A 100 percent financing physician loan lets a licensed medical professional buy a primary residence with no down payment and no mortgage insurance. There are two tiers. Up to $1.5 million requires a 680 credit score. Up to $2 million requires a 720. Both cap the debt ratio at 45%. Residents, fellows, interns, and attendings are all eligible, along with dentists, pharmacists, veterinarians, podiatrists, and nurse anesthetists holding a DNAP or DNP. No down payment does not mean no cash — reserves are required above 95% financing, and more is required if you close before your job starts.
Whether you land in the 680 tier or the 720 tier changes your maximum purchase price by half a million dollars. Send the file and find out which one you are in.
No SSN required. No credit pull. Takes about 2 minutes.
The Two 100% Financing Tiers
Reserves shown are months of full housing payment — principal, interest, taxes, insurance, and any association dues. The six-month requirement applies to loan amounts between $1,500,001 and $2,000,000. Below that threshold at 100% financing, three months applies.
Non-permanent resident aliens cannot use the 100% tiers. That group is capped at 95% financing.
Why There Is No Mortgage Insurance
On a conventional loan, financing above 80% of the value triggers mortgage insurance — a monthly cost that protects the lender, not you. This program does not require it at any level, including 100%.
That is the entire economic argument for the product. A doctor buying at 100% with no mortgage insurance is carrying a different monthly payment than the same doctor at 97% conventional with insurance attached.
The floor nobody mentions: minimum financing on this program is 90.01%. It is designed for low and no down payment files. If you intend to put 15% or 20% down, you cannot use it — the file has to go somewhere else.
What Zero Down Still Costs You
No down payment is not the same as no money at closing. Three things still require cash or documented assets.
Reserves
Three or six months of full housing payment, depending on loan amount. These must be documented and remaining after closing.
Gap reserves for a future start date
If you are qualifying on an employment contract and your start date is after closing, you need one additional month of full housing payment for every month in between. That is on top of the base reserve requirement. Close on July 1 with a September 1 start date and you owe two extra months.
Closing costs
Interested party contributions from the seller may cover closing costs and prepaid expenses, but never the down payment or reserves. Down payment assistance programs and mortgage credit certificates are not permitted on this program.
The gap reserve calculation is the single most common reason a zero-down physician file comes up short at underwriting. It depends entirely on your closing date and your start date. Send both and we will run the number before you write an offer.
No SSN required. No credit pull. Takes about 2 minutes.
What 100% Financing Does Not Cover
Zero down applies to a narrow set of transactions. Outside these, the program does not apply at any financing level.
Subordinate financing is not allowed, so a piggyback second behind the first is off the table. Texas allows purchases only. Properties in New York are not eligible. We are lending in 49 states. New York excluded.
100% Financing Physician Loan FAQ
Are there any physician loans that cover 100 percent of home cost?
Yes. This program allows 100% financing up to $1.5 million with a 680 credit score, and up to $2 million with a 720. Both require a 45% maximum debt ratio and documented reserves after closing.
What credit score is needed for a 100% physician mortgage?
680 for loan amounts up to $1.5 million, 720 for loan amounts up to $2 million. Credit history must cover at least 24 months with one active trade line, and mortgage or rent history must be clean for the last 12 months.
How to qualify for a 100 percent financing physician loan
Hold a qualifying medical degree, meet the credit score for your loan amount tier, keep the debt ratio at or below 45%, document the required reserves, and buy a one-unit primary residence. If you are not yet working, an executed employment contract with a start date within 150 days of the note date covers the income.
Do physician loans require private mortgage insurance?
No. Mortgage insurance is not required on this program at any financing level, including 100%. That holds for residents and attendings alike.
How do 100 percent financing physician loans differ from conventional loans?
Conventional financing tops out well below 100% and charges mortgage insurance above 80%. This program goes to 100% with no insurance, but restricts you to a one-unit primary residence with no cash-out and no subordinate financing, and sets a 90.01% minimum financing floor.
How do physician loans work for medical residents?
Residents use the same tiers as attendings. Two additional rules help: student loan payments in deferment, forbearance, or reporting $0 under an income-based plan can be excluded when you qualify on residency income, and a housing allowance paid in cash directly to you can count as income with less than 12 months of history.
Best states for getting 100 percent financing on physician home loans
The tiers are identical in every eligible state. Two restrictions matter: New York properties are not eligible at all, and Texas allows purchase transactions only. Hawaii lava zones 1 and 2 are excluded.
What documents are required for a physician loan application?
Proof of degree and practice status, income documentation or a fully executed employment contract, and asset statements covering 60 days for a purchase. Reserve funds must be documented and remaining after closing.
Related Reading
Physician home loans
The full program: eligibility, credit, reserves, and restrictions.
Buying before your job starts
How the gap reserve is calculated and what the contract has to say.
Written by J.D. Peck — Area Manager and Mortgage Loan Originator, NMLS #314883. 25+ years in mortgage lending and 3,100+ closed loans. Scotsman Guide Top Originator 2026.
Last updated August 15, 2026. Guidelines are subject to change.