All loan programs
Quick answer
- Who it may fit
- Physicians, dentists and, at some lenders, other licensed professionals
- Down payment
- Cash to close depends on the program, the property and your file — we quote your scenario before you apply.
- Main benefit
- Down-payment expectations are often lower than a comparable jumbo option
- Main tradeoff
- Eligible professions, degrees and credential requirements vary by lender
Physician and similar professional programs recognize that a resident, fellow or newly credentialed professional often has significant student debt and a short earnings history but a strong forward income path. Eligible professions and treatment of student loans differ by lender.
- Physicians, dentists and, at some lenders, other licensed professionals
- Residents and fellows with a signed employment contract
- Borrowers whose student-loan balance complicates standard qualifying
- Down-payment expectations are often lower than a comparable jumbo option
- Student-loan debt may be treated more favourably than under standard guidelines
- A future employment contract may be usable to qualify, subject to program rules
- Eligible professions, degrees and credential requirements vary by lender
- Pricing may differ from a standard conventional loan
- Occupancy requirements typically apply
- A lower down payment means a larger balance and more total interest
These are the factors an underwriter typically reviews. They are not a checklist of requirements, and meeting them does not guarantee eligibility or approval.
- A qualifying profession and credential under the specific program
- An employment contract or verified current employment
- Credit review, and asset review appropriate to the program
- Owner-occupancy of the subject property
All loans are subject to credit, income, property and underwriting approval. Nothing on this page is a loan offer, an approval, a rate lock or a commitment to lend. Programs, rates and terms are subject to change without notice.