Does Lumen Mortgage offer 100% financing physician loans?
Yes. Lumen Mortgage's Enhanced Physician Loan Program now offers up to 100% financing — a true zero-down option — with no private mortgage insurance, on 15- and 30-year fixed loans for purchase and rate/term refinance of a one-unit primary residence in Oregon and California. 100% financing is available up to $2,000,000 with a 720 credit score, or up to $1,500,000 with a 680 score; 95% financing is available up to $2,000,000 with a 680 score.
Best for: Physicians, dentists, pharmacists, veterinarians, podiatrists, and doctorate CRNAs, including those still in training, who want a fixed rate with zero down and no mortgage insurance.
If you're a physician, dentist, pharmacist, veterinarian, or other eligible medical professional, you already know the financial picture lenders see when they look at your file isn't the whole story. Heavy student debt. A short employment history because you were in residency until last month. A signed contract for a job that hasn't technically started yet. Traditional underwriting boxes weren't built with your career path in mind — but our Enhanced Physician Loan Program was. Qualified borrowers can finance up to 100% of the purchase price on a primary residence — a true zero-down option — with no monthly private mortgage insurance. Below: who qualifies, the financing tiers, the reserve requirements, how it compares with our other two physician programs, and how to tell if it fits.
Up to 100% Financing, No Mortgage Insurance
The core of the enhanced program is simple. Qualified borrowers can finance up to 100% of the purchase price on a primary residence — meaning a true zero-down option — without the monthly cost of private mortgage insurance that normally comes with low down payments. That's available on both 15- and 30-year fixed-rate loans, for purchase and rate/term refinance transactions on a single-unit primary home. If you've read our earlier guides — our Physician Loans in Oregon overview or the future-income case study — this is the program that changes the math: where a low-down physician loan has traditionally meant putting 5% in, the enhanced program can mean putting nothing in and still paying no PMI.
Who Qualifies — Including If You're Still in Training
The Enhanced (100% Fixed) program is built for a defined list of doctorate-level professionals: Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Science or Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Ophthalmology (MD or DO), Doctor of Psychiatry (MD or DO), Doctor of Pharmacy (PharmD), Doctor of Veterinary Medicine (DVM or VMD), Doctor of Podiatric Medicine (DPM), and Certified Registered Nurse Anesthetists with a DNAP or DNP. Other healthcare professionals qualify through our other two physician programs. Nurse practitioners, physician assistants, and optometrists can get 100% financing on our 100% Adjustable program (up to $1,500,000 at 720+ or $1,000,000 at 700+), or up to 97% fixed. Registered nurses, clinical nurse specialists, chiropractors, and CRNAs without a doctorate qualify through our High-Balance & Flexible program at up to 97% financing with a 700+ score. See the full list of who qualifies. Still in training? Medical residents, fellows, and interns holding one of the eligible degrees qualify too — you don't have to wait until you're an attending to buy.
Financing Tiers by Loan Amount and Credit Score
How much you can borrow and how little you can put down depends on your credit profile and loan size. Up to $2,000,000, you can finance 100% with a 720 credit score. Up to $1,500,000, you can finance 100% with a 680 score. And up to $2,000,000, you can finance 95% with a 680 score. It's a high-leverage product designed for buyers who want to preserve cash; with 10–20% down, compare it with conventional or jumbo pricing. The full tier table, including the no-PMI footnote, is shown on our physician loan page. To see what a specific loan size and down payment mean for your monthly payment, model your exact payment on our physician loan calculator.
Reserves That Respect Your Cash Flow
One of the most borrower-friendly features is the reserve structure. Many jumbo and low-down programs demand six to twelve months of payments sitting in the bank. This program is far lighter. For loans at 95% LTV or below: $100,000–$1,500,000 requires zero months of reserves, and $1,500,001–$2,000,000 requires three months. For loans above 95% LTV: $100,000–$1,500,000 requires three months of reserves, and $1,500,001–$2,000,000 requires six months. Separately, three months of PITA reserves (principal, interest, taxes, and association dues) are required for each additional financed property you own.
