For physicians who are looking to buy a home in Vermont, the process can be particularly challenging due to their unique financial circumstances.
With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. With favorable terms and little to no money down physician mortgage loans can be a useful options for doctors.
Best Doctor Mortgage Loans in Vermont
Buying a home can be a daunting task, especially for physicians who have just completed their residency and are burdened with student loan debt. 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 Vermont.
Here are the best physician mortgage loans available to medical professionals in Vermont.
PhysicianLoans
Read below to learn more about us. But if you are on a short time-line and are looking for information quickly, go to www.physicianloans.com, click on Get Started and take one minute to complete the short form. Tal will make sure that you get what you need right away.
PhysicianLoans originated as a family business in 1993 and after being a pioneer in the physician loan space, grew to become one of the most trusted brands for doctors. Our loan officers specialize in working with doctors and are true experts on financing for Doctors. Our team can assist you in 47 states
PhysicianLoans is an approved member benefit for the AMA, AOA and SOMA. We are a trusted name in home financing for doctors.
We are also more than just a place for rate shopping. If expertise, advice and customer service are important to you, always be sure to speak with a PhysicianLoans loan officer.
Visit www.physicianloans.com, click on GET STARTED, and take one minute to complete the short form. Or call us at 877-593-9313. We will be in touch quickly and get you what you need to successfully move forward.
Not a hard sales pitch. Just the advice and information you need.
Terms:
No Money Down, No PMI, 50% DTI, Special Underwriting, ARMs and Fixed
Eligible Professions:
MD, DO, DDS, DMD, DVM
Strengths:
Pioneers in this space, Best Customer Service, Experienced
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At The Federal Savings Bank, 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!
Terms:
0% down up to $1 MM loan amount
5% down up to $1.5 MM loan amount
10% down up to $2 MM loan amount
Min FICO – 660 (lower FICO will not affect your rate)
Owner occupied Primary Residence
1-4 unit residential property
Rental income can be used to meet DTI requirement
No MI
No Reserve Requirement
No Prepayment Penalty
ARM loan options
Can close up to 90 days prior to start of new job
Student loan payments deferred for 12+ months are not included in DTI
No limit on the number of years out of residency
Non-occupant co-borrower allowed
Gift funds allowed from family members
Up to 6% seller credit allowed
US Citizens, Permanent Resident Aliens, Work Visa
Min FICO – 660 (lower FICO will not affect your rate) – Can ask for exception for lower
Serving medical and healthcare professionals nationwide
Wide coverage of professionals – We value the contribution of healthcare professionals and want to support as many as possible to achieve the dream of homeownership
Qualify with few funds – low down payment & NO Reserves
Lower rate compared to a traditional mortgage
Program is open to all qualifying professionals regardless of years in practice
Loan available for Cash-out Refi as well (with lower LTV)
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.
The Federal Savings Bank | Co. NMLS# 411500 | All Rights Reserved | thefederalsavingsbank.com
Member FDIC | Equal Housing Lender
US Bank ††
Terms:
Residents with 6 months or less left in their residency or Fellowship programs who have accepted permanent positions or doctors that have completed residency within the past 10 yrs are eligible for the physician mortgage loan.
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.
Terms:
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.
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows
Strengths:
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
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 $1,000,000, 95% financing up to $1,500,000, and 89.99% financing up to $2,000,000. Additionally, our terms allow for medical professionals to purchase a single-family residence, a condominium, planned unit development, a COOP, providing flexibility as they assess what type of home will best suit their needs.
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.
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DPM
Strengths:
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.
The Physician Loan Program is designed for medical professionals who are purchasing their Primary Residence. Practicing doctors must be out of residency/internship/fellowship less than 10 years. 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.
Terms:
Various terms and plans available. No PMI. 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
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
Product Eligibility: 30 Year Fixed, 15 Year Fixed, as well as 5/6, 7/6, and 10/6 ARM.
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.
WCI readers can get a 0.25% rate discount+ on mortgage lending with Laurel Road+. You could also save up to $650 off closing costs+. Explore no Private Mortgage Insurance (PMI) options+ with a Mortgage Loan Officer+. There is no Processing/Application Fee, a value of $1,095+.
Up to 95% financing options available. Ask about our competitive terms on rate/term and cash-out refinancing. NO PMI. Fixed rate and variable rate mortgages available. NO prepayment penalty. Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Eligible Professions:
MD, DO, Resident, Fellows, DPM
Strengths:
Low fixed and variable APRs. Streamlined application and approval process. Available in all 50 states. Applicants may also receive up to $650 in closing cost credits. Laurel Road’s digital application is available 24-hrs per day for busy working professionals. See laurelroad.com
Notice: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All credit products are subject to credit approval. Mortgage products are also subject to collateral approval. Mortgage products are available in all 50 U.S. states and Washington, D.C. 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.
