LoanDepot Physician Mortgage Loans

Physician and Medical Professional Mortgages—Student Loan Considerations

LoanDepot Physician Mortgage Loans

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Medical School Loans Don’t Have to Prevent You from Buying a Home

After medical school, you may feel as though you are drowning in debt. The average education debt after medical school in 2019 was $251,600, over half the cost of many entry-level homes in the U.S. In addition, the average salary for those with a medical school degree is a modest $210,980, with graduates needing an average of 13 years to repay the debt. Although these numbers may be sobering, this is just an average, and includes those who do not practice medicine after earning the degree.

But the numbers don’t tell individual stories; stories of doctors who were able to join a successful practice, obtained loan forgiveness while working for the government or nonprofit agency, or the fact that you may have an opportunity to fast-track student loan repayment or will have a signing bonus or inheritance to pay a big chunk of the debt. Banks and other lenders who specialize in physician mortgages understand that, although doctors may carry a larger debt load, they have many more options to pay off this debt much more quickly than other occupations.  It is due to this reputation for stellar repayment that interests lenders in offering special terms for these dependable customers.

Therefore, for young doctors with student loan debt, there is merit to investigating home ownership. A handful of lenders will exclude this debt in the mortgage application process, allowing borrowers to provide a more typical balance sheet. These banks have a history of taking care of medical professionals, offering a variety of financial services for outstanding physician customers.

The Lenders

Doctors beginning their practice with student loans may shy away from yet another lender, but those who specialize in doctor mortgages are experienced in helping borrowers navigate the home lending process. They understand the unique financial situation of physicians and take into consideration the student loan debt which most young doctors carry upon entering the industry. In this series, we look at some of the top lenders, focusing this time on loanDepot, a lender which offers attractive options to doctors looking to purchase a home.

California-based loanDepot is a holding company, established in 2010, which offers lending services to many borrowers across the nation. loanDepot is the second-largest non-bank lender in the U.S. which markets directly to consumers, following in the footsteps of and The recent growth of online financial products has added to the company’s success, attracting customers who like the option to apply for a mortgage online, without having to meet with a loan officer, and expanding its platform to include a contractor-led financial service and a joint venture with Century 21 combining realty services with mortgage lending.

loanDepot Loan Program offers special features for doctors and dentists, including:

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Some of loanDepot’s Physician Program include:

Minimum Credit Score


States Available


Loan Amounts For Residents & Fellows

Loan amounts up to 2M with no mortgage insurance
95% loan to $1.5M with no mortgage insurance
80% loan to $2M with no mortgage insurance
Close 2 months prior to employment

Loan Amounts For Practicing Physicians

95% loan to $1.5M with no mortgage insurance
80% loan to $2M with no mortgage insurance

Eligible borrowers include

Medical Doctor (MD)
Doctor of Osteopathy (DO)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Optometry (OD)
Doctor of Podiatric Medicine (DPM)
Nurse practitioner (NP)


Low reserves required and may be 401k/retirement
Purchase or rate/term refinance
Fixed and ARM options, fixed only on 5% down
Single Family or Condominiums allowed
May exclude student loans if deferred more than 12 months
Gifts allowed (including international), 5% personal funds minimum
1099 income is accepted if 1 year of taxes showing similar income to qualifying

loanDepot’s online lending platform may be a good choice for those physicians who like the idea of going through the process online; they still offer personalized service via email and telephone.  They are licensed in all 50 states, making this an attractive option for borrowers in all locations.  To learn more about loanDepot, visit their website. You can also discover more about the other physician mortgage loan providers we have shared by reading our entire series of lender reviews.

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