Back to Glossary
Doctor Mortgage
Updated
January 19, 2023
A physician loan, sometimes known as a "doctor loan," is a mortgage designed exclusively for medical practitioners that typically does not require a down payment. In the case of other loan types, lenders frequently require borrowers to pay private mortgage insurance (PMI) if the down payment is less than 20%. If you are a doctor, you can avoid paying for both a down payment and private mortgage insurance (PMI).
Related Topics
Payment and Debt Ratios
Home Value: Appraised, Estimated, Actual
How Much of a Mortgage Payment Goes to Principal
What Do Underwriters Do?
What Does Loan Underwriting Mean
Loan To Value and Down Payments
What is Underwriting in Real Estate?
Homeowner's Guide: DIY Home Improvement