Physician & Nurse Loan Programs
Several wholesale lenders offer healthcare-specific mortgage programs that exclude student loan debt from DTI calculations or use income-based repayment amounts instead of the standard 1% calculation. These programs typically allow up to 100% financing (zero down) for physicians and up to 97% for nurses with no PMI. Eligible professions include registered nurses (RN), nurse practitioners (NP), physician assistants (PA), doctors (MD/DO), dentists, pharmacists, and other licensed medical professionals.
Handling Travel Nurse & Per Diem Income
Travel nurses and per diem healthcare workers can qualify for a mortgage, but income documentation requires strategy. Most lenders want a 2-year history of travel nursing income, calculated as a 24-month average. Bank statement loan programs offer an alternative — qualify with 12-24 months of deposits rather than tax returns. For travel nurses with gaps between assignments, compensating factors like large reserves, low DTI, or high credit scores can help.
Student Loan Strategies
The average nursing graduate carries $40,000-$80,000 in student debt, and physicians often exceed $200,000. Conventional loans count 0.5-1% of the student loan balance as a monthly payment for DTI, which can be disqualifying. FHA uses the actual IDR payment (which may be $0 during residency). Physician loan programs may exclude student debt entirely. Our recommended broker evaluates your specific student loan situation and matches you with the lender whose DTI calculation works best for your numbers.
Down Payment Assistance for Healthcare Workers
California offers several down payment assistance programs that healthcare workers qualify for. CalHFA offers up to 20% down payment and closing cost assistance as a silent second mortgage. Many hospitals and health systems offer employer-assisted housing programs. Some counties offer profession-specific grants for essential workers including nurses and first responders. FHA loans require just 3.5% down, and VA loans offer zero down for veterans who served in medical roles.
Expert Contributor
Mike Baasti, Licensed Mortgage Broker
Expert contributor to Mortgage Guide California. Licensed mortgage broker (Sponsored by Save Financial, Inc. (NMLS #377740), DRE #01875766) and founder of Save Financial, Inc. in Newport Beach, CA. 20+ years originating conventional, FHA, VA, jumbo, and specialty loans across California.