TD Bank Physician Mortgage Program: Tailored Financing for Medical Professionals

TD Bank offers one of the greatest mortgage solutions designed specifically for medical professionals, including doctors, dentists, and surgeons, recognizing their distinct financial needs. This specialized program accommodates those just starting their careers and facing high student debt, allowing them to secure home financing with minimal barriers.

Key Benefits of TD Bank’s Physician Mortgage Program

1. High Loan-to-Value (LTV) Ratios
   TD Bank’s Physician Mortgage Program allows eligible borrowers to finance up to 100% of the property’s value for loans up to $1 million, 95% for loans up to $1.5 million, and 89.99% for loans up to $2 million. This high LTV can help medical professionals purchase homes with low or no down payment, an ideal benefit for those just beginning their careers.
2. No Private Mortgage Insurance (PMI)
   Unlike traditional loans that require PMI for down payments below 20%, TD Bank’s program waives PMI entirely. This can result in significant monthly savings, making home ownership more affordable.
3. Flexible Debt-to-Income (DTI) Ratios
   Many medical professionals carry substantial student loan debt, which can make qualifying for traditional mortgages challenging. TD Bank offers more flexible DTI requirements, ensuring that your potential as a borrower isn’t hindered by educational debt.
4. Early Career Qualification
   Even if you’re just starting out in a new role, TD Bank can qualify you for a mortgage based on a signed employment contract. This unique feature allows you to buy a home before officially starting work, easing the transition into a new role and location.

Eligibility Requirements

• Eligible Professions: This program is open to practicing MDs, DOs, DPMs, DDSs, DMDs, licensed medical or dental residents, and fellows.
• Career Stage: Typically, professionals who are within 10 years of completing residency or fellowship qualify.
• Availability: The program is offered in TD Bank service areas, including Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and Washington D.C.

Considerations Before Applying

While the TD Bank Physician Mortgage Program offers several benefits, it’s always worth comparing options. Some borrowers may find favorable terms with traditional loans, especially if they can afford a larger down payment. Additionally, interest rates on physician mortgages can vary, so consulting a mortgage specialist is key to finding the best fit.

If you’re a medical professional considering homeownership, this program could provide the flexibility and savings you need to make it a reality. Learn more about how their Physician Mortgage Program can work for you!

• Is PMI required on a TD Bank physician mortgage?
  No, PMI is waived entirely for qualifying borrowers, regardless of the down payment.
• How does TD Bank view student loan debt?
  TD Bank offers flexible DTI calculations, understanding that many medical professionals carry significant student debt.

For personalized advice and to start the application process, connect with <a
Neil Surgenor, our physician mortgage specialist.