Denver is one of the most significant medical education and clinical practice markets in the Mountain West, and it generates a substantial flow of physician homebuyers every year. UCHealth University of Colorado Hospital — 700+ beds on the Anschutz Medical Campus in Aurora, ranked #1 in Colorado by U.S. News & World Report for 14 consecutive years, the principal teaching hospital of the University of Colorado School of Medicine — trains and employs thousands of residents, fellows, and attending physicians across every major specialty and subspecialty. Denver Health Medical Center, with 360 beds and the Ernest E. Moore Shock Trauma Center providing 911 emergency medical services for the entire City and County of Denver, is a Level I Trauma Center and a major academic training institution in its own right. Children’s Hospital Colorado, with 434 beds and Level I Pediatric Trauma designation, serves a 13-state region and sits on the U.S. News Honor Roll — one of only 10 children’s hospitals in the country to receive that recognition.
These three institutions — along with HCA HealthONE Presbyterian St. Luke’s (680 beds) and the broader ecosystem of specialty clinics, private practices, and academic medical groups across the metro — create constant physician demand for residential real estate in Denver. The challenge isn’t whether these buyers can afford a home. The challenge is that conventional mortgage underwriting is not designed for a physician’s financial profile: large student loan balances, income that is currently at resident or fellow levels but will multiply substantially upon completion of training, and employment start dates that may be weeks or months in the future when they need financing now.
Physician mortgage loans are designed specifically for this qualifying reality. Ryan Lehrman, NMLS #235295, works with Denver physicians at every stage — from first-year residents in PGY-1 positions at UCHealth to senior attending physicians and department chiefs buying in Cherry Creek or Hilltop.
No PMI requirement
Conventional loans with less than 20% down require private mortgage insurance — a monthly cost that adds significantly to payment on a $1 million+ Denver home. Physician mortgage loans eliminate PMI entirely, regardless of down payment percentage.
Student loan debt treated favorably
Residents and fellows completing training at UCHealth, Denver Health, or Children's Hospital carry average medical school debt above $200,000. Conventional underwriting counts the full monthly payment — even under income-driven repayment plans — against debt-to-income ratio. Physician loan programs either exclude student loan debt from DTI entirely or use the actual IBR/IDR payment, which is often a fraction of the standard repayment figure.
Employment contract qualifying
Physicians who have signed an employment contract with a start date up to 90 days in the future can qualify based on that contract rather than on current pay stubs or prior-year tax returns. This is essential for residents completing a fellowship at UCHealth who have accepted an attending position but haven't started yet.
Low and no down payment options.
Physician programs routinely offer 0–10% down on primary residences up to $1.5 million, with expanded down payment options on higher loan amounts. Preserving capital during early attending years — when relocation costs, student loan repayment, and practice establishment expenses can be significant — is a real financial priority for most physician buyers.
Jumbo physician lending.
Cherry Creek, Hilltop, and Washington Park pricing means many Denver physician buyers need not just a physician loan — they need a physician Jumbo loan. Programs are available that combine physician-specific underwriting accommodations with loan amounts above Denver County's $862,500 conforming limit.
No prepayment penalty.
hysicians whose income grows significantly in the years after purchase — and it typically does — can refinance or pay down their loan without penalty.
MD — Doctor of Medicine
DO — Doctor of Osteopathic Medicine
DDS (Doctor of Dental Surgery)
DMD (Doctor of Dental Medicine)
DVM (Doctor of Veterinary Medicine)
OD (Doctor of Optometry)
DPM (Doctor of Podiatric Medicine)
PharmD (Doctor of Pharmacy)
PA-C (Physician Assistant – Certified)
APRN (Advanced Practice Registered Nurse, including NP, CRNA, CNM, CNS)
Residents and fellows in accredited programs
Loans up to the Denver County conforming limit of $862,500 with 0–5% down, no PMI, and student loan debt treated at IBR/IDR payment or excluded from DTI. Qualifying based on employment contract or offer letter. Available to all eligible professional designations listed above, including residents and fellows in training at UCHealth, Denver Health, and Children’s Hospital Colorado.
For Denver physicians purchasing in Cherry Creek, Hilltop, Washington Park, or other neighborhoods where prices exceed $862,500, physician Jumbo programs extend the specialty underwriting accommodations — no PMI, favorable student loan treatment, contract-based qualifying — to loan amounts up to $2–$3 million. Attending physicians and fellows transitioning to high-income specialties (orthopedic surgery, neurosurgery, cardiology, radiology) are common borrowers in this tier.
