Doctors are drawn to physician mortgage loans for four reasons: a low or no down payment, no monthly mortgage insurance, student debt that counts for less against you, and the ability to close on a house before the first attending paycheck arrives. Duane Buziak does not offer a dedicated physician loan product, but Virginia doctors can often reach comparable results through conventional, jumbo, and Non-QM options. This article explains what physician programs usually promise, how to replicate each benefit with loans that are available, and how to timeline a purchase around a start date. It also covers the soft credit pull mortgage path, which lets you see where you stand before any lender runs full credit.
The Benefits Physician Mortgage Loans Usually Promise
Lender-branded physician programs tend to bundle a handful of features for medical professionals, typically MDs, DOs, and sometimes dentists or other advanced practitioners. The common ones:
- Low or no down payment. Some programs allow financing at or near the full purchase price.
- No monthly private mortgage insurance (PMI). Even with little down, the borrower is not charged a separate monthly premium.
- Gentler student loan treatment. Deferred or income-driven loans may be counted at a lower payment, or excluded, when calculating debt-to-income (DTI), the share of gross monthly income that goes to debt payments.
- Signed contract accepted. A fully executed employment contract can substitute for pay stubs before the start date.
Duane Buziak does not offer a branded physician loan. These programs also vary from lender to lender and change often, so as of October 2026 you should verify the current terms directly with any lender before building a plan around one.
“No PMI” does not mean “no cost”
PMI is a charge for the lender’s risk. When a program waives it, the lender usually recovers that risk somewhere else: a higher interest rate, tighter credit overlays, limits on loan size, or restrictions on property type. A physician loan with no PMI and a rate a fraction of a point higher can cost more per month than a conventional loan with PMI, particularly once PMI is removable and the higher rate is not.
The right comparison is the full monthly payment and the total cost over the years you expect to keep the loan, not any single feature. Physician programs are not automatically the cheapest route, and in many Virginia scenarios they are not.
Getting Low Down Payment and PMI Relief With a Conventional Loan
Conventional loans can be written with as little as 3% to 5% down, depending on the program and borrower profile. With less than 20% down, you pay PMI, but the price is not fixed. It is set by your credit score and your loan-to-value ratio (LTV). A borrower with a strong score pays far less than one near the minimum, which is why doctors with clean credit often find conventional PMI more tolerable than expected.
Borrower-paid PMI on a conventional loan is also not permanent. Under the federal Homeowners Protection Act, you can generally request cancellation once the balance reaches 80% of the home’s original value, and it terminates automatically at 78% if you are current on payments. Confirm the exact conditions with your lender, since requirements such as payment history and property value checks apply.
How student loans count toward DTI
Conventional underwriting does count student loans, but the method matters. When a payment appears on your credit report, lenders often use it. When a loan is deferred or on an income-driven repayment (IDR) plan, which sets payments as a share of income, the calculation can differ, and in some cases a documented IDR payment can be used, including a very low one. Fannie Mae and Freddie Mac each publish their own rules and update them, so your loan officer should check current guidance for your specific situation rather than relying on a rule of thumb.
An illustration: Richmond-area purchase
Suppose a physician buys a $500,000 home in the Richmond area with 5% down, a $475,000 loan. These are hypothetical numbers, not a quote. If PMI were priced at 0.5% annually, that adds roughly $198 per month ($475,000 x 0.005 / 12). Pay the same loan with no PMI at a rate an eighth of a point higher, and the principal and interest difference could land in a similar range, but without the option to drop the charge later. If PMI cancels after several years of payments and appreciation, the PMI path can finish cheaper. Your actual numbers depend on credit score, rate, and program, which is why the comparison should be run on real quotes.
Jumbo, Bank Statement, and Non-QM Options for Higher-Priced Homes and Variable Income
Conventional loans have a ceiling called the conforming limit, set annually by the Federal Housing Finance Agency (FHFA). Virginia’s baseline limit applies in most of the state, while several Northern Virginia localities carry a higher limit because of their housing costs. Verify the 2026 FHFA figures for your county before assuming where a purchase falls. A doctor buying in Arlington, Fairfax, or Loudoun faces a different threshold than one buying near Charlottesville or Hampton Roads.
When the loan amount exceeds the limit, you are in jumbo territory. Jumbo loans carry their own guidelines on reserves, credit, and documentation, and they are where a broker’s access to many lenders pays off, since jumbo pricing and overlays vary widely across the market.
When a W-2 file does not fit
Standard underwriting wants two years of tax returns and steady W-2 income. That can work against physicians who are:
- Working as 1099 contractors or locum tenens providers.
- Starting a new private practice with limited history.
- Earning partnership or K-1 income that shows lower on tax returns after deductions.
Bank statement loans, a Non-QM option, qualify you by analyzing deposits over a period such as 12 or 24 months instead of tax returns. Duane Buziak’s Non-QM suite also includes P&L, asset depletion, and DSCR programs for specific situations. Non-QM generally means different pricing and larger down payments than conventional, so it is a tool for fit, not a discount.
The table below compares the three paths in general terms.
- Conventional: Down payment is typically low to moderate, with 3% to 5% possible on qualifying loans. Documentation is standard: pay stubs or contract, W-2s, tax returns. Best fit: a salaried physician or newly employed attending buying within the conforming limit.
- Jumbo: Down payment is typically moderate to substantial, depending on lender and loan size. Documentation is thorough, often with reserve requirements. Best fit: a physician with strong credit and steady income buying above the conforming limit, common in Northern Virginia.
