8 Best Physician Mortgage Loans in New York

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 $379,950 in January 2023. The New York real estate market has cooled off slightly compared to peak pandemic 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.

Top 8 New York physician mortgage lenders

We’ve put together the top doctor loans in New York to help you compare financing options for primary residences or refinancing your current home loan. However, depending on the lender, second homes might also be eligible for financing.

You can use the form below to get matched with lenders, or read more about the bank programs we list.

1. Berkshire Bank

Berkshire Bank was founded in 1846 and has grown into the largest regional bank. It offers several mortgage products including a physician mortgage loan for those looking to purchase a home or refinance an existing mortgage. Berkshire Bank also offers home equity loans and lines of credit.

The physician mortgage loan from Berkshire Bank is designed specifically for medical professionals in the US. Eligible homebuyers include physician, dentist, 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 7/1 and 10/1 ARM Products.

Reserves are required and the range is 2-6 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.

2. 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.

3. Evolve Bank & Trust

With Evolve Bank, doctor mortgages are available up to 100% financing with no PMI for New York home purchases and refinances. But you don't have to be a doctor to qualify — medical residents, doctors, dentists, veterinarians, pharmacists, optometrists, podiatrists, registered nurses, PAs, NPs and clinical nurse specialists are eligible, as well as ATP pilots, CPAs, attorneys, 1099 workers and H-1B and green card holders. It should be noted that H-1B and green card holders must put down at least 25%.

There isn't a 30-year fixed rate option, but the program features adjustable-rate loans for your situation. For qualified applicants with credit scores of at least 700, financing options include:

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

4. First Horizon Bank

Physician mortgages from First Horizon Bank are available to anyone with an MD, DO, OMS and DPM degree. It's an excellent option whether you've just started your career or have many years of experience under your belt. There are no age requirements, and you can close 90 days prior to the start of a new employment contract.

Financing options include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $2.5 million

Credit scores as low as 670 can qualify, which is one of the lowest credit score requirements we've seen.

They also offer H-1B visa non-citizens loans and 100% financing.

5. KeyBank

Medical doctors and dentists are eligible for KeyBank's medical professional mortgage loan. This program can be used to purchase or refinance a primary residence or second home.

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.

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.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 15% down for up to $2 million

6. Northwest Bank

Northwest Bank’s “Physician’s Loan Program” is available to eligible applicants with an MD, DO, DDS, DMD or DPM. With down payment requirements as low as 0% and no required private mortgage insurance (PMI), this program is worth looking into.

Fixed rate and adjustable rate mortgages are available, as well as rate and term refinance options.

Financing options include:

• 0% down for up to $950,000
• 5% down for up to $1.25 million
• 10% down for up to $1.5 million

Eligible degree designations include MD, DO, DDS, DMD and DPM.

7. TD Bank

The TD Bank medical professional mortgage allows doctors, dentists and fellows with less than 10 years of post-residency experience buy a home with little money down. Eligible degree designations include MD, DO, DPM, DDS, DMD and oral surgeons. Medical and dental residents might also qualify.

Financing options include:

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

8. U.S. Bank

U.S. Bank’s doctor loan program is available to MD and DO physicians, residents, fellows, and lawyers for loan amounts up to $2.5 million.

Financing options include:

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

This program doesn’t have a 0% down payment option like other programs, but this lender has a great reputation and outstanding customer service.

Related: Try our Physician Loan Calculator for monthly payments and more

How do New York physician mortgage loans work?

With traditional mortgages, you generally need to put down a 20% down payment or pay private mortgage insurance (PMI). With a physician loan, some New York medical and dental professionals have access to better down payment options without the burden of PMI.

Some physician mortgage loans do not require a down payment at all.

As an added bonus, a physician loan can often look more favorably on your upward income trajectory, student loan debt, and career stability.

Physician mortgages also usually come with far higher lending limits compared to traditional mortgages, making it easier to buy the home of your dreams after so many years of sacrifice in your career.

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.

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.