Physicians who want to build in Denver’s market — in Hilltop, in Cherry Creek, or in one of the metro’s master-planned new construction communities near the Anschutz Medical Campus — can access One-Time Close Construction loans specifically structured for physician buyers. These combine the physician program’s favorable qualifying criteria with the construction-to-permanent single-close structure.
Physician loan specialist — not a generalist who also does physician loans; this is a core practice area with deep lender relationships and program knowledge
Understands Denver's academic medical ecosystem — UCHealth, Denver Health, Children's Hospital, and the University of Colorado School of Medicine generate buyers with specific qualifying needs that Ryan works with routinely
Resident and fellow experience — program expertise for buyers still in training, not just attending-level practitioners
Physician Jumbo capability — most physician-loan lenders cap at $1 million or $1.5 million; Ryan has access to physician programs at significantly higher loan amounts
Student loan navigation — knows which programs offer the most favorable student loan treatment for each buyer's repayment structure
Confidential and efficient — physicians have limited time; the consultation process is focused, organized, and respects your schedule
Ryan Lehrman, NMLS #235295
Professional status: Active license or training enrollment in an eligible designation (see list above); residents and fellows qualify with program verification
Employment documentation: Current pay stubs for employed attendings; for residents, fellows, and attendings with future start dates — an executed employment contract or offer letter with start date, position, and compensation details
Student loan treatment: IBR/IDR monthly payment used for DTI calculation in most programs; some programs exclude student loans from DTI entirely — lender-specific
Down payment: 0% available in select programs up to certain loan amounts; 5–10% typical for loans above $1.5 million; 10–20% for physician Jumbo depending on loan size
Consultation — Ryan reviews your training status or attending position, employment timeline, student loan balance and repayment plan, target neighborhood, and purchase price range to identify the right program and lender before you begin your home search
Documentation — medical license or program verification, employment contract or offer letter, student loan statements with current payment information, and standard income and asset documentation assembled into a clean pre-approval file
Pre-approval —lender-issued pre-approval letter; in Denver's upper-tier market, sellers and listing agents want to see a real pre-approval, not just a pre-qualification estimate
Under contract — appraisal ordered, title opened; Ryan manages the file through underwriting and coordinates with the listing agent and title company on timeline
Closing — final conditions cleared; you close on your Denver home and begin the next chapter of your career and life in one of the country's premier medical cities
You can apply now. Physician mortgage programs are specifically designed for residents and fellows in training. A PGY-2 at UCHealth University of Colorado Hospital qualifies based on your residency program enrollment and your current resident stipend — there is no requirement to wait until you have attending income. The key documents are your residency match letter or current contract, your USMLE or COMLEX verification, and your medical school diploma or enrollment confirmation. Student loan balances and current resident income levels do not disqualify you; the program accounts for both. Ryan has worked with UCHealth residents at every PGY level.
Yes. Denver County's conforming limit is $862,500, so a $1.4 million purchase requires a physician Jumbo loan — but physician programs that extend to $2 million and above are available and accessible through the lenders Ryan works with. At $1.4 million, you'd typically need 5–10% down depending on your loan program, credit score, and income documentation. No PMI applies. Student loan debt treatment remains favorable under the physician Jumbo structure. The Cherry Creek price point is well within the range these programs are designed to address.
Yes — and this is exactly the scenario physician mortgage loans were built for. An executed attending contract with a start date up to 90 days out qualifies as income documentation. Ryan can structure your pre-approval based on your attending compensation as stated in the contract, even though you haven't received a single paycheck yet. Your fellowship stipend, your student loan balance, and the gap between your current training income and your future attending salary are all accounted for in the program's underwriting structure. The only timing consideration is making sure your closing date doesn't fall too far before your start date — Ryan will walk through the timeline with you in the initial consultation.
Ready to finance your Denver home with a program designed for your career? Let’s talk through your situation.
Originally from Harrisburg, Pennsylvania, I moved to Phoenix to attend Arizona State University and have proudly called Phoenix home ever since.
My journey into the mortgage industry began with a friend’s encouragement, who saw how my energy and people-first mindset could make a difference. He was right — I found my calling.
I’ve always embraced what makes me different. With ADHD as my secret weapon, I thrive in fast-paced, detail-heavy environments. I’ve built my career on clear communication, creative problem-solving, and putting clients first, always.
Outside of work, my greatest motivation is my wife and three amazing kids. I’d be honored to help guide you through your lending journey with care, clarity, and commitment.
Who we are
Our website address is: https://loansbylehrman.com/
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