1The interest rate discount of 0.25% is offered to borrowers who are active White Coat Investor readers and who are an intern, resident, fellow, doctor, clinical professor, researcher, or managing physician at the time of closing. To be eligible borrowers also must have a current medical license (as applicable) and have earned a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM) evidenced by a diploma. This 0.25% interest rate discount cannot be combined with other offers, except the Rewards Program. For Fixed-rate mortgages, the 0.25% rate discount is a permanent interest rate reduction that will be reflected in the Promissory Note interest rate. For adjustable-rate mortgages, the 0.25% rate discount will apply to the initial Fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note.
2Laurel Road offers up to $650 in lender's credit towards your mortgage closing costs. Credits cannot exceed borrowers' actual costs to close. For more information on how to obtain the $650 credit, refer to the Rewards Program information here.
395% financing is only available to 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). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Only available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Retired doctors are not eligible. Additional conditions and restrictions apply.[/scroll-box]
With a career in the mortgage industry since 1990, we understand that listening to your short-term and long-term goals is key to structuring a loan that will successfully meet your individual needs. We believe in exceeding your expectations throughout the loan process, whether you are purchasing or refinancing your current home, vacation home or income property. We specialize in Physician Loans, Construction Loans, and Luxury Home Financing (Jumbo Mortgages). There is an impressive array of mortgage products available through Huntington, we will work with you to help determine mortgage loans options to meet your needs.
Please contact us today to schedule a convenient time to discuss your home financing options! We want you to become a Huntington customer for life!
Terms:
We offer Zero Down up to $1,000,000, 5% Down from $1,000,001 to $1,250,000 and 10% Down from $1,250,001 to $2,000,000 – all with NO PMI. This is for Primary Homes only and includes all Purchases, Refinances and Cash Out Refinances with up to $250,000 Cash Out. Minimum Credit Score is 700. We offer all Loan Programs such as a 30 Year Fixed, 15 Year Fixed, 3/6, 5/6, 7/6, 10/6 and 15/6 ARM products. Non-Warrantable Condos are also eligible, however, with 10% Down.
Eligible Professions:
MD, DO, DDS, DMD, DVM, DPM
Strengths:
Our Dr Program has been in place for over 13 years! Here at Huntington, we also service all our Physician Loans and do not sell or transfer the loans to another servicer. We allow for up to a 50% Debt to Income Ratio also, which is higher than most other lenders. Our program is very solid. We specialize with the program here at Huntington, it is ALL that we do!!
BMO Bank has developed a class leading Physician & Dentist Mortgage Loan Program. The below Loan Officers have decades of experience not only in the mortgage industry but also working specifically with Physicians and Dentists. We are dedicated to ensuring a qualify experience to all buyers, from start to finish.
Loan Officer Info:
Please contact the listed Loan Officer based on the state in which you are purchasing.
Terms:
100% financing to $1MM, 95% to $1.5MM, 90% to $2MM, less than 10 years practicing(not including residency or fellowship) for down payments less than 10%. Primary Residence SFR, Condo, 2 unit properties eligible. Can close up to 90 days prior to employment start date with signed contract or signed offer letter. 30 year fixed rate options along with shorter term fixed and ARM’s. No PMI/MI. Rate/Term Refi or Purchase only. Gift funds allowed for down payment, closing costs, and reserves. We are now able to use 1099 contract income for doctors who have a guaranteed minimum salary in their contract without a 2 year history of income established as a 1099 employee. Must be actively seeing patients.
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows
Strengths:
BMO Bank developed and began offering a physician loan program in 2015. The program has been expanding and growing for the past 8 years. All of the Loan Officers listed specialize in the physician loan product. These 4 loan officers have a wealth of knowledge and experience to handle any scenario imaginable. We can quickly determine what options are available within BMO’s loan options to structure a loan to fit your needs. We have dedicated processors and underwriters to ensure a smooth lending process and quick closing. We look forward to earning your business!
Physician loans, also referred to as doctor mortgages, are tailor-made for medical professionals, acknowledging their unique financial circumstances. These specialized loans offer advantageous terms like minimal or zero down payments, exemption from private mortgage insurance, and flexible debt-to-income ratios. What sets these loans apart is their consideration of a doctor's potential future income as a decisive factor for eligibility, rather than solely relying on their current income and debt situation. This approach recognizes that medical practitioners often possess significant earning potential but may currently have significant student loan debt.
By factoring in these elements, physician loans aim to render homeownership more attainable for doctors who might otherwise struggle to qualify for conventional mortgages. For physicians looking to buy a home in Vermont, these loans present an opportunity to turn their dreams of homeownership into a reality.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Vermont
If you've decided to buy a home, and you are committed to living in Vermont 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 Vermont 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.
Moving from Vermont and Need a Doctor Mortgage in a Different State?
