Physician Loans in Connecticut


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9 Best Hidden Doctor Mortgage Loans in Connecticut

Key Terms

  • Borrowers can enjoy favorable treatment of student loan payments, streamlining qualification for a loan.
  • A Connecticut physician mortgage loan comes with high loan limits and don’t require private mortgage insurance (PMI) even with a 0% down payment.
  • Some programs allow you to qualify based on a signed contract or offer letter, even before you’ve started working.

Known as the Constitution state, Connecticut is the southernmost of the New England states. With its proximity to the New York metro area, lush, green suburban areas and quality schools, it has become an attractive place for professionals of all types, including doctors.  In fact, there are over 12,000 doctors in the Constitution state. 

For many, owning a home in Connecticut may seem like a challenge. Data shows the average sales price for single-family homes in Connecticut is $399,142 per the Eastern Connecticut Association of Realtors. In Connecticut, 64% of the residents own their homes, whereas 36% are renters.  

Doctors and dentists who want to purchase a home in Connecticut may be able to participate in the state’s physician mortgage loan program. This could mean, as a qualified buyer, you could buy a home here with a lower down payment or even no down payment. 

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Perks of Connecticut physician mortgage loans

While the Connecticut housing market may not be as brutal as some, it is still competitive, and keeping an eye out for great financial products that can help you buy a home is important. If you are considering a physician mortgage loan, it can be a good idea to take a look at some of the pros and cons that come with this type of loan. 

The pros of a physician mortgage loan are impressive and include:

  • Little or zero money down  
  • High loan limits
  • Special consideration for student debt
  • No PMI

Additionally, lenders may sometimes offer loans based on a contract that you have signed, even if you have yet to start the job; in some cases, you may be able to get a loan 90 days before you actually start a new job. 

Those pros are great, but there are some cons to consider, including:

  • Higher limits can lead you to buy a more expensive house than you should
  • Higher interest rates

The banks that extend these loans may also want you to establish a long-term relationship with them, meaning you will need to open a savings, checking or investment account with that financial institution. If you’re not careful, you might end up with a mortgage payment that’s too high for you to keep up with on a regular basis.

Do you research and calculate your other expenses, too, so that you can feel confident about your mortgage payment from your future paycheck. As a first time homebuyer, working through the physician loan process is quite different from buying another kind of home, so make sure you read through all the different requirements and disclosures associated with physician home loans.

Get Quotes for Your Physician Loan

9 Best Connecticut physician home loan lenders

If you’re ready to check out the top physician mortgage lenders in Connecticut, here are the best options we’ve found through our research.

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Fellows, Residents

TD Bank

(CT, DE, DC, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VT, VA)

$500M+ Closed Loans

TD Bank is one of our top professional mortgage lenders.

Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% $1.5+ million
  • Minimum credit score: 720
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Debt ratio allowed: 43%
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

First Horizon Bank

(AL, AR, CT, GA, FL, LA, MS, NC, NJ, NY, SC, TN, TX, VA)

$500M+ Closed Loans

First Horizon Bank has one of the hottest doctor mortgages available as they can lend up to $1.5 million at 0% down.

Being able to lend such a large amount at 0% down is particularly helpful in states like New Jersey, New York and Texas where home prices have risen sharply in the past decade. The only downside is that the program has strict eligibility requirements and folks like dentists and lawyers aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

Down payment Financing
0% up to $1.5 million
5% up to $2 million
10% up to $2.5 million
  • Minimum credit score: 680
  • Maximum loan: $2.5 million
  • Residents / fellows accepted: No
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$10M+ Closed Loans

Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.

The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
15% above $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Citizens Bank

(CA, CT, DC, DE, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV)

$500M+ Closed Loans

Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered in the smallest state: Rhode Island.

With over $160 billion in assets, it's no surprise that Citizens offers a full range of financial products, including a physician loan. New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible. No more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
5% up to $850 thousand
10% up to $1 million
15% up to $1.5 million
  • Minimum credit score: Not reported
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: None
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Laurel Road

(All 50 States)

$10M+ Closed Loans

Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.

Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Huntington Bank

(CO, IL, IN, KY, MI, MN, ND, OH, PA, SD, WI, WV)

$500M+ Closed Loans

Huntington Bank operates primarily out of the Midwest.

Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.25 million
10% $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 2 months
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Truist

(AL, AR, CA, CT, DC, DE, FL, GA, IN, KY, MA, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV)

$500M+ Closed Loans

Truist was formerly known as SunTrust and has historically been a strong player in the doctor mortgage world, thanks to a strong physician home loan program.

Medical professionals with a job offer can close up to 90 days prior to the start date. For doctors and dentists with 10 to 15 years post-training experience, 89.99% financing is available for up to $1.5 million. Truist won’t let you borrow outside of your debt-to-income ratio of 43%, but your student loan payment can be excluded from the debt component if the student loans are deferred for at least 12 months at the time of closing. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$500M+ Closed Loans

US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.

US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows

Down payment Financing
5% up to $1 million
10% up to $1.5 million
15% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

The Federal Savings Bank

(CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, ME, MD, MA, MI, MN, MS, MO, MT, NJ, NY, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY)

$50M+ Closed Loans

The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.

The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]

Eligible Professions:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

Down payment Financing
0% down up to $1 million
5% down up to $1.25 million
10% down up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed

Things to consider before committing to a Connecticut physician mortgage loan

It’s only natural to ask yourself if a physician mortgage loan is right for you before making a decision. What are some factors you should consider? First, take a look at your current position, whether it is at a hospital, private practice or clinic. Is it a place where you want to work for years to come? If so, a physician mortgage is a great choice. Providers must carefully balance the benefits of a physician home loan with other options, such as going with a traditional loan or VA loan, if eligible.

A doctor loan can also medical residents who are on the verge of accepting their first role to get the loan amount needed to purchase a dream home. For those working in healthcare, it can be exciting to get a new job offer and then to find a great property on the NMLS, but getting the funds together for a down payment can feel impossible on a resident’s limited salary. This makes the home buying process possible and easier for doctors who want to get into real estate and purchase their primary home or first home.

Next, ask yourself, how comfortable you are with a potentially higher interest rate on a mortgage. While that higher interest rate comes with significant advantages, it can cost you some extra dollars over the history of your loan. Of course, when seen from the other perspective, you might consider those monies as money well paid to get you an easy to qualify loan with a high limit. That higher interest rate can affect your repayment.

Finally, ask yourself if the lender is someone with whom you want to be in business throughout your career. By offering you a physician mortgage loan, chances are your bank or lender wants you to stick with them in some other capacity, as well— something that could work in your favor. 

Examples of Connecticut medical doctors who take out physician loans

Who are the professionals, dentists and doctors taking out physician loans in Connecticut? Anyone and everyone. The following are some summary examples that provide a good overview of the types of people taking out these loans. 

Physician who doesn’t have down payment saved yet

Steve is a family doctor in a group practice in Stamford. His own family is growing and the time is right for him and his wife to buy a larger home. Even with the higher median price in Connecticut, his salary is more than enough to afford monthly payments on a more expensive home.

Steve doesn’t have enough for a 20 percent down payment, however. Life gets expensive, after all. Even with a stellar salary, Hunter doesn’t have too much cash on hand. Some of his cash is tied up in investments and a good deal has gone towards his practice. Having the option of accessing a loan with zero money down is a real advantage given the stage of his career. 

Physician whose DTI ratio is affected by too much student debt

Stephanie is in the middle of a successful fellowship at Hartford Hospital. Her salary is more than respectable for the time being and she is going into a lucrative field— orthopedics. She incurred a lot of debt for all that success, however. That student debt is not making her look good to many of the local banks that offer conventional mortgages. A doctor mortgage is the perfect alternative; her salary is impressive to the bank and they know her student loan debt doesn’t reflect poorly on her financial picture in any real sense. 

Looking for a physician loan in a different state?

If you’re looking to explore the best physician loans in other states, click on your state below.

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Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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