Mortgage for Indianapolis Real EstateThe physician’s (or doctor’s) mortgage loan was developed to meet the unique needs of physicians (see our Physician’s Loan History page).

Below are the unique features of the doctor’s loan:

  • Is tailored to a new resident physician or new attending physician (7-10 years out of residency or less)
  • Requires little money down (0-5%)
  • Doesn’t require the borrower to purchase private mortgage insurance (PMI)
  • Will accept a contract as evidence of future earnings (instead of paystubs the doctor doesn’t yet have)
  • Usually requires the physician to open a bank account at the bank from which the mortgage is paid by auto-draft
  • Is designed for single family homes. Condominiums may have additional restrictions, including an increased down payment
  • Has the same rate whether loan amount is above or below “jumbo loan” limit ($417,000 in central Indiana)
  • Some programs even allow the borrower to use gift money for a down payment
  • Requires cash reserves equivalent to a few months of Principle, Interest, Taxes, and Insurance (PITI), and a reasonably good credit score
  • Often doesn’t calculate student loans toward the loan to income ratio