Physician loan vs conventional: which should a doctor choose?
Choose based on cash and student debt, not the label. A physician loan keeps more cash in your pocket and counts student loans in a way that fits training. A conventional loan can win when you already have a large down payment and reserves. Price both as Loan Estimates on the same day for the same loan amount. Subject to credit approval and program terms.
When does a physician loan usually win?
When putting a large down payment would drain reserves, or when your income is new and a conventional underwriter wants more history. Subject to credit approval and program terms.
About PMI on the physician program
On the physician program, loans up to $1,000,000 can avoid PMI when you meet the program's down payment requirement. Ask for the exact structure on your file. Subject to credit approval and program terms.
Common questions
Do physician loans always beat conventional?
No. Compare total cost over the years you expect to own. Subject to credit approval and program terms.
How are student loans counted?
On this physician program, student loans are often counted at 1% of the balance. Confirm for your file. Subject to credit approval and program terms.
Can I get both quotes?
Yes. Ask for two Loan Estimates on the same day, same amount and lock period.