our clients.
Equal Housing Lender. Loan programs not available in all states, or to all consumers. All loans are subject to availability at the time of application and for terms that meet each individual consumer’s needs and qualification information. Loan applications are subject to credit and property approval. GMFS LLC encourages all consumers to consult with a tax advisor concerning the tax implications for the type of mortgage sought. All mortgages are originated by GMFS LLC, NMLS ID #64997, at 7389 Florida Blvd. Suite 200A Baton Rouge, LA 70806. The retail division of GMFS LLC is Doing Business As “GMFS Mortgage”.