SMP Doctor Hub

Physicians (M.D. and D.O.), dentists (D.D.S. and D.M.D.) and veterinarians may qualify, along with residents, fellows and practising professionals. Ophthalmologists hold an M.D. and are covered by that designation. Chiropractors are not eligible for this program.

Career stage is not a barrier on its own — residents, fellows, someone starting a new position, newly practising professionals, established professionals and practice owners may all qualify, subject to program requirements.

It depends on the loan amount and your credit profile. For qualified borrowers with a 720 or higher credit score, financing up to 100% may be available on loan amounts up to $1,000,000. Larger loan amounts and lower credit scores carry lower maximum financing.

See the financing tiers above for the full picture. Program requirements apply and all financing is subject to credit approval.

No. This is the most important thing to understand about the program. Reserve requirements and closing costs still apply and are not financed. You will need funds available at closing even where financing covers the full purchase price.

Reserves are typically two months for conforming loan amounts and six months for non-conforming amounts. Additional reserves are required when qualifying on future or projected employment income.

No mortgage insurance is required under this program. That is one of the main reasons medical professional financing can compare favourably with a conventional loan at a similar loan amount, for qualified borrowers.

The program floor is a 680 credit score. The strongest financing tiers require 720 or higher. Other financing tiers are available for qualified borrowers with lower credit scores; program requirements apply.

Student loan payments are not ignored. Student loan obligations must be considered in your debt-to-income calculation. Residents and fellows have specific student-loan calculation provisions that may help, which is why significant medical school debt does not automatically rule you out.

Possibly. A fully executed employment contract or offer letter may be used to document income, subject to program requirements. You must meet reserve and income requirements for the period between closing and your employment start date.

Additional reserves are required when qualifying on future or projected employment income.

Often yes. Attached, detached and non-warrantable condominiums may be eligible. Non-warrantable condos carry a lower maximum financing tier than standard properties. Condotels, co-ops and leasehold properties are not eligible.

Much of the inventory near Seattle's hospital corridors is condo, and a meaningful share of it is non-warrantable. Many lenders decline those outright.

Non-warrantable condos →

No. Purchase and limited cash-out — rate and term — refinance only. Cash-out refinance is not available under this program. If accessing equity is your goal, other programs may fit and we can compare them with you.

Home equity options →

No. Escrow accounts cannot be waived under this program. This question comes up frequently with higher-income borrowers, so it is worth knowing before you plan around it.

No. Subordinate financing is not permitted under this program. That means no piggyback second lien and no concurrent home equity line of credit at closing.

No. This program is for primary residences only. One to two unit properties are eligible, so a qualified medical professional buying a duplex and occupying one unit may be eligible.

Possibly. Non-permanent residents may be eligible where the property will be their principal residence. Acceptable work visas, an Employment Authorization Document, DACA status and refugee or asylee status are among the pathways. Documentation requirements vary by status.

Visa physicians →

Manually. A real underwriter reviews the full picture rather than an automated system returning a decision. That is an advantage for borrowers whose income is unusual, and it means the process is more document-intensive than a standard automated approval.

Up to $2,500,000, subject to the financing tiers and program requirements. Aggregate mortgage obligations are capped at $2,000,000, and limits count across all parties on a joint application rather than per borrower.