Doctor Mortgage Paperwork—What Documents Will I Need to Qualify?

Gathering the right documents for a doctor mortgage isn’t any more difficult than a regular mortgage.

That being said, you’ll want to be as prepared as possible and start compiling the necessary paperwork before you apply. It will make the loan process much smoother and help your loan officer get your loan done and closed on time.

Ask your loan officer what specific documents you’ll need to qualify for a doctor mortgage. This is not a comprehensive list and each bank has different requirements, so use this as a starting point.  

• Government-issued photo ID with full name, birthdate and current address.
• Social Security number.
• If you’ve just been matched to a residency program, provide your employment contract.
• Two years of 1040 Personal Tax Returns.
• W2’s from your last two years of employment, if applicable.
• If you’re practicing, include the past two month’s pay stubs.
• Two years of your employment history.
• Proof of alimony, child support or other maintenance income (if applicable).
• All information, including address and lender information and documentation for any real estate you own.
• If you’re putting money down on your doctor mortgage, have verification ready to document the source of the down payment funds.
• Property information: purchase price, address, year built, type of property (single family home, town home, condo, etc).
• Payment history from phone payments, cable TV, electricity bills, ect.
• Statements from checking and savings accounts from the past 3 months.
• Statements from retirement funds (IRA, 401K) and other investments for the last three months.
• Recent statements from all credit cards.
• Contact information for home owners association (if applicable).

If self-employed, you’ll be required to supply additional documentation, which will potentially include:

• Tax returns from your business for the previous 2 years.
• K1 statements showing income and percentage of ownership for the previous 2 years.
• A year to date P&L statement and Balance sheet.

Remember, it’s your responsibility to provide the necessary documentation on time so your loan officer can process them and share with underwriting. You do not want to be the one that is holding up your own closing.

One final word of caution—don’t be surprised if you’re asked to provide additional docs as the process gets underway. This happens with conventional loans and doctor loans alike. The banks don’t know what they don’t know, and will invariably come up with a few items they’ll need down the line. Try to remember that and always approach new requests as cheerfully as possible. Your lending officer will appreciate that and may even work a little harder and push to get underwriting to move faster. All in all, you want to do anything you can to get your bank the documents it requires.

Make sure you are prepared and can access things quickly. You’ll be happier and in your new home that much faster.

Be sure to read our Definitive Guide to Physician Loans for a lot more helpful information.