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Physician Mortgage Loans in New York

Compare current New York 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 York in seconds.

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U.S. Mortgage Loan Rates

7/157/227/298/58/198/269/99/239/3010/7
Current rates - October 07, 2021
2.99%30-Year Fixed
2.23%15-Year Fixed
2.52%5/1 ARM

New York Mortgage Loan Facts

$304,300

Avarage
Home Value

131.6

Cost of Living Index
(47th in the U.S.)

50.7%

Home-ownership
Rate

81,410

Number
of Doctors

Physician Mortgage Loans in New York

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

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

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

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

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.

Pros

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

Cons

  • 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 AvailableAK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
About

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.

States AvailableME, MA, NH, NY, PA, VT
About

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

States AvailableVA, VT, SC, RI, PA, NC, NY, NJ, NH, MA, MD, ME, FL, DC, DE, CT
About

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

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

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

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