How to Obtain a Physician Mortgage in Massachusetts

To obtain a physician mortgage in Massachusetts, you’ll want to compare lenders that operate specifically in Massachusetts and offer physician mortgage programs. It is highly recommended to work with a mortgage broker who specializes in physician mortgage programs to ensure you find an experienced lender. A knowledgeable mortgage broker will connect you with the best physician mortgage lenders, allowing you to compare rates, terms, and down payment options available in the state.

Not all brokers have expertise in physician mortgage loan programs, so it’s important to find one who is well-versed in this area. LeverageRx can assist you in locating lenders that cater specifically to physicians and healthcare providers in Massachusetts.

Once you have selected a lender, you will need to complete and submit a loan application. Be prepared to provide supporting documentation, such as proof of employment, educational background, certifications, or licensing as a healthcare professional.

Where to Find a Physician Loan in Massachusetts

When searching for a physician loan in Massachusetts, you should focus on lenders and programs specifically available within the state. This ensures that you work with lenders who understand the local market and comply with state-specific regulations. Keep in mind that loan programs can vary from one state to another, so the options available in Massachusetts may differ from those in other states.

Here are seven of the top lenders offering physician mortgage loans in Massachusetts.

BMO

BMO offers a specialized physician loan program in Massachusetts that is designed to help doctors overcome obstacles to homeownership, such as high levels of student loan debt and limited savings for a conventional down payment.

Here are the key features of BMO physician loans in Massachusetts:

• Up to 95% financing for loans up to $1.5 million
• Up to 90% financing for loans up to $2 million
• For primary residences only
• Available for purchase or refinance
• Construction financing is also available
• Eligible designations include MD, DDS, DMD, and DO

BMO physician loans are accessible to practicing physicians, residents, and fellows in all states except New York. For a more comprehensive understanding of this program, you can refer to our detailed BMO Physician Loan Review.

Evolve

Evolve Bank & Trust offers a mortgage solution for physicians in Massachusetts who face challenges when qualifying for conventional loans due to high student loan debt. Their physician loans provide an opportunity for immediate homeownership without the need for a down payment.

Here are the key features of Evolve physician loans in Massachusetts:

• 100% financing is available for loans up to $1 million
• 95% financing is available for loans up to $1.25 million
• 90% financing is available for loans up to $1.5 million
• 85% financing is available for loans exceeding $2 million
• For primary residences, co-ops, condos, land purchases, and construction financing.
• Designations eligible include MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists.

It’s important to note that physicians who have been practicing for over a decade are not eligible for the doctor loan program. To explore your options and find the right mortgage solution, you can get matched with an Evolve lender in Massachusetts through LeverageRx.

First Horizon

For medical professionals in Massachusetts, First Horizon offers specialized physician mortgage loans tailored to their unique needs. Here are the key features of their program:

• Up to 100% financing is available for loans up to $1.5 million.
• Up to 95% financing is available for loans up to $2 million.
• Up to 90% financing is available for loans up to $2.5 million.
• Ability to close on loan up to 6 months prior to the employment start date.
• Eligible designations include MD, DO, DDS, DMD, CRNA, CPA, and DPM.
• There is no private mortgage insurance (PMI) requirement.

To explore your options and connect with a suitable lender from First Horizon in Massachusetts, you can request your mortgage rates through LeverageRx.

Heritage Bank NA

For physicians and medical professionals in Massachusetts, Heritage Bank NA is a preferred choice when seeking 100% financing for their home purchases. Here are the key highlights of the program:

• No down payment is required for homes up to $1 million.
• High loan-to-value ratios are available.
• The program is open to MD, DDS, DO, OD, DPM, and DVM designations.
• Available for practicing physicians and residents.
• There is no requirement for private mortgage insurance (PMI).
• The program applies to both primary and secondary homes.

To explore your options and connect with a lender from Heritage Bank NA in Massachusetts, simply complete a mortgage form through LeverageRx.

Huntington Bank

Huntington Bank caters to a range of medical specialties, including MD, DO, DDS, DMD, DPM, and DVM. This program provides several advantages for physicians seeking financing for their primary residence:

• Up to 100% financing is available for loans up to $1 million.
• Loans up to $1.25 million offer 95% financing.
• Loans up to $2 million allow for 90% financing.
• Available for primary residences only
• It can be used for both purchase and refinance.

It’s important to note that for loans exceeding $1.25 million, Huntington Bank requires at least one year of attending status, which means it is unavailable for residents and fellows. However, loans below $1.25 million are accessible for both residents, fellows, and attending physicians.

For a more detailed understanding of the Huntington Bank Physician Loan program, you can refer to our comprehensive Huntington Bank Physician Loan Review.

TD Bank

TD Bank’s physician mortgage program in Massachusetts caters to medical professionals with designations such as MD, DO, DPM, DDS, and DMD. Eligibility extends to practicing physicians, dentists, oral surgeons, as well as licensed medical or dental residents and fellows.

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

• Available for both purchase and refinance
• Limited to primary residences
• Applies to single-family homes, condos, PUDs, and co-ops
• Offers 100% financing up to $750,000
• Provides 95% financing up to $1.25 million
• Offers 89.99% financing up to $1.5 million

To qualify for the program, medical professionals should be within 10 years of residency completion. Additionally, applicants are required to have a TD Bank checking account in good standing.

For a comprehensive review of TD Bank’s physician mortgage program, you can refer to our detailed TD Bank Physician Mortgage Review.

Truist

Truist offers an exclusive physician loan program in Massachusetts specifically designed for MD, DO, DPM, DDS, and DMD. This program is available to practicing physicians, residents, and fellows. It is important to note that Truist does not allow practicing physicians and dentists with over 10 years of experience to get a mortgage through this program.

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

• 100% financing up to $1 million.
• 95% financing up to $1.5 million.
• 90% financing up to $2 million.
• Adjustable-rate and fixed-rate options are available.
• Available for single-family homes or condos.
• It is limited to primary residences only.
• The program is applicable for both purchase and refinance.

Truist provides lenient debt-to-income requirements and does not require private mortgage insurance (PMI). For a full overview of the Truist physician loan program and its offerings, please refer to our detailed Truist Physician Loan Review.