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Berkshire Bank Physician Mortgage Loan Review

    Key Takeaways:

    • Physicians who qualify might be eligible for financing up to $2 million.
    • A minimum credit score of 700 is required for this mortgage program.
    • Various medical professionals including doctors, dentists and veterinarians (including residents and fellows) might be eligible.

    Buying a home is still part of the American Dream for many people. If you’re a physician or dentist, you might aspire to get your own slice of real estate, but feel bogged down by high student loan debt balances.

    Many banks, like Berkshire Bank, offer a physician mortgage loan that’s catered to doctors and dentists who want to take out a home loan. Berkshire Bank has been around since 1846, and offers its physician mortgage loan program to Northeast homebuyers. Learn more about the program in our Berkshire Bank physician mortgage loan review.

    Minimum down paymentZero down, 100% financing for mortgages up to $1 million.
    5% down, 95% financing for mortgages up to $1.25 million.
    10% down, 90% financing for mortgages up to $2 million.
    Residents allowedYes
    Maximum loan amount$2 million
    Degrees that qualifyPracticing physicians and dentists, including MD, DPM, DO, DDS and DMD, as well as oral surgeons and veterinarians. Employed medical, dental and veterinarian residents and fellows may also apply.
    Eligible statesCT, MA, ME, NH, NY, RI, VT

    Berkshire Bank physician mortgage loan details

    Here’s a breakdown of the key points if you’re considering a Berkshire Bank home loan for physicians.

    Berkshire Bank physician mortgage loan: Pros and cons

    Mortgage programs aren’t one-size-fits-all. Before applying for a Berkshire Bank physician mortgage loan, be aware of the advantages and disadvantages of the this product.

    Get Quotes for Your Doctor Mortgage

    What mortgage product do you need?

    Step 1: Job
    Step 2: Home
    Step 3: Your Info

    Your Occupation

    NEXT

    Home Price Range

    Preferred Down Payment

    Stage You're At in the Home Buying Process

    When Do You Want a Mortgage Approval?

    How Many Banks Would You Like Quotes From?

    Any Bankruptcies or Short Sales?

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    Full Name

    Email

    Phone Number

    State Where You Plan to Purchase

    Metro Area Where You Plan to Purchase

    Citizenship Status

    Communication Preference

    Would You Like to Add Any Additional Details?

    GET MY QUOTES

    Berkshire Bank physician mortgage loan pros

    Here are the top benefits of a physician mortgage loan from Berkshire Bank for borrowers.

    Low rates

    Interest rates are on the rise, which is concerning for borrowers looking for an affordable mortgage. Berkshire Bank offers competitive interest rates and generally offers rates that are a half-percent below the market rate.

    That might not sound like much but adds up over time and lowers the total cost of your loan. Berkshire offers a fixed-rate mortgage with a 15 or 30 year term or a 7/6 or 5/6 ARM product.

    No PMI

    Typically, lenders require private mortgage insurance (PMI) if provide less than a 20% down payment. Berkshire Bank’s physician mortgage loan doesn’t require private mortgage insurance.

    That means you could be approved for financing without putting a chuck of your own funds down. Of course, this is risky if you’re not financially prepared for the costs of homeownership. But utilized the right way, it could help you move into the home of your dreams sooner rather than later.

    Different types of doctors qualify

    Some lenders have strict requirements when it comes to their eligibility requirements for a physician loan. Some reserve their programs for MDs or DOs, but Berkshire Bank also offers this type of loan program to dentists and veterinarians.

    Additionally, residents and fellows qualify, too. Another perk is that they work with physicians that have H-1B visas and potentially other visas as well. They also can move quickly to close within 3-4 weeks or 90 days before you start a new job.

    Berkshire Bank physician mortgage loan cons

    Though the Berkshire Bank physician mortgage loan perks are attractive, for a balanced look consider the drawbacks before commiting to a lender.

    Refinancing is an option with only

    Berkshire Bank might have competitive interest rates that can help you save money. However, rates are higher right now and you can’t refinance an existing mortgage loan from another lender with this lender. On the bright side, Berkshire Bank can refinance existing mortgage loans with other programs outside of the doctor mortgage loan program that Berkshire offers.

    10-year time limit from training

    This home loan is geared toward new or newer physicians who have completed their education and training within the past decade. To be eligible for the Berkshire Bank physician mortgage loan, you need to be within a 10-year time period from when you completed your training.

    If it’s been 11 or 12 years since you ended training, you unfortunately won’t qualify.

    Academic or research-based physicians don’t qualify

    If you’re technically a doctor, but work in academia or in a research setting, you won’t qualify for this mortgage. To be eligible, you must be a practicing and current doctor or dentist.


    Mortgage products are provided by Berkshire Bank: Member FDIC. Equal Housing Lender. Berkshire Bank is a Massachusetts chartered bank. All applications must be submitted in writing. All lending products are subject to credit and property approval. Products are not available in all states. Certain conditions and restrictions apply. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense compared with your current situation. Berkshire Bank NMLS 506896. Equal Housing Lender.

    How to apply for a Berkshire Bank physician mortgage loan

    If after checking out various mortgage lenders, you decide to pursue a new home loan through Berkshire Bank, here are the steps to apply for a physician loan.

    Step 1: Contact a Berkshire Bank representative

    Physician mortgage loans aren’t widely advertised or promoted on Berkshire Bank’s website so, generally, you’ll need an inside connection. Reach out to a branch office representative and ask to be connected with a loan originator familiar with doctor loans.
    Contact: Stephen Morrison

    Step 2: Collect your mortgage paperwork

    If you move forward, gather your personal documentation. This can include important information and details, such as how much financing you need, proof of income (like pay stubs or tax returns), employment contract, any licenses or degrees, and more.

    You can ask Stephen about the specific paperwork you might need as part of the home-buying process.

    Step 3: Get started

    After collecting all relevant documents and paperwork, fill out the mortgage paperwork and submit your application for approval. If approved, be sure to read the fine print carefully to ensure you understand the terms and conditions you’re agreeing to. Look for total fees, closing costs and check out home insurance terms as well.

    Should you apply for a physician mortgage loan with Berkshire Bank?

    Buying a new home can fulfill a long-held dream and be an exciting move. But it can also mean higher monthly payments and more debt. If you feel like you’re in a good place with your income, employment, and credit score, applying for a mortgage loan with Berkshire Bank might be a fit if you meet their eligibility requirements.

    If you’re in the Northeast region and score a great rate, you could be moving into your dream home sooner than you think. Check out our complete physician mortgage lender page to review all of your mortgage options or complete the mortgage form below.

    Get Quotes for Your Doctor Mortgage

    What mortgage product do you need?

    Step 1: Job
    Step 2: Home
    Step 3: Your Info

    Your Occupation

    NEXT

    Home Price Range

    Preferred Down Payment

    Stage You're At in the Home Buying Process

    When Do You Want a Mortgage Approval?

    How Many Banks Would You Like Quotes From?

    Any Bankruptcies or Short Sales?

    NEXT

    Full Name

    Email

    Phone Number

    State Where You Plan to Purchase

    Metro Area Where You Plan to Purchase

    Citizenship Status

    Communication Preference

    Would You Like to Add Any Additional Details?

    GET MY QUOTES

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