Non-Conforming · Medical Professional Loan Program

Up to 100% financing. No mortgage insurance.

A home loan for your physician, dentist and other medical professional borrowers. It handles student debt and lets borrowers close on a signed employment contract up to 150 days before their start date.

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For mortgage professionals only. Not for consumer distribution.

Two physicians in white coats smiling and applauding during a meeting
720Minimum FICO
100%LTV on loans to $1.5M
95%LTV on loans to $2M
$0Mortgage insurance at any LTV
150 daysClose before the employment start date

Program highlights

Remove the two biggest barriers physicians face.

Medical professionals often have strong, predictable income and large student loan balances. This program takes away the down payment and the mortgage insurance so they can buy near the hospital or practice on their own timeline.

  • Up to 100% financing: no down payment on loans up to $1.5M with a 720 FICO. Loans up to $2M with as little as 5% down.
  • No mortgage insurance at any LTV, even at 100% financing. That can save a borrower $400 to $800 or more each month.
  • Student loan flexibility: residents and fellows with loans in deferment or forbearance may have those payments excluded from DTI.
  • Projected income: qualify on a fully executed employment contract and close up to 150 days before the start date.
  • Gift funds allowed for down payment, closing costs and reserves.
  • Available in all states where GMFS is licensed.

Eligibility matrix

Min FICOMax LTVMax loanDown paymentMI
720100%$1,500,0000%None
72095%$2,000,0005%None

Primary residence · Purchase and rate/term refinance · 1-unit, owner-occupied. Cash-out and Texas 50(a)(6) / 50(f)(2) refinances are not permitted.

Max DTIReserves
50% at LTV ≤ 95%
45% at LTV > 95%		2 months PITIA (all loan amounts)
+6 months for each additional financed 1–4 unit property

For brokers & correspondents

TPO requirements

Know these before you take the application.

Underwriting feeThe standard GMFS Correspondent or Broker underwriting fee plus $350.
GMFS disclosesAll loans must be disclosed by GMFS. COYOD is not allowed.
No fees-inFees-in pricing is not allowed on this program.
Manual underwrite, Safe Harbor QMFull documentation, no AUS doc waivers. APR may not exceed APOR + 1.5%.

Products & terms

30-year fixed and three SOFR ARMs.

ProductDetail
30-Year FixedFully amortizing 30-year term
5/6 SOFR ARM30-year term · caps 2/1/5
7/6 SOFR ARM30-year term · caps 5/1/5
10/6 SOFR ARM30-year term · caps 5/1/5
Loan purposePurchase and rate/term refinance only
Loan amount$100,000 min (fixed) · $200,000 min (ARMs) · $2,000,000 max
ARM featureDetail
Index30-Day Average SOFR
Margin / floor2.75% / 2.75%
Qualifying rate5/6: higher of Note rate + 2% or fully indexed rate
7/6 and 10/6: Note rate
ConversionNot permitted

Ineligible: balloons, graduated payments, interest-only, temporary buydowns, prepayment penalties, single-close construction-to-permanent, HPML, HPCT and high-cost loans.

Who qualifies

Fourteen eligible degrees, plus residents and fellows.

At least one borrower whose income is used to qualify must hold one of these degrees and be a medical professional in active practice. Third-party written evidence of the degree is required.

MDMedical Doctor
DODoctor of Osteopathy
MD/DODoctor of Ophthalmology
MD/DODoctor of Psychiatry
DDSDoctor of Dental Science or Surgery
DMDDoctor of Dental Medicine
DPMDoctor of Podiatric Medicine
PAPhysician Assistant / Associate
NPNurse Practitioner
CRNACertified Registered Nurse Anesthetist (with DNAP or DNP)
PharmDDoctor of Pharmacy
ODDoctor of Optometry
DVM/VMDDoctor of Veterinary Medicine
Res.Residents, fellows and interns with an eligible degree

Residents and fellows must have a signed, guaranteed, non-contingent employment contract, or be a graduate of a doctoral program. Borrowers must be U.S. citizens or permanent resident aliens (employed in the U.S. for the past 24 months) with a valid Social Security Number.

Student loans

Student debt doesn’t have to block the purchase.

BorrowerPayment used in DTI
Residents / fellowsLoans in deferment, forbearance, or IBR at $0 may be excluded when qualifying on current residency or fellowship income.
All other borrowersThe documented IBR or income-driven payment, the credit report payment, 1% of the balance, or a fully amortizing payment.

Projected income

Close before the first paycheck.

  • Qualify on a fully executed contract or offer letter signed by all parties.
  • Start date no more than 150 days after the Note date (60 days for 1099 contracts). Compensation must cover at least 12 months.
  • The contract states position, start date and salary. The only contingencies allowed are receipt of a medical license or normal admin items such as a background check, drug test or fingerprinting.
  • Document extra reserves to cover PITIA for each month between the Note date and the start date.

Scenarios

Where this program closes the deal.

Graduating resident

Buying near the new hospital before training ends

Scenario
A resident has signed an attending contract that starts in four months, carries large student loans in deferment, has excellent credit and very little saved.
Problem
A conventional loan needs a down payment and MI, and the borrower has no attending paystubs yet.
Solution
Qualify on the signed contract (start date within 150 days of the Note date), exclude the deferred student loan payments, and finance up to 100% with no MI. Document reserves for the months before the start date; gift funds can help.

