“Physician loan” sounds like one product. It is not. Every bank that offers one writes its own rules, and the differences decide whether you qualify, how much you can borrow, and whether your student loans count against you.
This page compares the features that actually vary between physician mortgage programs available to Florida buyers, so you can ask the right questions before you pick one. For the basics of how the program works, start with our physician and doctor loans page.
What every physician loan has in common
Physician programs exist because banks view doctors as low-risk borrowers with rising income. Nearly all of them share three traits:
- No private mortgage insurance, even with a smaller cash contribution at closing than a conventional loan would require.
- A friendlier view of student loans than standard underwriting.
- The ability to close on a signed employment contract, before the first paycheck.
Beyond that, the programs split. Here is where.
The comparison: where physician programs differ
| Feature | How programs differ |
|---|---|
| Eligible degrees | Some accept MD and DO only. Others add DDS, DMD, DPM, DVM, PharmD, OD, CRNA, PA, and NP. A few include attorneys and CPAs under a “professional” program. |
| Career stage | Most accept residents, fellows, and attendings. Some end eligibility a set number of years after training; others keep it open for most of a career. |
| Employment contract | All allow closing before your start date, but the allowed window varies. Some accept a contract; others also want proof of licensing or board status. |
| Student loans | Deferred loans may be excluded entirely, counted at the income-based repayment amount, or counted at a lender-set fraction of the balance. This is the single biggest difference. |
| Loan size tiers | Larger loan amounts require more equity at closing. Where those tiers fall, and the maximum loan, vary widely. |
| Occupancy | Most are primary residence only. Some allow a second home. Very few allow investment property. |
| Property type | Single-family is universal. Condos, townhomes, and 2-unit homes depend on the lender, and condo rules are strict in Florida (see below). |
| Rate structure | Some programs offer fixed-rate only; others lean on adjustable-rate options. |
| Employment type | Most require W-2 employment. 1099 physicians and practice owners are excluded from many programs. |
| Gift funds | Allowed by most, restricted by some. |
| Refinancing | Some programs are purchase-only; others allow refinances. |
| Footprint | Some banks lend only where they have branches. Others lend statewide or nationally. |
The four differences that matter most in Florida
1. Student loan treatment
A resident with a large deferred balance can qualify with one program and be declined by another, on the same income and the same house. Ask exactly how a program counts deferred loans, loans in income-based repayment, and loans in forbearance. See buying a home with student loans.
2. Condo eligibility
Many Florida physicians buy in urban cores near the hospital: Brickell, downtown Tampa, downtown Orlando, Jacksonville’s Southbank. Those are condo markets. Since Florida’s post-Surfside condo reforms, physician programs review the building’s reserves, milestone inspection status, and insurance before they review you. Some programs decline condos outright; others accept only buildings that pass a full project review. See Florida condo financing after SB 4-D.
3. Years since training
Programs aimed at residents and new attendings often close the door a set number of years after residency. If you are ten or fifteen years into practice, look for a program built for established physicians, or compare against a jumbo loan, which may fit better at that stage.
4. Employment type
Hospitalists on W-2 contracts fit almost every program. Independent contractors, locums physicians, and practice owners often do not. For those borrowers, a bank statement loan or 1099 income mortgage is frequently the working answer.
Florida-specific points that affect the comparison
Relocation timing. Florida’s major health systems recruit heavily from out of state. If you are moving for a July start, the allowed contract-to-closing window decides whether you can buy before you arrive or must rent first.
Insurance in the qualifying payment. Wind and flood premiums are counted in your housing payment on every program. A coastal home in Miami-Dade or Pinellas can carry a premium that changes what you qualify for. Get an insurance quote early. See Florida homeowners insurance and your mortgage.
Homestead exemption. A physician loan requires the home to be your primary residence, which also makes you eligible for Florida’s homestead exemption and the Save Our Homes assessment cap. See Florida homestead exemption and property taxes.
No state income tax. This does not change the loan, but it changes the budget for physicians relocating from states that tax income.
Physician loan vs jumbo vs conventional
| Physician loan | Jumbo loan | Conventional loan | |
|---|---|---|---|
| Who it fits | Residents, fellows, attendings early in career | Established buyers with strong assets | Buyers within conforming loan limits |
| PMI | None | None | Required below a set equity level |
| Student loans | Flexible treatment | Standard treatment | Standard treatment |
| Closing on a contract | Yes | Rarely | Rarely |
| Cash needed at closing | Lower | Higher | Varies |
| Pricing | Program-specific | Often competitive for strong files | Often prices well for qualified files |
An established physician with savings may find a jumbo loan prices better than a physician program. A resident with student loans and limited savings usually cannot get a jumbo loan at all. The right answer depends on where you are in your career, not on the label.
How to compare programs: the questions to ask
- Which degrees and job titles qualify?
- How many years after training does eligibility end?
- How far before my start date can I close, and what do you need from my contract?
- How do you count my student loans if they are deferred, in IBR, or in forbearance?
- What are the loan-size tiers, and where does my target price fall?
- Do you lend on condos, and what does your condo review require?
- Is the program primary residence only?
- Fixed-rate, adjustable, or both?
- Are gift funds allowed?
- Can I refinance into or out of the program later?
Get the answers in writing from each program before you compare them.
How a Florida mortgage broker fits in
A single bank shows you its own physician program. A broker can compare several against each other, and against a jumbo or conventional loan, on your actual file. As a Florida mortgage brokerage, MortgageQuote.com works with lenders offering physician, jumbo, and alternative-documentation programs. Your MLO can run the comparison above with real numbers for your situation. See why use a mortgage broker.
Florida physicians
Run this comparison on your actual file
Send us your degree, your contract, and your student loan detail. A licensed MLO will compare physician, jumbo, and conventional options side by side.
Frequently asked questions
Do all physician loans skip PMI?
Nearly all do. It is the defining feature of the program. Confirm it in writing for the loan size you need.
Can a resident get a physician loan in Florida?
Yes. Most programs accept residents and fellows with a signed contract. The difference between programs is how they count your student loans and how large a loan they allow at your income.
Can I use a physician loan on a Florida condo?
Sometimes. The building must pass the lender’s project review, and Florida buildings with unfunded reserves or pending milestone repairs are often declined. Ask about the building before you write an offer.
I’m a 1099 physician. Do I qualify?
Usually not for a standard physician program. Bank statement and 1099 programs are the common alternatives.
Is a physician loan always the right choice for a doctor?
No. Established physicians with savings should compare against a jumbo or conventional loan. The physician program wins on flexibility, not always on price.
Related reading
This page is provided for general informational purposes. It is not legal, financial, or tax advice, and it is not a commitment to lend or an offer of any specific rate or term. Program availability, guidelines, and eligibility vary by lender and are subject to change without notice. All loans are subject to credit approval, property review, and applicable law. Equal Housing Opportunity.
