With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. This is where physician mortgage loans come in. Physician mortgages allow doctors favorable terms and little to no money down.
According to Zillow, the median home value in Connecticut is approximately $374,599 as of July 2023.
To assist doctors in Connecticut with their journey towards purchasing a home, we have compiled a list of the best physician home lenders available.
Best Doctor Mortgage Loans in Connecticut
Purchasing a home can be an overwhelming undertaking, particularly for physicians who have recently finished their residency and are grappling with student loan debt. In Connecticut, where the housing market can be highly competitive, securing a mortgage that aligns with their distinct financial requirements can present an even greater challenge for doctors.
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 Connecticut.
Here are the best physician mortgage loans available to medical professionals in Connecticut.
BCU *
- Variety of portfolio products available.
- Student loans may be excluded from your debt ratio.
- Up to 100% financing – no mortgage insurance required.
- Home equity, bridge loans, and construction loans also available.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, OD, Pharmacist
Phone: OFFICE - 224-207-2603/ CELL– 916-601-8782
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Guaranteed Rate Affinity *
If FICO Score is 720 or above, the following options are available:
- 100% financing to $1,000,000 no PMI
- 95% financing to $1,750,000 no PMI
- 99% financing to $2,500,000 no PMI
If FICO Score is 680-719, the following options are available:
- 95% financing to $750,000 no PMI
- 99% financing to $1,500,000 no PMI
- 75% financing to $2,500,000 no PMI
30 Year & 15 Year Fixed
5,7,10 & 15 Year Adjustable Rate
MD, DO, DDS, DMD, DVM, DPM
No Cost Pre-Approval with soft- credit pull.
1-2 unit properties, Condos (warrantable/non-warrantable), PUD, Townhouses, Modular Homes
DTI up to 50%
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
Flexible underwriting guidelines such as the ability to use future employment, 1099 contract income, and gift funds.
Besides our Medical Professional Program, we also have conforming and jumbo mortgage programs for:
- Purchase or Refinancing
- Primary residence
- Second Home/Vacation Home
- Investment
- HELOC, HELOANS, 2nd Mortgages
- VA (Purchase/IRRL)
- FHA
- USDA
- DPA – Down Payment Assistant
- Non-QM offerings
- DSCR
- Asset Utilization
- Business and Personal Bank Statement loans
- P&L, 1099 Loans
- Bridge Loans
- Reverse Mortgages (HECM & Purchase Reverse)
- Fix & Flip
- ITIN
- CashReady
Phone: 914-434-5036
Guaranteed Rate Affinity: 1800 W Larchmont Ave Chicago, IL 60613 NMLS ID: 87100
For more information about this or any of our loan offerings for medical professionals, please speak with a Guaranteed Rate Affinity loan officer. 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 Affinity, LLC is a subsidiary of Guaranteed Rate, Inc.; NMLS #1598647; For licensing information visit nmlsconsumeraccess.org. Equal Housing Lender. Conditions may apply.
Novus Home Mortgage *
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:
- Purchase
- Refinance
- Construction
For:
- Primary residence
- Second Home/Vacation Home
- Investment (LTR)
- Short Term Rental (STR)
- Multi-family and Mixed-use properties up to 8 units
Other products offered:
- Fannie Mae & Freddie Mac – Conventional, and High Balance
- Community Reinvestment Act (CRA)
- VA – No Loan Limit, No DTI Limit
- Jumbo – as low as 10% down
- FHA
- USDA
- ITIN – as low as 10.01% down
- Construction loans – Conventional & FHA (min 5% down), VA (min 0% down), Jumbo (min 20% down)
- DPA for qualified borrowers
- Non-QM – DSCR (LTR & STR), Business and Personal Bank Statement, 1099, Asset Depletion, etc
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 $1 MM loan amount
5% down up to $1.75 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 720 FICO to qualify for above min down payment
Can go as low as 680 FICO – with higher down payment
Owner occupied Primary Residence
1-2 unit residential property – Single Family, Townhome, PUD, Condo, Duplex
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, DPM
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – don’t have to wait to be within 90 days of start of new job (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 to acreage (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 DPA funds if you qualify (hint hint residents!!!)
