The Physician Loan Program is designed for medical professionals who are purchasing their Primary Residence.  All Borrowers and Co-Borrowers must occupy the home and only one is required to be a medical professional.  This program requires the client to have a Berkshire Bank checking account and set up auto pay of their mortgage payment. Eligible properties include single family, condominiums, and PUDs.

Loan Officer: Stephen Morrison
States: CT, ME, MA, NH, NY, RI, VT


Various terms and plans available
Closing available 90 days before employment starts
Seller contribution allowed
Escrow waivers not allowed
Minimum FICO score of 700 to qualify
Maximum debt to income ratio 45%
100% loan to value (LTV) up to $1,000,000
95% LTV to $1,250,000
90% LTV to $2,000,000
Reserve Requirements: Reserves are required and the range from 2-6 months of your monthly mortgage payment


Medical, dental, veterinarian residents or those who are currently employed in residency or fellowship
Practicing physician (MD, DPM, DO)
Practicing Dentist (DDS, DMD)
Oral Surgeons
Practicing doctors must be out of residency/internship/fellowship less than 10 years.


Product Eligibility: 30 Year Fixed, 15 Year Fixed, as well as the 7/1 and 10/1 ARM Products
1099 Independent Contractor for less than 12 months allowed
Future Employment: Projected Income is acceptable for qualifying purposes when a borrower is scheduled to start a new job within 90 days of loan closing.

Stephen Morrison (NMLS #697238) can be reached at 781-640-6798 or [email protected]