How much home can you afford as a doctor in Central Florida, and how do physician loan limits and DTI shape your price range?
You can typically qualify for a price range 4 to 6 times your income with physician loans that allow higher DTI and no PMI, but your comfort zone depends on taxes, insurance, HOA, and your start-date timeline.
Why This Matters Right Now
You’re buying in a market that finally gives you leverage. Central Florida’s housing has eased into a balanced zone with roughly 4.5 to 5 months of supply, modest price growth around 2 to 4 percent, and average days on market in the high 20s to 30s. Mortgage rates in 2025 hovered near the mid-6 percent range and have trended slightly lower into early 2026, which lifts affordability and opens room for rate buydowns. As a physician, you benefit more than most because physician loans can ignore deferred student debt and allow higher debt-to-income ratios, which increases your approved price range. Your timing could let you secure seller credits, negotiate repairs, and lock a better payment structure. With major employers concentrated near downtown Orlando, Lake Nona, and the West Orange corridor, your commute options and neighborhood choices are diverse, so you can optimize both lifestyle and budget.
What You Need to Know Before You Pick a Price Range
You should size your budget with both lender approval and comfort in mind. Physician loans commonly allow total DTI up to 50 to 55 percent, compared with about 43 to 45 percent for many conventional loans. That means you can qualify for more, but you should still anchor your monthly payment to a sustainable housing ratio.
Key points to weigh:
- Physician loans often allow 0 to 5 percent down to high limits with no PMI, which lowers your monthly payment compared with a conventional loan that charges PMI below 20 percent down.
- Many programs exclude deferred student loans from DTI if they are in deferment for at least 12 months after closing, which boosts your qualifying power.
- Your total housing payment includes principal and interest, property taxes, homeowner’s insurance, HOA or condo dues, and in some communities a CDD fee. In Central Florida, taxes often run near 1 percent of assessed value, and insurance can vary widely by construction age and wind mitigation.
- Your employment contract matters. You can usually close up to 90 days before your start date if you provide a signed offer and appropriate licensing documentation.
- Credit score tiers matter. You’ll want a 700 to 720+ score for the best physician loan terms, and 740+ if you are comparing jumbo conventional options.
Practical affordability guardrails:
- Resident at 70,000 salary: target homes around 300,000 to 350,000 at a conservative 28 percent housing ratio.
- Junior attending at 180,000 salary: typical affordability 600,000 to 700,000 with physician loan flexibility.
- Established physician at 300,000 salary: ranges from roughly 1.2 to 1.5 million with jumbo physician loan options if you prefer luxury real estate.
How to Compare Your Options
You should compare physician loans, conventional loans, and jumbo programs using three lenses: payment, flexibility, and long-term exit.
Payment comparisons in the current rate environment:
- Physician loan at 0 to 5 percent down, no PMI. A 600,000 price at about 6.5 percent yields roughly 3,792 principal and interest per month. Add taxes around 500 per month, insurance maybe 250 to 400, and HOA or CDD if applicable. Expect a total near 4,600 to 5,000.
- Conventional loan with 20 percent down avoids PMI but requires significant cash. On the same 600,000 price with 120,000 down, principal and interest drop to roughly 3,034. You save monthly but tie up liquidity you may want for relocation, childcare, or practice setup.
- Jumbo conventional for Luxury homes in Central Florida may have tighter reserves and DTI limits compared with a physician jumbo, which could push you back toward a physician loan if you prefer maximum flexibility.
Pros and cons:
- Physician loan pros: low or no down payment, no PMI, higher DTI allowances, student debt flexibility, ability to close before start date with an employment contract.
- Physician loan cons: rate can be slightly higher than top-tier conventional, some programs cap at 1.25 to 3 million, primary residence only for most programs.
- Conventional pros: competitive rates, wide lender availability, flexibility for second homes and investments.
- Conventional cons: PMI below 20 percent down, stricter DTI, includes all liabilities, larger down payment to optimize terms.
Key factors to evaluate:
- Monthly payment and cash to close. Compare scenarios with and without buydown points and seller credits so you know your best net cost.
- Loan limits and occupancy rules. Physician loans can reach 1.25 to 3 million depending on lender, but usually require primary occupancy, which matters if you are a real estate investor doctor.
- Student loan treatment and start date timing. If your student loans are deferred for 12 months beyond closing, you may be able to exclude them from DTI. If not, understand how a 0.5 to 1 percent payment factor could change approval.
Your Step-by-Step Guide
Follow a clear timeline to lock your price range and close smoothly around your transition.
1) Get your documents in order. Gather your signed employment contract or offer letter, medical license, residency or fellowship documentation, last two months of bank statements, and a recent credit profile.
2) Choose a loan path. Compare physician loan programs and conventional options side by side. You’ll want to weigh down payment, rate, DTI flexibility, and pre-start closing capability.
3) Secure a strong pre-approval. Ask the lender to run physician loan overlays that exclude deferred student debt if eligible, and request a pre-approval letter valid for 60 to 90 days.
4) Model your monthly payments. Price out multiple targets, for example 450,000, 600,000, and 750,000, at current rates. Include taxes, insurance, HOA or condo dues, and any CDD fee so you avoid surprises.
5) Plan your cash to close. With 0 to 5 percent down you still need earnest money, appraisal, inspection, prepaid taxes and insurance, and closing costs. In a balanced market you can often negotiate seller credits to cover part of these or buy down your rate.
