AZ physician loans 100% financing · no PMI · residents qualify · Call Mike (480) 296-6513
Arizona Physician + Medical Professional Mortgages · Cornerstone First Mortgage · NMLS #173855 Call Mike Certo · (480) 296-6513
Call Mike Free consult

100% financing. No PMI. Arizona's physician loan specialist.

By Mike Certo, Cornerstone First Mortgage · NMLS #260555 · 23+ years in Arizona mortgage origination ·

If you're a medical doctor, dentist, pharmacist, veterinarian, podiatrist, optometrist, or in residency or fellowship — you can buy a home in Arizona with zero down payment up to $1.5M, or 95% LTV up to $2M with 680+ FICO, with no mortgage insurance.

That's not a conventional loan. That's not FHA. That's not VA. That's a physician loan — a specialty mortgage product designed for medical professionals whose financial profile (high future income, often heavy student loans, limited liquid savings) doesn't fit standard underwriting boxes.

This is the Arizona-specialist site for it. Call (480) 296-6513 or start a pre-qualification.

[Run the calculator →] [Talk to Mike →]

What makes this different from your conventional or FHA mortgage

Conventional mortgages cap at 80% loan-to-value (LTV) if you want to avoid PMI. That means $0 down doesn't exist on a conventional loan — you're paying PMI of 0.3-1.5% of the loan amount annually until you reach 20% equity, which can take years.

FHA loans allow 3.5% down, but FHA's mortgage insurance premium (MIP) is for the life of the loan in most cases. On a $750K home, that's $390/month forever.

VA loans are 0% down with no PMI — but require qualifying military service and have a funding fee (waived for 10%+ disability rated veterans).

Physician loans are a fourth category. They exist because lenders know that an MD, DDS, DVM, PharmD, or qualifying medical professional is a low-default-risk borrower — even at 100% LTV, even with heavy student loans, even as a first-year attending fresh out of residency.

What the Redwood Sequoia Medical Professionals Program delivers:

  • 100% financing Up to $1.5M (680+ FICO) or $2M (720+ FICO)
  • No mortgage insurance At any LTV — including 100%
  • 5% down Option up to $2M for any qualifying borrower
  • DTI up to 50% (vs conventional 43%) on standard scenarios
  • Higher loan limits Than conforming ($832,750 AZ conforming) — physician loans go to $2M
  • Resident, fellow, and intern qualifying — using your signed employment contract as proof of future income (conventional lenders can't do this)
  • Fixed-rate 15/20/25/30-year terms + 5/6, 7/6, 10/6 ARMs

The catch: physician loans require a full manual underwrite (no AUS shortcuts), and the borrower needs to hold one of the eligible professional designations.

Who qualifies

The Redwood Sequoia Medical Professionals Program is open to active-practice medical professionals holding any of these degrees:

  • Medical Doctor (MD)
  • Doctor of Osteopathy (DO)
  • Doctor of Dental Science / Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Ophthalmology (MD or DO)
  • Doctor of Psychiatry (MD or DO)
  • Doctor of Pharmacy (PharmD)
  • Doctor of Veterinary Medicine (DVM or VMD)
  • Doctor of Podiatric Medicine (DPM)
  • Certified Registered Nurse Anesthetist (CRNA with DNAP or DNP)
  • Medical residents, fellows, or interns With any of the above degrees

You need to be a US Citizen or Permanent Resident Alien with a valid Social Security Number. Non-permanent residents qualify with restrictions (95% LTV cap). Chiropractors are not currently eligible under this program (they may qualify under other Cornerstone products — call to discuss).

Both you and your co-borrower can be eligible professionals, OR you can have a non-occupant co-borrower contributing up to 50% of qualifying income.

Full eligible professionals page →

What it looks like for a Phoenix attending physician

A typical Mayo Clinic Phoenix new attending physician this year:

  • Just finished residency or fellowship
  • Signed employment contract with Mayo within 150 days of start (varies by program)
  • $250K-$450K annual starting salary
  • Heavy student loans ($200K-$400K, typically IBR or PAYE)
  • Limited liquid savings ($20K-$60K)
  • 720+ FICO from years of careful management
  • Wants to buy a home in Scottsdale, North Phoenix, Arcadia, or near the Mayo campus

Conventional loan math:

  • Wants $850K home → needs $170K down (20%) to avoid PMI
  • Has $50K saved → 5.9% down → would owe $50K-$80K in lifetime PMI
  • Student loans count at 1% of balance (conventional rule) = $4,000/mo phantom payment → DTI fails

Physician loan math (Redwood Sequoia):

  • $850K home → $0 down
  • DTI uses IBR payment ($300/mo on $300K loan balance) instead of 1% phantom
  • 720+ FICO → 100% LTV approved
  • New attending employment contract = qualifying income (signed contract, starting within 60 days)
  • Closing date can be 150 days before start date if employer + contract documentation is in order

That same scenario closes under physician loan. It does not close under conventional, FHA, or VA.

That's why this product exists — and why it's been Mike's specialty for years across Mayo Clinic Phoenix, Mayo Scottsdale, Banner Health, HonorHealth, Dignity Health, Valleywise Health, Phoenix Children's, and the broader Arizona medical community.

