Gather your signed employment contract, license, income and asset documents, then apply with a physician-loan lender to secure a 60 to 90 day pre-approval that can exclude deferred student debt and offer up to 100% financing without PMI.
Why This Matters Right Now
You are navigating a market that finally favors prepared buyers. Central Florida has shifted into a balanced zone with roughly 4.5 to 5 months of inventory, homes taking about 27 to 37 days to sell, and price growth near 2 to 4 percent. Median sale prices hover around 398,000 to 405,000, which keeps many neighborhoods attainable for a first home buyer while still rewarding decisive offers. Mortgage rates in 2025 trended around 6.25 to 6.75 and have eased slightly into early 2026, which improves affordability when you lock at the right time. If you are starting residency, fellowship, or a new attending role, physician-loan pre-approval lets you close up to 90 days before your start date, stay under a 30-minute commute, and leverage no-PMI financing. You gain clarity, speed, and negotiating strength in Central Florida real estate.
What You Need to Know Before You Apply
You should understand how physician loans differ from conventional financing so you can decide if they fit your goals in Orlando Florida and surrounding submarkets.
Key takeaways you can expect with most physician loan programs:
- Low or no down payment options, typically 0 to 5 percent.
- No private mortgage insurance even above 80 percent loan-to-value.
- Higher allowable debt-to-income ratios, often up to 50 to 55 percent.
- Deferred student loans may be excluded from DTI if they remain deferred for 12 months or more.
- Ability to close before your start date, usually up to 90 days, with an executed employment contract.
- conforming loan limits vary by lender and down payment, commonly 650,000 to 3 million.
- Eligible designations often include MD, DO, DDS, DMD, DPM, DVM, and sometimes CRNA, PA, and PharmD. Verify eligibility with each lender.
You should also plan around common requirements:
- Strong credit matters. A 720 or higher score often unlocks the best terms, with many programs requiring at least 700.
- Reserves can be requested. Expect 1 to 6 months of principal, interest, taxes, and insurance in liquid funds, depending on risk.
- Property use is primary residence only. Single-family homes and townhomes are generally allowed. Condos must meet project guidelines.
- Gift funds are often allowed for down payment and closing costs with proper documentation.
- Pre-approval letters are commonly valid for 60 to 90 days and can be refreshed with updated documents.
As a buyer in this market, you should line up your employment paperwork early and confirm each lender’s treatment of your student debt, reserves, and start-date timing.
How to Compare Your Options
You will see differences across physician-loan lenders, especially on max loan amounts, down payment thresholds, and how student loans are treated. Your best option balances monthly payment, cash to close, and certainty of execution before your start date.
Compare physician loans to conventional mortgages:
- Physician loans remove PMI and allow high LTV, which lowers monthly costs without requiring 20 percent down. This is ideal if most of your savings are earmarked for relocation or reserves.
- Conventional loans can be competitive if you have 20 percent down and minimal student debt. You might secure a slightly lower rate, but you give up PMI relief if you are below 20 percent down.
- Jumbo conventional programs can be stricter on DTI, reserves, and documentation, which may slow your timeline.
When you compare your options, focus on the full picture, not just the headline rate:
- Max financing: Verify 0 percent down limits and any breakpoints at 1 million, 1.5 million, and 2 million. Check whether 5 or 10 percent down unlocks a larger cap.
- DTI and student debt: Confirm whether your deferred loans are excluded entirely or counted at a set percentage. Clarify how long deferment must last post-closing.
- Pre-start closings: Make sure the lender can close up to 90 days before your start date based on an executed contract and any license requirements.
Key factors to evaluate:
- Total monthly payment and cash to close – compare principal, interest, taxes, insurance, HOA, and points.
- Underwriting speed and certainty – ask about in-house underwriting, typical turn times, and appraisal capacity.
- Rate lock policies – length of lock, extension costs, and float-down options if rates improve.
Your Step-by-Step Guide
Follow this sequence to get pre-approved confidently and on schedule.
1) Map your timeline. Count back 90 days from your start date. You should target pre-approval now, property search over the next 30 to 45 days, and closing 15 to 30 days before you start work.
2) Secure your employment documents. Obtain a fully executed offer letter or employment contract with start date, salary details, and contingencies. If your Florida medical license is pending, gather proof of application or temporary authorization as allowed by the lender.
3) Gather your financials. Prepare a government ID, two months of bank statements, most recent pay stubs if employed, two years of W-2s and tax returns if you have them, proof of graduation, and your residency match or fellowship letter if applicable. Include statements for retirement and brokerage accounts if you plan to use those funds.
4) Document student loans. Provide current balances, status, and documentation showing deferment or forbearance for at least 12 months after closing if applicable.
5) Apply with two to three physician-loan lenders. You should submit the same package to each within a 14-day window so your credit is treated as a single mortgage inquiry. Ask for written scenarios that outline rate, points, payment, and cash to close.
6) Review conditional pre-approval. Underwriting will issue a list of conditions. Clear any credit letters of explanation, large-deposit sourcing, or license verifications promptly.
7) Align your home search with pre-approval. Set a budget consistent with your comfort level. Many residents target 300,000 to 400,000 townhomes and established attendings often land between 600,000 and 1.2 million, depending on specialty and desired location.
