Berkshire Bank
There are some banks that make a big deal out of their physician mortgage program, and then there are other banks like Berkshire that don’t even feel the need to mention it on their website.
For those banks, you really need to be in the know about the program if you want to see if they are offering competitive rates during that one moment when you’re buying a house.
We did the hard work for you though and have already contacted Berkshire Bank to learn more about their physician loan. Here is what you need to know:
- 0% Down up to $1,000,000
- 5% Down up to $1,250,000
- 10% Down up to $2,000,000
- Primary residences, vacation properties and investment properties eligible (although higher down payments may be required).
- Credit score minimum of 660 needed. However, since Berkshire Bank is a true portfolio lender, they can make certain exceptions for some FICO scores.
- Can also finance non-warrantable condos and multi-family homes.
- If you are purchasing a home and have some special conditions, using a portfolio lender that isn’t beholden to the parameters the investor has already agreed to purchase can be helpful.
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
Citizens Bank
Citizens Bank is one of the largest banks in the Untied States. I bet you didn’t know that it’s headquartered 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.
We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:
- 5% down up to $850,000
- 10% down up to $1,000,000
- Practicing licensed medical doctors (MD and DO), dentists (DDS and DMD), residents and research physicians are eligible
- Licensed residents, fellows and interns can borrow a maximum of $600,00 (or $400,000 if unlicensed)
- No more than 10 years out of residency
- Self-employed professionals are eligible with a two-year history of self-employment income
- 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 private mortgage insurance
- 40% max debt-to-income ratio
- Student loan debt that’s deferred for more than 12 months from the date of closing can be excluded from DTI calculations
- Construction-to-permanent loans available with a maximum of 89% financing
- Fixed rate or adjustable-rate mortgage options
- Interest-only option on certain adjustable-rate mortgage options (max financing at 89%)
When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.
Huntington Bank
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:
- 0% down payment up to $1 million
- 5% down payment up to $1.25 million
- 10% down payment up to $2 million
- Maximum financing up to $2 million
- Eligible degrees are: MD, DO, DDS, DVM or DMD
- Residents are eligible
- Minimum credit score is 700
- 2 months reserves required (6 months for jumbo loans) – reserves can be held in bank or investment accounts
- Gift funds for down payment are OK
- 30-year and 15-year fixed-rate mortgages
- ARMs available in 7/6, 10/6 or 15/6 terms
- Can close on the strength of a new employment contract without paystubs
- No private mortgage insurance
- No prepayment penalty
When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.
Is a Massachusetts physician mortgage loan right for you?
Now that you have reviewed the many lender options you have access to in the Bay State, you may be wondering if a doctor mortgage is the right fit. Take a look, first, at your career. If you are in a position you love and that you will stay with for years to come, these mortgages are great options. If you plan on relocating sometime soon, they might not be the best options.
Your lender may also want you to open up an account with them, meaning that you will establish a long-term relationship with their bank. If you don’t mind that fact or the fact that you may have a higher interest rate, you are likely a good match for a Massachusetts physician loan.
Hypothetical doctors who could use physician loans in Massachusetts
Doctors from Plymouth to Northampton are all taking advantage of these loans designed for high earners. Are you one of those professionals? Review the stories below to see if your situation matches up with the individuals taking out doctor mortgages in Massachusetts.
A physician who found a great rate with a doctor mortgage
With interest rates on the rise, Matilda is eager to find a mortgage with the lowest rate possible. Although she is a high earner, she still is carrying a bit of student debt. The conventional loans that she has qualified for are all, therefore, coming with higher rates. She recently heard about a bank in the Amherst region that is offering low interest mortgages to doctors like her, along with favorable treatment of her student debt. It’s by far the best option out there for her in this economy, and comes with the added benefit of a higher limit that can help her afford Massachusetts prices.
An endodontist who doesn’t have a down payment
Working as an endodontist in the Greater Boston area has proven lucrative for Tim. His practice is thriving and his income is more than respectable. He put a lot of extra time and money into building that practice, and he doesn’t necessarily have the down payment he would need for a conventional mortgage. A physician loan gives him what he needs, offering financing for a home with little money down.
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.