Q: Who qualifies for the physician loan?
A: Medical residents, existing or newly licensed medical doctors (MD). These include:

- Doctors of Optometry (OD)
- Doctors of Ophthalmology (MD)
- Doctors of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)

- Doctors of Dental Science (DDS) (in select markets only)

- Doctors of Dental Medicine (DMD) (in select markets only)

Q: Can I re-finance with a physician loan?
A: Yes. This has recently changed, and we're pleased to say one of our lending partners offers doctor loan re-fi's. This is available in many states, but unfortunately not in all of them. Contact us to determine if your state is eligible.

Q: Are doctor loans still available in all 50 states?
A: Unfortunately, they are not, and the eligible states change from time to time. Please fill out our short contact form, and we will determine if you qualify under the doctor loan program.

Q: What is the Doctor Loan USA Approved Realtor® Program?
A: If you are relocating to a new hospital or practice anywhere in the United States, we can make your move easier by referring you to a highly trained real estate agent. As part of a no obligation consultation, this agent will listen to your needs while being personable, friendly and extremely knowledgeable about the area you are relocating to and its surrounding neighborhoods.

All the pre-qualified Realtors® in our national network are experienced, top-producing agents.

We are proud to have partnered with the #1 international real estate brand, Coldwell Banker and their third largest affiliate in the U.S., CB Howard Perry and Walston, to bring you this exciting new free service.

CB Howard Perry and Walston is a primary broker of the Cartus Broker Network, a performance-based global network with strict measurements and standards for its members. Cartus is the industry leader in global mobility and workforce development support to organizations worldwide. Coldwell Banker Howard Perry and Walston has been recognized by Cartus several times for their high level of service, always maintaining performance within the top 5% of the network.

Our breadth of coverage is comprehensive, with over 1,000 of the best real estate companies in the United States, Canada and Mexico in the Cartus Broker Network.

Q: Why use a Doctor Loan USA Approved Realtor®?
A: Whether you are buying or selling a home across the street or across the country, it is essential to enlist a well qualified real estate company and agent who are working hard for you and your family. A great buyer agent is a valuable resource that will give you expert information on local real estate value trends, schools, taxes, neighborhoods, things to do and much more.

Additionally, buyer agents are almost always compensated by the seller in a real estate transaction, so it does not add any expense to your move - just more peace of mind. Relocation can be a daunting task, but when you can count on someone who is patient and willing to guide you through the process, it's much easier and less stressful. As a physician, the last thing you should have to worry about is finding a great agent.

All of our agents are pre-qualified and must maintain an exceptional level of customer service in order to receive your referral.

Q: Do I have to be a U.S. Citizen or permanent resident to qualify?
A: Yes, most (if not all) doctor loan programs require you to be a U.S. citizen or permanent resident to qualify.

Q: If I am still a medical student, can I qualify for the doctor loan?
A: Unfortunately, the program requires you to be a practicing resident or doctor.

Q: Can I get the doctor loan as an M4 before I start residency?
A: It is possible, but you will have to provide your signed residency contract before you close. You will usually receive your contract 3-4 weeks after match day. You must also have enough funds to cover the mortgage payments until you start receiving income from residency. This may differ among various lenders, so it is always recommended you ask your loan officer before making plans.

Q: My student loans are deferred. Wouldn't conventional mortgage financing programs overlook this debt in my debt-to-income ratios?
A: No. If you were to quit your residency at any time with deferred student loans still pending, those loans would become active again, thus normal mortgage programs would count this as current, active debt. The doctor loan is the only loan program that allows lenders to forfeit this debt.

Q: How do student loans affect my ability to get a mortgage?
A: With traditional, conforming mortgage loans, your student loans are calculated into your debt-to-income ratio (click here for more info on debt-to-income ratios). With the doctor loan, they do not affect the ratios.

Q: As a resident, how much money can I borrow?
A: This is a difficult question, as it depends on many different factors. Most residents in the U.S. earn between $40,000 - $50,000, depending on the state in which they are practicing and how long they have been in their residency program (ex. PGY-3). If you have other debt such as credit cards, car loans or other unsecured debt, it will affect how much you are able to borrow.

Also, if you have a co-borrower/signer with bad credit, you probably won't qualify for the same amount if you were the sole borrower.

