Physician & Doctor Loans · California
Physician loans in California: up to 100% financing, no PMI
California housing costs more than almost anywhere else, and a medical career rarely fits standard underwriting: big student loans, a short work history, and an offer letter where pay stubs should be. Our Enhanced Physician Loan Program finances up to 100% of a California primary home, up to $2,000,000, with no mortgage insurance.
- 0% down up to $2M (720+ credit)
- No PMI at any down payment
- Qualify on a signed offer letter
- Residents, fellows & interns eligible
What is a physician loan in California?
A physician loan (also called a doctor loan) is a mortgage for medical professionals that allows a very low or zero down payment without private mortgage insurance, and can qualify you on a signed employment contract before your first paycheck. Lumen Mortgage's Enhanced Physician Loan Program finances up to 100% of a one-unit California primary residence, up to $2,000,000 with a 720 credit score or up to $1,500,000 with a 680 score.
- 100% financing to $2,000,000 at 720+ credit, or to $1,500,000 at 680+
- 95% financing to $2,000,000 at 680+ credit
- No PMI at any tier, on 15- and 30-year fixed loans
- Offer letter accepted with a start date within 90 days of closing
Why California doctors use physician loans
In most of the country, a new attending can buy a home under the conforming loan limit with a modest down payment. In California, that's often not realistic. The 2026 conforming limit is $1,249,125 in San Francisco, Santa Clara, Los Angeles, and Orange counties, and homes near the major academic medical centers often cost more than that. With a conventional loan you need a large down payment, PMI, or a jumbo loan that usually asks for 10% down and 6–12 months of reserves.
A physician loan works differently. Our [Enhanced Physician Loan Program](/loans/residential/physician) finances up to 100% of the price with no mortgage insurance, up to $2,000,000. That covers most single-family homes near UCSF, Stanford, UCLA, and UC San Diego. It also looks at your career as it actually is: a signed contract can serve as your income, and student loans in deferment or forbearance may be left out of your debt-to-income ratio during residency or fellowship.
This matters most in your first year as an attending. Income is high but new, savings have gone to tuition and moving costs, and student debt can wreck a conventional DTI. Keeping 10–20% of the price in cash instead of putting it into the house leaves money for a practice buy-in, retirement savings, or an emergency fund.
The program covers purchases and rate/term refinances of a one-unit primary residence anywhere in California. Second homes, investment properties, and manufactured homes aren't eligible. For those, compare our [California jumbo loans](/jumbo-loans-california).
Estimate your California physician loan payment
Enter a California purchase price, your down payment, and your credit band. The calculator shows which financing tier you fall into, how many months of reserves you'll need, and your monthly payment compared with a conventional loan carrying PMI.
Try a few realistic local prices: around $900,000 for a Sacramento-area home near UC Davis Health, $1,400,000 for the Peninsula near Stanford, or $1,800,000 for the Westside near UCLA and Cedars-Sinai.
Physician Loan Calculator
Enhanced Physician Loan · 100% financing · No PMI · vs. Conventional
Default rate for illustration — as of July 2026. Edit to match your quote.
Loan Amount
$750,000
LTV
100.0%
Term
30-yr fixed
Enhanced Physician Loan
Monthly P&I
$4,989.27
Conventional with PMI
Not available conventionally — 3% minimum down payment. Move the slider to 3% or more to compare.
Same rate assumed in both columns — the difference shown is mortgage insurance and cash to close.
Estimates for illustration only, based on Enhanced Physician Loan guidelines as of mid-2026: 1-unit primary residence, purchase or rate/term refinance, Oregon & California. 100% financing to $2M requires 720 score; to $1.5M requires 680. No PMI at any tier. PMI figures in the conventional column are market estimates, not quotes. Subject to credit approval and program guidelines. NMLS #1498678.
How to read your results: Above $1,500,000, 100% financing needs a 720 score. With a 680–719 score you'd move to 95% financing (5% down) instead. Reserves depend on loan size and LTV: none at 95% LTV or below up to $1,500,000, rising to 6 months above 95% LTV between $1,500,001 and $2,000,000. The conventional column includes estimated PMI, which this program doesn't charge.
Physician loans in California's major medical markets
California has five University of California medical schools, Stanford, USC, and some of the country's largest health systems, including Kaiser Permanente, Sutter Health, Cedars-Sinai, and Scripps. Those jobs sit in the state's most expensive housing markets, which is why zero-down, no-PMI financing makes a big difference here.
San Francisco, the Peninsula, and Silicon Valley
Residents, fellows, and attendings at UCSF Health, Stanford Health Care, Kaiser Permanente, and the East Bay campuses of UCSF Benioff Children's Hospitals are buying in counties at the $1,249,125 ceiling. Many homes in Palo Alto, Menlo Park, and much of San Francisco cost more than the program's $2,000,000 maximum. In those cases we compare a physician loan for a condo or townhome with a jumbo loan for a larger house. In Oakland, the Tri-Valley, and San Mateo, a physician loan often covers the whole purchase with nothing down.
