A Resident Physician's Experience with Physician Mortgages

Being able to practice medicine as an internal medicine-pediatrics resident has been one of the most gratifying experiences I have had. This year, after a long academic journey, I can finally call myself a physician, and take my next steps into residency training.

When the rush after the match finally calmed down, and I started contemplating the steps I would need to have a smooth start, where my wife and I were going to live was a huge question. Both my wife and I chose to explore owning a place in the city instead of renting as the cost of renting could potentially be comparable to owning at the time. In researching the rates, based on personal preferences that we both wanted for our lives – it would have been only marginally costlier to purchase compared to renting and so we went for it. Navigating the process was often less than transparent due to advice not applying to my scenario or changes happening with policies every month affecting my options. Finally, the housing market proved to be rigorously dynamic, requiring constant vigilance. Through this process though, I found that having access to a physician loan was an option for me.

In this guide, I would like to share my experiences in obtaining a physician loan to purchase a property and the nuances involved in this process to help those in the unique position of being residents and attendings at least explore this process and decide if it is the right fit for them. The following involves lessons that I have learned and represent solely my own experience and knowledge.