Can a Physician Loan Be Used for a Second Home?
The short answer, and the options that do work.
Talk to a Loan OfficerThe short answer: no
The physician mortgage program finances primary single-unit residences only. Second homes, investment real estate, 2–4 unit owner-occupied properties, model-home leasebacks and tenants-in-common agreements are not eligible — even for borrowers who qualify on every other rule.
What the program does finance
- Your primary home — the single-unit residence you will live in
- Up to 100% financing with no PMI, loans up to $2,000,000
- Closing up to 60 days before your start date with a signed contract
Planning a vacation home or a rental?
A second home or an investment property needs a different loan program. Generation Mortgage Associates serves first-time buyers, seasoned investors and homeowners refinancing — contact us and we will compare the options that fit a second home or a rental. For your primary residence, start with doctor home loans.
Other property types that are not eligible
- Non-warrantable condominiums and condo-hotels (condotels)
- Co-ops, manufactured and mobile homes
- Mixed-use buildings and working farms or orchards
Frequently Asked Questions
Can I use a physician loan for a second home?
No. The program is for primary single-unit residences only.
Can I use it for a rental property?
No — investment real estate is not eligible.
Can I buy a duplex with a physician loan?
No — 2–4 unit owner-occupied properties are excluded.
What loan can I use for a second home?
A different program; contact us and we will compare the options for a second home or investment property.
Buying your primary home? Get 0% down and no PMI.
Apply NowGeneration Mortgage Associates, LLC · 1155 South Pasadena S, Suite H, South Pasadena, FL 33707 · Call (727) 642-1166 · Monday–Friday, 9:00 AM–5:00 PM EST · NMLS 1283562. Program guidelines can change; all loans are subject to credit approval and underwriting.