Bay Area mortgage lenderLos Angeles and Orange County
UCLA Health, Cedars-Sinai, Keck Medicine of USC, Kaiser Permanente's Southern California hospitals, UCI Health, and Hoag together employ more physicians than any other region in the state. Buyers here often look in Westwood, Culver City, Pasadena, the South Bay, or Irvine, where a $1.3–$2M purchase would be a jumbo loan with a conventional lender. A physician loan finances it with no PMI and light reserve requirements.
Los Angeles mortgage lenderSan Diego, La Jolla, and Coronado
UC San Diego Health, Scripps, Sharp, Rady Children's, and Naval Medical Center San Diego bring in civilian and military doctors. San Diego County's 2026 conforming limit is $1,104,000. Military physicians often qualify for both VA and physician financing, so we price both. One Marine battalion medical officer compared our 100% physician loan with VA financing on a $1,475,000 Coronado home. She chose the VA jumbo and closed in under 30 days. Read the case study.
San Diego mortgage lenderSacramento, Roseville, and Folsom
UC Davis Health, Sutter Health's headquarters, and Kaiser Permanente's Roseville and Sacramento hospitals make the capital region a major medical job market, and homes cost much less than on the coast. Sacramento County has no high-balance tier, so a conventional loan becomes jumbo above $832,750. A physician loan covers that whole range, and many new attendings here buy their first home with nothing down.
Sacramento mortgage lenderCentral Valley, Inland Empire, and the Central Coast
Residents and new attendings also train and work at UCSF Fresno, UC Riverside, Loma Linda University Health, Valley Children's, and Central Coast hospitals. Prices in these markets are often within the program's 100%-to-$1,500,000 tier, so a 680 credit score can be enough for zero down with no reserves required at 95% LTV or below.
California conforming limits vs. the physician loan
A conventional loan above your county's 2026 conforming limit is a jumbo loan, which usually means 10% down and larger reserves. The Enhanced Physician Loan Program goes up to $2,000,000 statewide in every county.
| County | 2026 conforming limit (1-unit) | Major medical employers | Physician loan max |
|---|---|---|---|
| San Francisco | $1,249,125 | UCSF Health, Kaiser Permanente SF | $2,000,000 |
| Santa Clara | $1,249,125 | Stanford Health Care, Kaiser Permanente | $2,000,000 |
| San Mateo | $1,249,125 | Stanford Health Care, Kaiser Permanente | $2,000,000 |
| Alameda | $1,249,125 | UCSF Benioff Children's Oakland, Kaiser Permanente | $2,000,000 |
| Los Angeles | $1,249,125 | UCLA Health, Cedars-Sinai, Keck Medicine of USC | $2,000,000 |
| Orange | $1,249,125 | UCI Health, Hoag, Kaiser Permanente | $2,000,000 |
| San Diego | $1,104,000 | UC San Diego Health, Scripps, Sharp, Naval Medical Center | $2,000,000 |
| Sacramento | $832,750 | UC Davis Health, Sutter Health, Kaiser Permanente | $2,000,000 |
| Fresno | $832,750 | UCSF Fresno, Valley Children's | $2,000,000 |
| Riverside / San Bernardino | $832,750 | UC Riverside Health, Loma Linda University Health | $2,000,000 |
Conforming limits: FHFA 2026 conforming loan limits (fhfa.gov/CLL). Physician loan maximum assumes 100% financing with a 720+ score; with a 680–719 score, 100% financing goes to $1,500,000 and 95% financing to $2,000,000. Employers are listed for context only; you don't need to work for them to qualify.
Physician loan requirements in California
Who qualifies
- MD, DO, DDS, DMD, PharmD, DVM/VMD, DPM, and OD
- Ophthalmology and psychiatry (MD/DO)
- Physician assistants/associates and CRNAs (with DNAP or DNP)
- Registered nurses (RN), nurse practitioners (NP), clinical nurse specialists (CNS), and chiropractors (DC)
- Residents, fellows, and interns holding an eligible degree
Financing tiers
- 100% financing up to $2,000,000 with a 720+ score
- 100% financing up to $1,500,000 with a 680+ score
- 95% financing up to $2,000,000 with a 680+ score
- Non-permanent resident aliens eligible up to 95%
Income, DTI, and reserves
- DTI up to 50% at 95% LTV or below; up to 45% above 95% LTV and on 15-year terms
- Deferred or forbearance student loans may be excluded during residency or fellowship
- Reserves from 0 months (95% LTV or below, to $1.5M) up to 6 months (above 95% LTV, $1.5M–$2M)
- 3 months of PITA reserves for each additional financed property
Loan and property terms
- 15- and 30-year fixed rate; purchase or rate/term refinance
- One-unit primary residence in California (no manufactured homes)
- Loan amounts $100,000 to $2,000,000; minimum LTV 90.01%
- Full appraisal required; no temporary buydowns or secondary financing
Physician loan vs. conventional and jumbo in California
In California, a doctor buying a $1.4M home with a conventional lender usually has two choices: put 20% down to avoid PMI on a high-balance loan, or take a jumbo loan with 10% down and months of reserves. A physician loan offers a third choice.
