5 Best Physician Mortgage Loans in New Hampshire

Called “The Granite State” or “The White Mountain State,” New Hampshire is part of the New England States region of the country. It was one of the original 13 colonies and was officially the 9th state to join. Today, it is bordered by Massachusetts, Maine, Vermont, and the Canadian Province of Quebec to the north. While only containing about 1.3 million citizens, the Granite State is also home to over 4,200 doctors, ranking it in the Top 10 in the US for most doctors. 

For many Granite Staters, including its doctors, owning a home in New Hampshire may seem out of reach. Data from the New Hampshire Realtors shows the average sales price for single-family homes is $406,000. Homes averaged 17 days on the market last month, meaning properties are moving fairly quickly in the state.   

A New Hampshire physician mortgage loan program enables qualified professionals, such as doctors and dentists, to obtain a home loan that does not have a down payment requirement or, in some cases, a minimal one. This could make it easier to buy in the state.  

Pros/Cons of doctor mortgages in New Hampshire

Are you considering a New Hampshire physician mortgage loan? Then you may want to consider the pros and cons, too. 

Let’s start with the pros, of which there are many. With a doctor mortgage, you can often access 100 percent financing on a home, meaning that you won’t need to put a single penny down on the loan. You also get favorable consideration of your student debt, meaning a high DTI ratio won’t prevent you from qualifying. New Hampshire physician loans also don’t require PMI, saving you a bit of money.

Some lenders will offer a doctor mortgage based only on a signed contract of employment, meaning that you can finance your home before you start a job. Sometimes, it’s nearly impossible for doctors to get conventional loans because of the high down payments required.

What are some of the cons? Well, all of those benefits may come at a “price” in the form of a higher interest rate. Another issue to consider is that these loans come with high limits. While that can be great for affording more home, it can also make it easier for you to get in over your head and buy more house than you need. Leaving a residency program often means big changes in the finances for borrowers who are physicians, but you need to balance your budget carefully. Much like veterinarians or dentists, knowing what you can afford is important.

The right lender and loan officer can make a big difference with doctor loan programs. You’ll want to carefully review the NMLS and see what kinds of properties and budgets you’re looking at, but you also want individual details about the lenders. For example, you want to know if you can refinance in the future, interest rates, prepayment penalties, and comparisons of monthly mortgage payments. For future healthcare professionals or current providers, these loans can create a quick path to homeownership. If you’re seeking a new home to match your new full-time job, check out these potential lenders as you enter the process of becoming a homebuyer.

Make the home buying process easier when you find the right lender with the right loan repayment program for you. Consider too that your new employer might be willing to pay back some of your student loans or offer a housing incentive to help you purchase a home in the region or in underserved areas near your new job in New Hampshire.

5 Best New Hampshire physician home loan lenders

If you’re ready to learn more about the best physician mortgage lenders in New Hampshire, here are the top options we’ve found through our research.

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.

Citizens Bank

Citizens Bank is one of the largest banks in the United 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.

Bank of England

If you thought the Bank of England was in the United Kingdom, you’ll be surprised to find out that the Bank of England is located in England, Arkansas but has the ability to lend in all 50 states (except NY).

We contacted the Bank of England to see if we could gather details about their physician loan program. Here is what we learned:

• 0% down up to $1,000,000
• 5% down up to $1,500,000
• No PMI
• Only available on 3, 5 and 7-year ARM terms
• Program aimed at doctors who are either seasoned practitioners or just out of medical school (in other words, they work with doctors of all experience levels).
• Requires a credit score of 700
• Requires two months of payment reserves.
• You can be a US Citizen or a Permanent or Non-Permanent Residence.
• They are able to exclude student loan debt in deferment or forbearance of 12+ months from the debt-to-income calculation.
• You can only use this doctor mortgage program for single family residences, condos and two-unit properties.

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.

Is a New Hampshire physician mortgage loan right for you?

Is this financial product right for you? When weighing this issue, you may want to take a good look at your current job. Is it a position that you enjoy, and do you think you will stay in this position for many years? If that is the case, then you are ready to make the commitment to a mortgage. 

Take a minute, too, to look carefully at the interest rate you may get with a physician loan. While it could be considered a fair exchange for special consideration on student debt and high loan limits, it will cost you money over time. If that doesn’t feel right, then a doctor mortgage may not be right for you. 

Examples of doctors who take out physician loans in New Hampshire

The following are some classic examples of New Hampshire doctors who are taking out physician loans. Reviewing these stores can help clarify whether or not these loans are right for you. 

Physician with little or no down payment

Libby married her husband during undergrad and  had a child early on. Since both she and her husband, Tom, are at the start of their residencies at Exeter Hospital, the couple has decided to look around at mortgage options. 

Raising a child so early in life didn’t allow them to build much savings, so they will only qualify for a mortgage that requires little to no money down. Thankfully, the fact that they have signed contracts on their residencies qualifies them for a physician loan with a local Exeter lender. The lender will also give special consideration to their student debt. A physician loan is the best option for Libby and Tom as they settle into life in the Granite State. 

Doctor who prefers keeping money in investments

Rick has an established dermatology practice in Concord, with great patients, reliable staff, and impressive income. He has been able to make some investments in the stock market, too. While he wants to move into a larger home, he doesn’t want to sell his stocks in order to have the cash available for a down payment. Instead, he’s decided to turn to a physician mortgage loan with 100% financing, allowing him to maximize his leverage and keep his stock portfolio intact. 

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.