Whether it’s your hometown, your residency program, or a brand new private practice that brings you to Massachusetts, a physician mortgage loan can make the financing process smoother, less expensive, and more considerate of your needs as a medical professional.
More than 38,000 physicians choose to practice in the Bay State and a doctor home loan can help you put down roots, build equity, and buy your dream home.
With a front seat to the nation’s history, Massachusetts continues to be a popular place to call home. Almost 7,000,000 people live, go to school, work, and run their businesses in the area.
But Massachusetts is more than its rich history and diverse landscape. It’s also a place where the population has access to an evolving healthcare system and many of the nation’s top hospitals. For this reason, it’s an attractive place for doctors to engage in research, bolster their careers, or continue their training.
Going through the doctor home loan process in Massachusetts doesn’t have to be an intimidating process for you, even if you have significant debt and other barriers that typically keep medical professionals from qualifying for a conventional loan.
Choose one of our preferred lenders to find a physician mortgage loan in Massachusetts customized to your unique needs.
10 Best Massachusetts Physician Loan Lenders
Here are the top physician mortgage loan lenders in MA:
- BMO Bank
- Citizens Bank
- Evolve Bank & Trust
- First Citizens Bank
- Flagstar Bank
- Huntington Bank
- KeyBank
- TD Bank
- Truist
- US Bank
Discover The Best Lenders in Massachusetts Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
1. BMO Bank
- BBB Grade: A+
- JD Power Score: 805
BMO Bank (formerly BMO Harris Bank) extends special financing options to medical professionals through its Physicians’ Program. Medical doctors, doctors of osteopathy, and dentists are included in the program.
BMO offers three financing options in Massachusettes:
- 100% financing up to $1 million
- 95% financing for $1 – $1.5 million
- 90% financing for $1.5 – $2 million
Financing options for doctors within 10 years of completing their training will depend on the total loan amount. For example, loans up to $1.5 million will require a 5% down payment while loans up to $2 million will require a 10% down payment.
Doctors who have been practicing medicine for more than 10 years can still secure financing, but it will require a 10% down payment regardless of the loan amount.
Private mortgage insurance isn’t required, which can reduce mortgage payments by hundreds of dollars compared to conventional loans of the same amount.
The lender offers standard fixed and adjustable-rate mortgages (ARMs) for up to 30 years.
The Physicians’ Program can be used to purchase or rate/term refinance a 1-2 unit primary residence. Single-family homes, townhouses, and condominiums are included.
Because many doctors graduate with staggering student loan debt and other expenses that can skew their debt-to-income (DTI) ratio outside the typical guidelines of a conventional mortgage, the Physicians’ Program will approve borrowers with DTI up to 45%.
Doctors who are relocating for residency or starting new jobs can qualify for a loan without income history as long as they can provide a signed contract or offer letter outlining future income.
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2. Citizens Bank
- BBB Grade: A+
- JD Power Score: 818
Citizens Bank has an entire part of its business dedicated to providing banking solutions for healthcare professions. One part of its offerings is the Doctor Loan Mortgage Program.
The following degrees are included in the program:
- MD
- DO
- DDS
- DMD
The Doctor Loan Mortgage Program will provide up to 95% financing without requiring private mortgage insurance. While some physician loans are only available as adjustable-rate mortgages, the Doctor Loan Mortgage Program offers a choice of fixed-rate and variable-interest options.
Citizens Bank is even generous with the credit scores it will accept. Many lenders will want to see a minimum credit score of 720, but the Doctor Mortgage Loan Program only requires a 700 credit score.
Deferred student loan debt will be completely excluded from DTI calculations.
Practicing physicians will be required to put a 5% down payment on loans up to $850,000 and 11% on loans to $1 million. However, licensed interns, residents, and fellows will be limited to a maximum loan amount of $600,000. Unlicensed medical professionals with a qualifying degree will be capped at $400,000.
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3. Evolve Bank and Trust
- BBB Grade: A+
- JD Power Score: N/A
Evolve Bank and Trust offers personal and business loans to medical professionals through its Physicians Capital program. The bank will provide a personalized experience by providing a single point of contact once you express interest in the program.
For this reason, physicians will have a hands-on experience tailored to meet their financial needs.
