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Quick application

With Millennial Home Loans quick online loan application, determining if you qualify for a Doctor Loan and for how much, has never been easier.

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Not ready to apply online? No problem. Answer a few questions, and a Doctor Home Loan Mortgage Expert will call you back.

M. D. Loans.

You Earned It!

The Low-Down Payment Mortgage for Doctors, Dentists, Pharmacists, and Veterinarians

Doctor Loans Program Guidelines

Loan Purpose

  • Purchase only (No refinance allowed)
  • No family-member purchase transactions allowed

Qualifying Professions*

  • MD (Doctor of Medical, Ophthalmology)
  • DDS, DMD (Doctor of Dental Medicine)
  • OD (Doctor of Optometry)
  • DPM (Doctor of Podiatric Medicine)
  • DO (Doctor of Osteopathy)
  • RPH (Pharmacists)
  • DVM (Doctor of Veterinary Medicine)

*Must be verified

Product 5/5 Loan

  • 5-year fixed period, adjusts every 5 years
  • Tied to the 5-year Treasury Bill
  • 2% initial and period rate adjustment cap
  • 6% lifetime cap
  • 2.50% margin

Credit Profile

  • 720 minimum middle credit score with 5% down
  • 700 minimum middle credit score with 10% down
  • If more than one borrower on the loan use the lower of the two-middle credit score
  • Foreclosure or bankruptcy on credit report not permitted
  • Minimum of 3 trade lines, one of which has a 24-month history
    • Can substitute with a Verification of Rent in place of a third tradeline or lacking a 24-month history
  • No unpaid public records and collections (including medical). All public records and collections require written explanation
  • No judgment, repossessions, or charge-offs in the last 60 months
  • No mortgage delinquency in the last 12 months


  • Maximum calculation at the lesser of the purchase price or appraised value
  • Transaction structured as a minimum 90% and 95% loan-to-value based on a minimum 700 and 720 middle credit score; respectively
  • No subordinate financing

Loan Amount

  • Financed loan amount not to exceed $2,000,000

Mortgage Insurance

  • Not required


  • Maximum debt-to-income ratio: 43% debt-to-income ratio
  • Qualified at start rate
  • Student loans that are in deferment more than a year from settlement date, are excluded from qualifying ratios

Property Type

  • 1 Unit Single Family Detached, Attached, or Condominiums
  • Condominiums must be Agency Guidelines
  • Property cannot be in a declining market


  • Owner occupied only
  • All borrowers on the loan must have ownership in and occupy the property
  • No co-signers permitted

Property Valuation

  • Full appraisal with interior inspection and photos
  • Loan amounts over $650,000 require two appraisal reports. The lower value of the two reports will be used for qualifying purposes


  • All loans must be fully documented per Agency Guidelines
  • For Self Employed borrowers, in addition to Agency Guidelines, two years of the tax returns (personal and business) along with a year-to-date profit and loss (unaudited)

Down Payment/Closing Costs

  • Borrower must have 5% of own funds
  • Seller contribution toward buyers closing costs:
    • Up to 3% of the purchase price for 90% loan-to-value
    • Up to 6% of the purchase price for less than 90% loan-to-value
  • No gifts
  • Reserves: two-month PITI required (non-liquid funds may be used for reserves)


  • Amortization period: 30 years

Existing Properties Owned

  • No additional properties can be owned prior to the home purchase using the M.D. loan
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