United Wholesale Mortgage is expanding its product offerings and joining other nonbanks in the physician mortgage niche.

The lender now offers doctor loans for certain medical professionals seeking homeownership. Although many in this field have high earning potential and a stable career path, they often struggle to qualify for a mortgage due to the cost of medical school.

The product, available for medical doctors, dentists and other eligible healthcare professionals, provides the opportunity for borrowers with select medical degrees to achieve homeownership, overcoming financial hurdles like significant student loan debt and limited down payment savings, UWM said in a press release Wednesday.

UWM's independent mortgage broker partners can now offer these loans with flexible terms, including low or no down payment options, no mortgage insurance and lenient student loan considerations, according to the release.

Qualifying professionals have degrees in medicine, pharmacy, osteopathy, dental science or surgery, ophthalmology, and psychiatry. They may also be veterinarians, podiatrists,certified registered nurse anesthetists and medical residents, fellows or interns with one of the aforementioned degrees.

Eligible borrowers additionally must also have a FICO score of at least 680, according to UWM's website. 

The product is only available for a primary residence and loan amounts of up to $2 million.

Other loan programs

UWM joins multiple mortgage lenders who have noticed this opportunity in the market. 

Others include Chesterfield, Missouri-based Gershman Mortgage, which rolled out a medical professional product it offers on a white label basis, and Certainty Home Lending. Both allow underwriters to use future income as part of the eligibility process.

"With doctors, you have different milestones in their life where they want to be able to buy and we've got a certain certainty around their career that we can lean on," Shadi Kamran of Certainty Home Lending previously told National Mortgage News.

Newrez also launched a home loan for medical professionals earlier this year which offers up to 100% financing with no traditional private mortgage insurance needed.

UWM's doctor loan is the third new product it has announced in the past two months. 

It also recently rolled out a new 1-0 lender-paid temporary rate buydown for the first year on conventional and government purchase loans, and lump-sum home equity products with fixed rates and terms.