New Doctor mortgage programs have emerged to include lower down payment options. Qualified medical professionals now have 100% financing options available for loan amounts up to $2,000,000.
Today we will look at the latest home loan requirements for Physicians, please contact us with questions by calling the number above, or by submitting the Quick Contact Form on this page.
What is a Jumbo Loan?
As the name suggests, a “Jumbo” mortgage is a mortgage that exceeds the conforming or conventional loan limits standardized by Fannie Mae & Freddie Mac. In most locations around the U.S., the conforming limit is set to $832,750. However, high-cost locations have increased 2026 Conforming Loan Limits up to $1,249,125. Note, that this applies to one-unit properties, multi-unit properties are higher.
Benefits of Doctor Jumbo Loans:
Jumbo loans are ideal for eligible medical professionals looking to purchase higher-priced over the conforming loan limit. These loans are designed to simplify home buying in luxury markets by covering the full cost of the loan, so there is no need for Doctors to deplete their cash reserves. And just like conventional mortgages, jumbo loans come with a variety of terms like fixed and adjustable-rate 3/1, 5/1, 7/1 or 10/1 terms.
The interest rates on a jumbo loan can be slightly greater due to the larger loan amount and incurred risk. However, this is often offset since most Jumbo loans do not have monthly mortgage insurance, even for loans greater than 80% loan to value.
Other benefits of the physician jumbo program include:
- High LTV options up to 100% financing are available. *Limited to licensed medical professionals: MD, DO, DDS, DMD, PharmD, CRNA, VMD, DPM
- No PMI (Private Mortgage Insurance) required
- Assorted fix rate and adjustable rates options are available
- All student loan payments are excluded from DTI if deferred, in forbearance or reporting $0 on credit report.
- Projected income used if starting within 150-days of note
- Closings in as little as two weeks
Jumbo Loan Amount and Down Payment Limits:
These limits apply to both purchase and rate-term refinance. Note, that there are also assorted Jumbo cash-out refinance options, please contact us to learn more.
- 100% Jumbo Financing – available up to $2,000,000 (720+ credit)
- 100% Jumbo Financing – available up to $1,500,000 (680+ credit)
- 95% Jumbo Financing – available up to $2,000,000 (680 credit)
- 90% Jumbo Financing – available up to $3,000,000
Jumbo Mortgage Qualification Guidelines:
Jumbo Mortgage Qualification Guidelines:Now we will review the qualification requirements for a jumbo loan. To qualify for a jumbo loan, buyers should expect:
- Buyers will need to fully document income and assets for high LTV programs.
- The maximum debt-to-income ratio should not exceed 45 percent
- All jumbo loan programs will require payment reserves. These are the remaining assets a buyer has once the closing is complete. This reserve amount will vary depending on the loan amount, down payment and credit score. Generally, 3-6 months’ worth of mortgage payment reserves will be needed. The good news is buyers can meet these requirements with non-liquid retirement accounts like 401K or IRA. Mortgage companies want to understand a borrower’s reserves as it demonstrates the buyer has the ability to meet their payment obligation.
Please contact us today to learn more about any of the special doctor programs. Just call or submit the Quick Contact Form below, our staff is here to assist you 7 days a week.
