7 Best Physician Mortgage Loans in New Hampshire: Flexible Options with No PMI

The New Hampshire Association of Realtors found that the median single family home price in New Hampshire in December 2022 had soared to $525,000.

In the New Hampshire Association of Realtors December 2022 report, they warned that even if prices begin to normalize, “many prospective buyers will find it difficult to afford a home in 2023, as higher rates have diminished purchasing power, adding hundreds of dollars to monthly mortgage payments.”

My physician wife and I looked at homes in the Granite State when we almost accepted a position at Dartmouth-Hitchcock, and we were blown away by the rate of price increases. The market has stabilized a bit with a slow down in price increases. Still, you want a financing tool that offers superior terms and gives your offer the best chance of standing out.

Luckily, medical doctors and dentists have a secret weapon to help them buy a house even in the toughest markets: the New Hampshire physician mortgage loan.

New Hampshire physician mortgage loans: Unique benefits

Physician mortgage loan programs can allow an early to mid-career professional to purchase their dream home without as much saved for a down payment. 

Loan limits for this kind of mortgage often go into the $1- to $2-million range, far higher than conventional mortgages. Furthermore, there’s no PMI, which results in large savings compared to FHA loans or certain kinds of jumbo loans.

Banks generally limit this kind of mortgage to residents, fellows, attending physicians and dentists. However, we are seeing at least a few lenders expand into other high-paying, high-debt professions, too.

The main benefits of a doctor mortgage loan include:

• Up to 100% financing with several low or no down payment options
• No PMI requirement, even with a small down payment
• Generous treatment of income history allows new physicians to close before starting their new position
• More favorable and reasonable treatment of medical and dental school debt when calculating DTI during the underwriting process

Additionally, with how much housing prices have increased, physician mortgage loans can allow qualified borrowers to access significantly higher loan amounts than the conventional mortgage limit, which is $726,200 in most counties for 2023.

Check out the form below to get quotes, or keep reading.

Top 7 New Hampshire physician mortgage loans

If you want to see if a New Hampshire physician mortgage loan is right for you, check out the group of lenders below to start your search.

1. Berkshire Bank

Berkshire Bank* has been around since the 1840s and has grown into the largest regional bank in New England. It offers physician home loans through its Doctor’s Advantage program.

Berkshire Bank caters to new and mid-career doctors looking for a new home or hoping to refinance an existing home loan. Through Berkshire’s Doctor’s Advantage Home Loan, you can put as little as 5% down on mortgages up to $850,000. You won’t find a conventional mortgage with that much flexibility. You can also use the program for home equity loans and lines of credit.

Qualifying homebuyers include physicians, dentists, and veterinarian residents (or fellows currently employed in residency of fellowship), practicing physicians (MD, DPM, or DO), practicing dentists (DDS, DMD), oral surgeons, and practicing veterinarians. Practicing doctors must be out of residency/internship/fellowship for less than 10 years. Non-practicing doctors, such as those in academia or research, are not eligible.

Berkshire Bank also offers home equity loans and lines of credit. Eligible properties include single-family, condominiums, planned urban development, and non-warrantable condominiums. Private Mortgage insurance is not required, and the maximum DTI ratio is 45%.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

Berkshire has 30-year fixed and 15-year fixed options, as well as the 7/6 and 5/6 ARM products.

There is a requirement for reserves, ranging from two to six months of your monthly mortgage payment.

1099 Independent Contractor work for less than 12 months is allowed.

Projected income is acceptable for qualifying purposes when a borrower is scheduled to start a new job within 90 days of the loan closing.

Contact: Stephen Morrison
*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.

2. BMO Bank, N.A.

With BMO Bank, N.A., you can get an affordable home loan with no PMI requirement and flexible debt-to-income underwriting options.

As a licensed medical doctor with MD, DDS, DMD or DO designation, you could qualify even if you have student loan debt, are starting residency soon, and have an employment contract with a start date within 90 days of closing. 

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

3. Flagstar Bank

Those looking to purchase or refinance a primary residence with no PMI and zero down should take a look at Flagstar's physician mortgage program. Take heed that this program does require a credit score of 700 or greater for approval.

Eligible careers include MD, DDS, DMD, OD, PharmD, DPM, DO, PA, RN, NP, CPA, DVM, clinical nurse specialists, attorneys and ATP pilots.

Financing options include zero down for up to $1 million or 5% down for up to $1.5 million.

4. Huntington Bank

The physician home financing program with Huntington Bank is available to physicians, dentists, and veterinarians with an MD, DO, DDS, DVM or DMD degree.

Loan options include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

Recent graduates with a solid credit score can take advantage of no-money-down financing with proof of an employment contract and a letter from their employer.

5. KeyBank

KeyBank’s doctor and dentist program extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.

Borrowers can be granted 100% financing on a conventional mortgage.

KeyBank has 30, 25, 20, 15, and 10 year fixed rate options, as well as adjustable rate options of 10/6 ARM, 7/6 ARM, and 5/6 ARM.

Maximum cash out available is $1,000,000.

6. TD Bank

TD Bank offers doctor mortgages for physicians, physician residents, dentists, and dental residents.

Options at TD Bank for a doctor loan include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10.01% down for up to $2 million

While New Hampshire does not have a wage tax, many physicians with mortgage debt might itemize interest on their tax returns. In that case, one of the options with no PMI and a low down payment could make a lot of sense for a physician or dentist needing to pay down student debt.

My wife and I purchased our home with a physician mortgage. TD came in second of about ten banks we looked at. The bank we went with doesn't offer doctor mortgages in New Hampshire, so TD Bank would be an excellent spot to check as a first-time homebuyer.

Contact: Neil Surgenor

7. U.S. Bank

The professional mortgage options at U.S. Bank are available for lawyers and medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.

You can borrow up to $2.5 million, but you’ll need a minimum down payment:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

Is a New Hampshire doctor home loan right for you?

A debt-averse individual with zero or low student loan debt with lots of savings and a modest home budget might be well served with a conventional loan.

However, in this world of high housing costs and soaring student debt, a New Hampshire physician home loan can provide much better financing options with fixed interest rates comparable to conventional loan options.

Of course, make sure you don’t get carried away with the high loan approval you will likely receive. Using a low down payment mortgage means you want to make sure the home you buy is a long-term investment. If that’s the case, you can start your homeownership goals by filling out the form below for quotes.