Printable Comparison Guide

Physician Lender Feature Comparison

Not all physician mortgage lenders are the same. Use this worksheet to compare up to 3 lenders side by side and know what questions to ask before you commit.

🖨️ Print This Guide

Why compare multiple lenders?

Physician loan programs vary significantly between banks and credit unions — on rates, down payment requirements, loan limits, and which professions qualify. Getting 2–3 quotes is always worth the time.

How to use this guide

Fill in the names of lenders you're evaluating across the top. Rate each factor for each lender, then use the score tally at the bottom to compare overall fit.

Side-by-Side Feature Comparison

Type lender names in the column headers, then rate each factor below.

Feature to Evaluate
Qualification Criteria
My specialty/degree qualifiesDoes your MD, DO, DMD, PharmD, etc. meet their eligibility list?
Accepts employment contract (pre-start)Can you get pre-approved before your first day of work?
Minimum credit score requiredLower is more flexible — most programs require 700+
Max DTI ratio allowedHigher limit = more flexibility; physician programs typically go to 43–50%
Down Payment & Loan Terms
Down payment requiredLower is more flexible — 0% is best for residency/fellowship situations
PMI requiredNo PMI is a core benefit — confirm it's waived regardless of down payment
Maximum loan amountHigher limits needed for high-cost real estate markets
Rate competitivenessCompare quoted rates to current conventional 30-yr average
Student Loan Treatment
Deferred loans counted as $0Some lenders count $0 for deferred loans — a major DTI advantage
IDR payment used for DTI calculationUsing actual IDR payment vs. 1% of balance makes a big difference
Service & Experience
Physician loan specialist on teamAsk directly — a dedicated specialist matters for complex files
Responsiveness / communicationHow quickly do they respond? Do they explain things clearly?
Closing timeline estimateCritical if your start date or contract has a hard deadline
Notes
Additional notes
Total Score (out of 26) — — —

Questions to Ask Every Lender

Print these out and bring them to every conversation — or send them via email before your first call.

1
Do you have a dedicated physician loan program, or is this a general product? You want a lender who understands your profile — not one treating it as a one-off exception.
2
How do you handle student loans in deferment or on an IDR plan? Specifically ask: do you use $0, 0.5% of the balance, or 1%? This single number can make or break qualification.
3
Can I be pre-approved based on a signed employment contract before I start working? If you're relocating for a new position, this is critical. Not all lenders allow it.
4
What is the maximum loan amount and minimum down payment for someone in my situation? Get the specific numbers — not the marketing ranges. Limits vary by location and profile.
5
Is PMI waived regardless of my down payment percentage? Confirm this explicitly — some programs have exceptions above certain loan amounts.
6
What is your current rate for a 30-year fixed physician loan, and how does that compare to conventional rates today? Always compare apples to apples — get the rate on the same day from multiple lenders.
7
What's your typical closing timeline, and can you meet my target date? Especially important for residency-to-attending transitions with firm move-in deadlines.
8
What fees should I expect beyond the rate? Origination, points, appraisal, title? A low rate can be offset by high closing costs — always get a Loan Estimate to compare total cost.

Smart Comparison Tips

Get quotes on the same day

Mortgage rates move daily. Compare quotes from different lenders on the same day so you're making an apples-to-apples comparison — not comparing last Tuesday to today.

Ask for a Loan Estimate

A standardized Loan Estimate (LE) form makes comparing total cost across lenders much easier. Lenders are required to provide one within 3 business days of a loan application.

Don't let multiple inquiries scare you

Multiple mortgage credit pulls within a 14–45 day window are generally counted as a single inquiry by credit bureaus. Shopping around won't significantly hurt your score.

Look beyond the rate

A lender who responds in minutes, has physician loan experience, and can close in 18 days may be worth a slightly higher rate — especially if you have a tight timeline.

Disclaimer: This guide is for educational and organizational purposes only. MedPharmaConnect is not a lender, mortgage broker, or financial advisor. Program features, rates, and availability vary by lender and are subject to change. Always consult a licensed mortgage professional for advice specific to your situation.