Are you familiar with a doctor’s loan?

• A physician loan or “doctor loan” is a mortgage specifically for medical professionals that usually doesn’t require a down payment. Physician loans make it possible to skip paying for both a down payment and PMI if you happen to be a doctor. Physician loans are meant for new medical professionals, like new graduates and medical residents, who are just entering the field. Doctors are often at a disadvantage when applying for a regular mortgage early in their career because they usually have a large debt-to-income ratio (DTI) after medical school. They may not be able to provide proof of employment and income if they’ve just graduated or started their residency.