Qualifying Details Worth Knowing Up Front
A few parameters help you gauge fit before we ever pull credit. Debt-to-income can run up to 50% for loans at 95% LTV or below, and up to 45% for loans above 95% LTV and for 15-year terms. The minimum credit score is 680. Student loan flexibility is often the single biggest difference between a 'yes' here and a 'no' on a conventional loan: if you qualify on residency or fellowship income, deferred, forbearance, or $0 income-driven payments can be excluded from DTI entirely. Attendings and new hires on this program follow standard agency guidelines, where a loan with no reported payment is usually counted at 1% of the balance. If that's a problem, our High-Balance & Flexible program counts it at 0.5% instead. The property must be a single-family home or warrantable condo used as your primary residence. A few things the program does not allow, so there are no surprises later: cash-out refinances, investment properties, construction loans, temporary rate buydowns, and secondary/subordinate financing. Closing costs and prepaid items still apply even at 0% down. A signed contract or offer letter can be used as income when your start date is up to 150 days after closing.
When Another Physician Program Fits Better
The Enhanced program is one of three physician programs we offer. Our High-Balance & Flexible program goes to $3,000,000 (97% financing to $2,000,000 and 89.99% to $3,000,000, 700+ credit), and allows second homes, 2–4 unit primary homes, adjustable rates, and temporary buydowns on 30-year fixed purchases. Our 100% Adjustable program offers zero down on a 5-, 7- or 10-year ARM up to $1,500,000. Pricing is competitive, but a physician loan isn't always the lowest rate: with 10–20% down, our conventional or jumbo loans are often priced better. Building a home? Physician loans don't cover construction; see our construction loan options.
Why This Matters for Your Career Stage
The most common reason a strong physician borrower gets a 'no' elsewhere is timing — a great income that's brand new, or student loan payments that crush a conventional DTI calculation. This program is structured to look at where your career is going, not just where it's been. Pair that with zero-down and no PMI, and you keep your capital free for the things that actually move the needle: a practice buy-in, retirement funding, an emergency reserve, or simply not draining your savings to close. For a finishing resident or a new attending relocating to Oregon or California, that combination can be the difference between buying now and waiting another year.
Let's See If It Fits
Every file is different, and the right answer depends on your numbers. The fastest way to know what you qualify for is a quick conversation. We'll review your signed contract or offer letter, document your compensation correctly, run your student loans the favorable way, and tell you exactly which tier you land in — at no cost and with no obligation. Start anytime at blink.mortgage, or call us directly.
Know Your Qualifying Ratio
Debt-to-Income Calculator
For physician borrowers, DTI is where conventional underwriting breaks down — and where physician loan programs quietly rescue the application. The difference between a lender counting your student loans at 1% of the balance versus your actual income-driven repayment can move your DTI by 15–20 points. That's often the difference between qualifying and not.
The DTI calculator lets you input your gross income, all existing monthly obligations, and projected mortgage payment to see your front-end and back-end ratios in real time. Model what your file looks like if student loans are excluded entirely. Calculate the income threshold you need to hit for your target purchase price. These numbers define your path.
Front vs. back-end DTI
See both ratios — housing cost alone, and all debts combined — against the lender thresholds that determine approval.
Student loan scenarios
Model the DTI impact of different student loan treatments: 1%, 0.5%, your actual IDR payment, or excluded entirely.
Income target
Work backward from a target purchase price to find the qualifying income you need to meet lender guidelines.
Free · No login · No credit pull required
Model Your Zero-Down Payment
Physician Loan Calculator
See your no-PMI physician loan payment at any down payment from 0% to 20% — side by side with a conventional loan carrying mortgage insurance.
0–20% down slider
Watch the monthly payment and cash-to-close change at every down payment level, and see where the physician program hands off to conventional.
