Physician Mortgage Loans in Massachusetts

About Flagstar Bank
Flagstar Bank is a $16.9 billion savings and loan holding company headquartered in Troy, Michigan. Flagstar provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 90 retail locations in 29 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division.

Flagstar Doctor Mortgage Program
Flagstar's doctor mortgage program offers no down payment financing up to $850,000 and up to $1.5 million with down payments based on loan amounts. The mortgage loan program is available in all 50 states for both new purchases and refinancing existing mortgage loans. Non-occupant co-borrowers are allowed.

Products available only on 5-1 and 7-1 adjustable rate mortgages; no fixed rates. Flagstar has a minimum credit score requirement of 710.

Pros

• Available many types of healthcare professionals
• Can be used for both new purchases and refinancing existing homes
• Non-occupant co-borrowers are allowed on the loan
• Can close up to 60 days prior to starting employment
• No PMI required

Cons

• Only adjustable rate mortgages available (no fixed rates)

Eligible Borrowers

• Medical Resident (Educational License)
• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Optometry (OD)
• Doctor of Ophthalmology (MD)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Osteopathy (DO)
• Nurse Anesthetist
• Nurse Practitioner
• Clinical Nurse Specialist
• Veterinarian

Learn More: Flagstar Bank Physician Loan Review

Huntington Bank offers a doctor loan program for MDs, DOs, DDSs, DMDs, ODs, DPMs, and DVMs. Borrowers can obtain up to $2 million with low down payment options available:

• 100% financing on loan amounts up to $1M
• 95% financing on loan amounts up to $1.25M
• 90% financing on loan amounts up to $2M

Learn More: Huntington Bank Physician Loan Review

Headquartered in Cleveland, Ohio, KeyBank is one of the nation's largest banks with $137 billion in assets and over 1,100 full-service branches in 15 states. KeyBank provides retail and commercial banking services, investment management, and consumer lending products across the United States.

KeyBank's doctor loan program provides up to $3.5 million with no PMI for single-family housing and condos. Fixed and variable rate options are available for this program.

• 0%¹ down for loan amounts up to $750,000
• 5%¹ down for loan amounts up to $1,000,000
• 10%¹ down for loan amounts up to $1,500,000

Eligible borrowers include:

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Podiatric Medicine (DPM)

Highlights:

• Loan options available for purchase, as well as rate/term and cash-out refinances
• Eligible property types include owner-occupied primary residences and second homes
• Available for 1-unit single-family homes, attached or detached, condos, or planned unit developments

Learn More: KeyBank Physician Loan Review

NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit and collateral approval. Not all loans or products are available in all states.

KeyBank is Member FDIC and an Equal Housing Lender NMLS# 399797.

¹Geographic restrictions may apply. Ask us for details.

The physician mortgage loan program from NBT Bank is available to physicians, dentists, optometrists, and podiatrists. The program offers low down payments on loan amounts up to $850,000 in Maine, Massachusetts, New Hampshire, New York, Pennsylvania, and Vermont. NBT Bank's physician loan has a minimum credit score of 700.

Learn More: NBT Bank Physician Loan Review

The doctor loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDSs, and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for a SunTrust physician loan up to $750,000 with no down payment. Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,500,000 with down payment options based on loan size.

Learn More: SunTrust Bank Physician Loan Review*Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if the property is located in a declining market or if required by state regulations. Additional down payment may be required if property is in a declining market or if required by state regulations.

With over 27,000 employees and 150 years of experience, TD Bank is one of the 10 largest banks in the U.S today.

America's Most Convenient Bank® provides a variety of retail, small business, and commercial banking products and services to upwards of 9 million customers through its extensive network throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas, and Florida.

The Bank's medical professional mortgage program offers fixed-rate and adjustable-rate loans up to $1.25 million with no private mortgage insurance.

Highlights:

• Maximum LTV Options: 0% down, 100% financing (loans up to $750,000); 5% down, 95% financing (loans up to $1,250,000)
• Purchase or refinance a primary residence, including single-family residences, condominiums, co-ops (certain markets), and PUDs.
• Flexible debt-to-income ratios based upon verified income
• 1099 contracts with less than 2-year history allowed
• 90-day future employment contracts allowed
• Minimal reserves for new doctors

Eligible borrowers include:

• Licensed medical or dental residents and fellows with a minimum of two years' completed residency
• Practicing Physicians (MD, DO, DPM), dentists (DDS, DMD), and oral surgeons less than 10 years out of residency
• Self-employed borrowers with a minimum of two years' work history

Learn More: TD Bank Physician Loan Review

About TIAA Bank
Headquartered in Jacksonville, Florida, TIAA Bank was launched in 2018 following the merger of EverBank and TIAA Direct. Built on EverBank's banking model, TIAA Bank provides a full suite of financial services for consumer and commercial customers across all 50 states including deposit, residential and commercial lending products.

TIAA Bank Doctor Mortgage Program
TIAA Bank's doctor loan mortgage program is available to existing medical doctors including DOs, dentists, dental surgeons, and veterinarians who are actively practicing and are within 10 years of completing residency. Mortgage loans start at $200,000 and extend up to $1.5 million on single-family homes and up to $2 million on two-unit properties. This doctor loan program does not require PMI and deferred student loans are excluded from debt calculations. TIAA Bank allows closing up to 60 days prior to starting a new employment position.

Pros

• Available to borrowers in all 50 states
• Can be used for both new purchases and refinancing existing homes
• Can close up to 60 days prior to starting new employment

Cons

• No 100% financing program available
• Borrowers that completed residency more than 10 years ago are not eligible for this doctor loan program

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Veterinary Medicine (DVM)

Learn More: TIAA Bank Physician Loan Review

UMB Financial Corporation (Nasdaq: UMBF) is a $21.5 billion financial services company headquartered in Kansas City, MO, and founded in 1913 - offering personal banking, commercial banking, healthcare services, and institutional banking, which includes services to mutual funds and alternative-investment entities and registered investment advisors.

UMB Bank, n.a., a subsidiary of UMB Financial Corporation, provides a comprehensive suite of banking products and services. The Mortgage Portfolio Professional Loan program is designed to lend to the doctorate professionals who are licensed in their profession.

Eligible borrowers include:

• MD – Doctor of Medicine
• DO – Doctor of Osteopathy
• DDS – Doctor of Dental Surgery
• DMD – Doctor of Medicine in Dentistry
• OD – Doctor of Optometry
• DC – Doctors of Chiropractic
• PharmD – Doctor of Pharmacy
• PhD – Doctorate
• DVM – Doctor of Veterinarian Medicine
• JD Doctor of Juris Prudence (Attorney)

Maximum LTV options:

• Purchase: 100%; R/T Refinance: 95%; Loan Limits: $0 - $750,000
• Purchase: 95%; R/T Refinance: 90%; Loan Limits: $750,001 - $1,250,000
• Purchase: 90%; R/T Refinance: 85%; Loan Limits: $1,250,001 - $2,000,000

Current products:

• 30-year fixed rate loan
• 20-year fixed rate loan
• 15-year fixed rate loan

Highlights:

• Available in 47 states (except Alaska, Hawaii, New York, and D.C.)
• Owner occcupied and second homes.
• Single-family, condo, and townhomes (no multi-family properties)
• Minimum FICO score is 700.
• Max DTI is 43%.
• No mortgage insurance
• 3 months reserves required.
• No gift funds allowed
• Copy of license needed
• Escrow for taxes and insurance is required.
• Close 60 days prior to start date of new employment contract
• Allows for seller contributions of 3% towards closing cost and prepaids.

Learn More: UMB Bank Physician Loan Review