With Match Day just around the corner, I asked Tiffany Duhamel, Mortgage Loan Originator (NMLS ID#586831) for Regions Bank to tell us more about the Doctor Mortgage program that is designed specifically for students beginning residency and even seasoned physicians!

Whether you are a seasoned physician or just beginning residency, our Doctor Mortgage program was designed specifically with you in mind. - Tiffany 

Borrowers eligible for this program are resident doctors or dentists and doctors in the medical or dental profession. 

 If you are entering these medical professions, you are in a unique life stage with outstanding student loans, Regions Mortgage recognizes that. - Tiffany

Many borrowers have outstanding student loans and are interested in securing a home before beginning permanent employment. 

These characteristics make qualifying for a mortgage difficult under conventional mortgage guidelines. As a result, these borrowers need the ability to exclude deferred student loans from the loan qualification process and qualify and close on the loan using future employment verified through employment contracts with this product. - Tiffany

Here are the program’s features: 

  • Open to medical physicians, including residents, fellows, doctors of dental medicine (DMD/DDS), or doctors of osteopathy (DO)
  • Proof of valid employment agreement or minimum three years self-employed. 
  • Fixed rate and adjustable rate available. 
  • Private mortgage insurance not required. • Loan to Value (LTV) up to 100% in stable markets. 
  • Only available for primary residences, single-family residences, and townhomes. 

Frequently Asked Questions (asked by yours truly): 

Ray: Can I qualify for this program if I just signed a contract to begin work 2 months from now? 

Tiffany: Yes, income from employment contracts reflecting a start date within 60 days of loan closing can be used for loan qualification purposes. Additional requirements may apply.

Ray: What is the difference between a Doctor Mortgage Loan and a Conventional Loan? 

Tiffany: A Conventional Loan Requires a minimum down payment of 5% and PMI (Private Mortgage Insurance). A Doctor Mortgage Loan allows for ZERO down payment and does NOT require PMI. 

Ray: Will student loan balances and payments count against my debt-to-income ratio? 

Tiffany: Student loan payments may be excluded from the debt-to-income ratio if the student loans are deferred or in forbearance >12 months from the closing date. 

If this sounds like a  fit for you, contact Tiffany today! 

Tiffany Duhamel
Mortgage Loan Originator
NMLS ID#586831
Regions Bank
Office: (501) 221-9364 ext. 234
Cell: (501) 259-1193
[email protected]
800 S. Shackleford Rd., Little Rock, AR 72211

As with all loans, additional requirements and details may apply. Contact Tiffany Duhamel [(501) 259-1193] for details! All loans subject to qualification, required documentation and credit approval. Certain exclusions may apply. Loan terms and availability subject to change.