Physician Home Loans in Miami, Florida
Miami has one of the largest teaching hospital complexes in the Southeast and a condo market that needs careful handling.
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The Jackson and UHealth complex generates a steady stream of residents, fellows and new attendings, and the standard physician loan features apply cleanly to all of them. What is not standard about Miami is the housing stock. A very large share of what looks affordable to a resident is attached — and condo project eligibility is where South Florida files go to die.
Since the 2021 structural reforms, Florida condo associations have faced mandatory milestone inspections and reserve funding requirements, and projects that fail those tests can become non-warrantable and therefore unfinanceable on this or almost any conventional program. Send me the building before you write the offer. Not after inspection, not after escrow opens — before. This one check saves more Miami transactions than anything else I do.
- Jackson Memorial Hospital
- University of Miami Miller School of Medicine and UHealth
- Baptist Health South Florida
- Nicklaus Children's Hospital
What the program reaches in Miami
Run a Miami payment — it checks your price against the program tiers and shows the mortgage insurance you avoid.
| Credit score | Loan up to | Mortgage insurance | |
|---|---|---|---|
| 720+ | $2,000,000 | None | Smallest down payment available at every loan size |
| 680+ | $2,000,000 | None | Smallest down payment available up to a lower loan size |
There is a floor as well as a ceiling. This program is only for buyers putting a small amount down — so if you have a large down payment saved, this is not your program and a conventional loan is probably cheaper. Loan amounts run $100,000 to $2,000,000. Terms change without notice; ask me for today's matrix before you plan around a number.
Asked here more than anywhere else
Why do lenders keep declining the condo I want in Miami?
Almost always project eligibility rather than you. Since Florida’s milestone inspection and reserve rules took effect, a building with deferred structural work or underfunded reserves can be classified non-warrantable, which puts it outside conventional and physician financing alike. Give me the building name and I will check the project status before you spend money on inspections.
What exactly is a physician loan?
A mortgage program written around the fact that a doctor’s early-career finances look bad on paper and are not. It allows a small down payment on loans up to $2M, charges no mortgage insurance, excludes student loans from your debt ratio while you are in residency or fellowship, and lets a signed employment contract stand in for pay stubs with a start date up to 150 days after closing.
Do I need to have started working?
No. A fully executed contract or offer letter works with a start date up to 150 days after closing — close to five months. It has to state your title, start date and compensation, and the only contingencies allowed are your medical license coming through or routine items like a background check. If you are contracted as a 1099 physician the window is tighter, at 60 days.
Is the rate higher than a conventional loan?
Often slightly, and that is the honest trade for a low down payment and no mortgage insurance. Whether it is the better deal depends on how much you would otherwise put down. With a large down payment saved, a conventional loan sometimes wins outright. I will quote both and show you the comparison rather than steering you to the one that is easier for me.
How much student loan debt is too much?
There is rarely a hard cutoff, because what matters is how the payment is counted rather than the size of the balance. In residency or fellowship, loans in deferment, forbearance or reporting $0 on an income-driven plan can be excluded from the ratio altogether — a $400,000 balance and a $150,000 balance look the same at that point. After training the documented income-driven payment is used, which still beats the 1%-of-balance math that sinks conventional files.
Buying in Miami?
Tell me your timeline and your training stage and I will tell you what is realistic in Miami — before you start looking at houses.
Also serving Florida
Physician loans in Miami, FL.
One call, no credit pull. I will tell you what you qualify for and whether this is actually your best option.