6) Align the contract with your start date. If you are closing before employment begins, structure your closing 30 to 60 days before your start so underwriting can finalize with your contract and license. Add employment and financing contingencies if appropriate.
7) Execute due diligence. Schedule inspection and appraisal within 7 to 14 days, confirm insurance quotes early, and clear any HOA or condo review items.
8) Final underwriting and closing. Keep your credit stable, avoid new debt, and maintain reserves. You’ll sign final disclosures, wire funds, and collect keys on time for your move-in.
What This Looks Like in Winter Garden and Nearby
Around 7759 Bowery Drive in Winter Garden, you’re in the fast-growing Horizon West and Hamlin corridor with new construction, strong schools, and easy access to FL-429 and FL-408. Inventory is healthier than peak frenzy years, days on market average about a month, and list-to-close dynamics favor buyers who show strong terms backed by physician pre-approval.
Typical pricing snapshots:
- Winter Garden, Horizon West, Hamlin. Newer townhomes often 350,000 to 500,000. Single-family 500,000 to 800,000 for 4-bed plans, with lakeside and estate properties above 1 million. Some communities include CDD fees, so build that into your monthly estimate.
- Windermere. High-demand luxury real estate around the Butler Chain of Lakes. Expect 800,000 to 2 million plus, with premium schools and country club amenities. Physician jumbos can be a fit for luxury homes in Central Florida here.
- Lake Nona Medical City. Strong appeal for hospital proximity, modern builds, and amenities. Many homes run 600,000 to 1.5 million. Commute times to campus can be 5 to 15 minutes.
- Winter Park and Maitland. Established neighborhoods with walkability and mature canopy. Expect 700,000 to 1.8 million for renovated homes near top-rated schools.
- Davenport and ChampionsGate. Larger supply and resort-style communities, typically 325,000 to 500,000 for newer product, but longer commutes to downtown Orlando.
Commute perspective from Winter Garden:
- Downtown hospital corridors around 25 to 35 minutes via FL-408 or the Turnpike during typical traffic.
- AdventHealth and Orlando Health campuses similar timing.
- Lake Nona 35 to 45 minutes via SR-417, so some physicians prioritize Lake Nona to keep sub-20-minute commutes.
Negotiation opportunities:
- With 4.5 to 5 months of supply, you can often secure seller credits toward a 2-1 buydown or closing costs. That can cut your first-year payment significantly, which matters if you are bridging to an attending salary.
What Most People Get Wrong
You might assume lender approval equals affordability. It doesn’t. A physician loan that allows 50 to 55 percent DTI can push you into a payment that works on paper but strains your cash flow when you add Florida insurance, taxes, HOA, CDD fees, and childcare or board exam costs. You should budget for reserves, ideally three to six months of payments. Another common mistake is overlooking insurance variability. Two homes with similar prices can have very different insurance premiums based on age, roof, and wind mitigation. You also do not need to wait until your first paystub to close, as long as your lender accepts your employment contract and license. Finally, if you are an investor doctor, remember most physician loans are for primary residences. If you plan house hacking or a future rental conversion, confirm occupancy requirements and consider how conventional or DSCR financing fits your longer strategy in Central Florida real estate.
Frequently Asked Questions
How much home can you afford on a 180,000 salary in Orlando Florida?
At a balanced housing ratio of about 30 percent, you’ll likely target 600,000 to 700,000 with a physician loan, especially with no PMI and higher DTI allowances. Your exact ceiling depends on taxes, insurance, HOA or CDD, credit score, and down payment.
Can you close before your residency or fellowship start date?
Yes. Many physician loan programs allow closing up to about 90 days before your start with a signed employment contract and license. Underwriting will verify terms, so give yourself 45 days for processing and include financing and employment contingencies when appropriate.
Do physician loans charge PMI?
No. Physician mortgages typically waive PMI even with 0 to 5 percent down. This reduces your monthly payment compared with a conventional loan that would add PMI below 20 percent down, which is one reason physician programs can stretch your approved price range.
How are student loans handled in DTI?
If your loans are deferred at least 12 months beyond closing, many physician programs exclude them from DTI. If not, lenders often count either the actual payment or a percentage of the balance. You should confirm the exact overlay, since it can change your price ceiling.
What credit score do you need for a physician mortgage?
Aim for 720 or higher to access top physician loan tiers, although some programs approve lower. If you are evaluating jumbo options for luxury homes in Central Florida, higher credit and larger reserves can improve pricing and underwriting ease.
Conclusion
You can afford more in Central Florida with a physician mortgage because you avoid PMI, benefit from higher DTI limits, and can close before your start date with an employment contract. That said, your smartest price point is the payment you can sustain comfortably once you include Florida taxes, insurance, HOA or CDD fees, and lifestyle needs. In today’s balanced market, you can often negotiate seller credits to lower your rate or cover closing costs, which helps first home buyer physicians and real estate investor doctors who are optimizing cash. When you compare physician and conventional loans, you’ll quickly see which structure fits your timeline, commute, and long-term plans in Central Florida real estate.
If you’re ready to explore your options for how much home you can afford as a doctor in the Winter Garden and greater Orlando Florida area, Angela Rodriguez at Dream Finders Realty Group can walk you through the specifics for your situation.
4078738379
