Physician mortgage: A home loan for doctors

The physician mortgage offers unique features—such as 100% financing, no PMI, and higher loan limits—that make buying a home easier for doctors.

No down payment: Purchase a home sooner.

$2,500,000 loan limit: Enjoy a higher-value property.

No private mortgage insurance: Keep your costs low.

"NewCastle made it easier for me to buy a house when relocating to Chicago by using my employment agreement to verify my income."

Credit score, Down payment, Loan limits—Physician mortgage

The down payment depends on your credit score and loan amount.

Credit Score: 720+

Borrow up to $1,000,000: No Down Payment
Borrow up to $1,750,000: 5% Down Payment
Borrow up to $2,500,000: 10% Down Payment

Credit Score: 680+

Borrow up to $750,000: 5% Down Payment
Borrow up to $1,500,000: 10% Down Payment
Borrow up to $2,500,000: 25% Down Payment

Credit score	Down payment	Loan amount
720+	0%	$1,000,000
	5%	$1,750,000
	10%	$2,500,000
680+	5%	$750,000
	10%	$1,500,000
	25%	$2,500,000

The down payment is a percentage of the purchase price.

How to get approved for a physician mortgage

View rates and personalize your home loan.

Instantly view current rates, monthly payments, and closing costs to find the best option for your needs.

Apply online with ease.

Share a few details about yourself and the property, connect your employer and bank accounts, and securely transfer income and account records instantly. It's fast, simple, and hassle-free.

Receive your mortgage approval letter.

Once our underwriter reviews your financial details, you'll receive approval, which will give you the confidence to find your dream home and make a strong offer.

Doctor types—Physician mortgage

The following medical professionals are eligible for the physician mortgage:

Medical Doctors (MD)
Doctors of Osteopathic Medicine (DO)
Podiatrists (DPM)
Dentists (DDS/DMD)
Veterinarians (DVM)

Property types—Physician mortgage

Use a physician mortgage to purchase or refinance your primary residence in Illinois or Indiana. Eligible property types include:

Single-family homes
Townhomes
Condominiums
Two-unit properties

Loan types—Physician mortgage

You have options. Choose a fixed or adjustable-rate mortgage.

30-year fixed-rate mortgage
10-year ARM
7-year ARM (Popular)
5-year ARM

Talk to a home loan expert.

Schedule a time that fits your busy schedule. Talk to a physician mortgage expert.

Physician mortgage FAQ

Do I need to pay monthly mortgage insurance for a doctor mortgage loan?

No, you do not need monthly mortgage insurance for a doctor mortgage loan. This program does not require mortgage insurance, even if the down payment is less than 20%.

What is the minimum credit score for the physician mortgage?

The minimum credit score for a physician mortgage is 680. However, your credit score must be at least 720 to borrow more than $750,000 and to buy a home with no money down. NewCastle Home Loans checks your Equifax, Experian, and TransUnion scores. We use your middle score or the lower middle score from two borrowers.

Can I get approved for a physician mortgage if I start a new job?

You can get approved for a physician mortgage if you start a new job. We understand you may be transitioning to new positions, so we accept a signed job offer letter or employment agreement as proof of employment.

Can I get approved for a physician mortgage with student loan debt?

You can get approved for a physician mortgage with student loan debt. NewCastle Home Loans allows for a higher debt-to-income ratio, making it easier for doctors to qualify despite high student debt.

Can a non-permanent resident get approved for a physician mortgage?

NewCastle Home Loans will approve a non-permanent resident for a physician mortgage if you provide paperwork showing you can legally live and work in the U.S. You must have a valid Social Security number, USCIS employment authorization document, such as an unexpired EAD card or H-1B visa and meet all other loan approval requirements.

Can I refinance a physician mortgage?

You can refinance your physician mortgage at any time without penalty. NewCastle Home Loans offers a no-cost refinance, so you can save money without paying appraisal, title, or lender fees.

Physician mortgage: A home loan for doctors

"NewCastle made it easier for me to buy a house when relocating to Chicago by using my employment agreement to verify my income."

Credit score, Down payment, Loan limits—Physician mortgage

Credit Score: 720+

Credit Score: 680+

How to get approved for a physician mortgage

View rates and personalize your home loan.

Apply online with ease.

Receive your mortgage approval letter.

Doctor types—Physician mortgage

Medical Doctors (MD)

Doctors of Osteopathic Medicine (DO)

Podiatrists (DPM)

Dentists (DDS/DMD)

Veterinarians (DVM)

Property types—Physician mortgage

Single-family homes

Townhomes

Condominiums

Two-unit properties

Loan types—Physician mortgage

30-year fixed-rate mortgage

10-year ARM

7-year ARM (Popular)

5-year ARM