This is from BOA and others I have looked at seem to be about the same....So I would say most likely a PhD or PsyD wouldnt be eligible.....not to mention the fact that the income potential is MUCH less them a MD, DO etc.....I'm glad I am eligible for a VA loan...!!!!!....
Those eligible to apply include medical residents, existing or newly licensed Medical Doctors (M.D.), Doctors of Dental Science (D.D.S.), Doctors of Dental Medicine (D.M.D.), Dental Surgeons specializing in oral and maxillofacial surgery (D.M.D.), Doctors of Optometry (O.D.), Doctors of Ophthalmology (M.D.), Doctors or Podiatric Medicine (D.P.M.) and Doctors of Osteopathy (D.O.).
In addition, applicants must:
Be U.S. citizens, permanent-resident aliens or trustees of living trusts
Have a confirmed employment or residency start date within 60 days of loan closing
Have a minimum credit score of 720
Have a checking or savings account with Bank of America**
Be able to make at least a five percent down payment on the property from their own funds