Physician Loans in New York


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11 Best Hidden Doctor Mortgage Loans in New York

Key Terms

  • A New York physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Student loan debt receives favorable treatment with a physician mortgage, making it easier for professionals to qualify.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

A member of the original 13 colonies, New York was the 11th state to join the union in those early days. Today, it shares a border with the Canadian provinces of Quebec and Ontario. It is home to the Stock Exchange as well as a number of professional sports teams. 

While many associate it primarily with the five boroughs of New York City, it actually has much more to offer, including the Adirondacks and the Gunks rock climbing area. Many professionals call the “Empire State” home, including over 73,000 doctors

For many, homeownership in New York may seem out of reach. Data from the New York State Association of Realtors shows the average sales price for single-family homes is $480,000. Those numbers go up significantly if you’re looking to buy a place in NYC, Westchester or Long Island.

A New York physician mortgage loan program provides an opportunity to help you to buy into this market if you are a doctor or a dentist and meet the other qualifications. Those who do qualify may be able to buy or refinance property with a loan that has a low or no down payment requirement. Physician loans also typically have much higher loan limits than conventional mortgages, making them useful for people buying in NYC.

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Pros/Cons of New York physician mortgage loans

Any financial decision on the scale of a mortgage requires careful consideration. As with most things in life, New York physician mortgage loans come with both pluses and minuses. Let’s start with the pros:

  • Physician mortgages often come with 100 percent financing; otherwise, it takes very little money down to qualify for one of these loans
  • Doctor mortgages do not require any Private Mortgage Insurance, offering borrowers some savings 
  • These loans also give special consideration to student loan repayment, a problem that plagues many doctors and professionals. 
  • You can enjoy high limits on these mortgages, meaning that you will be able to look at a wider range of homes

Of course, there are some issues with these loans that you could characterize as “cons.” They do often come with higher interest rates, meaning they will cost you more to finance than conventional loans. A lender may also write it into the contract that you have to hold an account with them, as well. 

Get Quotes for Your Physician Loan

11 Best New York physician home loan lenders

If you’re ready to learn more about the best physician mortgage lenders in New York, 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); 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/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), 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), 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); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents

Bank of America

(All 50 States)

$500M+ Closed Loans

Bank of America is one of the original lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company.

The Bank of America physician mortgage program is available for residents and fellows with a job lined up. They can close on a home 90 days before they start. You can often exclude your student debt from your total debt when you apply for a mortgage. [ Read Review ]

Eligible degrees & accreditations:

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

Down payment Financing
5% up to $1 million
10% up to $1.5 million
20% up to limit
  • Minimum credit score: Not reported
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 4–6 months
  • Rate options: ARM and Fixed
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); Veterinarians (DVM), CRNA, Fellows, Residents

First National Bank of Pennsylvania

(DE, FL, GA, MD, NJ, NC, NY, OH, PA, SC, TN, VA, DC, WV)

$50M+ Closed Loans

First National Bank of Pennsylvania is the second largest bank based in Pennsylvania and has an aggressive doctor mortgage program with 0% financing up to $1.25 million.

The First National Bank of Pennsylvania physician mortgage program is open to most medical professionals and has a construction to permanent loan option available for medical professionals that want to combine the benefits of a doctor mortgage with a new construction custom build home. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Veterinarians (DVM), CRNA, Fellows, Residents

Down payment Financing
0% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 700
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
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
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

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.

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.

Find a Physician Loan Specialist

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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