With Physician Loans, Can a Dentist, Pharmacist, or Lawyer Apply?

While physician loans are used primarily for physicians, podiatrists, and optometrists, some lenders have loan programs that are available for lawyers, pharmacists, dentists, and professionals working in other industries.

Here are a few details about physician loans, the application steps, and how these loans differ from conventional (traditional) loans.

physicians loans

What Is a Physician Loan?

While making a high salary and building a practice should be your goals, new graduates have a lot of concerns. You may have heavy student loan debt that comes due a few months after graduation and these amounts can range from $140,000 to $260,000, depending on whether you attended medical, dental, pharmacy, or veterinary school.

When it comes to housing, you want to receive as much help as possible to ensure your loan debt isn’t held against you. Conventional banks view student loan debt in a bad light and it can affect the amount of money you can borrow, counting as 1% of the loan amount.

Student loan debt can also affect the interest rate you get, making it much higher. But, that’s why there are physician loans, a convenient way to tap into loan money that’s allocated for those working in medical professions.

If you work as a physician, you may have heard about physician loans. These are special portfolio loans for medical professionals. You don’t even have to be a doctor (DMD) to apply for these types of loans. They are available to podiatrists (DPM), optometrists (OD), and those practicing osteopathic medicine (DO). Physician assistants and veterinarians can also apply.

Lawyers, dentists, and pharmacists may/may not be eligible. Contact Curbside Realty to see if you can apply.

For mortgage loans for dentists, veterinarians, and lawyers:


For physician loans for dentists, contact BB&T, Bank of Nashville, SunTrust, Huntington, BBVA, Citizens Bank, Flagstar, Compass, and Certus Bank.


For pharmacists, contact Huntington, Fairway, and Flagstar.


For lawyers, contact Flagstar and BBVA.

A Physician Loan Process Is Preferred

Why is a physician loan important? When you’re ready to graduate or start a new practice, you may not have time to find a realtor and wait on the lengthy loan process.

With traditional mortgages, the closing process can take several weeks. Potential home buyers have to “prove” that they can afford a mortgage and will make their payments on time.

Physician loans are available as a concierge service for physicians to take the stress out of the home-buying process.

With physician loans, you can receive:

  • Fast loan approval for your first home or refinanced property.
  • Assistance with finding a new home to allow you optimal time to focus on patient care or a new practice.
  • Help with finding realtors who cater to medical professionals and are carefully vetted.

The Traditional Loan Process: Time-Consuming and More Money Down

The conventional loan process can require extensive amounts of paperwork, and for someone with a relatively new credit history that can mean that they may have to put more money down as their down payment.

Typically with mortgage applications, the person may put down 10% up to 20% of the mortgage. This is to secure the loan and reduce the amount that will be due.

The Physician Loan Process: Faster Loan Approval and 0 to 5% Down

New physicians and other medical professionals can bypass the lengthy loan process. Physician home loans “push through” loan applications because of the higher expected salary and future earning potential in the medical industry.

Physician loans are preferred and differ from conventional loans because:

  • You don’t have to pay private mortgage insurance (PMI) with physician loans. With traditional loans, if you don’t put down 20%, you have to pay PMI.
  • With your student loans, student loan debt is factored in differently. With traditional loans, it’s automatically calculated at 1% of the loan amount.
  • While traditional loans require up to two years of employment verification and tax records, with physician loans, your acceptance letter at a new hospital or practice is all you need.
  • Traditional loans require cash reserves in the event of an emergency. This is not required with physician home loans.
  • Physician mortgage loans work with a realtor network. These realtors make you a priority.

When you may only have a few weeks to move before starting a new position, physician relocation assistance and a smoother loan process can ensure you have all the help you need with the home-buying process.


Finding a new home can be a stressful time, especially for those in the medical profession. To avoid this, tap into the concierge services that are available for medical professionals with Curbside Real Estate. The closing is simplified, helpful realtors await you, and bankers can expedite your loan application. That way you can focus on what matters: patient care and starting your new practice!

The Doctor Loan: A Specialized Mortgage With Perks

A physician home mortgage, also known as a doctor loan, is a specialized mortgage program that was created exclusively for medical students, established physicians and dentists. This specific loan is easily obtainable by individuals within the medical field, mainly because it is a trusted profession. This profession typically has the reputation of employing individuals who earn a substantial income and enjoy job security.

