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 process of financing smoother for you. You’ll be in good company considering over 36,000 physicians choose to practice in the Bay State – and a doctor home loan in Massachusetts is ready to help you join them.
With a front seat to the nation’s history, Massachusetts continues to be a popular place to call home. Almost 7,000,000 people have made it their official residence. But Massachusetts is more than the rich history and diverse landscape. It’s also a place where residents have access to an evolving healthcare system and some of the nation’s top hospitals.
Recommended Lenders for Doctor Home Loans in Massachusetts
For years, Neil has been helping physicians, surgeons, and dentists achieve their dreams of homeownership. From start to finish, he can help guide you through the process. Beginning with our mortgage comparison tool to determine your options, to painlessly uploading your documents digitally, Neil will be there to assist and guide you during the entire process. Whether you’re a first-time homebuyer, looking to purchase a second home or purchase an investment property, TD Bank, N.A. has solutions designed for Doctors and an efficient process that makes getting a mortgage easier.
To learn more about Neil and why we highly recommend him, go here.
Mike began his mortgage career in 2001 and has been working exclusively with doctors for the last 9 years. He takes a consultative approach with his clients in the mortgage planning process. With his team of three assistants, Mike makes the process of buying a new home efficient and stress-free.
Living in Massachusetts allows you to have multiple options when it comes to housing. You can choose to be near the major cities, near the world-class universities or in the quiet countryside. A physician mortgage loan will make it possible for you and your family, no matter where you settle.
Fortunately, as a physician, you’ll have access to a great selection of lenders who can walk you through the process for a doctor home loan in Massachusetts. These lenders can help you get pre-qualified for a physician mortgage loan to enable you to have the latest mortgage rate information. You’ll also have clear numbers to work with as you begin your house-hunting process. Once you find the home you want to make an offer on, being prequalified will help show the seller how serious your offer is.
Going through the doctor home loan process in Massachusetts doesn’t have to be an intimidating process for you. Choose one of the recommended lenders and you’ll be home sweet home before you know it.
The Complete List of Lenders for Doctor Home Loans in Massachusetts
TD Bank – TD Bank is one of the top 10 largest banks in the Nation. TD Bank has an amazing PHYSICIAN MORTGAGE product offered to the following: MD, DO, DPM, DMD, DDS, medical residents, and medical fellows. The Physician loan allows for 0% down, 100% financing for loans up to $750,000, and 5% down, 95% financing for loans up to $1,250,000. Other loan options are available up to 3 million with 89.99% financing. TD also has a rate float down option if rates go lower after locking. TD Bank’s physician loans have NO MI (mortgage insurance) and NO prepayment penalties! The bank offers financing and refinancing for purchases of single-family homes, condos, and COOPS. TD Bank has over 1,200 branch locations and operates in multiple states on the East Coast. Only someone with a “MEDPRO” designation at TD can offer this program, there are only a select few in the Nation. Contact your MEDPRO and Physician Loan Certified Neil Surgenor for more information!
KeyBank Mortgage – KeyBank Mortgage offers several options for your unique physician mortgage needs. Whether you are purchasing your first home or looking for cash-out or rate/term refinance, KeyBank can personalize a program for you. They offer up to 5% down up to $1,000,000; 10% down payment up to $1,500,000. 15% down up to $2,000,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. Physician mortgage loans are available for both your primary residence and second homes, as well as single-family houses and condos. KeyBank has branches in numerous states, with over 17,000 employees throughout the 1000+ branches. Contact Mike DeRaspe today!
Laurel Road – Laurel Road is a digital lender that is owned by KeyBank who uses innovative technological and digital strategies to help you secure lending. The physician mortgage program with Laurel Road is a home loan tailored specifically to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Their product features up to 95% financing for loans up to $750,000 (for primary residences). Physician loans have fewer restrictions than conventional mortgages and bases the lending decision on creditworthiness and future income potential.
US Bank – U.S. Bank is a leader in the mortgage industry. Many of their customers have said they would recommend them in the future. They offer loans that meet almost every mortgage need. You may be eligible for the U.S. Bank Customer Credit with a new or existing U.S. Bank Personal Checking Package, or with an existing first mortgage with U.S. Bank. Take 0.25% of the loan amount and deduct it from the closing costs, up to a maximum of $1,000. At U.S. Bank, they know that your home is one of the biggest investments you’ll ever make. And whether you’re looking for a new mortgage loan, a mortgage refinance or a home equity loan, you want a partner you can trust. Contact who we trust, Jonathan C. Brozek today!
First Citizens Bank – First Citizens Bank is headquartered in Raleigh, NC and operates in several states throughout the country. Physician mortgages are available to medical residents, interns, fellows, and practicing physicians. There is no limit on years in practice for established physicians. Private Mortgage Insurance is not required for physician loans. There are several options available including fixed-rate and ARMs. You may be eligible for 100% financing up to $750,000; 95% up to $1M; 90% up to $1,250,000, and 85% up to $1.5M. There are also options for second homes, construction (permanent and renovation) loans.