Compared to other programs, Evolve Bank and Trust is one of the more inclusive physician mortgage loans on the market. The following medical professionals are eligible for a physician mortgage loan:
- Chiropractors (DC)
- Dental Surgeons (DDS)
- Dentists (DDM)
- Medical Doctors (MD)
- Nurse Anesthetists
- Nurse Practitioners (NP)
- Optometrists (OD)
- Pharmacists (RPH)
- Physician’s Assistants (PA)
- Podiatrist (DPM)
- Veterinarians (DVM)
This lender offers the following loan options all of which exclude primary mortgage insurance requirements:
- Zero down payment on loans up to $1,000,000
- 5% down payment on loans up to $1,250,000
- 10% down payment on loans up to $1,500,000
- 15% down payment on loans up to $2,000,000
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4. First Citizens Bank
- BBB Grade: A
- JD Power Score: 838
First Citizens Bank provides two mortgage options customized for medical professionals in Massachusetts. Borrowers can choose between 100% financing or an 80/20 mortgage, both of which will cover all the costs of purchasing a home before closing costs––meaning no down payment is required.
The 100% mortgage option makes money management simple by bundling all payments into one money debit. The 80/20 mortgage option works by taking out a mortgage on 80% of the purchase amount and financing the remaining 20% through a home equity loan.
The program requires a minimum credit score of 700, an account with the bank, and an employment contract or three years of verifiable income history.
Medical professionals with the following qualifying degrees are included:
- MD
- DMD
- DO
- DPO
- DDS
- DMD
- PA
- CRNA
- CRNP
- DPT
Fixed and adjustable-rate mortgage programs with terms of 15, 20, and 30 years are available.
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5. Flagstar Bank
- BBB Grade: A+
- JD Power Score: 781
Flagstar Bank offers professional mortgage options reserved for professionals just starting out in their careers. Its affordable mortgage programs provide financing to a wide range of high-earning professionals:
- Medical Residents
- Medical Doctors (MD)
- Doctors of Dental Surgery (DDS)
- Doctors of Dental Medicine (DMD)
- Doctors of Optometry (OD)
- Doctors of Ophthalmology (MD)
- Doctor of Pharmacy
- Doctor of Podiatric Medicine (DPM)
- Doctor of Osteopathy (DO)
- Physician Assistant
- Registered Nurse
- Nurse Anesthetist
- Nurse Practitioner
- Clinical Nurse Specialist
- ATP Pilot
- Certified Public Accountant
- Attorney
- Veterinarian
H-1B visa and green card holders are also eligible for Flagstar Bank’s home loans.
Borrowers with a 720 credit score or higher can qualify for 0% down on loans up to $1 million. Loans up to $1.5 will require a small down payment of 5%. All physician loan programs exclude private mortgage insurance, which can lower monthly payments on even sizable loan amounts.
Underwriting uses income-driven repayment amounts to calculate monthly DTI.
Learn More:
6. Huntington Bank
- BBB Grade: A+
- JD Power Score: 821
Huntington Bank offers Physician Mortgage Loans to medical doctors, dentists, and veterinarians with a minimum credit score of 700. In some cases, credit scores as low as 680 can be considered with a 5–10% down payment.
Loans may be used to purchase 1-2 unit owner occupied residences, including single-family homes, townhouses, and condominiums. Rate/term and cash-out refinancing options up to $250,000 are available.
Unlike some other mortgage programs, Huntington Bank allows gift funds to be applied to down payments, closing costs, and cash reserves.
All standard fixed and adjustable-rate mortgage products are available, including 30-year and 15-year fixed rate and 3, 5, 7, 10 and 15 ARMs.
Huntington Bank offers the following down payment options with no PMI:
- 0% for loans up to $1,000,000
- 5% for loans up to $1,250,000
- 10% for loans up to $2,000,000
Student loans deferred for more than 12 months will be excluded from DTI calculations or underwriting will use income-based repayment amounts. Huntington Bank will allow DTI ratios up to 50%.
Learn More:
7. KeyBank
- BBB Grade: A+
- JD Power Score: 777
Medical doctors, doctors of osteopathy, podiatrists, and dentists can qualify for up to $3.5 million in financing to purchase or refinance their home through KeyBank’s Medical Professional Mortgage Program.
Loans may be used for owner-occupied primary residences or second homes. Single-family homes, duplexes, townhouses, and condominiums are included in the program.
Borrowers can qualify for up to $1 million with zero down payment, but larger loan amounts will require a minimum down payment of 5%.
Deferred student loan debt is excluded from DTI calculations and existing bank account holders will receive a 0.25% discount on interest.
Unlike many other mortgage lenders, KeyBank will keep all the underwriting, originating, and servicing of the loan in house, which can make the entire process more efficient.
