Planning a move to Gainesville for a role at UF Health and wondering how to buy a home with big student loans and a recent start date? You are not alone. Many physicians choose a physician mortgage to get settled near the hospital without waiting years to save a large down payment. This guide explains how these loans work, how to compare options, and where to live near UF Health, with tips tailored to Downtown Gainesville and the historic Duckpond neighborhood in Florida. Let’s dive in.
Quick note: This article covers Gainesville, Florida. UF Health and the Duckpond neighborhood are in Gainesville, FL, near the University of Florida.
What is a physician loan?
A physician loan is a mortgage designed for medical professionals who expect rising earnings but may have high student debt or limited savings. The programs vary by lender, but they typically make it easier to buy a primary residence early in your career.
Common features
- Low or no down payment up to a program cap.
- No PMI on many programs, even with less than 20 percent down.
- Flexible treatment of student loans, such as using income-based payments for debt-to-income.
- Acceptance of an employment contract or future start date in underwriting.
- Primary residence occupancy requirement.
Trade-offs to consider
- Rates or fees can be slightly higher than the best conventional loans.
- Program rules, loan limits, and eligible property types vary by lender and change over time.
- Some condos or property types may be limited, so confirm eligibility early.
Who typically qualifies
Each lender sets its own rules, but physician loans usually serve MD, DO, DDS, DMD, and sometimes other medical designations. Residents and fellows are often eligible with a signed contract and license documentation. Strong credit and clear documentation are still important.
How to compare lenders
- Ask about maximum loan amounts and down payment tiers.
- Confirm whether PMI is waived and how student loans are counted for DTI.
- Check minimum credit scores and any reserve requirements.
- Review eligible property types, including condo rules.
- Compare interest rates, points, and total closing costs on the same day.
- Ask about rate locks, extensions, and typical time to close.
Tip: Gather quotes from two or three lenders on the same day so you can compare apples to apples.
Step-by-step buying timeline
- Get preapproved. Share your signed employment contract, license or appointment, recent pay stub if applicable, and student loan statements.
- Tour neighborhoods. Narrow your search by commute preference, property type, and lifestyle.
- Make an offer. Your preapproval supports negotiation and timelines.
- Inspection and appraisal. Confirm condition and value, then negotiate repairs if needed.
- Final underwriting. Update any expiring documents and clear conditions.
- Closing and move-in. Coordinate utilities, parking, and first-day logistics.
Neighborhood spotlights near UF Health
Downtown Gainesville
If you want a quick commute to UF Health and the university, downtown offers walkable dining, coffee spots, and cultural venues. You will see a mix of condos, townhomes, and older single-family homes. Parking and guest access vary by building, so review HOA rules and availability during showings.
The Duckpond (Northeast Gainesville)
The Duckpond is a historic district known for tree-lined streets and classic architecture. It is a short drive to UF Health and downtown amenities. If you value character homes and a quiet residential feel, the Duckpond is a smart area to explore. Confirm renovation history, insurance needs, and any historic guidelines before you buy.
University-adjacent options
Areas just west and southwest of campus provide convenient access to UF Health, retail, and parks. You will find a range of single-family homes and townhomes. Ask about traffic patterns during peak class and clinic hours to fine-tune your commute.
When a physician loan makes sense
A physician loan can be a great fit if you want to buy with a small down payment, avoid PMI, and need flexible treatment of student debt. If you can put 20 percent down and qualify for a lower conventional rate, compare both paths to see which saves more over five to seven years. If you plan to keep the home long term, also compare refinance scenarios after your income stabilizes.
Practical budgeting tips
- Plan for closing costs, often 2 to 4 percent of the purchase price depending on the loan and points.
- Build a reserve for move-in items like appliances, furniture, and minor repairs.
- Ask your lender about temporary buydowns or credits that may reduce your first-year payment.
- If you expect frequent on-call nights, prioritize proximity and parking over marginal price savings farther out.
Documents to prepare
- Signed employment or residency contract and start date.
- Medical license or postgraduate appointment letter.
- Government ID and recent pay stubs if available.
- 1 to 2 years of tax returns if self-employed or moonlighting.
- Full student loan statements and any income-based payment documentation.
- Recent bank statements for assets and down payment sourcing.
How we help UF Health physicians
Buying a home while starting a demanding schedule is a lot to juggle. Our concierge approach is built for it. We offer virtual tours for out-of-area buyers, surrogate property visits when you cannot attend, and thoughtful contract terms that can include negotiated pre-occupancy when appropriate. We coordinate inspections, estimates, and walk-throughs, then guide you from offer to keys with clear communication the whole way.
Ready to explore Downtown Gainesville and the Duckpond with an advisor who understands UF Health timelines and relocation logistics? Connect with Anna Olcese to get a tailored plan and a confident path to closing.
FAQs
What is a physician mortgage near UF Health?
- It is a primary-residence loan designed for medical professionals that often offers low or no down payment, no PMI, and flexible treatment of student debt.
Can residents or fellows qualify for physician loans?
- Many programs accept residents and fellows with strong credit, a signed contract, and required documentation, though specific terms vary by lender.
Are condos and townhomes near downtown Gainesville eligible?
- Some physician loans allow warrantable condos and townhomes, but eligibility and HOA requirements vary, so confirm property type rules with your lender early.
How much should I budget for closing costs?
- Plan for roughly 2 to 4 percent of the purchase price for closing costs, depending on lender fees, points, and prepaid items like insurance and taxes.
How does Anna support out-of-area physicians?
- You get concierge relocation services that include virtual tours, surrogate visits, coordinated inspections, and negotiated pre-occupancy when appropriate to simplify a fast move near UF Health.
