7 Best Physician Mortgage Loans in Connecticut

Whether you’re looking to live in the western Connecticut suburbs near the Big Apple or more towards the central or eastern side of the state, Connecticut has a lot of attractive locations to choose from. However, given the high cost of housing in Connecticut, getting the right mortgage to finance the home of your dreams can be challenging.

In mid 2024, the median home price in CT had seen a mild increase to $399,242.

Although physicians and dentists generally have robust salaries, they also tend to carry six-figure student debt balances or have lower incomes early in their careers during training.

Fortunately, if you’re a high-earning physician, dentist or other professional, you can access an exclusive program that can make homeownership more accessible.

Read on to learn about physician mortgage loans in Connecticut.

How do Connecticut physician mortgage loans work?

With conventional mortgages, you put down a 20% down payment or pay PMI. With a physician loan, some Connecticut medical and dental professionals have access to no or low down payment options without PMI.

As an added bonus, a physician home loan can look more favorably on your upward income trajectory, student loan debt and future career stability.

Physician mortgages also offer higher loan limits and a higher max debt-to-income ratio compared to conventional mortgages. This flexibility makes it easier to buy the home of your dreams sooner.

If you want to get started, check out the quote form below, or keep reading for the name of the Connecticut banks offering doctor mortgages.

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Top 7 Connecticut physician mortgage lenders

Here’s a list of the top doctor loan programs in Connecticut for primary home purchases or refinances.

1. Amerant Mortgage

The doctor loans program at Amerant offers no PMI with the purchase of a primary residence or secondary home. Those who qualify include MDs, DOs, DPMs, DDSs, DMDs, DVMs and JDs. It's important to note that in order for doctors to be accepted into this program, he or she must be a newly licensed medical resident that has either recently completed his or her residency and is about to begin employment OR has six months or less of residency remaining.

Make sure you've been doing a good job tending to your credit scores over the years, because this program requires a minimum FICO score of 720. Your DTI must also not exceed 45%. A residual income of $3,000 is needed.

Financing options include:

• 100% LTV for up to $750,000 (physicians only)
• 97% LTV for up to $950,000 (attorneys only)
• 95% LTV for up to $1.25 million
• 90% LTV for up to $2 million

2. BMO Bank, N.A.

With BMO Bank, N.A., you can get an affordable home loan with no PMI requirement and flexible debt-to-income underwriting options.

As a licensed medical doctor with MD, DDS, DMD or DO designation, you could qualify even if you have student loan debt, are starting residency soon, and have an employment contract with a start date within 90 days of closing. 

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

3. First Horizon Bank

If you have an MD, DO, OMS or DPM degree in Connecticut, a physician home loan with First Horizon can provide up to $2.5 million in financing. Physicians of all career stages can apply for this program, making the First Horizon program a much better option for older physicians.

Down payment options include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $2.5 million

You’ll need a minimum credit score of 670 to qualify for this program from First Horizon Bank.

They also offer H-1B visa non-citizens loans and 100% financing.

4. Huntington National Bank

Physician mortgage loans from Huntington National Bank are available in Connecticut to professionals with an MD, DO, DDS, DVM or DMD degree.

You can borrow up to $1 million with 0% down, with a max loan amount of $2 million. Residents and fellows can qualify when entering or leaving training with a copy of an employment contract and a letter from an employer.

This option is significantly more flexible than other loan options, as Huntington will even allow you to purchase two-unit properties if you live in the other unit.

5. TD Bank

TD Bank offers doctor home loans to physicians, dentists and podiatrists seeking up to 100% financing with no PMI. You can close up to 90 days in advance of your start date.

Here are the TD Bank loan options:

• 0% down for loans up to $1 million
• 5% down for purchases up to $1.5 million
• 10.01% down for purchases up to $2 million

TD has 30-year fixed and adjustable rate options. Doctors with H1-B visas or green cards can also qualify.

It's important to note that you need a FICO score of at least 740 to qualify.

Contact: Neil Surgenor

6. Truist 

The Truist doctor loan program is available for physicians, dentists and podiatrists with an MD, DO, DPM, DDS or DMD designation.

Truist Bank offers the following mortgage amounts and financing percentages:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10.01% down for up to $2 million

You need to be within 10 years of completing training. New residents or fellows can also qualify along with established physicians and dentists.

7. U.S. Bank

The professional mortgage options at U.S. Bank are available for lawyers, medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.

You can borrow up to $2.5 million, but you’ll need a minimum down payment:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

Considerations before applying for a Connecticut physician mortgage loan

Physician mortgage loans in Connecticut are a great way to get you into your dream home faster, but they’re not for everyone.

You may find a more competitive interest rate with a conventional mortgage or an alternative mortgage program, such as a VA loan. Ask yourself what is the most important factor for you when selecting a mortgage. To some, that might be APR alone. 

That said, you might find that physician mortgage loans offer APRs as good or even better than conventional mortgage options in today’s interest rate environment.

When you get approved for a huge loan amount, don’t fall for the temptation to buy more than what you had initially planned on.

Keep your long-term goals in mind, and remember that if you move within a few years of purchase, a low down payment home could prove more difficult to sell.

Tax advantages of a Connecticut physician home loan

At the same time, you can deduct mortgage interest if you itemize on a mortgage up to $750,000 of principal. For many doctors, you might pay down your student loans more quickly instead of paying down your mortgage or using a conventional loan.

That’s because student loans offer no significant tax advantages. So, opting for a mortgage with a lower down payment can help you devote more resources to paying down your student loans faster.

Even if you have no student loans, using a physician mortgage could allow you to use your cash savings for things like renovating or buying furniture. A doctor mortgage might indirectly allow you to deduct the interest on those purchases (given that you took out a larger mortgage balance). 

Use our state breakdown to quickly locate physician mortgage loan options across the country, or use our quote form below to get the process started. across the country, or use our quote form below to get the process started.