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Shoreham Bank Physician Mortgage Review (Updated 2024)


For those working in medicine, getting a mortgage can be tough because of big student loan debts and how their income can change based on educational status. Shoreham Bank created their physician mortgage to meet these specific challenges.
Physician mortgages come with good interest rates so you don’t pay through the nose over time; flexible terms so payments can adjust as needed; and there’s no need to worry about private mortgage insurance (PMI), which saves money upfront. On top of all that great stuff about the loan itself, Shoreman Bank prides itself on giving top-notch customer service to make sure everything goes smoothly from start to finish when applying for one.

What is Shoreham Bank?

Since 1860, Shoreham Bank has been known as a reliable institution where individuals, businesses, and medical professionals can find all sorts of tailored financial services. Shoreham Bank distinguishes itself with its private banking service, tailored for those with significant assets, offering wealth growth, investment advice, estate planning, and flexible lending options. Beyond this, the bank also provides comprehensive retail banking, including user-friendly checking and savings accounts and convenient online banking. Additionally, its commercial banking services support businesses with cash flow and financial management, while competitive home financing solutions help clients achieve their homeownership dreams. At its core, Shoreham Bank is about fostering enduring relationships and delivering exceptional customer service, enhancing every client’s financial journey.

What Makes Physician Mortgages Unique?

Physician mortgages, also known as doctor loans or physician loans, are designed just for medical professionals like doctors and dentists. These special mortgage programs understand that being in the medical field comes with its own set of financial challenges.

For starters, these types of mortgages consider things like big student loan debts and how income can change a lot when you’re in residency or doing a fellowship. They look at what you could earn in the future instead of just what you’re earning now to help you get a mortgage loan.

On top of that, physician mortgages come with perks such as not needing to put down a huge initial payment, more lenient rules about your debt compared to your income, and skipping out on private mortgage insurance (PMI). All this makes it easier for those working in medicine to buy their own place while juggling student loans and their unique money situations.

Shoreham Bank gets what medical professionals need when it comes to finances and offers tailored physician mortgages. They provide competitive rates, flexible terms for paying back the loan over time without stress, and personalized service making Shoreham Bank an ideal choice for healthcare workers aiming to finance buying homes considering their specific needs including managing student loan debt amidst other unique financial requirements typical among medical professionals.


Why Shoreham Bank Offers Competitive Physician Mortgages

Shoreham Bank really gets what doctors, dentists, and other medical folks need when it comes to buying a house. They’ve put together special mortgage deals just for them because they know the usual hurdles these professionals might bump into. For starters, Shoreham Bank offers mortgages that are easier on the wallet with lower upfront payments and no need for private mortgage insurance (PMI), making it simpler for medical pros to get their own place.

On top of having great loan options, Shoreman Bank shines with its customer service. Their team is all about understanding the specific situations medical workers find themselves in. With dedicated loan officers ready to guide you every step of the way, they make sure you’re well looked after from start to finish during your home-buying journey. This focus on helping out specifically tailored towards those in medicine not only makes things smoother but also shows how much Shoreham Bank values making dreams come true for those who spend their lives caring for others.

Shoreham Bank Physician Mortgage Highlights

Mortgage loans for doctors are made just for those in the medical field. They come with good interest rates and a variety of choices when it comes to how long you have to pay them back. With these loans, you can skip having to get private mortgage insurance, which is a big plus. On top of that, they offer really great customer service and give you all the help you need as you go through getting your loan sorted out.

How Residency or Employment Status Affects Eligibility

For residents who are still learning the ropes or just finished up their training, where they’re at in their career can play a big part in whether Shoreham Bank will give them a physician mortgage.

If these medical residents have an offer letter or contract from where they’ll be working soon, Shoreman Bank might say yes to giving them this physician mortgage. This way, the bank looks at what these docs will earn down the road instead of what’s in their wallet right now.

By looking at where these young professionals stand job-wise and what they’ll likely earn later on, Shoreham Bank helps doctors buy homes no matter if they’re just starting out or further along in their journey.

Down Payment Requirements and PMI

For medical professionals eyeing a physician mortgage from Shoreham Bank, it’s crucial to consider how much you’ll need for a down payment and whether you’ll have to pay for private mortgage insurance (PMI). Luckily, Shoreham Bank stands out by offering flexible options that can make buying a home more affordable. They provide ways to either lower or completely skip the down payment and even dodge the extra cost of PMI.

