You can typically close 30 to 90 days before your start date with a signed employment contract, medical license, and lender approval. Plan your timeline and underwriting milestones early to avoid last minute delays.
Why This Matters Right Now
You are entering a Central Florida real estate market that has shifted into a balanced zone, with roughly 4.5 to 5 months of inventory and average marketing times near 27 to 37 days based on recent MLS and local board reports. Prices are growing at a modest 2 to 4 percent annually, and homes in orlando florida and surrounding suburbs are no longer moving at the frenzied pace seen in 2021 to 2022. That gives you more time to negotiate, but it also puts a spotlight on timing your closing to your employment contract. If you are a first home buyer or moving into a new attending role, you often need keys in hand before your first paycheck. Physician loans are designed for that situation, allowing you to close ahead of your start date as long as you meet lender requirements. Your timing could save you rent overlap, prevent storage fees, and help you lock a good home in the right school zone.
What You Need to Know Before You Try to Close Early
If you want the flexibility to close before day one on the job, you should understand what lenders consider when approving physician loans. These programs exist to bridge the gap between your signed offer and your first pay stub, but the details matter.
- You must show a fully executed employment contract that states your position, salary, start date, and contingencies. Many lenders require the start date to be within 30 to 90 days of closing.
- Physician loans often allow 0 to 5 percent down with no PMI and higher loan-to-value ratios. Typical caps range from about 1 million to 1.5 million with 0 percent down, and higher amounts with small down payments.
- Deferred student loans may be excluded from your debt-to-income ratio if deferment extends at least 12 months. If your loans enter repayment sooner, underwriters will use the listed payment or a percentage of the balance.
- You should target a credit score of 720 or higher for top pricing. Programs exist for lower scores, but rate and cost can increase.
- Interest rates have generally sat in the mid 6s in 2025, trending slightly lower into early 2026. You should budget carefully and consider the effect of a small rate move on your maximum purchase price.
- Underwriters will ask for your medical license or proof of eligibility, degree, and residency or fellowship documents. Expect verification calls to your employer before clear to close.
- You should keep your financial picture stable. Avoid new car loans, opening new credit, or big cash transfers during underwriting.
Your best option is to get physician-loan pre-approval 60 to 90 days before your start date, then align home shopping with appraisal and inspection timelines so you can close within that window.
How to Compare Your Options
When you compare your options, you should weigh physician loans against conventional financing and decide whether the closing timeline or long term cost matters more for your situation.
- Physician loan benefits:
– 0 to 5 percent down without PMI creates lower upfront cash needs. That is ideal if you are carrying student loans or moving across the country. – Higher allowable DTI, often up to 50 to 55 percent, can boost buying power in tight submarkets like Lake Nona, Winter Park, and parts of Windermere. – Flexibility to close before employment starts with only a signed contract is critical for residents, fellows, and junior attendings.
- Tradeoffs to consider:
– Rates can be slightly higher than the best conventional offers with large down payments. As a buyer in this market, you should evaluate total cost over the first 5 to 7 years, not just the note rate. – Some lenders restrict condos, non-warrantable units, and investment use. If you are a real estate investor doctor, verify whether second homes, duplexes, or house hacking strategies are eligible. – Jumbo pricing and reserve requirements can vary widely. Luxury homes in Central Florida may qualify, but terms depend on the specific lender.
- Conventional loan benefits:
– If you can put 20 percent down and you do not need to close before your first paycheck, you may secure a lower rate and broader property options. – Conventional underwriting typically requires a pay stub or a start-before-close date, which can limit timing flexibility.
Key factors to evaluate:
- Cash to close vs monthly cost: model payment, MI, and cash reserves.
- Timeline flexibility: ability to close 30 to 90 days pre-start.
- Property flexibility: eligibility for condos, townhomes, and luxury real estate.
Your Step-by-Step Guide
You should follow a defined process so your closing date and start date line up cleanly. Here is a practical timeline that works for Central Florida physicians.
1. 90 to 75 days before start – Gather your signed offer letter or employment contract, medical license, proof of graduation, and residency or fellowship documentation. – Pull a soft credit check to confirm scores and identify issues to fix now. – Ask your lender for physician-loan program details, loan caps, and required reserves.
2. 75 to 60 days before start – Complete a full application to receive a pre-approval letter valid for 60 to 90 days. – Set a budget that fits your income and target neighborhoods. As a first home buyer, you should model payments at a few rates to stress test affordability. – Align with your agent on search strategy and negotiation room. Balanced inventory near 4.5 to 5 months gives you leverage on repairs or credits.
3. 60 to 45 days before start – Make offers that include finance and employment contingencies if your lender requires them. You should avoid extremely short inspection periods. Typical inspection windows run 7 to 10 days. – Order inspection, negotiate repairs or credits, and proceed to appraisal.