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8. TD Bank
- BBB Grade: A
- JD Power Score: 828
TD Bank provides home loans to early career dentists, podiatrists, oral surgeons, doctors of osteopathy, and medical doctors who are interested in purchasing real estate in Massachusetts through its Medical Professional Mortgage Program. The program has an age limit of 10 years out of residency, but that’s standard practice for many lenders.
Like many other physician loan programs, private mortgage insurance isn’t required regardless of the down payment amount.
The Medical Professional Mortgage Program offers the following down payment options:
- 0% down on loans up to $750,000
- 5% down on loans up to $1.25 million
- 01% down on loans up to $1.5 million
The program is designed to take the high student loan debt of early-career medical professionals into account, so it will make special considerations through its flexible DTI calculations.
Many medical professionals also lack the employment history to qualify for conventional loan programs so it will accept employment contracts as proof of earning potential.
Learn More:
9. Truist
- BBB Grade: A+
- JD Power Score: N/A
Truist’s physician loan program is designed for medical professionals who have completed their training within the last 15 years. This age limit is 5 years longer than the typical age limit imposed by physician loan programs.
Student loan debt is factored into the approval process, but it is more lenient than conventional mortgage programs.
Minimal information is available online because the interest rates and down payments are usually determined by creditworthiness, so we recommend talking to a loan officer if you’re considering a physician loan from Truist.
What we do know is that Truist offers zero down payment options to doctors, dentists, and podiatrists who are within 10 years of beginning their careers. Older doctors will need to put at 10% down, but the program may provide up to $2 million for eligible properties.
Loans may be used to purchase a new home or refinance an existing home. Cash-out refinances are limited to $50,000.
Learn More:
10. U.S. Bank
- BBB Grade: Insert Grade
- JD Power Score: 827
U.S. Bank’s physician mortgage program is more restrictive than similar programs; only medical physicians and lawyers are eligible. Borrowers are required to have a minimum credit score of 710.
Unlike many other physician mortgage programs, U.S. Bank does not offer 100% financing. Borrowers have the following down payment options:
- 5% on loans up to $1 million
- 10% on loans up to $1.5 million
- 15% on loans up to $2 million
U.S. Bank is also more lenient when considering student loan debt compared to conventional lenders. The doctor loan program will use 2% of your deferred student debt or your income-driven repayment amount.
If you open a Platinum Checking Account, you’ll receive a lender credit of 0.25% of the total loan amount. Refinances are limited to a total lender credit of $1,000.
Loans may be used to purchase a new home, refinance an existing home, or cash out your home equity.
Learn More:
How Physician Mortgage Loans Work in Massachusetts
Physician mortgage loans are customized to meet the needs of early-career medical professionals who may not have a down payment saved and may not meet the conventional mortgage income history or debt-to-income ratio requirements.
Many physician loans are considered “jumbo loans” because the loan amounts often exceed the conforming loan limit set by the Federal Housing Finance Agency (FHFA). In Massachusetts, the conforming loan limit is $850,000.
Many doctor loans will provide 95–100% financing up to this amount, but medical doctors can secure as much as $5 million to purchase or refinance a primary residence with a very low down payment depending on the cost of the home they intend to purchase.
Medical residents are often starting their careers with very limited employment history and high student loan debt.
Physician loans allow these professionals to become home buyers with future-dated employment contracts and flexible debt-to-income ratio calculations, often completely excluding student loan debt.
Mortgage lenders limit these programs to specific professionals, but it’s not always exclusive to doctors. The below professionals often qualify:
- Advanced Degree Nurse
- Attorney
- Clinical Nurse Specialist
- CPA
- Doctor of Dental Medicine (DMD)
- Doctor of Dental Surgery (DDS)
- Doctor of Ophthalmology (MD)
- Doctor of Optometry (OD)
- Doctor of Osteopathy (DO)
- Doctor of Pharmacy
- Doctor of Podiatric Medicine (DPM)
- Medical Doctor (MD)
- Medical Resident (Educational License)
- Physician Assistant
- Pilot
- Registered Nurse
- Veterinarian
Working with a mortgage broker can help you find a loan program customized to fit your needs.
Pros and Cons
Comparing the pros and cons can help you choose the best physician mortgage loan in Massachusetts for your needs.
Pros:
- No PMI: Physician mortgage programs don’t require private mortgage insurance, which can save you hundreds of dollars on your monthly payments.
- Refinancing: If you’re already a homeowner, a doctor mortgage can be used to rate/term or cash out refinance your property.
- Not subject to the same loan limits: Doctors loans aren’t subject to the same limits as conventional loans, so physicians can sometimes borrow more than $3 million.
