Purchasing a home in New Jersey presents a distinctive challenge for physicians, given their specific financial situations.
The extensive education and accumulated student loan debt often make it hard for many doctors to qualify for a conventional mortgage. However, a physician mortgage loans, which offer favorable terms and minimal or no down payment requirements might be an option for you.
Here's a list of physician home lenders that are ready to support doctors in New Jersey.
Physician loans, also referred to as doctor mortgages, cater to medical professionals with unique financial circumstances. These specialized loans come with attractive terms such as low or no down payments, exemption from private mortgage insurance, and flexible debt-to-income ratios. What sets these loans apart is the consideration of a doctor's potential future income, rather than solely relying on their current income and debt, during the eligibility assessment.
Medical professionals often possess high earning potential but may also carry significant student loan debt, impacting their current financial situation. By acknowledging these factors, physician loans play a vital role in making homeownership more accessible for doctors who might face challenges qualifying for traditional mortgages. For doctors aiming to purchase a home in New Jersey, these tailored loans offer a valuable opportunity to turn their dream of homeownership into a concrete reality.
In New Jersey, where the housing market can be competitive, it can be even more challenging for doctors to secure a mortgage that meets their unique financial needs.
Physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home.
Doctor mortgages offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios, making homeownership more accessible to physicians in New Jersey.
Here are the best physician mortgage loans available to medical professionals in New Jersey.
Next Steps:
Option 1: Have questions or a unique scenario? Schedule phone meeting here.
Option 2: Ready to apply or under contract? Apply here: BCU | Jonathan Brozek – Retail Mortgage Loan Officer for BCU – by clicking on the green “Get Started” tab below my photo.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, OD, Pharmacist
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Purchase and Refinancing
Financing Options (Based on FICO Score)
FICO Score is 720 or above, the following options are available:
FICO Score is 680-719, the following options are available:
Loan Terms Available:
30, 20, 15 & 10-year fixed, plus 5/7/10/15-year ARMs.
MD, DO, DDS, DMD, DVM, CRNA, DNAP, DPM, Pharmacist, DNP
Additional Mortgage Programs
Beyond the Medical Professional Program, we also offer:
Applicant subject to credit and underwriting approval. Not all applicants will be approved
for financing. Receipt of application does not represent an approval for financing or interest
rate guarantee. Refinancing your mortgage may increase costs over the term of your loan.
Restrictions may apply.
Guaranteed Rate AƯinity, LLC is a subsidiary of Guaranteed Rate, Inc.; NMLS #1598647; For
licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions
may apply.
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At Novus Home Mortgage, we are committed to finding the right mortgage for our customers, including those who are committed to save lives. We understand your unique needs. You might have accumulated debt to become a healthcare professional, but we are here to help you! Our offering will help you buy a home early in your career, and sometimes even before you start your new job!
We are a nationwide portfolio and correspondent lender with in-house underwriting providing quicker closings.
We offer services for:
For:
Other products offered:
It’s attention to the “details” that sets apart the finest Loan Officers. Please reach out 24×7. My team and I are here to understand your mortgage and financial needs and find the best financing solution for you.
0% down up to $2 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 680 FICO
30 yr fixed, 15 yr fixed and ARM's
Owner occupied Primary Residence
1 unit residential property – Single Family, Townhome, PUD, Condo
Non-Warrantable Condos are covered – min 10.01% down
Modular Homes
Rental income can be used to meet DTI requirement
50% Max DTI
No MI
No Prepayment Penalty
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DPM, Pharmacist
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – up to 180 days prior to start date (additional reserve requirements will apply)
Yes to all covered professionals – No limit on the number of years out of residency/fellowship
Yes to US residents including work Visa holders – Permanent Residents Aliens, H-1B, J-1, TN NAFTA and others
Yes up to 40 acres (normal for the area)
Yes to you owning multiple properties (additional reserve requirements will apply)
Yes to significant other and/or family to be co-borrower/co-signer to help you qualify, even if they will not occupy the property
Yes to gift funds from family members
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Subject to credit approval. Terms and conditions may apply. VA is subject to VA eligibility requirement. Property insurance is required for all loans secured by property.
Novus Home Mortgage is a division of Ixonia Bank, NMLS #423065 | All Rights Reserved | novushomemortgage.com
Genisys Credit Union Offers a Custom Tailored Physician Mortgages with loan amounts up to $5,000,000. Common sense approach based on demonstrating (ATR) ability to repay. We offer the lowest rates with highest LTV in the industry to qualified Physicians. We are full service financial institution offering all services from deposit to car loan. Our Specialty is high end Mortgages.
0% down to $1,500,000, 10% down to $2,000,000, 15% Down to $2,500,000, 20% to $4,000,000+ No Adjustments for Condos or New Construction Loans
5/6 ARM
7/6 ARM
10/6 ARM
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist, PhD
Common sense approach to underwriting.
Ability to offer bridge financing when trying to sell a current home and buying a new one.
Genisys Credit Union offers Physician Construction Loans under the same terms as purchase.