4. 45 to 30 days before start – Satisfy underwriting conditions. Expect verification calls to your employer HR or practice administrator. – Lock your rate if you have not already. You should confirm appraisal and title are clear.
5. 30 to 10 days before start – Complete final verification of employment and clear to close. – Prepare funds for closing via wire or cashier’s check. Keep accounts stable and document any gift funds.
6. Closing week – Sign closing documents. If you need immediate occupancy, confirm your homeowner’s insurance and utility start dates. – Move in, then start work on schedule so your first pay stub arrives as expected.
If your start date moves, communicate immediately. Your lender may allow a short extension, but if your start date pushes beyond 90 days from closing, you should expect to adjust.
What This Looks Like in Winter Garden
You are looking at an area with fast access to FL-429, FL-408, and I-4, which compress commute times to major hospital systems in orlando florida. You can reach downtown Orlando, AdventHealth campuses, and Orlando Health in typical 25 to 40 minute windows depending on traffic. Balanced market conditions give you options, and recent MLS data shows days on market in the 27 to 37 range with Orange County medians near the low 400s. In Winter Garden and Horizon West, newer homes often run higher than county medians due to size and amenities.
You will find strong school options, planned communities with resort-style amenities, and nearby retail at Hamlin and Winter Garden Village. If you are commuting to Lake Nona’s Medical City, you will connect via FL-417 and FL-528. Brightline service and SunRail add regional connectivity, which supports long term resale strength.
As an Investor doctor who wants more space or a home office, you can target flexible floor plans with lofts or dens. If you focus on Luxury homes in Central Florida, you will see lakefront and golf course properties within a short drive, including Windermere and Dr. Phillips. When you compare options, balance commute time, school preferences, and monthly payment.
Neighborhoods to consider:
- Horizon West: Newer master planned communities, townhomes roughly in the high 300s to mid 400s, single family often 500 to 800 thousand. A-rated schools, parks, and quick access to FL-429.
- Hamlin: Mixed-use lifestyle center with waterfront, shopping, and dining. Single family commonly 600 thousand to 1.2 million, with luxury reaching higher. Strong amenities and entertainment.
- Windermere: Established luxury and gated options from 700 thousand into the multi-million range. Tree lined streets, golf, and proximity to top schools.
What Most People Get Wrong
You might think you need a pay stub to close. With a physician loan, you usually do not. A signed employment contract can be enough for underwriting, as long as you meet the start date window and licensing requirements. You might also assume all student loans are ignored. That is not always true. Lenders typically exclude deferred loans only if the deferment runs at least 12 months beyond closing. If your loans enter repayment sooner, the payment counts.
Another common misconception is that physician loans are always the cheapest. They are designed for flexibility and low down payment, but rate and long term cost can be slightly higher than strong conventional offers with 20 percent down. Jumbo physician loans can also have tighter property rules. Finally, you should not expect unlimited closing windows. Most lenders cap pre-start closings at 90 days, and many prefer 60 days or less.
Frequently Asked Questions
What documents do I need to qualify?
You should prepare a fully executed employment contract, medical license or proof of eligibility, degree and training documentation, recent bank statements, and a credit authorization. Underwriters often verify employment directly with your HR or practice administrator.
How are student loans treated?
Deferred student loans are often excluded from your DTI if the deferment extends at least 12 months beyond closing. If repayment begins sooner, lenders use the actual payment or a calculated amount. You should ask for a written breakdown of how your loans will be counted.
Can I use gift funds, a signing bonus, or relocation assistance?
Yes, many programs allow gift funds from family and can count a signed signing bonus if it is documented and scheduled for receipt. You should verify whether funds must be received before closing and document all transfers to avoid underwriting delays.
Are condos, townhomes, or duplexes eligible?
Many physician loans permit single family homes and townhomes. Condo approval depends on project eligibility, and some lenders restrict duplexes or investment use. If you are a Real estate investor doctor considering house hacking, confirm property type rules in writing.
Conclusion
You can close on a physician loan before your start date in Central Florida as long as you plan the timeline and provide the right documentation. Most lenders allow 30 to 90 days pre-start with a signed employment contract, which gives you the flexibility to secure the right neighborhood, school zone, and commute. In a market with balanced inventory and moderate price growth, you benefit from more negotiating room and enough time to align closing with onboarding. Whether you are a first home buyer or shopping higher priced options typical of Luxury homes in Central Florida, your best option is to compare physician loan terms against conventional financing and choose the path that optimizes timing, cost, and property eligibility.
If you’re ready to explore your options for closing on a physician loan before your start date in the Winter Garden area, Angela Rodriguez at Dream Finders Realty Group can walk you through the specifics for your situation.
4078738379