There are many differences between a physician mortgage loan and the more conventional loan. But even though a doctor loan is not a traditional loan, a few mandatory requirements still need to be fulfilled. For example, a credit score of at least 720 is imperative. Also, many banks require at least a 10-20 percent down payment on the mortgage. Some banks are lenient on this because they think about the long-term scope of the loan. Therefore, in certain cases, the down payment will be slightly lower than that of a traditional mortgage.

Within this article, you’ll learn the essential requirements of securing your physician mortgage loan. Let us break down the pros and cons:


What it comes down to with regards to securing a doctor loan is the underwriting guidelines; most physician loans do not include mortgage insurance. So, with a physician’s mortgage loan, you can typically expect to see more liberal underwriting guidelines.

Banks will allow physicians to qualify without factoring student loan debt into the equation. They will usually allow doctors to qualify for a higher loan-to-value ratio because of the expected income potential. They will even allow physicians to close prior to beginning their residency, sometimes as early as 60 days before employment begins. This makes it easier to occupy the new home right after graduation.

Because some banks allow students as well as physicians to put down less than the traditional 20 percent down payment, this particular bank loan is more attractive to applicants. Here are some of the benefits of putting less than 20 percent down with a doctor loan:

  • One thing to remember is that mortgage interests are tax deductible. For example, say you have a 4 percent mortgage rate. After the tax deductions of state and federal income taxes, the effective cost of that loan could recede to 3 or perhaps even 2.5 percent. Keep in mind, though, that the factors differ depending on where you’re located.
  • If you do obtain a low rate like 4 percent, 10 percent down could be allocated toward assets that present a larger yield, such as ETF accounts or stocks that offer a monthly or quarterly dividend. If these asset classes present a greater yield than the effective rate on your mortgage, they may be ideal.
  • There is no mortgage insurance required with that little of a down payment. So if you are seeking a physician mortgage loan on a property worth $1,125,000, the 10 percent down loan requirement allows for the mortgage note on that property to be $6,039.24 (@ 5 % interest, APR 6.561 %).


The perks of a doctor loan not withstanding, there are some drawbacks of this specialty loan as well. Before physicians even attempt to acquire a physician’s mortgage loan, they should make sure that their affairs are in order.

Here are some of the factors to weigh:

  • If you have a substantial amount of student loan debt, it’s best to get on some type of payment plan. Underwriters require payment history on all debt that resides on your credit history.
  • A minimum credit score of roughly 720 is a must for obtaining financing. If you’re just starting out, it can be challenging to achieve a solid credit score. One effective tactic for building credit is to apply for secured credit cards. These types of cards require low investment and, if maintained properly, can increase your score exponentially.
  • Still trying to close on employment contracts can be a hurdle as well. It is best to have the employment contract in hand. Keep in mind, though, that you can still occupy your new home within 60 days if you at least have employment that provides an hourly rate or salary.
  • A substantial reserve is also needed for loan approval. Generally, banks require you to have three to six months of the principle (mortgage payment) in savings as you begin your career. Retirement accounts are an equal consideration too.
  • Needless to say, the biggest deterrent is not at least have the 10 percent down payment saved.

These factors are concerning to banks that offer this specialty loan, for they pose potential risks to the lender.

This article was purposefully done to enlighten prospects regarding the attainment of a physician mortgage loan. With this download of information, choosing either option will be made from a wider perspective. Your decision should be based from your particular needs. With any decision you choose, we wish you the best in your field.

Physician Mortgage Loans: A Checklist for Applicants

According to the Association of American Medical Colleges, the majority of medical school graduates have debt, in fact the 2017 average was $190,694. So, it’s natural for physicians, particularly young ones to feel like buying a home isn’t a possibility.

However, financial institutions have created options for people in that situation because they consider you low-risk customers because of the stable jobs and high salaries characteristic to your profession. These mortgage loans designed specifically for doctors go by many names, but in general are call physician mortgage loans. But before you decide on any loan, you should have at least a general idea of your options.

Things to Consider Before Applying for Any Mortgage Loan

Pre-qualification and Pre-approval

As soon as you begin searching for houses, contact a lender to do a pre-qualification and a pre-approval. Pre-qualification is a free checking of your income and expenses, employment status, and credit by the lender. Pre-approval is a more thorough verification of all these and usually involves some paperwork.

