How Much Down Payment Do Doctors Need to Buy a Home?

If you’re a doctor with med school loans, finding the funds for a mortgage down payment isn’t always easy. While a 20% down payment is often seen as the ideal, not everyone has that kind of money lying around.

Thankfully, mortgages with lower down payments are quite common – though they may be more expensive and typically require private mortgage insurance, also known as PMI.

Some lenders offer a “physician or dentist mortgage,” which gives qualifying doctors favorable terms due to their creditworthiness and strong earning potential. The terms for these specialized mortgages vary, and often include low or no down payment options. Some lenders will also drop the PMI requirement for eligible physicians and dentists, which can reduce monthly payments quite a bit.

The size of your down payment depends on what you can afford. Shop around for the mortgage that makes sense for you and don’t let a down payment get you down…you may have more options than you realize!