States: CT, DL, FL, NC, NH, NJ, NY, MA, MD, ME, PA, RI, SC, VA, VT, DC
TD's medical professional mortgages allow for participants to put a lower amount, sometimes nothing, toward a down payment. Under our current financing terms, physicians can borrow up to 100% of the home's value up to $750,000 and 95% financing up to $1,250,000. We also offer loan options up to $1,800,000 with 10% down. Additionally, our terms allow for medical professionals to purchase a single-family residence, a condominium, planned unit development, a COOP or even finance a construction-to-permanent loan, providing flexibility as they assess what type of home will best suit their needs.
Qualifying for the benefits that a medical mortgage loan provides requires participants to have a career in the healthcare profession. Although there are no specific designated fields required to qualify at TD, typically we offer this to medical doctors and dentists (i.e. MD, DO, DPM, DDS, DMD), medical/dental residents and medical/dental fellows who are currently employed, in residency or in fellowship.
In many cases residents, doctors, and dentists can use a contract for new employment to qualify for a medical mortgage, allowing them to purchase a home before beginning their job or residency within the field.
When we launched our Medical Professional Mortgage in 2019, we built out a robust program that included highly experienced loan officers as well as a dedicated operations team expressly trained to process, underwrite and close these loans. Since then, we've made additional investments in technology to serve our medical professional customers, including a new loan operating system – managing every aspect of the life of a loan from prospecting through to closing. We also have new digital application software which reduces origination and processing time and is fully integrated with the new loan operating system.
We pride ourselves on our flexible debt-to-income ratios and commonsense underwriting. Physicians and dentists don't fit the typical profile for traditional mortgages, but that doesn't mean they shouldn't have the opportunity to realize the dream of homeownership. Qualifying requirements are typically fewer than that of a traditional mortgage program and are aimed at healthcare professionals who are looking to reduce debts of other forms, while investing in homeownership.
Additionally, TD does not require a two-year self-employment history on new self-employed dentists and physicians. This unique benefit we offer helps borrowers who recently purchased a practice and don't have a two-year employment history.
Lastly, TD retains the servicing on its medical professional mortgages, so we support our customers throughout their entire financial journey.