Physician Jumbo Loans to $2,000,000: Where the Leverage Stops and Why

The house you want is in Paradise Valley, or up against the McDowells, or on an acre in north Scottsdale. It is well above what your colleagues in other markets are buying and it is completely normal here.

And somewhere between the pre-approval and the offer, the number stopped working.

Here is exactly where the physician programs end, from CMG Financial's MedPro Premier guidelines (NMLS #1820, revised 09/11/2026).

The ceiling

On a primary residence, purchase or rate and term refinance:

• 680 score: 95% loan-to-value, maximum loan amount $2,000,000
• 680 score: 100% loan-to-value, maximum loan amount $1,500,000, one unit only
• 720 score: 100% loan-to-value, maximum loan amount $2,000,000, one unit only

Two million dollars is the top of the program. Not a soft limit, not a case by case number. The top.

And the program notes are blunt about the exception process: exceptions may be granted case by case by the investor for loans outside program eligibility, but the investor will not consider profession exceptions. So being a highly compensated specialist is not an argument for more.

The 720 line is worth half a million dollars

At 680 with nothing down, you reach $1,500,000. At 720 with nothing down, you reach $2,000,000.

Forty points of credit score, five hundred thousand dollars of loan amount. If you are shopping at a price point that needs the higher number and you are sitting in the 690s, working the score is the single highest-return thing you can do, and rescores are expressly allowed here provided the file documents the change and still meets asset requirements.

The reserve requirement doubles at the top

Reserves scale with both leverage and loan size:

• 95% loan-to-value or below: zero months from $100,000 to $1,500,000, three months from $1,500,001 to $2,000,000
• Above 95% loan-to-value: three months from $100,000 to $1,500,000, six months from $1,500,001 to $2,000,000

So the physician buying at $1,800,000 with nothing down documents six months of full housing payment. On a payment at that loan size, that is a meaningful sum, liquid, untouched.

Add three months for each additional financed property you own, up to a total of four financed one-to-four unit properties including the subject. Add one month of housing payment for every month between closing and your start date if you are on projected income.

Stack those and the cash requirement on a two million dollar zero down purchase is substantial. It is still far less than twenty percent, which is the point, but it is not nothing and it should be planned in March rather than discovered in May.

The adjustable route, and its acreage trap

The program offers hybrid ARM products, and they come with their own rules:

• Minimum loan amount $350,000
• No investment properties
• Caps of 2/1/5 on the 5/6 ARM, and 5/1/5 allowed on the 7/6 and 10/6
• Index: SOFR, 30 day average. Margin 3.5. Floor 3.5.
• No conversion option. Assumable.
• A 5/6 ARM qualifies at the greater of the fully indexed rate or the note rate plus 2%
• ARM and 15-year fixed rate loans carry a maximum debt-to-income of 45% and a maximum of 10 acres

That last line is a north Scottsdale and Rio Verde problem specifically. Ten acres is not an unusual parcel out past the 101, and a borrower who picks an adjustable structure for the rate has just capped the land they can buy. Fixed rate products do not carry that acreage limit in the same footnote, so the product choice and the property choice are connected in a way nobody expects.

The assumable feature is worth noting in the other direction. An assumable loan is an asset when you sell, particularly if rates are higher then than when you closed. Physicians move. That option has value.

The second program, and why it is tighter

MedPro Advantage (revised 07/16/2025) is the adjustable alternative and it reaches 95% leverage with:

• 720 minimum score
• 43% maximum debt-to-income
• six months of reserves

Compare the debt-to-income ceilings. Premier allows 50% at 95% loan-to-value or below and 45% above 95%. Advantage caps at 43%. For a physician carrying student loan payments that are counted, those seven points are frequently the whole approval.

Also note Advantage lists condominiums in Florida as ineligible, a reminder that these programs carry geography-specific property rules that have nothing to do with your file.

Above $2,000,000

The program ends. That does not mean financing ends.

Above the ceiling you are in true jumbo and portfolio territory, where underwriting looks different: larger down payments, real reserve requirements, full income documentation, and pricing set by investors who hold the paper. Some of those lenders have their own professional programs. None of them are the program described here.

The mistake is treating it as a continuation. It is a separate shopping exercise with a separate set of lenders, and it should start early because the approval takes longer.

Before you tour anything

1. Confirm which score tier you are in and whether the gap to 720 is bridgeable.
2. Calculate reserves at your target price, with leverage, property count and start date gap all included.
3. If the property is acreage, decide fixed versus adjustable before you fall in love with the lot.
4. If your price point is above $2,000,000, start the jumbo conversation now, not after the offer.

Common questions

What is the maximum physician loan amount? $2,000,000 on this program. 100% financing reaches it at a 720 score on a one unit primary residence, and 95% financing reaches it at 680.

Can I get an exception above $2,000,000 because of my specialty? No. Exceptions exist for some loan characteristics but the guidelines state the investor will not consider profession exceptions.

How many reserves do I need on a jumbo physician loan? Three months at 95% loan-to-value or below between $1,500,001 and $2,000,000, and six months above 95% in that range, plus three months for each additional financed property and one month for each month between closing and your start date.

Is there an acreage limit? On ARM and 15-year fixed rate loans, yes: a maximum of 10 acres, along with a 45% maximum debt-to-income. That combination catches buyers looking at larger north Scottsdale parcels.

Is the physician ARM assumable? The guidelines list the ARM as assumable with no conversion option. That can be worth real money at resale if rates are higher then.

Related reading

• Physician and medical professional home loans, the full index for this topic
• Physician Loan Credit Scores: What 680, 700 and 720 Each Unlock
• Physician Loan Reserves: The Requirement That Quietly Decides Your Price Range
• Physician Loan or Conventional: Which One Is Actually Cheaper on Your File

Why bring this file to us

• We tell you where the ceiling is before you tour anything. Two million is a real line and there is no exception process for crossing it on profession.
• We run the acreage and property questions early, which is what north Scottsdale and Paradise Valley files actually fail on.
• We structure above the ceiling when we have to, which is a different conversation and a different set of investors.
• Broker model. Multiple investors rather than one bank's shelf, which is what a file like this needs when the first answer is no.
• You talk to the principal. Ricky Khamis is President of EPiQ Lending and a Certified Mortgage Planner, NMLS #173141, originating mortgages since 1999. Direct line: (480) 999-9842.

EPiQ Lending is NMLS #1936984, at 7975 N. Hayden Road, Suite A-101 in Scottsdale. Verify all of it before you trust any of it: Ricky's EPiQ Lending profile, the Scottsdale branch, and the license itself at NMLS Consumer Access. Hold every lender to that standard, including us.

Tell me the price point and your score and I will tell you in one call whether the program reaches it or whether we are structuring around the ceiling.

Program figures in this post come from the CMG Financial (NMLS #1820) guideline set named above, as published on the revision date given. CMG Financial is the parent company of EPiQ Lending. These figures describe one investor's program at one point in time. Other investors price and underwrite the same borrower differently, guidelines change without notice, and nothing here is an offer of any specific program or terms. Confirm current eligibility on your own file before you plan around any of it.

Equal Housing Opportunity. This is general information, not a commitment to lend or an offer to extend credit. Rates, terms, and program guidelines change and depend on credit approval, property appraisal, income and asset verification, and other qualifying factors. Not all applicants will qualify. Non-QM, asset-based and business purpose financing carry different pricing, terms and consumer protections than agency financing. Consult your tax advisor regarding the tax treatment of any income or distribution strategy.