New attending

A specialist buying in a high-cost market

Scenario
An attending two years into practice is on an income-driven repayment plan and wants a $1.9M home with 5% down.
Problem
Jumbo financing would require a larger down payment, and a fully amortized student loan payment pushes the DTI too high.
Solution
Use the documented IBR payment in DTI, finance 95% LTV up to $2M with no MI, and keep the DTI at or under 50%.

Who to target

Four borrower profiles to build your pipeline.

The graduating resident or fellow

Finishing training with a signed contract and a move ahead. Large deferred student loans, excellent credit, limited savings. Your highest-value prospect.

The new attending (1–3 years)

Attending-level income, still paying student debt, renting and ready to buy. May be on an IBR plan.

The established physician

Five to ten or more years in practice and moving into a larger primary residence, up to $2M.

The specialist in a high-cost market

A high earner in a metro above conforming limits who needs a jumbo-size loan without jumbo down payment requirements.

Discovery questions

Six questions that size up the file.

  1. What is your medical specialty and degree? Confirms eligibility.
  2. Are you in residency or fellowship, or in practice? Sets the student loan treatment.
  3. Do you have a signed employment contract and start date? Projected income.
  4. What is your student loan balance and status? DTI strategy.
  5. How much do you have for down payment and closing? LTV tier.
  6. What price range and location are you targeting? Loan amount and property type.

Key guidelines

The details underwriting will check.

A summary of the program guide. For any topic not covered in the guide, the Fannie Mae Single Family Selling Guide applies.

Credit and housing history
  • Manual underwrite with full documentation. At least one credit score is required for every borrower; non-traditional credit is not allowed.
  • Mortgage history 0x30 in the most recent 24 months; rent history 0x30x12.
  • At least one score must come from unfrozen bureaus. Rapid rescores are permitted.
EventSeasoning
Bankruptcy (Ch. 7, 11, 13)4 years from discharge / dismissal
Foreclosure7 years from completion
Short sale / deed-in-lieu4 years
Notice of default4 years
Forbearance resulting in a modification4 years from exit

Multiple derogatory events are not allowed. Events seasoned 10+ years are not considered.

Income and employment
  • W-2 income follows the Fannie Mae Selling Guide.
  • Self-employed: two years of personal and business returns with at least 12 months of self-employment; YTD P&L if the Note date is after April 30.
  • 1099 / contractor medical professionals: executed contract with a guaranteed salary or hourly rate and stated hours, confirmation of no expenses, at least 12 months guaranteed, and a start date within 60 days of the Note date.
  • Asset depletion is allowed as supplemental income only (Net Eligible Assets ÷ 240, $500,000 minimum).
  • Tax transcripts are required when returns document income. Form 4506-C or 8821 is signed at closing.
Assets, reserves and contributions
  • Gift funds are allowed for down payment, closing costs and reserves. Borrowed funds cannot be used for reserves.
  • Retirement accounts count toward reserves at 70% of vested value (age 59½ or older) or 60% (under 59½).
  • Business funds cannot be used for reserves.
  • Interested party contributions: up to 3%, for closing costs and prepaids only.
  • Subordinate financing and down payment or closing cost assistance are not permitted.
Property and appraisal
  • Eligible: 1-unit owner-occupied homes, warrantable condos, co-ops, modular homes and PUDs, on up to 40 acres.
  • Ineligible: 2–4 units, second homes, investment properties, manufactured homes, non-warrantable condos, condotels, leaseholds, mixed-use, and working farms or ranches.
  • One full appraisal dated within 120 days of the Note date. Transferred appraisals are not allowed.
  • A secondary valuation is required (CDA, CCA XP or RicherValues), or a CU score of 2.5 or less on loans up to $1.5M.
  • Escrow holdbacks are not allowed. Mortgage insurance is not required.
Refinances
  • Rate/term only, with cash back limited to 1% of the new loan amount. Cash-out is not permitted.
  • Delayed financing is treated as rate/term, except Texas primary residences.
  • Texas 50(a)(6) and 50(f)(2) refinances are not permitted.
  • Properties currently listed for sale are not eligible. If listed in the past 6 months, rate/term only with the listing cancellation and a letter of explanation.
Ineligible borrowers and restrictions
  • Ineligible borrowers: foreign nationals, non-permanent resident aliens, ITINs, non-occupant co-borrowers, LLCs and other entities, non-revocable trusts and land trusts. Inter vivos revocable trusts are eligible.
  • Single loan variances are not granted on this product.
  • Properties outside the U.S. or in a U.S. territory are not eligible.

Ready to offer the Medical Professional Loan Program?

Talk with your GMFS Account Executive about pricing and your first scenario, or sign up to start sending loans to GMFS.

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Questions? Call 800-970-4637

Program Version 3.0, effective June 24, 2026. Guide updated October 22, 2026. This page summarizes the GMFS Partners Medical Professional Loan Program Guide, which is superseded by any later bulletins or program matrices. For mortgage professionals only. Not for consumer distribution. Not a commitment to lend. Pricing and terms are subject to change without notice. GMFS LLC, NMLS #64997. Equal Housing Lender.