Physician Mortgage Loans in Overland Park, KS

No PMI, Even Without a 20% Down Payment

Conventional loans require private mortgage insurance (PMI, a monthly premium that protects the lender) when the borrower puts down less than 20%. Physician loans waive this requirement entirely, which can save several hundred dollars per month at closing time even on a zero-down or low-down purchase.

Student Loan Debt Is Treated Differently

Standard underwriting counts your full student loan payment against your DTI (debt-to-income ratio, the share of your monthly income consumed by debt obligations). Physician loan guidelines either exclude deferred student loans from the DTI calculation entirely or use a reduced payment figure, which opens the door for borrowers carrying $200,000 or more in medical school debt.

An Offer Letter Can Stand In for a Pay Stub

Residents and fellows often can't show two years of tax returns or a current pay stub at the time they want to buy. A signed employment offer letter from a hospital or practice showing a start date within 90 days satisfies the income documentation requirement under physician loan guidelines.

General Credit and Employment Criteria

Most physician loan programs require a minimum credit score in the 700-720 range, though some programs allow scores as low as 680 depending on the loan amount and down payment. Employment must be verifiable, either active or confirmed via a signed offer letter with a start date within 90 days of closing. Self-employed physicians may face additional documentation requirements; Ben Yeates can walk through what applies to your situation during a free consultation.