Licensed physicians and dentists can also use the loan to pay for student debts
The costs associated with specialized training and years of schooling make the financial standing of doctors and dentists profoundly different from other professions. In fact, a TD Bank survey revealed that nearly a quarter of medical professionals said that their student debt made buying a home more difficult.
Responding to the unique financial needs of those in the medical fields, TD Bank has launched a new mortgage product tailored specifically to medical professionals. The bank’s medical professional mortgage product was designed to help medical professionals qualify for higher loan financing compared to standard mortgages.
The new product offers a maximum loan amount of up to $750,000 with 100% financing, or up to $1,250,000 with 5% down, available in both fixed and adjustable-rate options.
TD Bank said that their new mortgage product allows physicians and dentist to balance student debt while still being able to afford new homes.
Only licensed residents with minimum two years of completion, as well as practicing dentists and physicians who are less than ten years out of residency, are eligible for this product.
"Medical professionals dedicate their lives to caring for the health of our communities and in turn spend many years pursuing higher education and building up debt," said Rick Bechtel, head of residential lending at TD Bank. "We dedicate the same amount of care to designing products, such as TD Bank's new Medical Professional Mortgage, which alleviates some of the biggest challenges those in the medical field face following graduation and residency, such as large amounts of debt and a lack of earning history."
