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.
Is a New York physician mortgage loan a good idea for you?
How can you determine whether a doctor mortgage works for you? Start off by considering how much student and medical school debt you still have. Even if you are now a high earner thanks to your medical degree, the volume of student debt you are carrying may still prevent you from qualifying for a conventional loan. A physician loan can be a very reliable alternative.
Keep in mind that this easier approval process can come at a cost. You may need to pay a higher interest rate, resulting in higher mortgage payments, so make sure that you are comfortable with that before taking out a physician mortgage loan.
Examples of doctors who take out doctor mortgages in New York
Who are the medical professionals in New York taking out physician loans? Their stories may sound very much like your own experience as a doctor or dentist in the Empire State.
Doctor who doesn’t have down payment
Living in Manhattan and working at Mt. Sinai is a dream for William, who grew up just across the river in Jersey City. The city has become expensive, however, too expensive for even an attending to buy a place to live on his own. He will need at least 150k to put down on a purchase financed through a conventional loan. Not wanting to delay and wait the years it will take to save that much, he’s decided to move forward with a physician loan that requires almost no money down.
Doctor who wants to maximize leverage
Upstate New York is where Mary grew up. She loves the winter, the Bills, and running her peds practice in downtown Buffalo. She is interested in buying a home that just came on to the real estate market, but she doesn’t want to use too much of her savings to do that. A doctor mortgage is offering her 100 percent financing on the purchase, allowing her to buy without dinging her savings at all.
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.