The California physician loan guide
Program and regulatory figures verified October 5, 2026. Details change; confirm your scenario with us.
Everything on this site in one place, in the order a California physician meets it. Every figure carries its source and the date we read it.
What a physician loan actually is
A lender portfolio product, written to the Sequoia Medical Professionals Program guide (v1.1, effective March 2, 2026) rather than to agency rules. That distinction matters: the terms are set by the lender, not by Fannie Mae, Freddie Mac, FHA or VA, and they can change.
What it does: up to 100% financing with no monthly PMI, 5%-down options, to a ceiling of $2M. Above $2M financing moves to traditional jumbo or super-jumbo regardless of credentials.
Who qualifies
Eligible degrees under the guide: MD, DO, DDS, DMD, DPM, OD, PharmD, DVM and CRNA. Residents and fellows qualify alongside attendings.
Eligibility is set by the programme guide and never by the state. No profession should be assumed eligible without the guide confirming it. The list and what each needs.
Why California is different
Three state facts shape every file here.
The limits are low relative to the prices. 41 of 58 counties sit at the $832,750 baseline; only 10 carry the $1,249,125 ceiling. San Jose's typical home is already past the ceiling and San Diego's is past its baseline. The gap.
The market is fast. Every major metro clears faster than the national 53-day benchmark, San Jose in 37. Prices and speed.
The state cannot help with the debt right now. Both physician loan-repayment programmes are closed until 2027. Status and dates.
The student debt question
Usually what decides the file. Three rulebooks, three answers on the same balance:
| Route | How the payment counts |
|---|---|
| Physician programme | Your documented income-driven payment |
| Conventional | 1% of balance — Fannie Mae B3-6-05 |
| FHA | 0.5% of a zero-payment balance — HUD 4000.1 |
On $300,000 that is a $3,000 monthly phantom debt on conventional. The detail.
If you have not started yet
A physician programme can allow closing up to 150 days before an attending start date on a signed contract, against Fannie Mae B3-3.3-03's 90 days. In a market this fast that window is the difference between buying and renting a year. How it works · Residents and fellows.
Where you are buying
Bay Area · Los Angeles · San Diego.
And if a physician loan is not the right answer: how it compares with conventional financing.
Frequently asked questions
What is a physician loan in California?
A lender portfolio mortgage product written to the Sequoia Medical Professionals Program guide rather than to agency rules. It offers up to 100% financing with no monthly PMI and 5%-down options, to a $2 million ceiling, with student debt counted at a documented income-driven payment.Is a physician loan a Fannie Mae or FHA product?
No. It is a lender portfolio guideline set, so its loan-to-value, mortgage insurance and student debt terms are set by the lender rather than by Fannie Mae, Freddie Mac, FHA or VA.What is the maximum physician loan amount in California?
The 100% financing, no-PMI structure caps at $2 million. Above that, financing moves to traditional jumbo or super-jumbo programmes regardless of credentials or income.Which degrees qualify for a California physician loan?
MD, DO, DDS, DMD, DPM, OD, PharmD, DVM and CRNA under the Sequoia Medical Professionals Program guide. Residents and fellows qualify as well as attending physicians.Mike Certo · NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. Educational content, not a loan commitment and not legal, tax, or licensure advice. Physician-loan program terms, eligible degrees, and overlays are set by the lender and change; California loan-repayment program terms and application cycles change too. Confirm your scenario with us and your program administrator. All loans are subject to borrower and property qualification, including credit and income review.