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Physician Mortgage Loans in New Jersey

Compare current New Jersey physician mortgage loans from multiple lenders. Get current interest rates and APRs for 30-year fixed, 15-year fixed and adjustable rate mortgage loans for doctors in New Jersey in seconds.

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U.S. Mortgage Loan Rates

Current rates - October 07, 2021
2.99%30-Year Fixed
2.23%15-Year Fixed
2.52%5/1 ARM

New Jersey Mortgage Loan Facts

With a population of 8.4 million, this state is one of the most densely populated of the northern region. Close to 28,000 physicians attend residents and do so for several reasons. The state is ranked as 21st for practicing physicians because of its less stringent medical board, its educated population and proximity to good schools. Salaries are higher than average but housing costs are also on the high side. The best universities are Princeton, Rutgers and Seton Hall University.


Home Value


Cost of Living Index
(43rd in the U.S.)




of Doctors

Physician Mortgage Loans in New Jersey

CompanyLoan Amounts For
Residents & Fellows
Loan Amounts For
Practicing Physicians
Credit Score
States available in
States AvailableWV, VA, TN, SC, PA, OH, NC, NY, NJ, MD, GA, FL, DC, DE

Based in Pittsburgh, First National Bank of Pennsylvania (FNB of PA) is the largest subsidiary of F.N.B Corporation — a financial services holding company with over $33 billion in total assets as of 2019.

The Physician's Program at First National Bank features 10, 15, 20, 25, and 30 year fixed rate loans; and ARM 7/1, 10/1, and 15/1 ARM loans on loan amounts up to $1.5 million.

The program supports both primary residences and second homes for purchase, rate/term refinance, cash-out refinance, and construction perm. Property types include single-family dwellings, planned unit developments, condos, fee simple townhomes, and cluster or zero lot line homes.

Eligible borrowers include:

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

Maximum Loan-To-Value (LTV):

  • Purchase Transactions:

    • Primary Residence
    • 100% CLTV on loan amounts to $1MM
    • 90% CLTV on loan amounts to $1.5MM
    • Second Homes
    • 80% CLTV on all loan amounts up to $1,000,000
  • Refinance Transactions:

    • Primary Residence
    • 100% CLTV for Rate/Term Refinance up to 750K
    • 95% CLTV on Rate/Term Refinance to $1MM
    • 89.99% CLTV on Rate/Term Refinance to $1.5MM
    • 85% CLTV for Cash-Out Refinance
    • Second Homes
    • 80% CLTV for Rate/Term Refinance (Cash-out refinances are not permitted)
  • Construction Perm:

    • Primary Residence Only (condos and second homes not permitted)
    • 89.99% CLTV - No PMI Required
    • 95% CLTV - PMI Required

Other Requirements & Exclusions:

  • Maximum Debt-To-Income (DTI) Ratio: 43%
  • Reserve Requirement: Per AUS (accept or approve ratings)
  • Mortgage Insurance:

    • Purchase or refinance: No MI required.
    • Construction perm (primary residence only): Required over 90% LTV
  • Pricing: 0.25% added to applicable interest rate plus all applicable LLPA except:

    • No credit score / LTV fee for credit scores 740 or higher.
  • Physician eligibility is predicated on an FNB Checking account. IF the borrower does not have one, they are not eligible.
  • Closing may occur prior to the employment start date with an acceptable signed contract and start date prior to the first payment.
  • Title insurance is not required on loan amount $500,000 or less (will accept attorney's final opinion of the title).
  • For medical residents, FNB will permit the exclusion of student loan debts under deferment or forbearance once the residency program is validated. If there is a minimum payment required under an income or forbearance plan, that payment is to be included. Loans with these parameters need to be marked as Non-QM in the LMS system.
  • Physician loans in Florida limited to:

    • Licensed resident/interns, fellows in MD, DO and DPM programs are limited to 750K.
    • Doctors in practice 10 years or more are limited to 89.99%.

Learn More: First National Bank of Pennsylvania Physician Loan Review

States AvailableAK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY

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.


  • 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


  • 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

States AvailableDE, DC, MD, NJ, PA, VA

Fulton Mortgage Company offers no down payment on loans up to $1.5 million for MDs, DOs, DDSs, DMDs, PHARMDs, and DVMs with a credit score of 700 or higher. Borrowers can purchase up to 60 days in advance of their employment contract start date. Mortgages available include a 15-year fixed-rate, and 3/1, 5/1, 7/1, and 10/1 ARM. Eligible medical professionals must not be out of training for more than 10 years unless relocating, in which the 10-year rule does not apply. No reserves are required by Fulton Mortgage Company to close.

Learn More: Fulton Mortgage Physician Loan Review

States AvailableAZ, AR, CA, CO, CT, DE, FL, GA, ID, IL, IN, IA, KS, KY, ME, MD, MA, MI, MN, MO, MT, NE, NH, NJ, NM, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, UT, VT, VA, WA, DC, WV, WI, WY

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

States AvailableAL, AR, CT, FL, GA, LA, MS, MO, NJ, NY, NC, SC, TN, TX

IBERIABANK Doctor Mortgage Program
IBERIABANK offers doctor loans to physicians, dentists and veterinarians both in residency and practice. Mortgage loans are offered in 5/1 ARM, 7/1 ARM and 30 year fixed options with no mortgage insurance needed and no reserve requirements. One-time close construction loans are also available to prospective borrowers.


  • Both fixed and adjustable-rate options available
  • No reserve requirements for mortgage loan borrowers
  • One-time close construction loans are available


  • Not available in all states

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: IBERIABANK Physician Loan Review

States AvailableVA, MI, IN, KY, DE, OH, WV, MD, NJ, PA

About S&T Bank
Founded in 1902, S&T Bank provides a full range of financial services to families and businesses across our Pennsylvania, Ohio, and New York footprint.

S&T Bank Doctor Mortgage Program
S&T Bank's doctor mortgage program allows borrowers to obtain up to $2.5 million in purchase or refinance for home loans. Eligible properties include single family, multi-family and condo units. Five percent down up to $1.75M; 10% down up to $2.5M.


  • Competitive Fixed and ARM Rates available
  • Can close prior to starting employment
  • No Private Mortgage Insurance
  • Gift funds are allowed
  • Deferred student loan debt may be excluded


  • Not available in all 50 states

Eligible Borrowers

  • Medical Doctor (MD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Dental Medicine (DMD)
  • Doctor of Osteopathy (DO)
States AvailableVA, VT, SC, RI, PA, NC, NY, NJ, NH, MA, MD, ME, FL, DC, DE, CT

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.


  • 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

States AvailableAL, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NY, NC, ND, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

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.


  • 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


  • 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

States AvailableWY, WI, WV, WA, VA, VT, UT, TX, TN, SD, SC, RI, PA, OR, OK, OH, ND, NC, NM, NJ, NH, NV, NE, MT, MO, MS, MN, MI, MA, MD, ME, LA, KY, KS, IA, IN, IL, ID, FL, GA, DE, CT, CO, CA, AR, AZ, AL

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


  • 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

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