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Yes to a Construction loan to build your dream home
Phone: 571-331-5161
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
Member FDIC | Equal Housing Lender
Genisys Credit Union *
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
Phone: 231-463-6700
Federally insured by NCUA We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Oak Leaf Community Mortgage ∑
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
Phone: 708-250-9627
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
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, 7, and 10 year arm loans products
MD, DO, DDS, DMD, Resident, PA, NP, DVM, RN, CRNA, CPA, DNAP, OD, DPM, APRN, CNM, Pharmacist, Attorney, Pilot
Our product can finance up to 100% of the purchase price without mortgage insurance.
Phone: 917-304-1817
Liberty Bank ∅
Liberty Bank's Physician Mortgage has unique benefits just for medical doctors and dentists that make it easier to purchase a home.
100% financing up to $850,000
97% financing up to $1,000,000
95% financing up to $1,250,000
Lender-paid Private Mortgage Insurance (PMI)
Potential to use future income for determining eligibility (employment contracts)
Exclusion of student loans based on certain parameters.
Eligible Properties: Single Family or Condo
Primary Residence Only
Additional terms and conditions apply. Ask a loan officer for details.
MD, DO, DDS, DMD, Resident, Fellows, CRNA, DPM
Established in 1825, Liberty Bank is the oldest and largest independent mutual bank in the country. Our mission is to improve the lives of our customers, teammates, and communities for generations to come. While our digital tools make for an easy, convenient, and streamlined process, your Physician Loan will be handled personally by a local team of lending professionals from start to finish.
Phone: 2038718611
Alliant Credit Union ∅
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.
Phone: 781-640-6798
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.
CrossCountry Mortgage ∉
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.
Phone: 617-429-2059
U.S. Bank ††
Phone: Office- 916-498-3402 / Cell- 916-837-4531
Equal Housing Lender. Member FDIC.
Citizens Bank
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
Phone: 603-944-2119
Washington Trust Mortgage Company
0% down up to $750K, 5% down up to $1.25M, 10% down up to $2M. Down payment and closing costs may be gifted.
MD, DO, DDS, DMD, DVM, DPM
0% down and a fast approval process due to our “true team spirit” rather than a large bureaucracy. Only 2 months reserves required and portfolio loans for strong borrowers and those outside traditional guidelines. We can also assist with non-warrantable condominiums, recently self-employed, and foreign nationals.
Phone: 781-428-7979
Truist
Phone: 866-810-4404
Laurel Road ~
- Medical Professional loans up to $3.5 million with no PMI1.
- Conventional Financing up to 97% LTV with max loan amount of $766,550
- Our signature Silver Key Loans up to 85% LTV with no PMI for loan amounts greater than $766,550 up to $2.5M
- Relationship discounts of .25%2
- Key Community Loans up to 100% Financing NO PMI†
Get Prequalified or Apply Today! Check your rates!
†geographic restrictions apply
MD, DO, DDS, DMD, Resident, Fellows, DPM
Phone: 216-427-0532
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All
home lending products, including mortgage, home equity loans and home equity lines of credit, are
subject to credit and collateral approval. Not all home lending products are available in all states. Hazard
insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and
terms are based on those offered as of the date of application and are subject to change without notice.
Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed.
1) Only available to actively practicing interns, residents, fellows, doctors, dentists, clinical professors,
researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD),
Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery
(DDS), or Doctor of Dental Medicine (DMD). Employment Start Date up to 90 days from Note Date.
Additional conditions and restrictions apply.
2) To receive relationship benefits on a new KeyBank mortgage loan, which provides a 0.25% interest
rate reduction, you must have owned a Relationship Account at any time during the mortgage loan application process, but no later than seven (7) business days prior to the closing of the mortgage loan.
This Interest rate reduction is available on new KeyBank mortgage loan applications only.