Down Payment Requirements

With Shoreham Bank, medical pros have access to various down payment choices. This often means not having to put any money down at all. That being said, the down payment depends on your specific situation and loan details.

  • Primary residence only
  • Purchase or refinance
  • 100% financing up to $1MM
  • 95% financing up to $1.25MM
  • 90% financing up to $1.5MM

Private Mortgage Insurance (PMI)

A big plus with these physician mortgages through Shoreham Bank is skipping over PMI—a common expense when your down payment is under 20% in most other loans. Not having this monthly charge helps keep costs low over time, making owning a home less of an economic strain.
Getting familiar with both the requirements for initial payments and understanding PMI can lead those in the medical field toward smarter decisions while choosing their perfect fit with a physician mortgage from Shoreham Bank.

Is a Shoreham Bank Loan Right for You?

For medical professionals aiming to buy a home, considering a physician mortgage loan from Shoreham Bank could be a smart move. This bank has crafted loan options just for folks like you in the medical field, offering good interest rates and letting you skip out on private mortgage insurance (PMI). So whether you’re still in residency, actively practicing medicine, or working as a dentist, Shoreham Bank gets your financial situation and offers tailored loans to fit what you need.

Customized Loan Solutions for Medical Professionals

Shoreham Bank knows that those working in medicine face some special money situations. They’ve got loans made just for them, keeping in mind things like big student loan debt and how their pay can change a lot when they’re doing their residency or fellowship, not to mention the different kinds of jobs they might have.

For doctors, dentists, vets, and other medical workers looking to buy a home, Shoreham Bank has got your back with flexible and affordable mortgage options. They understand what you need financially and aim to help you get there.

With various loan programs that come with good interest rates plus personalized service thrown into the mix, Shoreham Bank is all about helping those in the medical field make their dream of owning a home come true.



Physician Mortgage Calculator

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Pros and Cons of Shoreham Loans

Shoreham Bank offers a physician mortgage loan program that’s pretty appealing to folks working in the medical field. But, just like anything else you might consider buying or using, it comes with its own set of pros and cons. Let’s dive into what makes this option stand out and also what might make you pause for thought.


  • Competitive interest rates
  • 100% financing available, no extra cash needed upfront
  • No private mortgage insurance (PMI) required, saving money
  • Loans specifically designed for medical professionals, with tailored options


  • Approval may be tougher as these loans require more qualifications.
  • Availability is limited to certain states or areas.
  • Interest rates might be higher than traditional mortgages at other lenders.

So while Shoreham Bank provides an attractive package through its physician mortgage loan program aimed at helping medical professionals get into homes easier—with benefits like not having to pay PMI and potentially financing the whole purchase price—there are considerations such as stricter eligibility criteria and possibly higher interest rates compared to standard mortgages.

Alternatives to Shoreham Bank

While Shoreham Bank has a great mortgage loan program for doctors, it’s smart to look around and see what other banks offer too. This way, you can make sure you’re getting the best deal for your situation. Here are some other places that have special loans just for medical folks:

US Bank

For doctors looking at different loan types and money advice, US Bank is another option worth considering. U.S. Bank is very selective with the medical professionals who are eligible for a physician mortgage and require a 10% down payment. However, they consider residents that are six months from completing their residency to be eligible.To learn more about U.S. Bank’s unique attributes, read our full review.


Truist offers physician mortgages for the purchase or refinancing of private residences. It has all the major components of a physician mortgage, such as no PMI, a relaxed debt-to-income requirement for student loans, and the ability to choose between fixed-rate or ARM.To learn more about what Truist Bank can offer you, read our full review.


Huntington Bank offers flexible physician mortgage options for medical doctors, dentists, podiatrists, and veterinarians. It approves mortgages for physicians with a DTI as high as 50%. Learn More: Huntington Bank Physician Loan Review

By checking out these alternatives alongside Shoreham Bank’s offerings, anyone working in healthcare can weigh up different loan terms and perks from various lenders before deciding on one that suits them perfectly

Key Takeaways

Shoreham Bank offers low interest rates, letting you borrow the full price of your house without needing PMI, making it easier for physicians and medical professionals to buy a home. When deciding on where to get your loan from, evaluate offers from multiple lenders. Compare their interest rates and the benefits that come with their loans so you can pick one that fits best with how much money you want to spend now and in the future.
To see all of your physician mortgage options, work with a broker like LeverageRx. By taking enough time to weigh all different options out there—especially when thinking long-term—you’ll end up making choices that help secure both your dream home now and financial success later on.