physician home loans california guide for new and seasoned doctors

What to Expect

California physician mortgages aim to smooth the path to homeownership with low down payments, no PMI, and flexible treatment of student debt. Many programs consider future income from signed contracts, which helps new residents, fellows, and attendings. Eligible titles can include MD, DO, DDS, DMD, and DPM. Rates track the broader market and can vary by occupancy, loan size, and points; in high-cost counties, limits are often higher, but pricing can be sensitive.

Eligibility and Terms

Lenders may accept an employment contract starting in 60–90 days, though some want cash reserves. A solid credit profile-often 700+-helps, but exceptions exist. Property type matters: single-family homes are simplest; condos add HOA reviews. Jumbo thresholds differ by county, so loan-to-value and maximums can shift between neighborhoods.

How to Prepare

Gather your offer letter, medical license, residency verification, and student loan details. Compare lenders on closing costs, rate buydowns, and prepayment flexibility, not just the headline rate. Consider lock options and a plan to refinance if markets improve.

• Secure pre-approval in 24–72 hours using an offer letter if needed.
• Expect appraisal variability in competitive, high-cost areas.
• Underwriting may request letters about IBR/REPAYE or moonlighting income.
• Typical closings run 21–30 days; build time for HOA documents.
• Use contingencies and a lender experienced with physicians.