- Flexible DTI calculations: Many doctor mortgage programs will exclude deferred student loan debt, use income-driven repayment amounts, or have higher debt-to-income thresholds.
Cons:
- Age limits: Many physician loan programs will stipulate that physicians must be a current intern, resident, or fellow or be within 10 years of completing residency to qualify.
- Adjustable-rate mortgages: A lot of physician loans are adjustable-rate mortgages, which means the interest rate will fluctuate throughout the loan’s term.
- Residence restrictions: It’s typical for physician loans to limit financing to single-family owner-occupied properties. In some cases, these programs will exclude condominiums or multi-unit homes so it’s important to review all the disclosures to ensure your property is eligible.
Frequently Asked Questions
What are the qualifications to get a physician mortgage?
There are a few qualifications to get a physician mortgage:
- Credit score of at least 700
- Employment contract future-dated within 90 days of closing
- Eligible degrees, such as a medical doctor or dentist
- Cash reserves or a small down payment
- Must be purchasing a primary residence
There will be variations between lenders, so it’s always a good idea to discuss your options with a loan officer who specializes in the needs of medical professionals.
Are there any physician mortgage lenders in Massachusetts?
Yes, there are physician mortgage lenders in Massachusetts. Most of the time physician loans aren’t a specific product. Usually, it’s a lender making certain concessions because doctors have a lower risk profile than other professions.
We recommend taking a look at the eleven providers we recommend above and contacting a loan officer to discuss the financing options that best fit your needs.
Is it easier for doctors to get a mortgage in Massachusetts?
Yes, it can be easier for doctors to get a mortgage in Massachusetts. Physician loans are designed to help early-career medical professionals purchase homes and build equity when they would otherwise be denied by conventional loan programs.
Physician loan programs take the unique needs of doctors into account. For example, many early career healthcare professionals graduate medical school with mountains of student loan debt that can skew their debt-to-income ratio outside the acceptable threshold for conventional mortgages.
Many physician loan programs will exclude deferred student loan debt from DTI calculations or use income-driven repayment amounts.
Do doctors get better mortgage rates?
No, doctors don’t get better mortgage rates. In some cases, physician loans are adjustable-rate mortgages, which means the loan period begins with an introductory interest rate.
The introductory interest rate can be better than other loan programs, but eventually, it will reset and you will be charged a new interest rate determined by the loan’s index.
In many cases, physician mortgages have higher interest rates to accommodate the lack of down payment and limited employment history its borrowers typically have.
Physician loans may also be more lenient about the amount they require you to have your savings account to qualify for a loan amount.
What is the typical down payment for a physician loan?
The typical physician down payment varies from 0–15%, which is lower than the typical 20% down payment expected with many conventional loan programs.
Your required down payment amount may vary based on your loan amount, credit score, and the number of years you’ve been practicing. For example, later career medical professionals may not qualify for 100% financing options.
Who is a Physician Loan in Massachusetts Best For?
Physician loan programs aren’t the best fit for everyone, but they are an option worth considering if you have a qualifying degree and meet the eligibility requirements. It’s always a good idea to look at all your mortgage options to ensure you’re picking a program that fits your long-term financial future and goals.
Below are some examples of people who physician loans are best for in Massachusetts.
1. Early-career physician relocating for residency
Conventional loan programs typically require two years of employment history to approve borrowers. Because medical residents have spent the lionshare of their lives training for their careers, it’s rare that they can satisfy this requirement.
However, if you have a future dated employment contract or you are beginning a residency program, you can qualify for a physician loan as long as you will start work within 60–90 days of closing.
Purchasing a home during residency can allow you to build equity instead of continuing to pay rent or live with roommates.
2. Self-employed medical professional
Being self-employed requires additional expenditures that full-time employed professionals don’t have to consider. As such, it can be more difficult to save or a down payment or less advantageous when those funds can better be used to support the business.
Private practice medical professionals who can demonstrate at least two years of income can be great fits for physician mortgage loans.
3. Eligible professional with deferred student loan debt or income-driven repayment plan
Doctors, lawyers, advanced degree nurses, physician assistants, and other high-earning professionals are often included in physician loan programs.
High-earning professionals have to make significant investments in their education, training, and testing to get started in their careers. Physician mortgage lenders understand this and use flexible debt-to-income ratio calculations to approve borrowers who would otherwise be disqualified from conventional loan programs.
If you have high student loan debt and you’re in deferment or on an income driven-repayment plan, many physician loan programs will exclude it or use only a fraction of the total debt to calculate your DTI.
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