The Doctor Loan: My Experiences Buying and Building with Physician Mortgage Loans

I was finally a doctor. A real doctor. A doctor that could get himself a doctor loan!

Buying My First Property with a Physician Home Loan

Eventually, I was approved for the loan with 10% down with a monthly payment the bank was confident I could afford.

My Experience with a Physician Construction Loan

I did nothing but locum tenens work for nearly the first two years after finishing residency. Initially, I used the Gainesville condo as a home base, but I was eventually able to convince my wife to move our belongings out and find a tenant to pay rent.

As a homeless doctor, I knew we’d need a place to live when we were ready to settle down in one place. After all, we were expecting our first child in the latter stages of my full-time-locums years.

Our Next Home Purchase

If you’re not sure you’re going to stay in one place for at least five to seven years, you’re probably better off renting. I know that now, but I didn’t back then, and the break-even timeframe I recall hearing was three years.

After having the rug pulled out from under our feet, we landed a bit awkwardly. I did some traveling locums work, but we now had a second baby, and it was no fun for anyone, including me, to have me working away from home.

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Physician on FIRE