As an alternative to the relationship benefit, you may obtain a 0.25% interest rate reduction if you
complete and submit, no later than seven (7) business days prior to the closing of the mortgage loan,
the Monthly Automatic Payment form to have your recurring mortgage payment for your KeyBank
mortgage loan automatically deducted from a Laurel Road branded checking account or an “Eligible
KeyBank Consumer Checking Account”. Refer to the Monthly Automatic Payment form for more details.
For fixed-rate mortgages, the 0.25% interest rate reduction will be reflected in the interest rate on the
Promissory Note. For adjustable-rate mortgages (“ARMs”), the 0.25% interest rate reduction will apply
to the initial fixed interest rate period and will be reflected in the maximum amount the interest rate
can increase of the term of the loan, subject to the minimum interest rate that may be charged per the
terms of the Promissory Note or Agreement.
“Relationship Account” means (A) an open Eligible KeyBank Consumer Checking Account with five (5) or
more Qualifying Transactions posted to a single Eligible KeyBank Consumer Checking Account in a
calendar month, which may not be aggregated across other accounts you own, OR (B) an open Key
Private Bank Checking or Key Private Bank Personal Checking account.
An “Eligible KeyBank Consumer Checking Account” means: any KeyBank consumer checking account
designated as a personal checking account by KeyBank, including KeyBank’s Hassle-Free checking
account, but excluding a health savings account and Laurel Road branded deposit accounts.
“Qualifying Transactions” include, but are not limited to, point of sale transactions, bill payment(s), ATM
transactions, check, cash or direct deposits, and electronic funds transfers. Qualifying Transactions
exclude adjustments, advances, reversals, refunds, account to account transfers, person-to-person
transfers, interest, service charges, and service fees. Qualifying Transactions must be completed at least
three (3) business days prior to application to be eligible for inclusion in determining whether you met
the “Relationship Account” portion of the “Bank with Key” criteria.
The 0.25% interest rate reduction may not be combined with certain other discounts or promotions and
may not be available for all home lending products. Other terms, conditions, and/or limitations may
apply. Contact KeyBank Home Lending for more details.
Interest rate discount may not be available for all products. May be combinable with other offers. Ask us
for details.
† In some states, a conventional loan option with Private Mortgage Insurance (PMI) may offer better
priced loan terms than a Physician Mortgage for down payments less than 20%. Financing options
presented upon checking rates offer lowest rate and payment options available based on information
provided and may not be a Physician Mortgage.
Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. Member
FDIC. NMLS # 399797. Equal Housing Lender. © 2024 KeyCorp® All Rights Reserved. Laurel Road is a
federally registered service mark of KeyCorp. 3 Corporate Drive. 4th floor Shelton, CT 06484, USA.
Green State Mortgage ∅
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.
Phone: 630-788-4048
Green State Mortgage – A division of Green State Credit Union
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Connecticut
If you've decided to buy a home, and you are committed to living in Connecticut for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend). You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
If you're going to buy a home in Connecticut 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.
Conventional mortgages are more difficult to qualify for, but there’s a reason for that. If you can qualify for a conventional mortgage, especially if you can make a sufficient down payment to avoid paying PMI, you’ll usually get a lower interest rate and fees. That means a lower monthly payment and a lower overall cost for your loan.
How Do Connecticut Physician Mortgages Work?
Physician loans, also known as doctor mortgages, are designed specifically for medical professionals who may have unique financial situations. These loans offer favorable terms such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios.
Physician loans are designed to be more accommodating, with lenders considering a doctor's potential future income as a decisive factor for eligibility rather than solely focusing on their current income and debt. This approach is well-suited for medical professionals who possess high earning potential but might be burdened with substantial student loan debt, affecting their present financial situation.
By acknowledging these factors, physician loans play a crucial role in making homeownership more accessible for doctors who may face challenges qualifying for traditional mortgages. For doctors seeking to purchase a home in Connecticut, these specialized loans present a valuable opportunity to turn their dream of homeownership into a tangible reality.