Pre-qualification gives you an idea of the loan structure and your borrowing power. Pre-approval is useful in gauging any potential issues and establishing that you are a serious buyer. After you find a house you like, you can choose a final mortgage lender.

Choosing Lenders

Get quotes from multiple lenders so that you can compare closing costs and interest rates, and negotiate a good deal.

Check their reputation. For example, not all lenders who have access to physician mortgage programs have adequate experience working with doctors. The lender you choose must be able to understand your circumstances and guide you.

Some lenders are too slow in moving from contract to close, whereas the sellers in the real estate market are really fast. The property you wanted might be sold to someone else because your lender was too slow to process the loan.

Physician Mortgage Loans

Physician mortgage loans are home loans or mortgage services offered only to medical professionals who want to own a home, even during their residency or right after they graduate. Physician training can take so long that while everyone your age is settled with a job and even a family, you might still be finishing your course.

However, you can buy a house quite easily because of physician mortgage loans . Lenders readily accept offer letters as proofs of income, accept 0% or very low down payment, and don’t charge private mortgage insurance (PMI), even if you put down less than 20%.

They also don’t include student loans while calculating the debt-to-income ratio (DTI), which usually determines if an applicant is creditworthy. This is because they know that you will eventually earn well and be able to repay them comfortably. You are an extremely profitable customer, as you borrow a large amount early in your career and are sure to pay it off.

Qualifying for a Physician Mortgage Loan

Although lenders make so many allowances for physicians, you still need a credit score of 700 or more to obtain a doctor mortgage loan. Borrowers with scores higher than 750 typically pay the least amount in interest. With those scores, you can qualify for the lowest PMI rates for non-doctor loans also.

Check your credit report for any lapses, such as missed payments or debts gone to collection, and try to clean up your credit to get the best terms and interest rates. If your credit score is below 700, wait until it is higher to apply for a loan.

The DTI ratio also matters because debt utilization is a very significant aspect in credit score calculation. Student loans aren’t considered. However, issues like a high credit card balance or an outstanding car loan won’t be overlooked, even if your salary is high.

If you’re self-employed, the conditions will be slightly different. You have to present proof of income for two years and a consistent or increasing income. You should also have a strong credit profile and low DTI ratio.

Advantages of Physician Mortgage Loans

  • Zero or low down payment
  • No cap on loan amount
  • No PMI
  • No rate increases on jumbo loans
  • Signed employment contract as proof of income
  • Student loan debt not considered in DTI

Disadvantages of Physician Mortgage Loans

Even if you have a high DTI ratio, lenders may grant loans to you. They also may not charge PMI. However, they will recover these losses by charging higher interest rates.

Doctor home loans allow you to get a mortgage without a down payment, which means you will have no initial equity. You might not have enough for closing costs if you need to sell the home soon and the property value hasn’t increased.

The ease in getting a physician mortgage loan might tempt you to buy a house much larger than your needs.

Some lenders also don’t give loans for condos, especially non-warrantable ones, because they aren’t low-risk properties. So, if you want to buy a condo, choose a lender who gives you that option, based on the original conditions of a physician loan.

Alternatives to Physician Mortgage Loans

If you fulfill necessary conditions, you can also qualify for mortgages other than doctor mortgage loans, such as the conventional home loan and the Federal Housing Authority (FHA) loan.

Check if you can afford a down payment, and compare the difference between the interest rates of physician home loans and other loans. This will help you take stock of your financial situation and make a good choice.

Buying a home and choosing a mortgage are huge decisions. You should diligently consider all options and decide what’s best for you. If you’re unsure of something, don’t hesitate to seek expert advice.

You Can Get a Physician Loan, BUT You Need the Right Lender

So you heard about this great thing called a physician loan and you are all in. Your colleague just got one and it sounds like the greatest thing for doctors since sliced bread! Now, what your friend probably didn’t tell you is what they had to do to find that physician loan. You see, not every lender offers them, and while the entire country is covered by one lender or another, the same national bank that offers a loan in Ohio might not in Indiana.

Another issue is that some loan requirements are pretty universal, but each lender also has its own set of prerequisites you need to meet in order to qualify. You need to know things like how they will handle your student loan debt, what their minimum credit score numbers are and if they have down payment restrictions, among other details.

