What are the benefits of a Doctors Only loan?

A Doctors Only loan is popular program for residents and doctors who want to purchase or refinance a home

100% financing is a benefit of a doctors only loan

100% financing

Haven’t had the chance to save up for a down payment but you’re ready for your dream home. Qualified borrowers may be eligible for 100% financing.

no private mortgage insurance is a benefit

No PMI

With no private mortgage insurance, or PMI, your monthly payments will be less, meaning you don’t have to sacrifice other areas of your monthly budget.

flexible down payment options are a benefit

Flexible down payment options

If you don’t qualify for the 100% financing, there are flexible down payment options available that allow you to lock in the down payment that works best for your individual situation.

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Fixed and variable rates

Choose the terms that work best for you. Fixed rates lock you into an interest rate for the life of the loan. A variable rate fluctuates with the market but typically starts lower.

Bailey and Wood can help you get a doctors only loan

Steps to a Doctors Only loan

Step 1 | Get pre-approved

Our mobile app, Mortgage Express, helps you get pre-approved quickly. It’s secure and you can upload all required documents straight into the app to save you time and energy.

Step 2 | Talk to a Mortgage Consultant

Your mortgage consultant will keep you and your agent updated every step of the way with our Milestone Updates.

Step 3 | Close on your loan

Your consultant will assist you with everything you need and help you setup your closing appointment.

Doctors Only quick contact form

Contact us using the form below and one of our mortgage consultants will respond to you shortly.

Frequently asked questions

How much do I need for a Doctors Only loan down payment?

For qualified borrowers, you will be eligible for 100% financing, meaning there is no required down payment. For other borrowers, your down payment will partially depend on your credit score.

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Do I have to pay mortgage insurance with a Doctors Only Loan?

In most cases, the loan doesn’t require private mortgage insurance.

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Does the home need to be inspected before I can receive a Doctors Only Loan?

You should never purchase a home without having it inspected beforehand. An inspection allows you, the homebuyer, to have a better understanding of the condition the home is in.

Aside from an inspection, the home will need to be appraised.

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What are the Doctors Only Loan limits?

Most lenders cap the loan limit at around $650,000 when no down payment is made and no PMI is issued. However, if you have a down payment, you could qualify for a higher loan limit.

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Ready to get started with a Doctors Only loan?

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