Florida Physician Mortgage Loans
Buy your Florida home with as little as 3% down — and no PMI, at any loan size.
A physician loan built specifically for MD, DDS, DMD and DO borrowers buying a primary, single-family home in Florida — with guidelines that account for student debt and a job that may not have started yet.
No PMI at any LTV — over 90%, PMI is lender-paid. It is never a charge to you.
Check Your Physician Loan Eligibility
Answer a few questions and Mike's team will review your scenario against the actual program guidelines. No obligation.
Physician Loan Program offered through
Loan amounts & LTV — exactly as the guidelines are written
No 100% financing and no inflated caps. Your maximum loan-to-value depends on your loan amount:
Only first-time home buyers may exceed 95% LTV. That is as little as 3% down on a loan up to $1M.
Buy with 5% down on loans up to $1.5M — far above the cap on most low-down-payment programs.
The largest loans in the program — and like every tier here, you pay no PMI.
No PMI — regardless of LTV: you never pay PMI on this program. At 90% LTV and below, no PMI is required at all. Over 90% LTV (on terms over 20 years), PMI is lender-paid — there is no PMI charge to you — and program pricing uses conforming rates (not jumbo) to help offset some of that lender cost. Borrowers who put down at least 10% — or choose terms under 30 years — benefit from even better interest rates.
Who — and what — actually qualifies
This program is narrow by design. Checking these boxes first saves you an application that was never going to fit.
Qualifies under the guidelines
- Degrees: MD, DDS, DMD, or DO
- Occupancy: primary residence in Florida
- Property: single-family home
- Purpose: home purchase or rate/term refinance
- Loan terms: fixed rate, or a 10/6 ARM
- New position: close up to 90 days before your employment start date, with a signed contract
- Self-employed / practice owners: eligible with 1 full year of business and personal tax returns
Does not qualify — so you don't waste time
- Condos and manufactured homes
- Vacation / second homes and investment properties
- Cash-out refinances
- Construction-to-permanent loans
- 5/5 ARM terms
- Degrees outside MD, DDS, DMD, and DO
Don't fit this program? Mike's team can still review conventional and other options on mikecockmanmortgage.com.
Minimum criteria
Minimum criteria are per PMI guidelines. There is no minimum borrower contribution (Fannie Mae interested-party contribution limits apply). Example: a $200,000 deferred student loan balance is calculated as a $1,000 monthly payment ($200,000 × 0.005) — not the full balance, and not a payment you may not even be making yet.
How it works
From eligibility check to closing — including closing before your first day of work.
Eligibility check
Submit the form above. Your degree, loan amount, credit profile, and timeline are reviewed against the FAIRWINDS physician guidelines.
Pre-approval
Income, reserves (2 months PITIA), and — if you're starting a new role — your employment contract are documented and underwritten.
Appraisal & processing
All normal closing costs and settlement charges apply. The appraisal cost is paid before the report is ordered. Sellers can contribute toward costs per Fannie Mae limits when stipulated in the contract.
Close — up to 90 days early
Close up to 90 days before your employment start date, move in, and be settled before your first shift. For refinances, closing costs may be included in the loan if the LTV permits.
Florida physician loan FAQ
Straight answers, taken from the program guidelines — not from a sales script.
Who is eligible for a FAIRWINDS physician loan in Florida?
Physicians with an MD, DDS, DMD, or DO degree. The program is for a primary residence only and is not available for vacation or investment properties.
How much can I borrow with a physician mortgage loan?
Loan amounts go up to $1,000,000 at up to 97% LTV, up to $1,500,000 at up to 95% LTV, and up to $2,000,000 at up to 90% LTV. Only first-time home buyers may exceed 95% LTV.
Does a physician loan require PMI?
No — you never pay PMI on this program, at any LTV. Loans at 90% LTV and below do not require PMI at all. On loans over 90% LTV with a term over 20 years, PMI is lender-paid, so there is no PMI charge to the borrower.
How are deferred student loans calculated?
For deferred student loans, the monthly payment is calculated as one half percent (0.5%) of the unpaid balance. For example, a $200,000 balance is calculated as a $1,000 monthly payment.
Can I close on a home before my employment starts?
Yes. A loan can close up to 90 days prior to your employment start date with an employment contract containing minimal, reasonable contingencies.
What properties qualify for a physician loan?
Single-family homes for use as a primary residence. Condos and manufactured homes do not qualify, and vacation and investment properties are excluded.
What credit score and reserves do I need?
Minimum criteria include a 700 credit score, a maximum 45% debt ratio, and 2 months of full PITIA reserves, per PMI guidelines.
MD, DDS, DMD, or DO — buying a primary home in Florida?
Find out in one review whether your scenario fits the physician loan guidelines — before you apply anywhere else.
Check My Eligibility