So how do you find the information you need and the right lender for your circumstances?

Do Your Research

There is no shortage of lenders who offer physician loans and there are even websites that can give you financial advice. This doesn’t even touch on the books and podcasts and financial bloggers that seem to pop up daily.

Your first step is to find a lender that works in the area you want to live in. Preferably, you should do this BEFORE you go looking for a home. You’ll want to be pre-approved for a specific maximum loan amount before you fall in love with a house that’s out of your price range.

You also want a lender that can handle your specific financial considerations. Several things can impact your loan status.

  • Is someone gifting you money for a downpayment?
  • Is your credit score less than good?
  • Has your employment contract not started yet?
  • Are your student loans in deferment?

All of these questions and more need to be addressed with a prospective lender.

Sounds like a lot of work, doesn’t it? And this is all before you find a realtor and start the house-hunting process. There has to be a better way.

The Better Way

Wouldn’t it be great if there were people out there that could help you navigate the whole process? From finding a lender to finding a realtor and more? The good news is that there is. Here at Curbside Real Estate, we can help you survive this process. Our streamlined system goes something like this.

1. Find a loan. With a network of lenders with pre-negotiated rates, you’ll easily be matched with the right loan product that works for you and your special needs. These lenders also work around your schedule, leaving you more time for personal and professional commitments.

2. Find a real estate agent. You don’t have time to find and vet agents. Here, that’s been done for you. All the agents in the network are experienced professionals that understand that your time is valuable. They will help you find just the right property for you and your family.

3. Get personal support. Buying a home, especially if it’s your first time, can be a scary and stressful process. With personalized concierge service, you will have someone to talk to and get your questions answered.

4. Move in.

Now doesn’t that sound better?

When you’re ready, give us a call. We’ll be happy to go over all the details and show you how you can get the home of your dreams and the right loan to go along with it.

Get the Home You Really Want

It takes hard work, perseverance and determination to make it through med school. Residency takes another toll, both physically and mentally. As a doctor, you also need the compassion and skills to help people day in and day out.

The good news is that your sacrifice and dedication don’t go unnoticed or unrewarded. One really nice tool available to you is something known as a “physician loan.” This is a way for doctors (residents and attendings) to buy a home with favorable terms without requiring mortgage protection insurance. Lenders realize that you are a good future risk since your profession is pretty much recession-proof. Your potential earnings are stable as well. Lenders also realize that you have student loan debt and, if you are just starting a residency, you might not have as much of a down payment as they normally like to see.

What all this boils down to is that if you have a good credit score, chances are very good you can get the house of your dreams. Now you just need to know the kind of house you can get.

Physician Loan Restrictions

While each lender will have different terms and restrictions, one that seems to be universal is the residency requirement. This has nothing to do with your medical residency — it has to do with where you will reside. In order to get a physician or doctor loan, you must live in the property. You can purchase a single-family home or a condominium, or even a multi-unit property with up to four units, as long as you live in one of the units.

You CAN’T use this type of loan for a vacation property or a second home somewhere. The property purchasedmust be your primary residence.

So, which type of property is best for you?

Single-Family Homes

These are probably the most commonly purchased properties for doctors, especially those with families. These homes give you privacy and space, with a possible yard for entertaining, raising kids and chasing the dog. After years of college dorms, med school housing and cheap apartments while you work through your residency, a home of your own with a nice plot of land is a really nice change.

Some possible drawbacks of this type of property (depending on your preferences) are that you are responsible for the yard work and maintaining the exterior of the home.


If you prefer a more urban setting with less maintenance and upkeep, a condo might be more your style. These come in a variety of shapes and sizes, from urban contemporary to traditional apartment-style units. Converted warehouses are very popular with their exposed brick walls and gleaming ductwork accents combined with the latest modern features. Condos are also popular for their community amenities like gyms, pools, entertaining areas and more.

A couple of downsides to condo living are that you don’t always have the privacy a single-family home offers, and you are also subject to the rules and regulations of the condo association.

Multi-Family Units

The beauty of buying a multi-unit property is that it acts as an investment, as well as giving you a place to live. You can actually make money from this purchase. For example, if you buy a four-suite apartment building (remember, four units is the max on a doctor loan) and live in one of them (that pesky residency requirement), you can rent out the other three units and get income from them. Depending on your payments and other expenses, those three rent checks each month could cover all or more of your mortgage payments.