Q: What does my FICO score need to be for the doctor loan?
A: While there is no magic number, your score probably does need to be at least 700, and 720+ to get the absolute best terms.

Q:How can I increase my credit score?
A: Please read our guide, "Understanding Credit Scoring and Credit Repair"

Q: What are my loan options?
A: There are many options available - 30 year fixed, 15 year fixed, 5/1 ARM, etc. Most of the regular loan terms are offered with the doctor loan as well. Please contact us for more information.

Q: Do all of your lenders not charge an origination fee?
A: Since we work with the best lenders in each area, not all of them have the same terms, rates and fees. While most of our lending partners do not charge an origination fee, there are a few states (Ohio, Michigan, Pennsylvania, Indiana, and Kentucky) that you may need to pay an origination fee on your financing. Please check with the individual loan officer you are connected with to discuss in detail.

Q: What types of properties are eligible for the doctor loan?
A: Single family homes, townhomes, and condominiums. Please ask your loan officer for the most current property types before making a decision to buy.

Q: Because this is such a unique program, will I be overcharged on
interest rates & fees?
A: Absolutely not. In addition to 100% financing and no PMI, the doctor loan has very favorable interest rates and the fees are comparable or better than most conventional mortgage programs.

Q: Aren't there other loans out there with better terms?
A: As of right now, the doctor loan is basically the ONLY conventional mortgage loan available that requires no down payment AND no PMI. That, in itself is probably the biggest draw, in addition to the fact that deferred student loans don't count towards debt-to-income ratios.

Q: What is PMI?
A: PMI is private mortgage insurance. It is a type of insurance many mortgage programs require to offset any losses taken by the lender in the case you are not able to make your payments on the loan. For more information, please go here.

Q: What is a declining market?
A: A declining market is an area in the country that is determined to be declining by the automatic underwriting systems used by Freddie Mac and Fannie Mae. This is a new regulation, instated January 9, 2008. These areas require 5% down to qualify for the doctor loan.

Q: Am I obligated to use the lender you connect me with, or accept his offer?
A: Absolutely not. You can shop around (and we encourage you to do so) until you find someone that offers the rates and terms you are most satisfied with.

Q: If I send Doctor Loan USA my contact information, will I get bombarded
with phone calls?
A: No. Unlike many online services who give your contact information to four or more lenders, we connect you directly with only one qualified, national lender who specializes in doctor loans. If you are unsatisfied with any part of your lender's performance or rates, politely tell him/her you have found another lender and you will not be contacted again unless you request they do so.

Q: Is Doctor Loan USA a lender, bank or mortgage broker?
A: No. We are an agency that connects physicians with lenders that have been determined to be the best in the market. We do not originate any loans and therefore cannot answer specific questions about rates, amounts, etc.

Q: Are there any fees associated with using Doctor Loan USA?
A: There are no fees, obligations, requirements or pre-payments whatsoever. Our sole purpose is to connect you with lenders you may not have access to locally that specialize in physician loans.

Q: After I submit my information, when can I expect to hear from a lender?
A: You will be contacted within one business day. In the rare case that you are not contacted, please get back in touch with us and we will do our best to have someone contact you as soon as possible.

Q: How will a lender contact me?
A: Usually the first form of communication is via email. Our lending partners are very sensitive to your busy schedule and will go out of their way to accommodate you. If you prefer email only, please tell your lender and he will call only when absolutely necessary.

Q: Will my information or email address be shared or sold to other companies?
A: Absolutely not. We do not publish, list or sell your private information to anyone other than the sole lender you are matched with. For more information, see our privacy and security policy.

Q: Is it risky for me to work with a lender that doesn't live in my area?
A: Not at all. Due to the nature of the doctor loan and the limited amount of lenders that offer it, working with a lender across the country is very common. With access to email, fax and phone, you will be able to provide the lender with all the information needed and vice versa.

Of course, if you feel safer dealing with someone locally, that is your decision. Some people prefer being able to walk into an office and deal with a lender face-to-face.

Please note: This FAQ is not meant to be a comprehensive list of all doctor loan program guidelines and is not legal advice. Mortgage programs may change without notice, so please consult with your individual loan officer when you have any specific questions.