Resident and fellow loans

Residents and fellows buy homes for the same reasons attendings do — family needs, relocation stability, or building equity before training ends. The difference is documentation: you may have little W-2 history and a training contract instead of attending pay stubs. Resident-oriented physician programs exist to bridge that gap. Specific eligibility and limits vary by lender.

How training income is documented

Lenders typically request your residency or fellowship contract showing base salary, start date, and program location. Some will also ask for an attending offer letter if you are within months of completing training. They may use projected attending income for qualification — that projection is lender-specific and must be confirmed in writing for your file, not inferred from this page.

Numbered timeline checklist

1. Match or job location confirmed — know whether you may move again after training.
2. Review lease end date vs desired closing date if you currently rent.
3. List any home you still own in another state and whether you need to sell first.
4. Pull student loan statements; note income-driven repayment if applicable.
5. Run DTI with and without student loans using our tools before calling a lender.
6. Start pre-approval when the timeline is stable enough to shop seriously.

Relocation and homes in other states

Matching to a new city while still owning a prior home creates a timing problem physician borrowers know well. Bridge strategies, rent-back agreements, and buy-before-you-sell financing are life-change topics. Our relocating for residency guide covers the physician side; if you need buy-before-you-sell mechanics, see life-change financing at My Equity Transition (root URL verified on the network allowlist; the dedicated buy-before-you-sell path is pending verification).

Fellowship vs residency

Fellowship often means another move and a shorter horizon before attending income. Some borrowers wait; others buy and accept selling or renting later. Read buying during fellowship for the tradeoffs framed without promising you will qualify on any specific timeline.

Student debt during training

Most residents are on income-driven repayment or deferment. How a lender counts that payment in DTI is not uniform. Model both inclusion and exclusion in the student debt tool, then ask your loan officer which method they use.

Moonlighting and extra income

If you moonlight or receive stipends beyond base residency pay, document each source. Some lenders average variable income; others use only contract base. Do not assume moonlighting counts until it appears on your pre-approval letter.

Co-borrowers and spouses

Adding a co-borrower with W-2 income can change DTI and reserves requirements. Student loans on either credit report may still count. Run the household numbers together in the student debt tool before you decide who goes on the note.