Physician Loans in New Hampshire


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7 Best Hidden Doctor Mortgage Loans in New Hampshire

Key Terms

  • You can qualify for higher loan amounts than might otherwise be available when you use a doctor mortgage.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

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.  

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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.

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7 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.

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); Chiropractor (DO); 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); 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); 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), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$500M+ Closed Loans

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.

The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
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 (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

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.

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Joshua Holt

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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