| Criterion | Enhanced Physician Loan | Conventional / jumbo |
|---|---|---|
| Down payment | 0% (to $2M at 720+) | 3–20% conforming; ~10%+ jumbo |
| Mortgage insurance | None | PMI below 20% down on conforming |
| Income documentation | Signed contract or offer letter OK | Usually pay stubs and W-2s |
| Student loans in deferment | May be excluded during training | Often counted against DTI |
| Max DTI | Up to 50% | Typically ~43–45% |
| Reserves | From 0 months | Often 6–12 months on jumbo |
| Property types | 1-unit primary residence only | Primary, second home, investment |
| Best for | Medical professionals preserving cash | Large down payments, second homes, rentals |
The physician loan isn't always the best option. Military physicians should compare it with VA financing. Buyers putting 20% or more down may get a better rate on a California jumbo loan. Doctors in private practice with complex tax returns may fit bank statement loans in California. We'll price each one and show you the results side by side. Related tool: Physician Loan Calculator.
What California clients say about Lumen Mortgage
"David and his team are top-notch. We've worked with many lenders over the years and David is in a league of his own. We'll never use a different lender!"
"He takes the time to show you all options available to you as a buyer. We will use David and his team at Lumen for all future transactions."
Verified Google reviews from California clients.
Frequently asked questions: physician loans in California
Can I get a 0% down physician loan in California?
Yes. Our Enhanced Physician Loan Program offers 100% financing on a one-unit California primary residence: up to $2,000,000 with a 720+ credit score, or up to $1,500,000 with a 680+ score. With a 680–719 score you can still finance 95% up to $2,000,000. There's no private mortgage insurance at any tier, on either 15- or 30-year fixed loans.
Is $2,000,000 enough for a home in the Bay Area or Los Angeles?
Often, but not always. $2,000,000 covers most single-family homes in Oakland, the Tri-Valley, much of San Mateo County, Pasadena, the South Bay, and Irvine, plus most condos and townhomes in San Francisco, Palo Alto, and the Westside. Above that, we compare a physician loan for a smaller property with a California jumbo loan, which has no hard loan cap but usually needs 10% down.
I'm matching into a California residency. Can I buy before I start?
Yes. Residents, fellows, and interns with an eligible degree qualify. If you have a signed contract or offer letter with a start date within 90 days of closing, we can use that compensation as income before your first paycheck. During residency or fellowship, student loans in deferment or forbearance may be left out of your debt-to-income ratio. Contact us as soon as your contract is signed, ideally 60–90 days before you want to close.
How does a physician loan compare to a conventional high-balance loan in California?
California's 2026 conforming limit goes up to $1,249,125 in high-cost counties. A conventional high-balance loan up to that amount can have a good rate, but below 20% down you'll pay PMI. A physician loan can go to $2,000,000 with nothing down and no PMI, with more flexible student-loan treatment. If you have 20% or more to put down, conventional may cost less, so we price both.
I'm a military physician in San Diego. Should I use VA or a physician loan?
Compare both. Each can offer 0% down with no monthly mortgage insurance. VA has a funding fee for most borrowers but no loan limit with full entitlement. Our physician loan has no funding fee but tops out at $2,000,000. In our Coronado case study, a Marine battalion medical officer compared both on a $1,475,000 home and chose the VA jumbo. The better choice depends on your entitlement, credit, and loan size.
Do nurses, dentists, PAs, and chiropractors qualify in California?
Yes. Eligible degrees include MD, DO, DDS, DMD, PharmD, DVM/VMD, DPM, OD, ophthalmology and psychiatry (MD/DO), physician assistants/associates, CRNAs with a DNAP or DNP, nurse practitioners, registered nurses, clinical nurse specialists, and chiropractors (DC). Registered nurses qualify on the same terms as physicians, with no minimum years of experience. Residents, fellows, and interns holding one of these degrees are eligible too. See the full list of who qualifies.
Can I use a California physician loan for a second home or rental?
No. The program is for a one-unit primary residence only, and manufactured homes aren't eligible. For a Tahoe cabin, a beach house, or a rental, look at our California jumbo loans or DSCR loans in California.
Further reading on physician loans
Physician Loans in Oregon & California: 100% Financing, No PMI
Physician loans in Oregon and California with up to 100% financing and no PMI — for MDs, DOs, dentists, NPs, PAs, CRNAs, registered nurses, chiropractors, optometrists, residents, and fellows. See who qualifies, the financing tiers, and the reserve requirements.
VA Jumbo vs. Physician Loan: A Medical Officer's $1.475M Coronado Home With 0% Down
A real case study: a Marine battalion medical officer compared our 100% physician loan with 100% VA financing side by side, chose a VA jumbo, and closed on a $1,475,000 Coronado home with 0% down in under 30 days.
Physician Loan Case Study: How We Closed 33 Days Before Our Borrower's First Day of Work
A physician relocating to Eugene, Oregon for a new position at Oregon Medical Group needed to close on a home before their April 22 start date — and before they'd earned a single paycheck. Here's how we qualified them on future employment income, coordinated with their recruiter and realtor, and closed on March 20, 2026.
Ready to talk to a California loan officer?
We'll walk you through the numbers, explain your options, and let you decide — no pressure, no sales pitch.