Willow Bend Mortgage – Willow Bend Mortgage has multiple loan options to suit your financial needs. Designed for physicians, dentists, and veterinarians, there are many benefits to the medical loan program. You can utilize terms such as a 5% down payment for loans up to $1M, 10% down up to $1.5M, or 15% down up to $2M – all without PMI. There is also a 0% VA loan program for vets and active military personnel. You can inquire about the 3% down option (but with PMI) for smaller loans. The loans can include either a fixed or adjustable rate.
BBVA Compass – BBVA operates in 9 states and is headquartered in Birmingham, AL. The BBVA physician mortgage program offers benefits such as low down-payment options, expanded loan-to-value ratios, programs with up to 100% loan financing and loan amounts available up to $1,750,00. There is also no requirement for PMI. BBVA offers physician mortgages to medical residents and practicing physicians.
Washington Trust Mortgage – Washington Trust mortgage operates in the Northeast and has a variety of loan options for physicians and dentists. The doctor loan program includes 100% financing for loans up to $750,000, 95% LTV on loans from $750,000 to $1,250,000 and 90% LTV on loans from $1,250,000 to $2M. All of these financing terms are based on meeting credit score requirements. You can even use 100% of gifted funds for up to 5% of a down payment. Your closing costs can also be 100% seller paid or from a gift. The loans will also have the PMI excluded.
Union Bank – Union Bank has a fantastic physician home loan that includes some of the best rates in the nation. Key features include: 10% down to $1.25MM loan amount, they can close up to 6 months from start date of new contract (if exiting residency or fellowship). Your down payment, reserves, and closing costs can be gifted from family with no seasoning requirements (a HUGE benefit). There is no Mortgage Insurance or PMI and you can receive a lender credit for 0.25% of the loan amount up to $1,000 for opening a platinum checking account.
Citizens Bank – Citizens Bank offers a special mortgage program for physicians and dentists through their doctor loan program. Their doctor loan is available for purchases and limited cash‑out refinances of primary residence. A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage. Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
Flagstar Bank – Flagstar bank offers a Professional Loan series available to physicians, dentists, attorneys and other high-income professionals. Features of the Flagstar Bank Professional Loan includes financing for loan amounts up to $1.5M. There are also low or no down payment options with adjustable rates. You will not have to pay PMI for the loans. You can also use these benefits for a purchase or refinance for your primary residence only.
Midland States Bank – Midland States offers a comprehensive program for physician loans. Midland States Bank offers maximum loans up to $1.5M without any money down. You won’t have to pay any PMI either. There are traditional and adjustable rates and terms for your consideration. If you have a minimum credit score of 720, then you can begin the qualification process for a physician loan with Midland Bank.
LoanDepot – LoanDepot offers innovative solutions for your physician home loan needs. Working with LoanDepot means you are working with a national consumer lender. They are headquartered in Southern California and employ 6,400 team members across the country. This also includes 2,000+ licensed loan officers who hold more than 10,000 licenses. The company operates 150+ local loan locations nationwide.
Homestar Mortgage – Homestar Mortgage is an independent lender and broker based out of Providence, RI. The physician mortgage program includes a comprehensive list of benefits for the medical community. Physician mortgages include a 0%-3.5% down payment on a maximum $475,000 mortgage – and the down payment does not have to be the borrower’s funds. There are low fixed-rate mortgages that exclude student loan debt for qualifying purposes. The loan programs are for physicians with at least a 620 credit score and can show an executed contract. Homestar Mortgage can work with you to see if you might qualify for an $8,000 federal tax credit.
SoFi – SoFi is known for refinancing choices, but physicians might not be aware of the mortgage options available. Although the mortgage option isn’t limited to only physicians, it is targeted towards highly-educated individuals. One alternative mortgage to consider includes a 10% down for up to $3M in financing. There are also fixed rate and ARM options, without any hidden fees for prepayment penalties.
TIAA Bank – TIAA Bank is a large, national bank headquartered in Jacksonville, FL. They operate in all 50 states and offer a variety of physician mortgage loan products. Their doctor loan mortgage program is only available to existing medical doctors (and DO’s, veterinarians, dentists and dental surgeons) who are actively practicing and have completed residency in the past 10 years. TIAA Bank offers loan amounts up to $2M and without any PMI. A down payment is required and you must start employment within 60 days of the loan closing.
Bank of America – Get started with the Digital Mortgage Experience with Bank of America. Preferred Rewards clients may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application). Some of the home loan products they offer include fixed-rate mortgages, adjustable-rate mortgages, FHAs, and VA loans. Already pre-approved with Bank of America? View your pre qualification letter, or contact a lending officer about taking the next steps towards home financing.
Fairway Independent Mortgage – Fairway offers borrowers the options of fixed-rate conventional loans and adjustable-rate mortgages. Prospective borrowers can apply for a loan with Fairway Independent Mortgage online, with the closing process taking place in person. Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches.
Recommended Real Estate Agents In Massachusetts
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in Massachusetts.
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