The con to this kind of property is that you will be the landlord responsible for repairs and maintenance of the units, inside and out.

The Bottom Line

Being a doctor comes with great responsibility and often a huge student loan debt. Isn’t it time you took advantage of one of the best perks offered just to doctors? When you are ready to start looking for a home, contact us at Curbside Real Estate. We will help walk you through the entire process, start to finish.

The Pros and Cons of Buying vs. Renting Your Next Home

Whether you are a new resident or an established attending outgrowing your apartment and looking to make a change, a new home is probably high on your wish list. The question is, should you rent or should you buy? There are pros and cons to each option, so here are a few things to keep in mind when making your decision.

Buying a Home

Ah, the joys of home ownership! But is it all it’s cracked up to be? You decide.


1. Tax Deductions – There are several good reasons to buy a home, not the least of which is the tax deduction. If you are in a high enough tax bracket where your property taxes and mortgage interest payment will take you over the standard deduction, then buying a home makes some financial sense.

2. It Can Be An Investment – In general, homes do appreciate in value over time. If you are planning to live in the home for several years, you might see a return on your investment. Of course, even if you move after your residency, you can keep it as a rental or vacation property, making it an even better opportunity.

3. Putting Down Roots – Owning your own home can give you and your family a sense of permanence that can’t be achieved by renting. You can decorate any way you want, remodel to your heart’s content, and even put in a swimming pool if you so desire. Buying your home gives you a pride of ownership you just can’t get from renting.

4. Fixed Monthly Payments – Typically, your mortgage payments will remain fairly stable over the life of the loan. This lets you budget more accurately with no surprises.


1. Debt – Chances are you have student loans to pay back. On a resident’s salary, your budget might be tight and adding to your total debt might not be the best idea. Even as a young attending, that student loan payment might already feel like a mortgage payment.

2. Down Payment – If your career is just getting started, or you’ve had other financial issues, you may not have had a chance to save up for a down payment. Tying up all that capital might not be the best idea at your stage in life.

3. Maintenance and Repairs – There are more costs associated with owning a home than the mortgage payment. Homes require regular maintenance but in addition, there are the unforeseen repairs that can wreak havoc on a tight budget. Things like HVAC repairs, a leaky roof or a busted hot water tank are things that need to be taken care of immediately, whether you have the money available or not.

Renting a Home

In contrast to buying, renting seems simpler, but it has its detractors as well.


1. Flexibility – When your residency is over or you make a job change, you may want or need to move again, renting makes that easier since you don’t have to worry about selling.

2. Worry-Free – When your budget is tight, you don’t have to worry about unexpected repairs. You get the benefits of living in a place without the financial concerns of maintaining a property.

3. No More Debt – Don’t you have enough already?


1. No Tax Break – All the money you pay in rent goes to the owner so you don’t build equity and you don’t get to deduct interest and tax payments from your income tax.

2. It’s Not Yours – While it looks like home, it might not feel like it because you don’t have the freedom to make whatever adjustments or additions you’d like. You’re at the whim of your landlord rules.

3. Rents Go Up – Typically, each year you renew your lease your rent will go up.

As you can see, there are good reasons to choose either option. This calculator can help you decide simply based on financial considerations but there’s more to consider. Buying or renting, it’s your decision to make, but if you still have questions on what’s best for you, please feel free to contact us. One of our real estate professionals will be happy to help you sort it all out.

You Survived Med School Residency, You Can Survive Buying a Home!

You did it! You graduated from med school and you lived through residency! These are really quite the accomplishments. In fact, when you think about the numbers, you should really celebrate. According to US News and World Report, only 7 percent of applicants are accepted into the top 120 medical schools in the country. Of the students who make it in, only about 80 percent actually graduate! That puts you in some pretty exclusive company.

Whether you are a newly graduated resident or a full-fledged attending physician, you know the struggles and stresses you’ve endured. Now it’s time to sit back and enjoy some of the spoils of your hard work, and one of the ways to do that is to buy a home and put down some roots.

You might be thinking that you just finished with a load of stress, why add more in the form of a real estate purchase? But in reality, there are several things you can do to take the stress and anxiety out of buying a home.

Get Your Financing In Place First

By knowing exactly how much house you can afford before you start to look, you can avoid falling in love with one that’s beyond your means. It also helps to speed up the process and makes your offer to purchase more attractive to sellers when they know you are pre-approved.

