Physician loan programs are designed specifically for doctors, dentists, and medical professionals who carry high student debt and have unique income patterns. These programs offer favorable terms for homeownership in Spokane.
Physician loans are specialized mortgage programs for MDs, DOs, DDSs, ODs, PharmDs, and other licensed medical professionals. They recognize the high student debt and unique income patterns that traditional mortgages don't accommodate.
Qualification requires being licensed or in an accredited training program with a signed employment contract. Residents and fellows in training can qualify using their signed offers.
Lenders use your actual IBR payment (typically $300–$500/month on $200K+ balance) instead of 1% of the total balance. This can unlock an additional $100,000–$200,000 in borrowing power.
Most programs allow 0–5% down with no mortgage insurance, even on loans over $500,000—saving thousands annually compared to conventional mortgages.
Limits often reach $750,000–$1,000,000+ with competitive rates, reflecting the earning potential of medical professionals.
Residents and fellows can purchase homes using signed contracts showing future income, without waiting until training is complete.
Closing costs still apply; expect $8,000–$12,000+ in Spokane depending on loan amount.
Conventional: Counts 1% of total balance ($2,500/month on $250K), even if your IBR payment is $400.
Physician loan: Counts your actual IBR payment ($200–$600 typical), unlocking significantly more home purchase power.
| Feature | Physician Loan | Conventional | FHA |
|---|---|---|---|
| Down Payment | 0–5% (no PMI) | 5–20%+ | 3.5% |
| PMI/MIP | None (on physician programs) | Yes (under 20% down) | Yes (1.55% annual) |
| Student Debt Treatment | Uses IBR/actual payment | 1% of balance | 1% of balance |
| Loan Limits | $750K–$1M+ | $766K (conforming) | ~$408K (high-cost areas higher) |
| Rate | Competitive | Lowest available | Slightly higher |
| Training/Contract OK? | Yes | Limited | Limited |
Comparison is approximate and varies by lender and specific program. Rates, limits, and terms change frequently.
Many Spokane medical professionals are in residency or fellowship, making physician loans especially valuable when income is limited but future earning potential is clear.
You can qualify using a signed employment contract showing your post-training position and income. This lets you purchase a home during residency instead of waiting until after graduation.
Yes. Most programs accept residents and fellows with a signed contract showing your post-training position and salary.
No. Most programs allow 0–5% down with no mortgage insurance, even on jumbo loans—much more flexible than conventional mortgages.
Lenders use your actual IBR payment, not 1% of the balance. On $250K in loans paying $400/month, they count $400—not $2,500—dramatically improving your borrowing power.
Treatment varies by program (PSLF, PAYE, SAVE). Most lenders focus on your current IBR payment, so discuss this early with your loan officer.
Most major programs are available nationwide, including in Spokane, though down payment options, loan limits, and terms vary by lender.
You need to be licensed or have a signed contract proving you'll be licensed upon training completion. Specifics vary by program and specialty.
We help medical professionals navigate physician loan programs and find the right fit for your situation.
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