What is a Medical Professional Mortgage (Doctor Loan)?
A medical professional mortgage, commonly called a doctor loan, is a home loan option built for eligible medical borrowers whose income may be contract based, newly starting, or tied to training programs. These loans are designed to recognize the realities of medical careers, including relocation, credentialing timelines, and compensation structures that do not always fit standard W-2 expectations.
A key feature of this program is how income can be documented and reviewed. Borrowers may qualify using a fully executed employment contract or offer letter when it includes required terms such as position, compensation details, and a start date that meets program timing. This can be especially helpful for doctors moving to Omaha or Lincoln for a new position, or for residents and fellows transitioning between programs.
The program is manually underwritten and fully documented. That means the lender reviews the file in detail rather than relying on automated underwriting approvals. The underwriting file typically includes income calculation worksheets, employment documentation, and full verification of assets, with a focus on ability to repay based on documented income.
Student loans are another area where this program can be helpful for certain medical borrowers. In specific cases, student loan payments that are deferred, in forbearance, or reporting as zero due to an income based repayment plan may be excluded from the debt to income ratio when the borrower is currently in residency or a qualifying medical clinical fellowship and is qualified using their current training income. This guideline can materially improve qualifying ratios for borrowers early in their medical career, when student loan balances are often high relative to current income.
Potential Benefits of a Doctor Loan
Medical professional mortgage options can support a smoother path to approval for eligible borrowers with medical career based income patterns.
Contract based income may be eligible for qualification
Borrowers may qualify using a fully executed employment contract or offer letter that meets program requirements, helping with relocations and job transitions.
More flexible student loan treatment in specific training scenarios
Residents and qualifying fellows may be able to exclude certain student loan payments from DTI when loans are deferred, in forbearance, or reporting as zero under an income driven plan, subject to documentation.
High LTV financing options
Eligible borrowers may have access to higher LTV financing within program limits, which can help preserve cash for reserves, moving costs, and other priorities.
Designed for professional housing needs
Loan amounts and terms can be structured to support physicians and other eligible medical professionals purchasing a primary residence in Omaha or Lincoln, subject to program and lender limits.
Who Might Consider a Medical Professional Mortgage?
This program may be a strong fit for eligible medical borrowers who have contract based income or significant student loans during training.
- Physicians, dentists, and other eligible designations relocating for a new role
- Medical residents, fellows, and interns using current training income to qualify
- Borrowers with strong overall profiles whose tax returns or income documentation require a manual review
- Medical professionals who want high LTV financing for a one unit primary residence
Things to Consider
Doctor loan programs are specialized and include underwriting rules that differ from standard conventional financing.
- Full documentation and manual underwriting are required
- Primary residence only and one unit properties only
- Eligibility is limited to specific medical professional designations
- LTV, loan amount, and student loan treatment vary by scenario and documentation
- Eligibility for loan programs depends on your specific financial situation, credit profile, and property details. This information is for educational purposes only and does not constitute a commitment to lend.
Non-QM
A Non-QM cash-out refinance is designed for borrowers with unique income situations or credit profiles, offering flexible qualification options beyond traditional lending guidelines.
Doctor Loan FAQ’s
Can I qualify using an employment contract or offer letter?
Often, yes. A fully executed employment contract or offer letter may be used when it includes required details such as position, compensation, and an acceptable start date, subject to underwriting review.
Is this program manually underwritten?
Yes. This program requires full manual underwriting and full documentation rather than automated underwriting findings or documentation waivers.
How are student loans treated for residents and fellows?
In some cases, student loan payments that are deferred, in forbearance, or reporting as zero due to an income driven repayment plan may be excluded from DTI when the borrower is currently in residency or a qualifying medical clinical fellowship and qualifies using their current training income, subject to documentation.
Are doctor loans available in Omaha and Lincoln?
Yes. These mortgage options can be available for eligible medical professionals purchasing or refinancing a one unit primary residence in Omaha, Lincoln, and other Nebraska communities, subject to lender availability.