The 100% LTV + no-PMI math

For a $750,000 home in Phoenix, here's the apples-to-apples comparison:

Product Down payment required Monthly payment (P&I + PMI) Annual PMI cost 5-year extra cost vs physician loan
Conventional 80% LTV $150,000 $3,950 (no PMI) $0 — (but you tied up $150K)
Conventional 95% LTV $37,500 $4,940 ($240 PMI) $2,880 $14,400 PMI over 5 years
FHA 96.5% LTV $26,250 $5,160 ($380 MIP/mo) $4,560 $22,800 MIP over 5 years
Redwood Sequoia 100% LTV $0 $4,790 (no PMI/MI) $0 $0 PMI/MIP — keep ~$22K cash

See more in the full calculator →

For the same monthly payment, the physician loan lets you keep $150K of capital that you'd otherwise tie up in conventional 20%-down equity. That capital can pay down student loans, invest, fund a practice acquisition, or hold as emergency reserves.

Why work with a Phoenix-based loan officer

National physician loan competitors — Other bank physician-loan programs each have their own definitions — all offer some version of a physician loan product. Ours is built on Arizona depth: the employers, the neighborhoods, the timings. They don't know which Mayo Scottsdale department gets which signing bonus, which HonorHealth contract has the malpractice tail coverage that affects DTI, or which Banner facility has the relocation-bonus structure that complicates qualifying income.

Mike's been originating physician loans in Arizona for 23 years. The specific patterns at each major AZ medical system — Mayo Phoenix, Mayo Scottsdale, Banner Health, HonorHealth, Dignity Health, Valleywise, Phoenix Children's, AT Still University (the dental school) — are familiar territory. The result: cleaner pre-approvals, fewer surprises at underwriting, faster closings.

If you're already working with a national physician loan lender and the process feels generic — that's because it is. Worth a 15-minute call to compare.

Hospital + system specific guides

Dedicated pages for the Arizona medical systems with the most physician borrowers:

Each page covers the system's hiring/contract patterns, typical income structures, common buyer scenarios, and any system-specific physician-loan considerations.

City-specific pages

For the Arizona cities with the highest physician home-buyer activity:

What if you're self-employed (private practice, locum tenens, or independent)?

The Redwood Sequoia Medical Professionals Program requires W-2 employment or partnership income. If you're self-employed — running your own practice, doing locum tenens, or operating as an independent contractor with substantial 1099 income — your tax returns often don't reflect your actual income capacity (because of legitimate business write-offs and pass-through structures).

For those cases, Cornerstone offers Newfi Hercules Non-QM products as a backup: - Bank statement loans (12-24 months business or personal statements) - P&L loans (with CPA letter) - Asset-depletion qualification - Higher rate than Redwood (~0.5-pricing varies by file specifics) - Available when standard physician loan doesn't fit

Self-employed physician loan details →

Frequently asked questions

Can a medical resident really buy a $800K home with no down payment?

Yes, if you have the qualifying credit (typically 720+ for the top tier), 24+ months of credit history, and a signed employment contract for an attending position within 150 days of start (varies by program). The contract is the qualifying income — not your current resident salary. This is the single most important feature of physician loans vs conventional.

What's the difference between Redwood Sequoia and other physician loan programs (other bank physician-loan programs)?

We originate the Redwood Sequoia program at Cornerstone First Mortgage. The product terms hold their own against bank-branded physician loans — we compare same-day Loan Estimates so you see it on your own numbers. The biggest difference is process and relationship — a local AZ loan officer who knows the Arizona medical systems end to end underwriter. The Redwood Sequoia 100% LTV / no-PMI structure is on par with the best bank physician programs — and we prove it with a same-day Loan Estimate comparison, not a claim.

My spouse isn't a doctor. Can we still qualify?

Yes. At least one borrower (you) must hold an eligible professional degree. Your spouse can be on the loan as a co-borrower regardless of profession — their income counts toward qualifying.

I have $300K in student loans. Will that disqualify me?

No. Physician loans handle student loans differently than conventional. The Redwood Sequoia program can use your actual IBR/PAYE/REPAYE payment instead of the 1% of balance that conventional underwriting requires. This is often the difference between qualifying and not. Bring your most recent IBR statement to your pre-approval.

Can I buy an investment property with a physician loan?

No. The Redwood Sequoia Medical Professionals Program is primary residence only, 1-unit only. For investment property, look at conventional, DSCR, or other non-QM products.

Is the physician loan rate higher than a conventional loan?

Pricing moves daily and varies by file, so we don't publish rates. What's structural: no PMI at any LTV, and the student-loan treatment — we quote your scenario and a conventional comparison the same day so the gap is measured, not guessed. The gap is small and moves both directions by day and by file. The fact that there's no PMI / MI offsets any small rate premium decisively. For a real rate quote, call (480) 296-6513.

Can I refinance my existing mortgage into a physician loan?

Yes — rate-and-term refinances are eligible under the Redwood Sequoia program. Cash-out refinance is not currently available under this specific physician product, but Mike has access to physician-friendly cash-out alternatives if you need equity access.

What's the closing timeline?

For a clean physician loan, plan for 30-45 days from application to close. New attending scenarios with employment contracts often close on or near the contract start date. Mike will give you a realistic timeline at pre-approval.

Talk to Mike

Free 30-minute call. Bring your situation — current role (resident, fellow, attending, in private practice), your AZ home target, your timeline, your rough financials. Mike will walk through actual numbers — what loan size you qualify for, what monthly payment looks like, what to expect at underwriting.

Talk to a physician loan specialist

Send a short note and we'll map your scenario by career stage, degree, and timeline. No cost, no obligation.

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(480) 296-6513 · mcerto@cfmtg.com · NMLS #260555

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Sources

Mike Certo NMLS #260555 · Cornerstone First Mortgage NMLS #173855 · Equal Housing Lender. This page describes the Redwood Sequoia Medical Professionals Program and physician loan products available through Cornerstone First Mortgage. Eligibility, rates, and program features are subject to change; product details current as of May 2026. Loans subject to buyer and property qualification.