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/second homes 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 borrowers’ 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.
Keybank
Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a physician loan.
While Keybank doesn’t post a lot of information about their doctor mortgage online, we were able to get in touch with a loan officer at the bank to get all the important details. See below for an overview of the program details:
- 0% down up to $1,000,000
- 5% down up to $1,500,000
- 15% down up to $2,000,000
- No private mortgage insurance
- Gifts permitted for down payments
- Can close on the strength of an employment contract up to 90 days prior to the start of employment
- Minimum credit score is 700
- Student loan debt can be calculated based on income driven student loan payments
- Fixed loans offered in 10, 15, 20, 25 or 30-year terms
- Adjustable-rate mortgages offered in 5/6, 7/6 and 10/6 options
- No minimum or maximum years in practice for eligibility
- Reserve requirements are: 2 months (loans under $500K), 4 months (loans between $500K – $750L), 6 months for loans over $750K plus an additional 2 months if closing prior to start date. Retirement accounts count toward reserve requirements.
- US Citizens, Permanent Residents and H1B Visa holders are eligible
- California loans require a minimum of 5% down
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.
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 and primary care 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, meaning lower monthly payments
- 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.
Is a Vermont physician mortgage loan right for you?
That’s a reasonable question to ask. It certainly is if you are at a point in your medical career where you are still dealing with student debt. A Vermont physician loan can also be advantageous for doctors who want to enjoy higher loan limits in an expensive housing market.
When are these loans not a great fit? Some doctors may want to wait and try to find a lower rate via a conventional loan. Still others might not want to establish a long-term relationship with a lending bank. A mortgage of any type is also not the best bet if you plan on relocating or finding a new job anytime soon.
Examples of doctors who take out physician loans in Vermont
Who are the doctors in Vermont that take out physician loans? They include residents, established attendings and a range of other professionals whose stories may very well align with your own.
Doctor who only has a small down payment
Living in Vermont means having access to beautiful country and a vibrant outdoor life.. That’s why Devon decided to take on a new position at Southwestern in Bennington. With prices as crazy as they are, however, Devon is looking at a down payment upwards of 100k or more. He has some money saved up, but not enough to qualify for a conventional mortgage. He decided to turn to a physician loan instead that is offering 100 percent financing. The higher loan amount will also increase his options as he looks around for a new house.
An OB-GYN who found a great rate
Sherilyn has been working as an OB-GYN in Montpelier for nearly 15 years. She has always been careful with money, and she doesn’t like to pay a lot for financing in the form of a high interest rate. Fortunately, a local lender is offering doctor mortgages at a great rate, meaning she can enjoy the other benefits of a physician loan without paying too high a price for her taste.
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.