What you need to know:
- Physician mortgage loans in New York can help doctors and dentists buy a home with no money down.
- You can avoid private mortgage insurance (PMI) with a physician mortgage loan.
- This exclusive loan program comes with benefits, like relaxed debt-to-income (DTI) and employment requirements.
Whether you’re looking to live near the hustle and bustle of the Big Apple or maybe a less crowded location in Upstate, New York has diverse communities to choose from. But depending on the region, you might need to pay more than a pretty penny to get into the home of your dreams.
According to the New York State Association of Realtors, the median sales price for homes across the state was $370,000 in October 2021. Additionally, the New York real estate market has seen an 18-month streak of increasing median sales prices.
Although physicians and dentists generally have robust salaries, they also tend to carry six-figure student debt balances. They also face normal home buying hurdles, like saving up for a large down payment and strict employment requirements.
Fortunately, if you’re one of these high-earning professionals, you can tap into an exclusive program that can make the path to homeownership more accessible.
Read on to learn about physician mortgage loans in New York.
1. Top 4 New York physician mortgage lenders 2. Key benefits of physician mortgage loans in New York 3. Considerations before moving forward with a New York physician mortgage loan
Top 4 New York physician mortgage lenders
We’ve put together the top four doctor loans in New York to help you compare financing options for primary residences or refinancing your current home loan.
1. Citizens Bank
The doctor loan mortgage program with Citizens Bank makes it easier for physicians and dentists to buy a home by providing up to 95% financing with no PMI.
Financing options include:
- 5% down for up to $850,000
- 11% down for up to $1 million
- 15% down for up to $1.5 million
Eligible degree designations include MD, DO, DDS and DMD. However, you must’ve completed residency within the last 10 years or be a current resident, fellow or intern.
2. Laurel Road (owned by KeyBank)
Laurel Road’s mortgage for medical professionals includes up to 100% financing. This loan is available to medical doctors, dentists, clinical professors, researchers, managing physicians, interns, residents and fellows. Qualifying degree designations include MD, DO, DMD, DDS and DPM.
No money down financing is capped at $750,000. Additionally, California properties are limited to 95% financing.
3. Northwest Bank
The Northwest Bank physician mortgage loan program provides up to 100% financing for practicing physicians and residents.
Financing options include:
- 0% down for up to $750,000
- 5% down for up to $1 million
- 10% down for up to $1.25 million
Eligible degree designations include MD, DO, DDS, DMD and DPM.
For more information, contact Bob Amico at (716) 867-7149 or [email protected].
4. TD Bank
TD Bank’s Medical Professional Mortgage program helps new physicians, surgeons and dentists purchase a home with up to 100% financing, and no PMI.
Financing options include:
- 0% down for up to $750,000
- 5% down for up to $1.25 million
- 10.01% down for up to $1.5 million
Qualifying degree designations include MD, DO, DPM, DDS and DMD. The program also includes oral surgeons and licensed medical or dental residents and fellows. Doctors and dentists who own their own practice (or those who have two years of self-employment records) may also qualify.
For more information, contact J. Mansisidor at (757) 927-1961 or [email protected].
Related: TD Bank Physician Mortgage Review
Key benefits of physician mortgage loans in New York
Physician mortgage loans in New York are designed to benefit medical and dental professionals who typically have a lot of student debt at the beginning of their careers. These programs recognize the trajectory of your career type, fully embracing the mantra “started from the bottom” considering you might’ve had a limited salary during your residency or fellowship.
Here are the top perks of using a physician home loan.
No down payment financing options
Many physician mortgage lenders offer up to 100% financing with no money down. Depending on the overall loan amount, a lender might require a 5% to 10% down payment to access higher amounts.
No private mortgage insurance requirement
With a conventional loan, you’ll typically need to bring 20% of the home purchase price to the table. If you don’t, you’ll likely incur PMI requirements.
When you’re dealing with large loan amounts, PMI can suck down hundreds of dollars each month. That’s money that could be used toward paying down other debt, investing in your retirement or rewarding your hard work with a needed vacation.
Relaxed debt-to-income ratio
Banks look at a borrower’s DTI calculation, along with other financial indicators like your credit score, when making lending decisions. Unfortunately, physicians and dentists often need to take on significant student debt to fund their education, causing challenges to qualify for a mortgage.
But a physician mortgage loan can help you dodge this hurdle.
Physician mortgage lenders take a more flexible approach to DTI requirements. For example, a loan officer might only consider your actual monthly payment under an income-driven repayment (IDR) plan. This can dramatically impact your DTI calculation, making you a more appealing borrower.
Flexible income documentation
After going through the ups and downs of dental or medical school, many professionals feel it’s time to settle down and buy a home. But that can be challenging if you’re just starting your career because conventional mortgage lenders require solid proof of income.
With a physician home loan, you can usually use a new employment contract as proof of income instead of waiting to gain a couple of years of employment history to qualify.
Download the Best Student Loan Calculator
Considerations before moving forward with a New York physician mortgage loan
Physician mortgage loans in New York are a great way to get you into your dream home faster. You don’t have to spend years saving up for a down payment or worry about budgeting for monthly PMI payments. Plus, your student loan debt won’t stall the process.
So, why wouldn’t someone choose a physician mortgage?
You might find a more competitive interest rate with a conventional mortgage or prefer to use an alternative mortgage program, such as an FHA loan or VA loan. These mortgage programs come with their own benefits, so they’re worth exploring if you’re eligible.
There’s also a risk of getting approved for a physician home loan that overextends your budget.
Be smart by keeping your income and expenses in mind while exploring multiple mortgage offers.
Use our state breakdown to quickly locate physician mortgage loan options across the country.
Check Out Physician Mortgage Options by State Refinance student loans, get a bonus in 2022 1 Disclosures $1,050 BONUS1 For 100k+. $300 bonus for 50k to 99k.1 VISIT LAUREL ROAD Variable 1.89-5.90%1 Fixed 2.50-6.00%1 
2 Disclosures $1,050 BONUS2 For 100k+. $300 bonus for 50k to 99k.2 VISIT COMMONBOND Variable 2.49-6.84%%2 Fixed 2.59-6.74%2 
3 Disclosures $1,000 BONUS3 For 100k or more. $200 for 50k to $99,9993 VISIT EARNEST Variable 1.74-5.64%3 Fixed 2.44-5.79%3 
4 Disclosures $1,000 BONUS4 For 100k+. $300 bonus for 50k to 99k.4 VISIT SPLASH Variable 1.74-6.15%4 Fixed 2.30-6.25%4 
5 Disclosures $1,275 BONUS5 For 150k+. Tiered 300 to 575 bonus for 50k to 149k.5 VISIT ELFI Variable 1.86-6.01%5 Fixed 2.47-5.99%5 
6 Disclosures $1,000 BONUS6 For $100k or more. $200 for $50k to $99,9996 VISIT SOFI Variable 1.74-6.59%6 Fixed 2.49-6.94%6 
7 Disclosures $1,250 BONUS7 For $100k or more. $100 to $350 for $5k to $99,9997 VISIT LENDKEY Variable 1.90-5.25%7 Fixed 2.49-7.75%7 
8 Disclosures $1,250 BONUS8 $350 for 50k to 100k8 VISIT CREDIBLE Variable 1.80-9.99%8 Fixed 2.15-9.99%8 Not sure what to do with your student loans?
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