You might be concerned about your debt and income issues since doctors just completing their residencies typically have hundreds of thousands of dollars in student loan debts and their attending income is just starting. The good news is that lenders know your struggle and many offer Physician’s Loans. These take into account your future earning potential and projected job stability.

Take Your Time

As a resident or newly minted attending, time is something that is probably in short supply, and when you do have some time off, the last thing you want to do is go house hunting. That’s why it’s important to work with a professional realtor who knows what they’re doing.

Of course, you can help them by having a good idea of what you want in a home. Here are some questions to ask yourself before you start to look.

1. What kind of property do you want to live in? If you are looking for low maintenance, you might consider a condo. Have a spouse and kids and two dogs that are looking for room to run? Then a single family home in the suburbs might be a better choice.

2. Where do you want to live? The greater metropolitan area around where you are working most likely has a variety of options when it comes to neighborhoods. If you are new to the area, take your time and get to know some of them before you pick a few that are suitable. Ask other doctors and look at school ratings, as well as things like property values and how easy your commute will be.

3. What amenities do you want in your home? Make a list of everything you could possibly want in your next home. Include the obvious necessities like the number of bedrooms and bathrooms, as well as the more esoteric wants like a hot tub or a fenced yard. Once you have your list, prioritize each item so you can let your agent know what to search for.

When you are ready to start the home search process, be sure to contact us. We are doctor home loan experts with a network of lenders and realtors ready and willing to help you find the home of your dreams. With a little groundwork, you can deal with the stress of buying a home, after all, you did survive this far!

Should You Rent? Or Should You Buy?

This is a question found on the minds of many physicians. Whether you’ve just completed your residency, have been in a physician position for a year or more, or are positive this is the city or town where you wish to spend a few years practicing as a physician, buying a home is typically the best option. However, there are also many benefits when it comes to renting. Read on to learn more about renting versus buying for physicians.

When Should You Rent a Home?

For residents, renting a home is the best option. This is because residents typically do not have a sufficient down payment to buy a home. Besides this, residents don’t have an income. Not only does this make it harder to secure a loan, but it makes it almost impossible to pay your mortgage, not to mention the amount of debt you’ve already taken out with student loans.

As a resident, your residency lasts about three to five years, meaning that you could pick up and move once it’s completed. With a precarious housing market in many cities, it might seem like a gamble to purchase a house during your residency and then depend upon selling it to relocate for a job offer.

This is not to say residents should not buy a home. Of course, every situation is different and while one resident may not be in the position to purchase a home, another may be, and there are numerous realtors who love to work with residents and lend them their inside expertise to make the right purchase.

To start with, residents and physicians should compare the costs of renting vs. buying. While buying a house incurs more costs than renting, it can still be difficult to figure out which is the better financial choice. The New York Times has a nifty calculator tool that will help you answer this question by calculating the costs associated with buying a house compared to what you would pay in monthly rent.

The calculator factors in such variables as taxes and closing costs for buying a home, as well as costs incurred from renting, such as the security deposit, renter’s insurance, and a broker fee.

Benefits of Physicians Buying a Home

When it comes to physicians, however, there are more pros to buying a house than renting one, and many of these benefits have to do with the physician home loans offered specifically for those in this field.

Buying a home is an excellent investment opportunity. For physicians, it’s important to think short-term, as promotions and other opportunities will arise. You may find yourself taking a dream job across the country or even across the world. However, you don’t have to sell your home if you move. Many physicians hang on to their investment by renting it out for profit.

Other benefits to owning a home include significant tax deductions and having your very own home office where you can quietly work even when you’re not at the hospital.

As a physician, did you know you have access to an entire realtor network that works specifically with physicians? Not only this, but when you are shopping for a new home, you also have access to physician mortgage loans and physician relocation support.

Some of the advantages of a physician loan over a conventional loan include no PMI, flexible guidelines, lower down payments, more flexible closing dates, and lower rates. As a physician, these benefits make it easier for you to purchase a new home.

At Curbside Real Estate, we make the home buying process simple and stress free for physicians. Through our website you gain access to expert real estate agents and lenders who will compete for your business. As physicians ourselves, we know how going the traditional route for buying a home just doesn’t work for physicians. That’s why we invite you to try what does work. If you would like to discuss the home buying process in more detail, you can reach Curbside Real Estate at 650-397-1728.

