Low down payment. No mortgage insurance. For doctors.
You spent a decade becoming a physician and your credit file punishes you for it. This program was written to fix exactly that.
- Loans to $2M with a small down payment
- Student loans out of the ratio while you are in training
- Close up to 150 days before your start date
Stop Cryin', Call Ryan. Ryan Mandley · NMLS #1181993
Your file is not weak. It is being read wrong.
Three things sink a physician on a conventional loan, and this program addresses all three directly.
The student loan math
Conventional underwriting often counts deferred student loans at 1% of the balance. On $280,000 of federal debt that invents a payment you have never made. While you are in residency or fellowship, those loans can be excluded from your debt ratio entirely. After training, the documented income-driven payment is used instead — still far better than a percentage of the balance.
The down payment you have not had time to save
Residency does not pay well enough to save a traditional down payment while you are also servicing education debt. A low down payment removes that barrier, and no mortgage insurance means you are not penalized for it every month.
Income that starts in the future
A signed contract is a real commitment, but a conventional file wants pay stubs. Here your start date can be up to 150 days after closing — nearly five months — so you can own the house well before you work a single shift.
How far it reaches
Credit score sets the ceiling, not just the price. A 720 gets you the smallest down payment all the way to the program cap; at 680 that option stops at a lower loan size. Run your own numbers and the calculator will tell you which tier you land in.
| Credit score | Loan up to | Mortgage insurance | |
|---|---|---|---|
| 720+ | $2,000,000 | None | Smallest down payment available at every loan size |
| 680+ | $2,000,000 | None | Smallest down payment available up to a lower loan size |
There is a floor as well as a ceiling. This program is only for buyers putting a small amount down — so if you have a large down payment saved, this is not your program and a conventional loan is probably cheaper. Loan amounts run $100,000 to $2,000,000. Terms change without notice; ask me for today's matrix before you plan around a number.
Who this covers
Residents, fellows and interns holding these degrees qualify too. Greyed codes appear inconsistently in the guidelines — worth a call, not a promise. Chiropractors are specifically excluded.
Where I am licensed to do this
Arizona, California, Florida and Texas only. Arizona is home — I live and work in the Valley.
Arizona · 12 markets
California · 3 markets
Florida · 3 markets
Texas · 3 markets
Ryan Mandley
Physician Loan Specialist · NMLS #1181993 · WeFund Mortgage Corporation. Licensed in Arizona, California, Florida and Texas. I answer my own phone.
The questions doctors actually ask
What exactly is a physician loan?
A mortgage program written around the fact that a doctor’s early-career finances look bad on paper and are not. It allows a small down payment on loans up to $2M, charges no mortgage insurance, excludes student loans from your debt ratio while you are in residency or fellowship, and lets a signed employment contract stand in for pay stubs with a start date up to 150 days after closing.
Do I need to have started working?
No. A fully executed contract or offer letter works with a start date up to 150 days after closing — close to five months. It has to state your title, start date and compensation, and the only contingencies allowed are your medical license coming through or routine items like a background check. If you are contracted as a 1099 physician the window is tighter, at 60 days.
Is the rate higher than a conventional loan?
Often slightly, and that is the honest trade for a low down payment and no mortgage insurance. Whether it is the better deal depends on how much you would otherwise put down. With a large down payment saved, a conventional loan sometimes wins outright. I will quote both and show you the comparison rather than steering you to the one that is easier for me.
How much student loan debt is too much?
There is rarely a hard cutoff, because what matters is how the payment is counted rather than the size of the balance. In residency or fellowship, loans in deferment, forbearance or reporting $0 on an income-driven plan can be excluded from the ratio altogether — a $400,000 balance and a $150,000 balance look the same at that point. After training the documented income-driven payment is used, which still beats the 1%-of-balance math that sinks conventional files.
Is it only for MDs?
No. DO, DDS, DMD, DPM, PharmD, VMD and CRNA are all eligible, along with residents, fellows and interns holding those degrees. Dentists, podiatrists and veterinarians assume they are excluded more often than any other group and they are not. Chiropractors, however, are specifically ineligible.
Can I use it for a second home or a rental?
No. Primary residence only, one unit, purchase or rate-and-term refinance. No cash-out, no second homes, no rentals, no duplexes. If you are buying an investment property that is a different conversation and a different loan, and I am happy to have it.
What do you need from me to start?
A conversation. Nothing is required to get a realistic answer about what is possible — not a credit pull, not an application. When you are ready to move forward, the usual documents are your employment contract or offer letter, your student loan servicer statement, and recent pay history if you have any.
Start the conversation
Tell me where you are in training or practice and I will tell you what is realistic — before you look at houses.
Find out what you actually qualify for.
One conversation, no credit pull. If a physician loan is not your best option I will tell you that too — and then tell you what is.