No-PMI savings
The exact monthly delta versus a conventional loan with estimated mortgage insurance at the same down payment.
Your exact tier
See which credit-score-and-loan-size tier your scenario lands in, plus the reserves required after closing.
Free · No login · No credit pull required
Realtor Referral
Buying with a physician loan and need an agent who gets the timeline?
Physician purchases are often time-compressed and remote, and a zero-down offer needs an agent who can position it credibly with listing agents. We can introduce you to OR/CA realtors who close physician deals every month and know how to present a fully underwritten, no-PMI offer.
No directory. No paid placements. No RESPA-restricted referral fees. We've worked alongside these pros on real Oregon and California deals — we'll make a personal email introduction so you can interview them yourself.
Or email us directly:
Enhanced Physician Loan vs. Conventional vs. FHA
Primary residence purchase in Oregon or California
| Physician (Enhanced) | Conventional | FHA | |
|---|---|---|---|
| Max Financing | Up to 100% (zero down) | 97% (3% down) | 96.5% (3.5% down) |
| Mortgage Insurance | None at any LTV | PMI until 20% equity | MIP — life of loan (if <10% down) |
| Max Loan Amount | $2,000,000 | $832,750 conforming | $832,750 (varies by county) |
| Min. Credit Score | 680 (720 for 100% to $2M) | 620 | 580 |
| Max DTI | Up to 50% | 43–50% | Up to 57% |
| Student Loan Treatment | Excluded for residents & fellows on training income; 0.5% of balance on High-Balance & Flexible | Usually 1% of balance/mo if no payment reports | 0.5% of balance/mo if no payment reports |
| Qualify on Offer Letter | Yes — start within 150 days | Limited | Limited |
| Eligible Borrowers | MD, DO, DDS, DMD, PharmD, DVM, DPM, doctorate CRNA + residents | Anyone | Anyone |
Physician Loan Financing Tiers
How much you can borrow and how little you can put down depends on your credit profile and loan size.
| Loan Amount | Max Financing (LTV) | Minimum FICO |
|---|---|---|
| Up to $2,000,000 | 100% (zero down) | 720 |
| Up to $1,500,000 | 100% (zero down) | 680 |
| Up to $2,000,000 | 95% | 680 |
| Up to $3,000,000 | 89.99% | 700 |
Up to 100%
Max Financing
None
Mortgage Insurance
$2,000,000
Max Loan Amount
680
Min. Credit Score
50%
Max DTI
0 months
Min. Reserves
Frequently Asked Questions
Does Lumen Mortgage offer 100% financing on physician loans in Oregon and California?
Is there a 0% down (no money down) physician loan, and is there PMI?
What credit score do I need for a 100% financing physician loan?
Can medical residents, fellows, and interns qualify before becoming an attending?
Which degrees qualify — do nurses, physician assistants, CRNAs, and dentists qualify?
How many months of reserves does the physician loan require?
What are the property and program restrictions on the physician loan?
Physician Mortgage Programs
Zero down, no PMI, and student loans treated fairly. Purpose-built for MDs, DOs, DDSs, and other medical professionals.
Bottom Line
The bottom line: our Enhanced Physician Loan Program offers up to 100% financing with no PMI on 15- and 30-year fixed loans up to $2,000,000, for purchase and rate/term refinance of a primary residence in Oregon and California. It's open to MDs, DOs, dentists, pharmacists, veterinarians, podiatrists, and doctorate CRNAs, including residents, fellows, and interns. Other healthcare professionals can use our High-Balance & Flexible or 100% Adjustable programs. If you've been holding off because you assumed you'd need 5–20% down, the math may already work in your favor. Call David Blackmon and the Lumen Mortgage team at 503-966-9255 or email info@lumenmortgage.com for a personalized review of your scenario. NMLS #1017565 · Company NMLS #1498678. Equal Housing Opportunity. This is not a commitment to lend; all loans are subject to credit approval, income and asset verification, property appraisal, and program guidelines, which are subject to change without notice.
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