Relocating for residency

Matching to a residency program usually means a move, a new lease or purchase decision, and — for many physicians — a home still owned or co-owned somewhere else. This guide explains how to think about financing that transition using physician loan mechanics, without promising you will qualify on any specific timeline or stating lender limits.

Step 1 — Map your housing inventory

List every property tied to your name: primary home, condo from medical school, investment unit a family member co-signed, or a spouse's house in another state. For each, note mortgage balance, monthly payment, whether it is rented, and the earliest realistic sale date. Lenders count payments on properties you retain unless a specific exception applies to your file — confirm rather than assume.

Step 2 — Match length vs purchase horizon

A three-year internal medicine residency in a city you love may justify buying if the payment fits training income and you accept selling or renting when you fellowship elsewhere. A one-year prelim followed by an uncertain fellowship match may favor renting. The physician loan path does not remove liquidity risk: you still need reserves for repairs, vacancy if you rent the old place, and moving costs.

Step 3 — Document training income early

Resident programs want your training contract before they quote a payment range. Gather it as soon as you sign, along with student loan statements. If you have a signed fellowship or attending offer already, include that letter — some lenders weight future income differently. Read our resident loan overview for the document list.

Step 4 — Run your numbers before touring

Touring homes before you know your payment range wastes time and emotional energy. Use the student debt DTI tool with your training income and a housing payment estimate, then the doctor loan vs conventional tool with down payment and rate assumptions a loan officer gives you. Save the permalink to share at pre-approval.

Step 5 — Decide rent-back and double-move logistics

If you sell the old home, negotiate closing dates that overlap with your residency start. If you keep it as a rental, model vacancy and maintenance in your budget — lenders may count rental income only with a lease in place and sometimes only a fraction of the rent. None of those percentages are stated here because they vary by investor overlay.

When to start pre-approval

Start when your match location is firm and you are within a realistic shopping window. Pre-approval for physician borrowers often uses the training contract; it is not a guarantee you can close on a specific property. If the math from our tools shows DTI above what your loan officer accepts, fix the inputs you control — pay down revolving debt, adjust price range, or resolve the other home first — before making offers.

Ready to apply when the timeline aligns? Start my application.