Lawyer Mortgage: $0 Down Payment Options for Attorneys


Key Takeaways:

  • A lawyer mortgage loan offers home financing solutions with a down payment as low as 0% with no private mortgage insurance.
  • Relaxed debt-to-income ratios and income requirements allow lawyers with large student debt balances to qualify for a mortgage easier than with a conventional loan.
  • You can access jumbo loan amounts without triggering an increase in your interest rate.

With BigLaw salaries starting in the $200,000 range and only going up from there, it’s no wonder banks are buzzing at the opportunity to build relationships with attorneys as a whole. One way they’re doing this is by offering young legal and medical professionals special home financing that leverages their degree and earning potential.

Whether you work in BigLaw, practice at a small- or mid-size law firm, or serve as a government attorney, your JD degree gives you access to exclusive financing through a lawyer mortgage loan program. Read on to learn more about this low down payment solution.

What is a lawyer mortgage?

Sometimes referred to as a BigLaw mortgage or an attorney mortgage, this home loan program is available to JD borrowers purchasing or refinancing a primary residence. It’s characterized by low down payment options, usually ranging from 0% to 10% for loan amounts that reach into the millions.

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But that’s not all a lawyer mortgage loan has to offer. Other benefits include:

  • No private mortgage insurance (PMI), potentially saving you thousands of dollars each year.
  • Many lenders accept employment contracts as proof of income if you’re starting a new position (typically 60 to 90 days within closing).
  • Some lenders exclude student loans from debt-to-income (DTI) calculations or use a modified amount, such as your actual income-driven repayment monthly payment or a percentage of your total outstanding balance.

Banks recognize there are tens of thousands of potential homeowners that graduate from law school every year, meaning there’s an ongoing fresh pool of customers that can benefit from this mortgage solution.

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