TD Bank Physician Mortgage Review: Loan Terms, Eligibility, and Limitations

TD Bank offers a physician mortgage program designed for medical professionals on the East Coast, with no PMI requirement and financing options up to $1.5 million. If you practice or plan to settle in one of the 15 states where TD Bank operates, this program is worth evaluating alongside other physician loan options. If you are outside that footprint, TD Bank is not an option for you. Before committing to any single lender, use LeverageRx to compare physician mortgage programs side by side and confirm your rates based on your career stage and location.

What Is TD Bank and Who Does It Serve?

TD Bank is a full-service financial institution headquartered in Cherry Hill, New Jersey, operating more than 1,100 branches and 700 ATM locations across 15 U.S. East Coast states. It holds a Better Business Bureau rating of “A-” and is a subsidiary of the Toronto-Dominion Bank of Canada. TD Bank ranks among the 10 largest banks in the United States and offers a broad range of personal and business banking services alongside its mortgage products.

For physicians, TD Bank’s relevance as a mortgage lender is tied directly to its geographic footprint. If you are an attending physician, resident, or fellow who is located in or relocating to one of TD Bank’s service states, this lender may be a logical starting point given its history of serving medical professionals. If you live outside those states, this program is not available to you, and you should explore lenders with broader coverage through the LeverageRx physician mortgage loans directory.

TD Bank Physician Mortgage Highlights: Loan Limits and Financing Tiers

TD Bank offers three financing tiers under its physician mortgage program. Physicians can access 100% financing for loans up to $750,000, 95% financing for loans up to $1.25 million, and 89.99% financing for loans up to $1.5 million. These are among the more competitive loan-to-value structures available in physician mortgage lending, particularly the zero-down option at the lower loan limit.

The program is available for purchase transactions and refinances on primary residences only. Eligible property types include single-family homes, condominiums, planned unit developments (PUDs), and co-ops. No construction financing is available under this program.

Who Is Eligible for a TD Bank Physician Loan?

TD Bank’s physician mortgage is available to practicing physicians, dentists, and oral surgeons, as well as licensed medical or dental residents and fellows. Eligibility is limited to medical professionals who are no more than 10 years out of residency. Applicants must hold a TD Bank checking account in good standing.

Self-employed physicians are eligible, but with an additional requirement: a minimum of two years in business is required before applying. For residents or fellows who have not yet started their attending position, TD Bank requires a signed employment contract as a substitute for current income documentation. Debt-to-income ratios are evaluated with flexibility given the income trajectory typical of medical professionals, and student loan debt treatment reflects the financial circumstances common in the profession.

Eligible states are: Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington D.C.

How TD Bank Handles PMI and Down Payment Requirements

TD Bank’s physician mortgage does not require private mortgage insurance, even when financing above 80% of the purchase price. For conventional mortgages, lenders typically require PMI when a borrower puts down less than 20%, as documented by the Consumer Financial Protection Bureau’s mortgage insurance guidelines. Eliminating PMI can produce meaningful monthly savings, particularly on higher loan amounts where conventional PMI premiums can be substantial.

The 100% financing tier up to $750,000 means that qualifying physicians can purchase a home without a down payment, which is a distinct advantage for residents or early-career attendings who have not yet accumulated savings. For loan amounts between $750,001 and $1.25 million, a 5% down payment is required. For amounts between $1.25 million and $1.5 million, a down payment of approximately 10% is required.

TD Bank Physician Mortgage Limitations to Understand Before Applying

TD Bank’s program has several structural constraints that physicians should evaluate before applying. Geographic availability is restricted to 15 East Coast states, which immediately disqualifies the majority of the U.S. physician population. Eligible designations are limited to physicians, dentists, and oral surgeons, meaning veterinarians, podiatrists, pharmacists, and other healthcare professionals often covered by competing programs are excluded.

Larger banks like TD Bank generally apply stricter underwriting standards than community or specialty lenders, which can affect how non-traditional income documentation, student loan deferment, or complex employment structures are handled. The program is also restricted to primary residences only, with no construction loans or second home financing available. Physicians evaluating a new build or a vacation property will need to look elsewhere.

For a detailed comparison of how home equity products compare to other borrowing structures for physicians, see reverse mortgage vs. home equity for context on equity-based financing decisions.

How TD Bank Compares to Competing Physician Mortgage Lenders

TD Bank competes most directly with lenders that offer regional physician mortgage programs along the East Coast. Two common comparisons:

Huntington Bank offers physician loans to a broader set of designations, including veterinarians, and operates across 42 states. Huntington provides 100% financing up to $1 million, 95% up to $1.25 million, and 90% up to $2 million, making it a stronger option for physicians seeking higher loan limits with minimal down payment. Huntington’s wider geographic coverage also makes it relevant for physicians in the Midwest, Southeast, and beyond.

Bank of America operates nationally and offers physician mortgage financing in nearly every state, with financing up to $1 million at 5% down and up to $1.5 million at 10% down. However, Bank of America’s underwriting is similarly rigorous to TD Bank’s, and eligible designations are more restricted than lenders built specifically around physician programs.

Fulton Mortgage Company is a more regionally focused lender available in a smaller set of states but may offer more flexibility on certain program terms. For a detailed look at their program, see the Fulton Mortgage physician loan review.

The Federal Housing Finance Agency publishes conforming loan limits annually, which provides useful context for understanding how physician mortgage loan limits compare to conventional lending thresholds.

TD Bank Practice Financing for Physician Business Owners

Physicians who own their own practice have access to a separate TD Bank commercial financing program. This program offers financing up to $12 million with 100% practice financing plus working capital, and is available to physicians, dentists, eyecare professionals, and veterinarians. Eligible use cases include practice acquisition, debt refinancing, partnership buy-ins and buy-outs, equipment purchases, real estate purchases, and practice expansion or remodeling.

This is separate from the residential physician mortgage product and is subject to different underwriting and eligibility requirements. Physicians who bank with TD and are considering both personal and practice financing may find value in the consolidated relationship, though the merits of each product should be evaluated independently.

TD Bank Physician Mortgage Pros and Cons

TD Bank’s physician mortgage program has a defined set of advantages and limitations that are worth framing directly.

Advantages include no PMI requirement across all financing tiers, 100% financing available up to $750,000, both fixed-rate and adjustable-rate mortgage options, access to full-service personal and business banking through the same institution, and a long institutional history of working with medical professionals.

Limitations include geographic restriction to 15 states, a designation list limited to physicians, dentists, and oral surgeons, stricter underwriting consistent with a large institutional bank, no construction financing, primary residence restriction only, and a requirement that applicants hold an active TD Bank checking account in good standing.

 

Key Takeaways

TD Bank offers a physician mortgage program with no PMI requirement and three financing tiers reaching up to $1.5 million, available exclusively in 15 East Coast states. Eligible borrowers are limited to physicians, dentists, and oral surgeons who are within 10 years of residency and hold a TD Bank checking account in good standing. Residents and fellows can qualify using a signed employment contract in place of current income, though self-employed physicians must demonstrate at least two years in business. The program’s largest structural limitation is its geographic footprint, which excludes the majority of U.S.-based physicians before any other eligibility factors are considered. Physicians who fall within TD Bank’s service area should compare it against competing programs on loan limits, designation flexibility, and underwriting practices before making a decision.