How to Obtain a Physician Mortgage in Maine

To find the right physician mortgage in Maine, you’ll want to compare different lenders and understand their terms, rates, and down payment options. To simplify this task, consider seeking assistance from a mortgage broker who specializes in physician mortgage programs.

While any broker can help you find financing through conventional loans, it is crucial to find a broker with expertise in physician mortgage loan programs. Doctor loans often come with unique terms and eligibility requirements, making it important to locate a broker with specific experience in this field.

To begin exploring rates and terms from lenders in Maine, you can reach out to LeverageRx. Our dedicated team has assisted over 50,000 physicians and healthcare providers in finding suitable banks and the best mortgage lenders.

Once you have identified your preferred lender, you will need to complete and submit a loan application. Before you do this, be prepared to provide additional documentation, such as proof of employment, as well as evidence of your education, certifications, or licensing as a healthcare professional.

Where to Find a Physician Loan in Maine

Remember that mortgage loan programs may vary from state to state. Therefore, it is important to focus your search on lenders and programs specifically available in Maine.

Here are eight reputable physician mortgage loan lenders for physicians in the state of Maine.

BMO

In Maine, BMO offers a comprehensive physician loan program specifically designed to address the unique challenges faced by medical professionals. This specialized program aims to eliminate barriers to homeownership that doctors often encounter, such as significant student loan debt and limited savings for a traditional 20% down payment. 

Here are the key highlights of BMO’s physician loans for physicians in Maine:

• Eligible designations: MD, DDS, DMD, DO
• Up to 95% financing for loan amounts up to $1.5 million*
• Up to 90% financing for loan amounts up to $2 million
• Available for primary residence only
• Options for both home purchase and refinancing
• Construction financing options are also available

BMO physician loans are accessible to qualified licensed medical doctors, residents, and fellows in all states except New York. To learn more, you can read our comprehensive BMO Physician Loan Review.

Evolve

Physicians often face challenges when trying to qualify for conventional loans due to their substantial student loan debt. Evolve offers an alternative solution by providing a pathway to immediate homeownership. 

Here are the highlights of Evolve’s physician loans in Maine:

• Available for MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM
• Up to 100% financing available for loan amounts up to $1,000,000
• Up to 95% financing available for loan amounts up to $1,250,000
• Up to 90% financing available for loan amounts up to $1,500,000
• Up to 85% financing available for loan amounts over $2,000,000
• Options for primary residences, co-ops, condos, land purchases, and construction financing

Evolve Bank & Trust offers physician mortgages to medical professionals within ten years of completing their residency or fellowship training. Physicians with over a decade of practice are not eligible for a doctor loan. To find an Evolve lender, you can explore your options with LeverageRx.

First Horizon

In Maine, First Horizon extends its physician mortgage loans to medical professionals, including those with designations such as MD, DO, DDS, DMD, CRNA, CPA, and DPM. 

Here are the program highlights for their physician mortgage loans:

• Up to 100% financing for loan amounts up to $1.5 million
• Up to 95% financing for loan amounts up to $2 million
• Up to 90% financing for loan amounts up to $2.5 million
• Flexibility to close the loan up to 6 months prior to the start date of employment
• No Private Mortgage Insurance (PMI) required

To find a First Horizon lender, you can explore your options with LeverageRx.

Heritage Bank NA

Whether you are a practicing physician or a resident, Heritage Bank NA provides attractive financing options for purchasing a home in Maine. 

Here are the key highlights of Heritage Bank NA’s physician mortgage loan program:

• $0 down payment on homes up to $1 million.
• Eligible designations include MD, DDS, DO, OD, DPM, and DVM.
• Available for both practicing and resident physicians.
• No requirement for private mortgage insurance (PMI).
• Flexibility to move in up to 60 days prior to starting your next position.
• Suitable for both primary and secondary homes.
• High loan-to-value ratios.
• Choose from fixed and adjustable-rate loan options.

Heritage Bank NA’s physician mortgage loan program offers convenience, flexibility, and favorable terms to assist physicians in achieving their homeownership goals. To explore your options and take the next step towards owning a home in Maine, you can explore your choices with LeverageRx.

Huntington Bank

The Huntington Bank physician loan program is available for medical professionals in Maine with designations including MD, DO, DDS, DMD, DPM, and DVM. This program offers a wider range of medical specialties compared to other lenders.

 Here are a few more highlights:

• Limited to primary residences only.
• No new construction financing available.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.25 million.
• 90% financing up to $2 million.

Please note that for loans exceeding $1.25 million, Huntington Bank requires you to have attended for at least one year, making it unavailable for residents. However, loans below $1.25 million are accessible whether you are in training or attending. For more detailed information about Huntington Bank’s physician loan program, you can read our comprehensive Huntington Bank Physician Loan Review.

TD Bank

TD Bank offers a physician mortgage program in Maine that caters to medical professionals with the following designations: MD, DO, DPM, DDS, DMD. To be eligible, you must be a practicing physician, dentist, or oral surgeon, or a licensed medical or dental resident or fellow.

Here are the key features of TD Bank’s physician mortgage program in Maine:

• Available for both home purchase and refinancing.
• Limited to primary residences only.
• Eligible property types include single-family homes, condos, planned unit developments (PUDs), and co-ops.
• Enjoy 100% financing for loan amounts up to $750,000.
• Loans up to $1.25 million qualify for 95% financing.
• Loans up to $1.5 million are eligible for 89.99% financing.

As you can see, TD Bank’s physician mortgage program in Maine is specifically designed for medical professionals who are within 10 years of completing their residency. Additionally, applicants are required to have a TD Bank checking account in good standing.

Read our full TD Bank Physician Mortgage Review.

Truist

Truist offers a physician loan program specifically designed for medical professionals. If you are a physician, resident, or fellow with the designations MD, DO, DPM, DDS, or DMD, you are likely eligible for this program in Maine. It is important to note that Truist does not consider practicing physicians and dentists with over 10 years of experience as eligible.

Here are the key features of Truist’s physician loan program:

• Limited to primary residences only.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.5 million.
• 90% financing up to $2 million.
• Adjustable and fixed-rate options are available.
• Can be used for single-family homes or condos.

Truist’s physician loan program offers relaxed debt-to-income requirements and eliminates the need for private mortgage insurance (PMI). For more detailed information about Truist’s physician loan program, you can read our comprehensive Truist Physician Loan Review.

US Bank

US Bank provides physician mortgage loans specifically tailored for medical professionals in all 50 states, including Maine. Whether you are currently in training or have been practicing for a decade, US Bank offers financing options for your new home. 

Here are the key highlights of their physician loan program:

• Eligible designations: MD, DO
• Limited to primary residences only
• Enjoy 90% financing for loan amounts up to $1.25 million
• Loans up to $1.5 million qualify for 85% financing
• Loans up to $2 million are eligible for 80% financing

US Bank extends their physician loan program to a limited number of medical professional designations compared to other programs (Md and DO only). Additionally, it’s worth mentioning that US Bank does not offer an option for 100% financing.

Read our full US Bank Physician Loan Review.