Application steps clarify eligibility, required documents, and timing so you present a compelling physician loan application lenders approve.
Key Financial Requirements for Qualification
Lenders expect stable income, solid credit, and sufficient reserves when assessing physician loan eligibility, so you should present clear employment contracts, residency completion dates, and documented savings to strengthen approval odds.
Credit Score Benchmarks for Competitive Rates
Credit scores of 720+ typically secure the most competitive physician loan rates, though you may still qualify with lower scores if other metrics-income, down payment, reserves-are strong.
Minimum Down Payment and Cash Reserve Standards
Minimum down payments often range from 0-10% for physicians; lenders also expect two to six months of mortgage reserves in liquid assets, so you should show accessible funds.
Show how lenders calculate reserves using principal, interest, taxes and insurance (PITI), whether they accept retirement accounts or gift funds toward reserves, and how your employment start date or loan size can change down payment and reserve requirements; you should verify each lender’s policy before applying.
Conclusion
Following this you will verify income, credit, and loan terms, compile complete documentation, and present a clear employment contract to secure physician loan approval and competitive rates.