No reserves required on most products.
GREAT RATES
We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
Flagstar Bank is historically one of the largest lenders in the US, ranking in the top 10 nationally for residential mortgage origination. We are licensed to lend in every state. Relationship pricing is available for Private Clients and loan amounts up to 10 MM.
Low down payments for Doctors, Attorneys, CPAs and certain other professionals. Are you looking for a low down payment and a competitive rate? We offer a uniquely flexible loan program for Conventional and Jumbo buyers in certain occupations.
5/6 ARM, 7/6 ARM , 10/6 ARM
PURCHASE OR REFINANCE
Single Family, Condo’s, Co-ops, PUD’s
No PMI (Private Mortgage Insurance)
Employment contract/future income allowed – close 90 days prior to start date
Self-employed allowed
IBR payments allowed for student loans
Seller contributions allowed
Loan recast available
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, RN, CRNA, CPA, DNAP, DC, OD, DPM, APRN, CNM, Pharmacist, Attorney, Pilot, PhD
Finance up to 100% of the value and/or price of the property without mortgage insurance.
Can be paired with seller concessions to buy a property with nothing out of pocket.
High income, high net worth individuals are invited to become Private Client banking
members and enjoy enhanced product offerings.
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
No PMI. Closing available 90 days before employment starts. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. Medical Professionals may borrow 100% up to $1,250,000, 95% financing up to $1,500,000, and 90% financing up to $2,000,000. Most lenders require that you have completed training within the last 10 years, Alliant Credit Union has no such limit.
Conforming & Non-Conforming
Fixed & Adjustable Rate
30- & 15- Year Fixed, 5/6, 7/6, 10/6 ARMs
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Student Loan Debt omitted in qualifying ratios if deferred at least 12 months
Ability to use income based repayment schedule if not deferred for 12 months
No limit on time elapsed since the completion of training
Financing available for single family, condos, and two family owner occupied residences
Warrantable and non-warrantable condos allowed
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
For other professionals we have Our First Time Homebuyers program with up to 100% financing available with no PMI.
Second Home Financing available up to 90% financing.
Construction Financing available up to 90% financing (AZ, CO, IL, IN, MI, NC, SC, and WI)
Please contact the Mortgage Loan Officer listed above covering the state in which you are purchasing.
Alliant Credit Union NMLS#: 197185.
Rates, terms, and conditions are subject to change. The 5/6, 7/6 and 10/6 ARMs offer a fixed rate for the initial period of the loan and adjust to a 6 month ARM after that period. The interest rate and monthly payment may adjust bi-annually based on the 30 day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points with a 5% life time cap.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgages available in all states except Maryland. Loan approval, interest rate, and downpayment required based on creditworthiness, amount financed, and ability to repay. Rates, terms, and conditions are subject to change and are subject to credit and collateral approval.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgage Solutions Aren’t One-Size-Fits-All
At CrossCountry Mortgage, we separate ourselves from other mortgage lenders by offering exceptional customer service and a broad selection of home financing products. In addition to Physician Mortgages, our portfolio has an extensive range of products — from conventional and jumbo mortgages, to government-insured programs for veterans and rural home buyers, to programs that enable you to make full-cash offers — each homebuyer is different, so we make sure there is a solution for every lifestyle and personal situation.
7, 10 and 15 year ARM. 15 and 30 Year Fixed
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
CrossCountry’s Physician Loan Program offers low and no down payment options for Medical Doctors, Dentists and Veterinarians. Our program includes flexible underwriting guidelines such as the ability to use future employment, 1099 contract income, gift funds, and relaxed student loan qualifications.
We value your contributions as healthcare professionals, so we also offer our Preferred Mortgage Savings to members of the White Coat Investor community. Through this affinity program, we will waive our lender and appraisal fees, providing a savings of up to $2198.
Ready to get started? Contact the loan officer for your state to learn more and complete our online application.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
Borrowers may be self-employed physicians (2 year history needed) or medical researcher
Up to 95% financing up to $850,000/89% to $1M/85% to $1.5M on purchase & refinance
Up to 85% on Construction to Permanent loans with 12, 15 or 18 month build & one-time close
NO Private Mortgage Insurance Required
Non US Citizens are eligible
Can use employment contract income & close on your home 90 days prior to start date
SPECIAL banking relationship discount through a Citizens Bank Account
Seller Contributions Allowed
RECAST option available
30yr, 20yr, 15yr and 10yr fixed rate loans, 5,7 or 10 yearARMs.
Minimum credit score of 700
Student Loan Debt omitted in qualifying debt ratios if deferred at least 12 months following closing.
Ability to use IBR payment if not deferred for 12 months
Borrowers must have completed residency or fellowship within the last ten years, be a newly licensed
medical resident or about to begin new employment or residency within 90 days of closing.
MD, DO, DDS, DMD, Resident, Fellows
Superior service, loan exceptions available and flexibility in underwriting.
Working exclusively with medical professionals.
