Physicians
Buying or Selling with a Certified DRS Agent and Expert in Physician Home Loans
As a real estate agent certified with the DRS Designation, I am part of a network endorsed by the AMA, ASA, and SOMA to assist doctors and graduating medical students looking to purchase or sell a dream home, and I can connect you with a mortgage lender who offers 100% doctor loan programs. Whether you are preparing for Match Day or are an early career doctor, I can help simplify the home buying process.
EXPLORE HOMES NEAR BAYSTATE MEDICAL CENTER
And because I am the mom of a new resident, I have a personal understanding of the demands of your career, high student loan balances, and know how valuable your time is. Add my 40+ years of having lived all over the region and it is easy for me to help you find the right home in the neighborhood that will suit your unique and specific needs while keeping your financial goals in mind.
100% Doctor Loan & Physician Home Loans FAQ
Who qualifies?
Medical students who have matched, practicing doctors, dentists, and veterinarians. A signed offer letter or active employment contract is often enough qualifying income.
When can I use it?
Purchasing a primary residence (these loans are typically not for investment properties).
How much can I borrow?
100% financing for homes up to $1,000,000 (allowing for a much higher loan amount than conventional mortgages) and a low down payment of 5% for jumbo loans up to $1.5 million.
Is private mortgage insurance required?
No private mortgage insurance (PMI) is required, which keeps your monthly payments lower compared to a traditional mortgage.
What about my debt to income ratio?
These physician mortgages feature flexible underwriting designed to take into account high student loan debt and deferred student loan payments.
What types of properties are allowed?
Flexible—including single-family owner occupied residences and condos.
What are the interest rates?
They offer fixed rates and adjustable rate mortgages that are highly competitive with the current rates on conventional loans.
Recommended Mortgage Loan Officers for Physician Loans
Washington Trust Mortgage Matt Chabot
Vice President, Private Mortgage Loan Officer
25 Mall Road, Suite 408
Burlington, MA 01083
mechabot@washtrustmortgage.com
Areas covered: Massachusetts, Connecticut, Rhode Island, Southern New Hampshire, can provide resources for other states upon request
TD Bank Sean Perkins
Wealth Mortgage Loan Officer | Physician Loan Certified
One Union Street, Boston, MA 02108
M: 774-502-6619
Check out Matt’s explanation of how physician loans work and key benefits like minimum down payment options at our recent Webinar:
Other Sources of Financial Help & Closing Costs Sources for moving expenses and loan closing costs:
Sources for moving expenses and closing costs:
- Gifts
- Leftover student loan amounts
- Residency loan up to $30,000 to cover board examination fees, travel, and moving expenses for your medical residency. You can defer payment for up to 3 years after graduation. Read More Information.
- Check with your hospital for loan programs that can be used to buy a home.
How to postpone or defer student loan during residency: Read More Information.
Rental Options
Great places for physicians to rent in the greater Springfield Area
Rental Map Search
Rentals listed on MLS within 7 miles of Baystate Medical Center and Mercy Medical Center that are currently available.
MayField Place
1 Gardner’s Way Enfield, CT 06082
*Waiting List – Apply ASAP
No Pets
Approximately 9 miles from Baystate Medical Center – 20 minutes
The Willows
19 Lockhouse Road, Westfield, MA 01089
Allows large breed dogs
Approximately 11.5 miles from Baystate Medical Center – 15 minutes
Bigelow Commons
55 Main Street, Enfield, CT 06082
3 pets allowed (cats and dogs only)
Approximately 10.5 from Baystate Medical Center – 20 minutes
Coming to the Area?
Tours
If you would like to explore the Greater Springfield, Northampton, or Greenfield area during the home buying process, I am happy to provide a courtesy tour based on your unique interests and goals. I enjoy showing off our area to time constrained professionals and it is my promise to treat you as I would my MD daughter who is considering relocating to an area, without any sales chatter! It would be a pleasure to help!!
Hungry? A few of my local favorites
Springfield
The Student Prince and the Fort
Springfield, German - If Jeff is your server say hello for me!
Springfield staple, Italian restaurant that can seat large parties.
Middle Eastern.
Westfield
Westfield – yummy, order at the counter.
Puerto Rican with GREAT chicken but service can be glacial or amazing, you can order take out – but be sure to call before you go to make sure they have food left, they sell out early.
West Springfield
Huge salads.
Breakfast and lunch, a local favorite.
Took over an old Friendly's, much the same fair but add beer.
Northampton
Breakfast and lunch, often crowded.
Order at the counter. More lunch, early dinner. Love the Nantucket sandwich.
Cajun flavor - their cornbread is awesome!
Pizza and more, sit down or take out – the combo pizza is my go to.
Order at the counter. So popular!
Classic and delicious for dinner with an emphasis on seafood.
Best ice cream! Mud Pie is my go-to.
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