8) Make an offer. You should include your pre-approval letter and a short cover summary that highlights your strong income, start date, and quick close capability. Ask for a financing contingency aligned with your lender timeline.
9) Complete appraisal, insurance, and title. Order the appraisal quickly, verify homeowners insurance with wind mitigation and four-point reports if required, and coordinate title work. Expect appraisal and inspections within 10 to 14 days.
10) Finalize your file. Your lender will conduct a verbal employment verification prior to closing. Keep your credit stable, avoid new debts, and maintain required reserves. Sign final disclosures, review closing figures, and bring your verified funds to close.
What This Looks Like in Winter Garden and Central Florida
You want pre-approval that matches how people actually win in Central Florida. Winter Garden and Horizon West offer proximity to major corridors like FL-429 and FL-408, letting you reach downtown hospitals, Lake Nona’s Medical City, and AdventHealth campuses within typical 25 to 40 minute windows depending on traffic. Brightline and SunRail improve regional connectivity, which supports long-term demand.
Central Florida real estate is operating in a balanced range with 4.5 to 5 months of supply and median prices near 398,000 to 405,000. Homes generally spend 27 to 37 days on the market. That gives you time to compare options without making rushed decisions, yet competitive homes near top schools and amenities still move quickly.
As you plan, you should align budget with commute and lifestyle. Physicians often prefer submarkets with strong A-rated schools, quick highway access, and community amenities like trails and town centers. Luxury homes in Central Florida cluster near lakefronts and golf communities, while first home buyer friendly options concentrate in newer subdivisions or townhome communities with manageable HOA fees.
Neighborhoods to consider:
- Horizon West – Winter Garden: Newer communities, top amenities, and easy access to FL-429. Typical townhomes 350,000 to 500,000 and single-family options 500,000 to 900,000. Good fit if you value new construction and master-planned living.
- Lake Nona – Medical City: Short commute to hospitals and research hubs, modern town center, and high-demand schools. Many homes 600,000 to 1.2 million. Ideal if you want medical-adjacent convenience and future growth potential.
- Windermere: Established luxury real estate with lake access and golf communities. Prices often 800,000 to multi-million. Strong choice if you want privacy, prestige, and a short hop to major medical employers.
What Most People Get Wrong
You might assume you need your first pay stub to get pre-approved. With a physician loan, you can close up to 90 days before your start date using a fully executed employment contract. Another mistake is assuming all lenders ignore student loans the same way. Some exclude deferred debt only if it remains deferred for 12 months after closing. You should confirm that in writing.
You also see buyers compare only the interest rate and forget total monthly payment. You need to evaluate taxes, insurance, HOA or condo fees, and any discount points. Many buyers underestimate Florida insurance and reserve requirements, which can shift the cash-to-close calculation. Lastly, some physicians try to use physician loans for investment properties. These programs are designed for primary residences. If you are part of the real estate investor doctors community and want rental or second-home exposure, you should evaluate conventional, jumbo, or investor-oriented financing separately.
Frequently Asked Questions
Can you get pre-approved before your start date?
Yes. You can usually get fully pre-approved and even close up to 90 days before your start date with a signed employment contract. You will need to provide your contract, licensing documentation if required, and evidence that any student loans remain in deferment if you want them excluded from DTI.
What credit score do you need for a physician loan?
Most physician loans target 700 to 720 for competitive pricing, with best tiers commonly starting at 720 and above. Some lenders allow scores in the high 600s with offsets like larger reserves or a slightly higher rate. You should optimize utilization, avoid new credit, and correct any errors before applying.
How are student loans treated in physician underwriting?
Many physician-loan programs exclude deferred student debt from DTI if the loans are documented to remain deferred for at least 12 months after closing. If deferment is shorter or uncertain, lenders may count either a percentage of the balance or the documented payment. Always verify the exact calculation in writing.
Are condos and townhomes eligible for physician loans?
Yes, many programs allow condos and townhomes when they are your primary residence. Condos must meet project approval criteria, which can include owner-occupancy ratios, reserve funding, and litigation checks. You should ask your lender to review the condo questionnaire early to avoid surprises.
How much can you borrow and do you need a down payment?
Loan caps and down payment thresholds vary by lender. Many allow 0 percent down to around 1 to 1.5 million, then require 5 to 10 percent down above those tiers. Jumbo physician caps can reach higher amounts with incremental down payment. You should match your price point to the loan tier that optimizes monthly cost and reserves.
Conclusion
You can secure a physician-loan pre-approval quickly when you prepare the right documents and work backward from your start date. In Central Florida’s balanced market, a 60 to 90 day pre-approval that excludes deferred student debt, removes PMI, and allows high LTV gives you the edge to act decisively on the right home. You should compare lenders on loan caps, DTI treatment, and pre-start closing capability, not just the headline rate. When you align budget, commute, and neighborhood fit, you position yourself to close smoothly and start your role with confidence. For more on the steps involved in purchasing, see Buying a Home steps
If you’re ready to explore your options for physician loan pre-approval in Winter Garden and greater Central Florida, Angela Rodriguez at Dream Finders Realty Group can walk you through the specifics for your situation.
4078738379