Offer both fixed and adjustable rates with low down payment and no PMI
Also offer construction to permanent loan
Flexibility with student loan payments
We are one of the 10 largest banks in the U.S., providing more than 9 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations. TD America’s Most Convenient Bank (AMCB) operates along the East coast of the U.S. and has locations throughout the Northeast, mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition to retail and commercial banking, TD Bank offers commercial services through TD Auto Finance. TD Bank AMCB is headquartered in Cherry Hill, N.J.
TD Bank offers 100% Dr loan financing to $1MM – no PMI – future income is allowed. Higher loan amounts available with 5% or 10% down. Purchase & refinance, primary residence. Single family, Condos, Co-ops, PUD’s.
Practicing doctors must be out of residency/internship/fellowship less than 10 years prior to the loan application date.
MD, DO, DDS, DMD, Resident, Fellows, DPM
Rates and programs can change anytime without notice.
Green State Mortgage is a boutique lender with access to the most competitive rates and programs. Allow us to tailor a lending program that meets your needs!
0% down up to $1,000,000, 5% down from $1,000,000 to $1,750,000, 10% down from $1.750,000 to $2,500,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Fixed and adjustable rates (7, 10, and 15-Year ARM) available. No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves for W2 positions. 60 days prior to start date for 1099 positions.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, OD, DPM, Pharmacist
No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves. Most other lenders limit the purchase date to 60-90 days before starting a new position. We also allow business assets and gift funds for the down payment, closing costs and reserves. Debt-to-income ratios up to 50%. No 2-year history is required for physicians hired as a contractor or 1099 employee. Available nationwide (except CA), 2-unit properties eligible, flexibility for newly self employed.
Green State Mortgage – A division of Green State Credit Union
First Community Mortgage offers a product menu second to none with a 100% customer service centric approach to anything and everything that we do. We tailor our loan offerings for each individual client based on what fits their needs the best. This will include very competitively priced jumbo loan offerings that can accommodate larger loan amounts, creative financing approaches available as well for those with credit challenges, income challenges, etc. First Community Mortgage offers medical professional mortgage options designed for a broad range of healthcare careers. While many physician loan programs cap maximum loan amounts closer to $1 million, our programs support up to 100% financing on loan amounts up to $2 million for qualified medical professionals. We also offer options for 1-unit primary residences, residents and fellows, and a broader range of medical professions than many physician-only lenders. Programs are available for non-permanent residents and other eligible borrowers with lawful work authorization, subject to standard guidelines.
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, OD, DPM, Pharmacist
Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria. This loan product is offered by First Community Mortgage and administered through a broker relationship. For licensing information, go to: www.nmlsconsumeraccess.org.
*This product feature is available in limited states. Ask your Loan Originator for
details. **Additional restrictions apply.
262 Robert Rose Drive, Murfreesboro, TN 37129
With over 22 years of mortgage banking experience and having helped well over 1000 family’s originating nearly one billion dollars in residential loans. This experience will provide important assistance for someone who needs help during the home buying process.
Fulton Mortgage Company offers zero down up to $1,500,000, 5% down for loans from $1,500,001 to $2,000,000, 10% down Loans from $2,000,001 to $3,000,000.
No mortgage insurance with the loan and no restrictions for prepayments. Can close 90 days before the start of a new salary guaranteed job using that income to qualify. Gift funds from family member allowed for closing cost / prepaid expenses or down payment.
Must be US Citizen or have Valid Green Card. Student loans not counted in Debt-to-income ratio for Residents as long as 6 months or more remaining in residency. IBR payments used for doctors after residency training. Allow Doctors to be out of training up to 15 years. If relocating and taking new job time out of residency not applied. Must purchase with in one year of relocation if out of residency more than 15 years.
Terms: 15 year and 30 year fixed. 5/6 ARM , &/6 ARM, 10/6 ARM, 15/6 ARM
MD, DO, DDS, Resident, Fellows, DVM, DPM, Pharmacist
Low down payment for high loan amounts, No Reserves for 60 Day close, future employment contract 90 days from start date, family co-signer for Residents / Fellows.
Once you've made the decision to purchase a home and have the intention of residing in New Jersey for an extended period, giving serious thought to putting down 20% and opting for a conventional mortgage is highly advisable. By doing so, you'll unlock enhanced monthly cash flow, granting you significant financial flexibility to invest and even indulge in expenses.
If you're going to buy a home in New Jersey AND you can't or don't want to put 20% down, then a doctor mortgage loan is a reasonable option and at least as good as the other non-20%-down options.
When comparing conventional vs. doctor mortgages, physician loans do have lots of advantages, but those primarily revolve around easier underwriting requirements. A doctor mortgage can help you qualify for a loan you otherwise couldn't get.
Qualifying for conventional mortgages may present more challenges, but there's a purpose behind it. If you meet the criteria for a conventional mortgage, especially if you can make a substantial down payment to avoid private mortgage insurance (PMI), you'll typically enjoy the benefit of lower interest rates and fees. This translates to a reduced monthly payment and a lower overall cost for your loan.