I work with high-income buyers across the Denver metro and Front Range regularly, and one of the most common scenarios I see is a physician or dentist who has been in practice for one to three years, earns well into six figures, and still can't qualify for a conventional jumbo loan because student loan debt creates a DTI problem or they don't have enough cash reserves for a 20% down payment on a $900,000 home in Cherry Creek.
Physician mortgage programs exist specifically for this situation. They're not a gimmick. They're a recognition that standard underwriting rules don't fit the financial profile of medical professionals, particularly those early in their careers.
What a physician mortgage loan is
A physician mortgage loan, also called a doctor loan or medical professional mortgage, is a specialized home loan program with underwriting rules designed around how physicians and dentists actually earn and build wealth. The key differences from a conventional loan:
- Zero or low down payment. Most physician loan programs offer 0% down on purchases up to $1.25 million and 5-10% down on higher loan amounts, with no PMI regardless of down payment.
- Student loans treated fairly. Conventional underwriting uses 1% of your total student loan balance as a monthly payment for DTI purposes, even if your actual IBR payment is much lower. Physician loan programs use your actual payment, which dramatically improves qualifying ratios for borrowers carrying $200,000 to $400,000 in medical school debt.
- Offer letter and contract income accepted. Residents, fellows, and physicians starting a new position can qualify using a signed employment contract or offer letter before their first paycheck arrives.
- No PMI. Private mortgage insurance is waived regardless of down payment amount, saving hundreds of dollars per month compared to a conventional loan with less than 20% down.
Who qualifies for a physician loan in Colorado
Eligible borrowers typically include:
- Medical doctors (MD, DO, DPM)
- Dentists and oral surgeons (DDS, DMD)
- Residents and fellows actively in training programs
- CRNAs, NPs, and PAs (depending on the lender)
- Pharmacists and veterinarians (select programs)
- Optometrists (select programs)
Credit score requirements vary by lender but typically run 700 to 720 minimum for best terms. Employment must be verifiable through a contract, offer letter, or current employment documentation.
We offer physician and dentist mortgage loans through Westerra Credit Union, a Colorado-based credit union founded in 1934 and serving Colorado members for over 90 years. This is not a national bank product. It is a locally funded program from an institution that knows the Colorado market.
Program highlights: zero down payment on loans up to $1.25 million, 5-10% down on larger loan amounts, no PMI, deferred student loan payments may be excluded from DTI. Available for doctors, dentists, and oral surgeons with active Colorado licenses. Larger loans typically require 5-10% down.
Physician loan vs conventional loan in Colorado: the real comparison
| Factor | Physician Loan | Conventional Jumbo |
|---|---|---|
| Down payment on $900k purchase | $0 to $45,000 | $180,000 (20% to avoid PMI) |
| PMI | None | Required under 20% down |
| Student loan DTI treatment | Actual IBR payment | 1% of total balance monthly |
| Offer letter income | Accepted | Not accepted |
| Rate vs conventional | Comparable to slightly above | Best available market rate |
| Max loan at zero down | Up to $1.25 million | Down payment required |
Conventional loan path: Needs $190,000 down (20%) to avoid PMI. Student loan debt of $280,000 adds $2,800/month to DTI at the 1% rule. Combined with a $950,000 mortgage payment, DTI exceeds conventional limits. Doesn't qualify without a larger down payment and significant student loan paydown first.
Physician loan path: Zero down payment required. Actual IBR payment of $400/month used for DTI instead. Qualifies based on attending physician income. Buyer keeps $190,000 in savings, investments, or practice capital rather than putting it into the house.
Physician loans for residents and fellows in Colorado
Residents and fellows at UCHealth, Denver Health, Children's Hospital Colorado, and other Colorado training programs are among the best candidates for physician loans. They typically have a signed residency contract or attending offer letter confirming future income, high student debt that would disqualify them under conventional rules, limited savings after years of training compensation, and a clear income trajectory that looks very different in 12 months than it does today.
Most physician loan programs allow residents and fellows to qualify using their post-training offer letter income rather than their current residency salary. This means a resident earning $70,000 who has a signed contract for a $350,000 attending salary starting in 90 days can often qualify for a purchase in their target price range now, before their income actually changes.
Dentist mortgage loans in Colorado
Dentists face a version of the same problem physicians do, with one additional wrinkle: many dentists are practice owners or partners with business income that makes conventional underwriting even more complicated. A dentist with a strong practice, personal draw income documented on K-1s, and $300,000 in student debt can look unqualifiable on paper to a conventional underwriter who doesn't understand dental practice economics.
Physician loan programs that include dentists cover DDS and DMD degree holders alongside physicians. The Westerra program covers dentists and oral surgeons with the same favorable terms on down payment and student loan treatment.
For self-employed dentists who own their practice, the conversation is worth having with a lender who works with both physician loan programs and bank statement loan products, because the right answer depends on your specific income documentation picture.
Colorado medical centers and hospital systems: where physician buyers are concentrated
Physician buyers in Colorado concentrate around the state's major medical employment centers. Understanding where you practice informs where to buy and what financing makes the most sense.
Denver metro: UCHealth University of Colorado Hospital, Denver Health, Children's Hospital Colorado, National Jewish Health, Rose Medical Center, and Sky Ridge Medical Center anchor a large physician population in the metro. Cherry Creek, Washington Park, Hilltop, and newer communities in Douglas County are common targets for physician buyers.
Colorado Springs: Penrose-St. Francis, UCHealth Memorial, and Fort Carson's medical facilities create physician demand in the Springs, where prices are more accessible and physician loan programs are particularly effective given lower purchase prices relative to Denver.
Boulder and Fort Collins: University-affiliated medical programs and a growing biotech and health sciences sector create physician demand in both markets. Boulder's higher price points make the zero-down physician loan structure especially relevant.
Is a physician loan the right choice for your situation?
Physician loans are the right tool when your primary constraint is cash to close or student loan DTI. If you have strong savings, minimal student debt relative to income, and can comfortably put 20% down, a conventional loan at the best available wholesale rate will often carry a slightly lower rate and fewer program-specific restrictions.
The honest conversation is a side-by-side comparison. I run that comparison for every physician and dentist buyer I work with before recommending a path, because the right answer is specific to your income documentation, student loan structure, savings, and target purchase price. Most physicians I work with are in a better position than they think.
Chris Cartwright is a licensed mortgage broker serving physicians, dentists, and medical professionals across Colorado, Washington, Texas, California, Arizona, and Florida. He offers physician and dentist mortgage programs through Westerra Credit Union alongside conventional, jumbo, and non-QM options so every buyer gets a genuine side-by-side comparison.
Physician or dentist buying in Colorado? Let's look at your numbers.
A 15-minute call covers your eligibility, a side-by-side physician vs conventional comparison, and exactly what buying looks like for your specific situation.
Physician loan program details reflect Westerra Credit Union program terms as of June 2026 and are subject to change. Program availability subject to credit approval and eligibility requirements. This content is for informational purposes only. All loans subject to credit approval. Equal Housing Lender.