- Bank statement: Down payment is typically moderate to substantial. Documentation relies on business or personal bank deposits instead of tax returns. Best fit: a self-employed, 1099, or practice-owner physician whose tax returns understate cash flow.
Buying Before You Start: Contracts, Residency, and Timing Across Virginia
A resident or fellow moving into an attending role can often start the mortgage process well before the first paycheck. The usual sequence runs like this:
- Sign the employment contract, which should state compensation, start date, and any contingencies.
- Get a pre-approval based on the contract, while the lender confirms what else it needs.
- Assemble documents: the signed contract, recent pay stubs from current training, bank statements, student loan statements, and identification.
- Go under contract on a home, with a closing date that fits the lender’s timing rules.
- Complete any final employment verification the lender requires before closing.
Requirements differ by lender and program. Some accept a contract alone, others want a letter confirming start date or proof the start date falls within a set window.
Where Virginia doctors are landing
The market varies by region. Physicians joining UVA Health often look at Charlottesville and Albemarle County, where inventory can be tight. VCU Health draws buyers to Richmond, Henrico, and Chesterfield, with the West End, Short Pump, and Glen Allen as common destinations. Hampton Roads has several hospital systems and a wide price range, and Northern Virginia hospital systems tend to push buyers toward the higher conforming and jumbo tiers. Fredericksburg-area practices attract commuters who trade a longer drive for more house. Those are general patterns, so confirm local conditions with a local agent.
Mistakes that cost doctors money
- Waiting for the first paycheck. You may lose the house or the rate while you wait, when a contract could have been used.
- Spending down-payment funds on student loans. Paying off a balance can leave you short on reserves, and with IDR plans the payment may already count for little in DTI.
- Applying with several lenders that each run a hard inquiry. Rate shopping inside a short window is treated more leniently by scoring models, but multiple hard pulls still create noise and paperwork you can avoid.
Why Duane Buziak Shops 500+ Wholesale Lenders Instead of One Bank’s Shelf
A bank has one set of guidelines, one set of overlays, and one rate sheet. If your file does not fit, say a new attending with large deferred student loans and a start date three months out, you get a decline or a worse offer, with nowhere else to go. As an independent mortgage broker with access to 500+ wholesale lenders, Duane Buziak is not paid to push one bank’s products. He compares the same borrower profile across many lenders, each with different views on student debt, contracts, and income type, and wholesale pricing generally runs below retail pricing at the same institution.
See where you stand without a credit hit
Duane Buziak’s NoTouch Credit Pull is a soft credit pull mortgage option, which works as a no hard inquiry pre-approval step. As a soft pull mortgage broker, he can review your scenario and give you a mortgage pre-approval without hard pull, a no credit hit mortgage application stage, before any lender runs full credit. For a physician comparing a conventional path with a jumbo or bank statement route, that means exploring options without stacking inquiries. For buyers who want it, Duane can also discuss no-out-of-pocket closing options, depending on the loan and the seller’s contribution.
The credentials behind the comparison
Duane Buziak, NMLS #1110647 (Coast2Coast Mortgage LLC, NMLS #376205), has 15+ years of mortgage experience. He was named Virginia Broker of the Year in 2024 and 2025, ranked #114 nationally on the Scotsman Guide Top Originator list for 2025 with $44.4 million in volume, and appeared again in 2026 with $51.2 million. He is a UWM PRO ELITE 2025 partner and holds more than 1,400 five-star reviews across Google, Experience.com, and Zillow.
Physician Mortgage Questions Virginia Buyers Ask
Does Duane Buziak offer a physician mortgage loan?
No. Duane Buziak does not offer a dedicated physician loan product. Doctors can still pursue similar goals through conventional loans with low down payment options, jumbo loans for higher-priced homes, and bank statement or other Non-QM loans for income that does not fit a W-2 file.
Can a doctor avoid PMI in Virginia?
Often, but each route has a tradeoff. Putting 20% down avoids PMI on a conventional loan. Borrower-paid PMI can be removed once enough equity is reached under the Homeowners Protection Act. Some jumbo structures do not require PMI, though they carry stricter credit, reserve, and down payment requirements. Whether any of these produces a lower total cost depends on your rate and profile, and nothing here is a guarantee.
Will a soft credit pull affect my credit score?
No. A soft pull does not affect your score, which is the point of a NoTouch Credit Pull pre-qualification. A hard inquiry comes later, once you decide to move forward with a specific loan and the lender needs full credit for underwriting.
Can I buy a home before I start my new job?
Sometimes. With a signed employment contract, some loan programs and lenders will approve you before your start date, but documentation requirements vary. Expect to provide the contract, proof of the start date, and bank and student loan statements. A broker can match your timeline to a lender whose rules fit.
Reaching Physician-Style Terms With Loans Available in Virginia
The benefits doctors want, a low down payment, relief from PMI, and sensible student debt treatment, can often be reached through programs Virginia Mortgage Broker by Duane Buziak does offer. Start by reviewing the conventional, jumbo, and bank statement loan pages, then begin with a NoTouch Credit Pull soft pull pre-qualification so you can compare real numbers before any hard inquiry.
Ready to see what Virginia’s top-ranked mortgage broker can do for you? Duane Buziak offers a no-hard-pull pre-approval so you can explore your options with zero credit impact. With access to 500+ wholesale lenders, you get better rates than any single bank can offer. Get your free mortgage review today.
