Many Realtors Close Only ~10 Deals a Year—And That’s a Problem for Doctors Seeking Physician Mortgages

August 22, 2025 — Physician mortgages are specialized loans built for doctors’ atypical income paths—high debt loads, new-contract employment, deferred student loans, and limited down payments—yet many homebuyers in medicine are still being steered toward vanilla financing. A major reason: the typical real estate agent isn’t seeing enough transactions to become fluent in niche lending programs, and defaults to a familiar local broker or a national bank that may not offer competitive physician-loan options.

The production reality in 2025

The National Association of REALTORS® (NAR) reports that the “typical” member completed 10 transaction sides in 2024, unchanged from 2023—a level that often equates to roughly five to seven closed homes, depending on whether the agent represented buyers, sellers, or both sides of a deal. NAR also notes median sales volume per agent held at $2.5 million and median gross income rose slightly to $58,100. National Association of REALTORS®Weekly Real Estate NewsHouston Agent Magazine

Those figures matter for doctors. With only about ten sides a year, many agents won’t frequently encounter the underwriting wrinkles that define physician mortgages—like using a signed employment contract in lieu of pay stubs, excluding or adjusting student loan payments, or allowing low-to-zero down without private mortgage insurance (PMI). Consequently, agents often route physician clients to the lender they already know rather than the lender best suited to a doctor’s profile.

Why mainstream lender referrals can miss the mark

• Limited product menus: Many large, mainstream banks and broker channels focus on conventional conforming, FHA, VA, and jumbo guidelines. Physician mortgages are typically portfolio products offered by select banks and credit unions, with terms that don’t cleanly fit standard AUS (automated underwriting system) boxes. If your agent’s short list is “my local broker” and two national brands, you may never hear about stronger doctor-loan options.

• Niche underwriting expertise matters: Physician programs frequently allow contract-to-close before the first day of work, alternative treatment of deferred student loans, and higher loan-to-value thresholds with no PMI—features that can materially change approval odds and monthly cost for residents, fellows, and new attendings.

• Speed and sequencing: Experienced physician-loan teams know how to time verifications around credentialing, start dates, and relocation, which reduces fall-through risk in escrow. Agents unfamiliar with these timelines may push for conventional preapprovals that later hit underwriting roadblocks.

The market backdrop

The past two years have been thin on transactions industry-wide, which has amplified the experience gap. NAR’s Member Profile shows the typical agent’s deal count fell from pre-2022 levels and remained at 10 sides last year—reflecting a sluggish sales environment that left fewer opportunities to build specialty knowledge. www.lirealtor.comALTA.org

What doctors should do before touring homes

1. Secure a physician-mortgage preapproval first. Don’t rely solely on your agent’s lender list. Shop lenders that explicitly publish physician-loan guidelines and can underwrite to a signed employment contract.

2. Ask pointed questions:
   • Do you allow 0–5% down with no PMI?
     
   • Will you use my employment contract to qualify?
     
   • How do you calculate student loans (IDR, deferred, forbearance)?
     
   • What are your ARM and fixed options designed for physicians, and are there prepayment penalties?

3. Loop your agent in early. Share your preapproval letter and any unique conditions (e.g., start date). An informed agent can negotiate timelines that fit physician-loan milestones.

4. Build a lending bench. It’s reasonable to compare two to three physician-program lenders for rate, fees, and service level. The right match often varies by state, employer type, and loan size.

For real estate agents: a quick playbook

• Add one or two vetted physician-mortgage contacts per market area.
  
• Keep a one-page “doctor buyer” checklist (contract start-date language, credentialing timelines, common contingencies).
  
• Set expectations on ARM structures and no-PMI trade-offs so physician clients aren’t blindsided at disclosures.
  
• Track outcomes: higher on-time close rates with physician-savvy lenders translate into fewer cancellations and better client reviews.

Bottom line

NAR’s data shows the median agent is handling about ten sides a year—enough to stay active, but not enough to be automatically fluent in specialty lending. For physicians, that production reality can mean well-intended referrals to lenders who don’t actually offer doctor-friendly terms. Self-advocacy—starting with a true physician-mortgage preapproval—remains the surest path to a smoother, cheaper closing. National Association of REALTORS®Weekly Real Estate NewsHouston Agent Magazine

Sources: National Association of REALTORS® 2025 Member Profile (coverage and summaries indicating 10 median transaction sides, $2.5M median volume, and $58,100 median income). For historical comparison to 2023 levels, see NAR’s 2024 Member Profile summary noting the drop to 10 sides from 12 in 2022.