5 Tips Young Doctors Must Know About Buying a Home

Home buying is an important milestone in any person’s life. If you are a doctor or physician, you have already achieved many goals in your life. As you walk towards this new step of buying a home, try to find both the realtor and the doctor loan program best suited for you. This helpful guide reveals some must-know tips for physicians.

5 Must-Know Tips Young Physicians Need For Buying a Home


1. Find a location perfect for your needs.

Everyone knows that location matters. You want to choose a property that can grow with you and your career goals. Choose an area that is close to your current place of work or other hospitals. There are also many real estate options that can assist with physician relocation. The right real estate agent can make the transition to a new place easy and hassle-free.

2. Don’t rush your decision.

Just like you took your time studying throughout medical school, take your time on finding the perfect home. Making the purchase of a home is a huge commitment and important decision. You deserve to find the right home, and a carefully vetted professional can help you find one easily.

3. Choose an agent wisely.

There are many home loan opportunities that are suited for the budget of young doctors. The right real estate agent can direct you to your best options when it comes to finding a home loan and help you take advantage of the best available real estate options.


Things to look for in an agent:

  • Previous experience working with other young doctors or finding doctor loans
  • Part of a trusted group of real estate agents or tied to a well-known network
  • Availability to work with your busy schedule
  • Passionate attitude about helping young doctors find their new homes

4. Stick to your budget.

If you are a young physician, it is important to keep your budget constraints in mind. You may have student loans already, so you need to find a lending opportunity for your home that will work with your budget. A real estate agent who has worked with other young physicians in the past will know the best tips and tricks for finding the perfect mortgage for your situation.

5. Consider if it is the right time to buy.

There are often peaks and crashes in the home-buying market. A good realtor, specifically one with experience working with young doctors, will know the right time to make an offer and if it is the right time to buy.

Much like medical school or residency, buying a home is an exciting new milestone. As a doctor, you make many important choices every single day. The process of buying a home or obtaining a physician mortgage loan is no different. Go through the process carefully, and don’t rush into any decisions, so that you can find the perfect lending opportunities for your needs.

Pre-Qualification vs. Pre-Approval

Buying a home is no easy process. There are a lot of things to consider, from finding the right real estate agent to the right lender, and of course, the right home. Try and do all of these at the same time and the process becomes infinitely more difficult.


It’s a good idea to begin the whole process by finding a reputable lender and getting pre-approved for a loan. Of course, we’ll be referring specifically to physician home loans here, but the idea applies to just about any home loan.


While doing your research, you’ll likely come across two terms relating to the preliminary loan process: the pre-qualification and the pre-approval. What’s the difference? Which one is better? Do you need both? Well, I’m glad you asked.




When applying for a physician home loan, it’s important to get an estimate of what you’re likely able to borrow (your “borrowing power”). This can give you an idea of how much you can afford. With a pre-qualification, the lender will take a look at your income and expenses, employment status, and credit–all provided verbally by you.


Since there’s usually no credit check, a pre-qualification is a very early step in the home-buying process. It’ll give you an idea of what the loan will look like, how much it will cost, and what you can afford to pay. At this stage, nothing is set in stone. A pre-qualification is usually quick, is free, and can even be done online or over the phone.




If you’ve got a firm idea of the kind of loan you’re looking for and are serious about buying, a pre-approval is a very good idea. It is a far more in-depth look at your ability to secure a loan, with the lender usually requiring an application and paperwork documenting your income and expenses.


Since the lenders will definitely pull your credit score, a pre-approval is a clear message to the lender that you are a serious buyer. It will also give you a much more accurate estimate of what your monthly payments will be, as well as interest rate. All of this will make the home-buying process easier when the time comes to purchase. Still, as with the pre-qualification, nothing is set in stone and you can still choose to walk away before signing.


If this is your first home and you just need a ballpark estimate of what you can afford, taking the first step of being pre-qualified is a great first step


Once you’re ready to secure a physician home loan and move to the buying process, getting pre-approved is the way to go. It’s a great way to make the next phase of buying go as smoothly as possible. And having been in this exact situation myself, I can tell you that anything that takes some of that stress away can be invaluable.


As always, we’re here to help! If you have any questions, don’t hesitate to ask.