Physician Loans - New York

Options for Physicians in New York

Are you a New York Physician looking for loan options for a home or second home? Look no further. Physician Bank has physician loans designed specifically for Physicians living in New York.

Physician Loans New York – Options for Medical Professionals

Physician Bank offers flexible lending terms for physicians in New York. Our Loan Officers have many years of industry expertise and work with Physicians daily. We understand your needs. We ask the right questions and will work with you to find the right loan for your situation. We also offer Private Banking for physicians in New York. This will help you plan for future finance needs.

Physician Bank offers a 0% down loan option for up to $1 Million loan amount. We also have a loan option for a 5% down for up to $1.5 Million loan and a 10% down for up to $2 Million loan amount. With these lending options, we can help you get the loan and terms you need.

Physician Bank offers loans for the following properties:

  • Owner-occupied Primary Residence – An owner-occupied primary residence is owned by an individual or family and used as their primary residence. Owner-occupied primary residences are typically eligible for lower interest rates and other favorable terms on mortgage loans. If you are considering buying a home, it is essential to understand the difference between an owner-occupied primary residence and other types of properties.
  • 1-4-Unit Residential Property – If you are looking at buying a 1-4-unit residential property, Physician Bank offers loans on duplexes, fourplexes, and multi-family homes that contain individual units. Units can be side by side or stacked on top of each other. Location, condition, and financing are all considerations when buying a multi-unit residential property. Getting pre-approval can help you make the best offer when you are close to purchasing. If you want to invest in real estate, a two-plex or fourplex may be a good option.

Do you own rental property? – Rental income can be used to help you qualify for a mortgage loan. (Some restrictions exist.) To use rental income for a mortgage loan, the rental income must come from a property you own, the rental income must be consistent, and the rental property must be in good condition.

If you are considering a mortgage loan, ask your lender about the reserve requirement. Physician Bank has offerings that will eliminate the reserve requirement. Our initial application will start the Physician Loan process; we will follow up with additional questions to determine if you need a reserve requirement.

Are you in a Physician Residency? Physician Bank offers mortgage loans for physicians in New York that allow you to purchase a home while you complete your postgraduate training. Let’s start a conversation to review your qualifications, lending terms, and documentation required.

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BENEFITS OF A PHYSICIAN HOME LOAN

Qualifying for a Physician Loan with an H-1B Visa

Physicians can qualify for Physician Loans if you have a H-1B Visa. If you are a diplomatic passport holder and are a United States Citizen, you may be eligible for a Physician Mortgage. If you are a permanent resident or a Green Card Holder, you may also qualify.

Physician Bank has helped many Physicians achieve their goal of owning a home with Physician Loans for H1-B Visa holders, to get started, we will ask 3-4 some preliminary questions, and ask for contact information. You can also call us and contact a banker.

We will follow up shortly during business hours and look forward to helping you and your continued financial success.

Eligibility Requirements for a H-1B Visa
The Physician Loan Process
Physician Loan - New York Process
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Physician LoanS New York – FAQs

What is a Physician Mortgage Loan?

A physician loan is a mortgage loan specifically for medical professionals. It is designed to help doctors and other medical professionals buy a home with a low-down payment and no private mortgage insurance (PMI).

To qualify for a physician loan, you must be a licensed medical professional with a signed employment contract. It would be best if you also had a good credit score and a debt-to-income ratio (DTI) of no more than 50%.

The terms of a physician loan vary based on your income, credit score, and debt-to-income ratio (DTI). Physician Bank offers loans in all 50 states with programs available that include:

  • No PMI
  • Flexible DTI requirements
  • Competitive interest rates
  • Fast closings

A physician loan may be a good option if you are a doctor or other medical professional looking to buy a home. It can help you get into a home sooner and with less money out of pocket. Our mission is to help you succeed financially.

How do you get a Physician Loan?

Physician Bank makes it easy to start the process online; we will start the online application if you are a licensed physician with a valid employment contract. The Physician Bank lending team works with borrowers in all 50 states, has Physician-specific knowledge, and will work with your specific situation.

What Physician Loan options do I get with Physician Bank?

Finding the right Physician Loan for your situation is essential. Physician Bank offers the following loan options, and we continue to look for lending options that match your needs.

  • 7/6 ARM
  • 10/6 ARM
  • 30 years Fixed

What paperwork do Optometrists need to start the process?

Physician Banks has successfully worked with Optometrists in all 50 states. If you have an OD license, we can start the process of helping you move into your next home. Graduates from an accredited optometry school can also apply if you have received a job offer.

What are the beginning documents to get a physician loan?

Complete application, medical license, two recent paystubs, two years W2s, two years personal and business tax returns (if self-employed), and two months’ bank statements.

The application process starts online, and we will communicate with you throughout the process to update you on the next steps. Once a closing date is determined, we will follow up with additional documentation needed.

How long does it take to get a Physician’s Loan?

The standard time frame is 30 days. The time it takes can vary depending on several factors, including the type of loan, the time of year, where the house is located, and any missing documentation. The process can take up to 60 days.

Can I get approved for a Physician Loan before I start my job?

Yes, provide a new employment contract signed by all parties. New employment must start within 90 days of the closing date. Additional monthly reserves may apply. We will start the process and get your approval. This will help you determine how much you qualify for. We will also ask clarifying questions to determine your start date, assets, and a strong credit score will increase your options for the loan amount and loan terms.

Can I get approved for my physician loan before I sell my current house?

However, it will depend on whether you will retain or sell your house. The pre-approval will confirm whether you are qualified with your current home.

What is the difference between a doctor loan and a Physician Loan?

They are the same loan product. We refer to them as Physician loans. Physician Bank works with medical professionals and the program is designed for doctors and physicians include those with MD, DO, DVM and Pharmacists are just a few of the professionals we work with on a daily basis.

Do Medical Doctors qualify for any special rates?

Yes, the rate can be lowered if you set up ACH for automatic loan payments, automatic payroll deposits to bank with us, and/or a deposit commitment in your new bank account.

Physician Home Loans in New York

Physician Bank offers physician mortgage loans, private banking services and personal loans for licensed physicians in all 50 U.S. states.  Licensed physicians with the following medical degrees can qualify for financing with Physician Bank: Medical Doctor (MD), Doctor of Dental Surgery (DDS), Doctor of Medicine in Dentistry (DMD), Doctor of Optometry (DO), Doctor of Osteopathic Medicine (OD), Doctor of Podiatric Medicine (DPM), Doctor of Veterinary Medicine (DVM), or Registered Pharmacists (PharmD).

Physician Loans - New York - Medical Doctors
Medical Doctors (MD)
Physician Loans - New York - Doctors of Dental Medicine

Doctors of Dental Medicine (DMD)

Physician Loans - New York - Doctors of Dental Surgery

Doctors of Dental Surgery (DDS)

Doctors of Osteopathic Medicine

Doctors of Osteopathic Medicine (DO)

Doctors of Pharmacy

Doctors of Pharmacy (RPH/PharmD)

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