How to Obtain a Physician Mortgage in New Jersey

When it comes to getting a physician mortgage in New Jersey, it’s wise to compare various lenders and carefully evaluate their terms, interest rates, and down payment options. To simplify this process, consider working with a specialized mortgage broker who has expertise in physician mortgage programs.

While any broker can assist you with conventional loans, finding a broker with in-depth knowledge of physician mortgage loan programs will ensure you are seeing the best options you qualify for. These specialized loans come with unique terms and eligibility requirements, making it important to work with a broker who understands the specific needs of medical professionals.

To explore rates and terms from lenders in New Jersey, you can take advantage of LeverageRx’s mortgage form, which matches you with the best physician mortgage lenders in your new state. Their dedicated team has extensive experience helping physicians and healthcare providers, with over 50,000 individuals finding suitable banks and mortgage lenders to fulfill their home buying needs.

Once you have chosen a lender, you will need to complete and submit a loan application, ensuring that you have all the necessary documentation readily available. This includes proof of employment, education, certifications, or licensing as a healthcare professional.

Where to Find a Physician Loan in New Jersey

You’ll want to note that mortgage loan programs vary from state to state, including in New Jersey. Therefore, it’s important to focus your search on lenders and programs specifically available within the state. Here are eight reputable physician mortgage loan lenders for physicians in New Jersey.

BMO 

BMO Bank offers a comprehensive physician loan program in New Jersey tailored to address the unique challenges faced by medical professionals. This specialized program removes obstacles 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 Harris Bank’s physician loans for physicians in New Jersey:

• 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 Bank’s physician 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 New Jersey, you can explore your choices with LeverageRx.

Evolve Bank & Trust

Physicians can face challenges when trying to qualify for conventional loans due to their substantial student loan debt. Evolve Bank & Trust offers an alternative solution by providing a pathway to immediate homeownership. These loans acknowledge the unique circumstances faced by physicians, enabling them to fulfill their homeownership aspirations without the need to save for several years to qualify.

Here are the highlights of Evolve Bank & Trust’s physician loans in New Jersey:

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

Evolve Bank & Trust provides physician mortgages to medical professionals who are within 10 years of completing their residency or fellowship training. Physicians who have been practicing for over a decade are not eligible for a doctor loan. To find an Evolve lender, you can explore your options with LeverageRx.

First Horizon Bank

First Horizon Bank offers its physician mortgage loans to medical professionals in New Jersey, 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.

Fulton Bank

Fulton Bank offers physician loans in New Jersey, specifically designed to meet the needs of medical professionals with specialties including MD, DO, DDS, DMD, OD, DPM, DVM, and PharmD. Here’s an overview of Fulton Bank’s physician loan program in New Jersey:

• Exclusive to primary residences.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million (for physicians attending less than 10 years).
• Up to 95% financing for loan amounts up to $1.5 million.
• No requirement for Private Mortgage Insurance (PMI).

For more detailed information about Fulton Bank’s physician loan program in New Jersey, you can read our comprehensive Fulton Bank Physician Loan Review.

Heritage Bank NA

If you’re a physician or medical professional looking for 100% financing for a home purchase in New Jersey, Heritage Bank NA is an excellent choice. Their Physician Mortgage Loan program offers numerous benefits, including:

• Lower down payment requirements and higher loan-to-value ratios.
• $0 down payment option for homes up to $1 million.
• Eligibility for MD, DDS, DO, OD, DPM, and DVM designations.
• Available for both practicing physicians and residents.
• No requirement for private mortgage insurance (PMI).
• Available for both primary and secondary homes.

Heritage Bank NA provides options for both fixed-rate and adjustable-rate loans. To explore your choices and connect with a lender from Heritage Bank NA, simply complete a mortgage form with LeverageRx.

Huntington Bank

Huntington Bank has a physician loan program in Delaware specifically designed to cater to medical professionals with designations such as MD, DO, DDS, DMD, DPM, and DVM. What sets Huntington Bank apart from other lenders is its coverage of a wider range of medical specialties. Here are the key highlights of their physician loan program:

• Limited exclusively to primary residences.
• No financing options available for new construction projects.
• Applicable for both home purchase and refinancing.
• Up to 100% financing for loan amounts up to $1 million.
• Up to 95% financing for loan amounts up to $1.25 million.
• Up to 90% financing for loan amounts up to $2 million.

It is important to note that Huntington Bank has specific requirements based on the loan amount. Loans exceeding $1.25 million require applicants to have at least one year of experience as attending physicians, making them inaccessible for residents. However, loans below the $1.25 million threshold are accessible to individuals in training as well as attending positions. To gain a deeper understanding of Huntington Bank’s physician loan program in Delaware, read our detailed Huntington Bank Physician Loan Review.

TD Bank

TD Bank provides a physician mortgage program in Delaware to meet the needs of medical professionals with designations such as MD, DO, DPM, DDS, DMD. To be eligible, applicants can be practicing physicians, dentists, oral surgeons, or licensed medical or dental residents or fellows.

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

• Available for both home purchase and refinancing.
• Limited exclusively to primary residences.
• Eligible for single-family homes, condos, planned unit developments, and co-ops.
• Up to 100% financing for loan amounts up to $750,000.
• Up to 95% financing for loan amounts up to $1.25 million.
• Up to 89.99% financing for loan amounts up to $1.5 million.

Please note that TD Bank’s physician mortgage program in Delaware 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. To learn more, we encourage you to read our comprehensive TD Bank Physician Mortgage Review.

Truist

Truist’s physician loan program in Delaware is for medical professionals with designations such as MD, DO, DPM, DDS, and DMD. Whether you are a practicing physician, dentist, oral surgeon, resident, or fellow, you may be eligible for this program. It’s important to note that Truist does not consider practicing physicians and dentists with over 10 years of experience to be eligible.

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

• Limited exclusively to primary residences.
• Available for both home purchase and refinancing.
• Up to 100% financing for loan amounts up to $1 million.
• Up to 95% financing for loan amounts up to $1.5 million.
• Up to 90% financing for loan amounts up to $2 million.
• Both adjustable-rate mortgages (ARMs) and fixed-rate options are available.

The program covers single-family homes and condos as eligible properties. Additionally, the physician loan program relaxes the debt-to-income requirement and does not require private mortgage insurance (PMI). For more detailed information about Truist’s physician loan program in Delaware, we invite you to read our comprehensive Truist Physician Loan Review.