What Every New Attending Physician Should Know About Buying Their First Home

TLDR:
Becoming an attending physician is a major professional milestone — and often, a time to buy your first home. While your income may finally justify homeownership, your financial profile still carries complexities like student debt, job transitions, or limited savings. This guide outlines what new attendings need to know about physician mortgage loans, how to avoid common mistakes, and how to choose a property that fits both your lifestyle and long-term goals.

Why Buying as an Attending Is So Different

As a medical resident or fellow, you may have put off homeownership because of limited income or job uncertainty. Now, as a new attending, your salary likely jumped significantly — sometimes doubling or tripling.

But higher income alone doesn’t automatically make homebuying easier. You may still face:

• Large student loan balances
  
• A short employment history
  
• A recent move to a new city
  
• Pressure to buy a “forever home” right away 

Fortunately, physician mortgage loans are designed to help doctors in exactly this position — and knowing how they work can help you buy smarter.

The Top Homebuying Mistakes New Attendings Make

1. Overbuying Based on Future Income

With a substantial salary bump, it’s easy to feel you can afford much more house. But remember:

• You may still be paying off six figures of student loans
  
• You may want flexibility to pursue future career opportunities
  
• You could be entering a market with high property taxes or HOA fees 

Before you max out your budget, check out how to calculate what you can really afford in Home Loans – How Big of a House Can I Afford?

2. Not Preparing for Ownership Costs Beyond the Mortgage

New physicians often forget to account for:

• Home maintenance and repairs
  
• Utilities and landscaping
  
• Insurance, property taxes, and HOA fees 

While a mortgage may fit into your budget, owning a home comes with surprise expenses that renters don’t face. A helpful place to start is by using our Doctor Mortgage Calculator to estimate your full monthly costs.

3. Choosing a Lender Who Doesn’t Specialize in Doctors

Physician mortgage loans differ from conventional mortgages in critical ways. Not all lenders — or loan officers — understand how to underwrite for new physicians with high debt and limited savings.

Working with a specialist is key. Here’s how to evaluate whether a lender understands the nuances in How to Compare a Banker Who Understands Physician Mortgages vs. One Who Doesn’t

What Are Physician Mortgage Loans — and Why Are They Ideal for Attendings?

Physician mortgage loans are specialized home loans designed specifically for medical professionals, including new attendings. These loans recognize your high future earning potential and offer more flexibility than traditional loans.

Key Benefits:

• 0–5% down payment options
  
• No private mortgage insurance (PMI)
  
• Approval based on an employment contract or recent job change
  
• Flexible DTI (Debt-to-Income) treatment for student loans
  
• Higher loan limits than conventional mortgages 

If you’re unsure how these loans work compared to FHA or conventional options, this overview of Doctor Mortgage Loans – Complete Guide to a Mortgage Loan breaks it down clearly.

Can You Qualify If You Just Started Your New Job?

Yes — and that’s one of the biggest advantages of physician mortgage loans. Many allow you to:

• Use your signed employment contract instead of current pay stubs
  
• Close before your first paycheck if your start date is within 90 days 

This is ideal for physicians transitioning into a new role over the summer or relocating from residency. Just make sure your offer letter includes start date, salary, and role title.

For physicians relocating across the country, the flexibility to qualify during a move is essential. Learn how to time this transition in A Cross Country Moving Guide for Physicians

How Student Loans Impact Your Approval as an Attending

Even though your income is now higher, lenders still look at your debt-to-income ratio (DTI) — and student loans can skew that number quickly.

Fortunately, many physician mortgage programs:

• Use income-driven repayment (IDR) amounts rather than standard payments
  
• Apply reduced DTI thresholds
  
• Sometimes exclude deferred loans entirely from calculations 

Understanding how each lender treats student loans is crucial. For an in-depth explanation, read Mortgage Loans – How DTI (Debt-to-Income) Affects How Much House You Can Buy

How to Choose the Right Home as a New Attending

Buying a home as an attending isn’t just about what you can afford — it’s about aligning with your long-term goals.

Ask Yourself:

• Do I plan to stay in this location for more than 3–5 years?
  
• Will my family grow in the next few years?
  
• Does this property meet my lifestyle needs or just look impressive?
  
• Could this home serve as a future rental if I relocate? 

Many new attendings benefit from purchasing a property that is manageable, modest, and versatile — especially in areas with strong healthcare networks.

Renting vs. Buying as a New Attending: Should You Still Wait?

It’s tempting to continue renting for flexibility. However, if you:

• Plan to stay in your new job or region for 3+ years
  
• Qualify for a physician mortgage with low or no money down
  
• Want to lock in a fixed monthly cost in a rising rent market 

…then buying may be the better option. For guidance, this comparison of Home Loans – How Doctors Can Qualify for Loans covers what’s required and what to expect.

A Real Example: Dr. Mark’s First Home as an Attending

Dr. Mark, a cardiologist in Atlanta, transitioned into his first attending role in July 2024. He had just finished fellowship and was still carrying $220K in student loans.

Using a physician mortgage:

• He purchased a $800k home with 0% down
  
• His offer letter qualified him before his first paycheck
  
• He avoided PMI and saved nearly $450/month
  
• He closed within 28 days — in time for his job start date 

Even with a 6.5.% rate, his mortgage cost was lower than comparable rent, and he’s already built equity in a rising market.

External Insight: The Market Is Still Challenging — But Physician Loans Offer Access

According to Redfin’s May 2025 Housing Market Update, inventory remains tight and interest rates remain steady in the mid-6% range. While this environment can be tough for the average buyer, physician loans continue to offer:

• Higher approval chances 
• Flexible documentation 
• Low entry barriers for high-income professionals 

This makes attending physicians uniquely positioned to succeed — if they plan carefully.

Final Checklist: Are You Ready to Buy as an Attending?

✅ I have a signed contract or started my new position
✅ I understand my monthly costs and DTI
✅ I’m working with a physician mortgage specialist
✅ I plan to stay in the area for 3+ years
✅ I’ve run the numbers using a mortgage calculator
✅ I’ve explored both fixed and adjustable-rate options
✅ I’ve chosen a home that aligns with my personal and financial goals

Final Thoughts: A Milestone Worth Celebrating — and Planning For

Buying your first home as an attending physician is a significant moment — both emotionally and financially. While your new income opens doors, the best decisions come from balancing that income with smart planning and the right loan structure.

With a physician mortgage loan, you don’t need to wait years to save up or clear every debt. You can take action now — as long as you take the right steps and avoid the common mistakes that trip up new doctors.

Ready to explore your homebuying options as a new attending?
Use our Doctor Mortgage Calculator to get started, or connect with a physician loan expert to take the next step today.