TD Bank Physician Loan Review (2026): 0% Down to $1M, Fixed or ARM, 16 States, and the 10-Year Rule That Decides Who Qualifies

TD Bank physician loan at a glance

Who qualifies

TD publishes a four-part eligibility test, and the order matters. First, a TD Bank checking account in good standing. Second, a property in a state where TD operates. Third, less than 10 years out of residency. Fourth, one of these: a practicing physician (MD, DO, DPM), dentist (DDS, DMD), or oral surgeon; a licensed medical or dental resident or fellow; or a doctor or dentist who has owned a practice or been self-employed for at least two years.

Two of those parts are unusual. The checking-account requirement is a relationship condition most physician programs don’t impose, and it is worth knowing before you spend a weekend on the application: open the account first. The 10-year cutoff is stricter than programs that take attendings at any stage, and it is applied to everyone, including the self-employed. A surgeon 12 years out with a practice and a strong balance sheet is not eligible for this product; TD will route that borrower to its standard jumbo.

On the other side, TD’s list is broader than most. Podiatrists are in by name, so are oral surgeons, and so are dentists who own their practice, which is a population several bank programs leave out because self-employment income is harder to underwrite.

Where it’s available

TD says the property must be in a state where the bank operates, and leaves it at that. These are the states with TD Bank branches in 2026. If yours isn’t on the list, the program isn’t available to you regardless of where you work or bank.

The practical reading: this is the program for Boston, Providence, New Haven, New York, Philadelphia, Baltimore, DC, Richmond, Charlotte, and the Florida metros. A resident matching to a program in any of those cities has a TD branch nearby and, in most of them, a loan officer who has seen a hundred residency contracts.

Down payment tiers and loan limits

TD sets tiers by loan amount rather than by career stage, so a resident and a practicing physician get the same table. The $1 million first tier matches the best national programs. The middle tier tops out at $1.5 million, a step below Huntington’s $1.75 million, and the program ceiling is $2 million. In TD’s own markets that ceiling is a real limit: a $2.4 million house in Brookline or Westchester is outside the program, and TD’s answer is a conventional jumbo with a larger down payment.

A refinance of a primary residence is allowed on the same tiers. TD doesn’t publish a cash-out limit.

What TD doesn’t publish, and what to ask

TD’s page is better than most at the tiers and worse than most at the underwriting. Here is what isn’t on it, and the question that gets you the answer.

• •DTI ceiling. TD describes a "flexible approach" to DTI for newer physicians and residents but publishes no ceiling. Ask: “What is the maximum debt-to-income ratio for this program?” Competitors publish 43% to 50%.
• •Student loans in DTI. TD says the program is designed for applicants whose student-loan payments produce a high DTI, but does not publish how those payments are counted. With $250,000 in federal loans, the gap between counting an income-driven payment and 1% of the balance is roughly $1,700 a month of qualifying room. Ask: “Which student-loan payment goes into my DTI: the IDR payment, a percentage of the balance, or nothing if deferred?”
• •Closing window before a start date. An employment contract can be used as proof of income; no window is published. Ask: “How many days before my start date can we close on a contract?”
• •Fixed and ARM terms. TD publishes both options; the specific terms offered are not listed on the program page. Ask: “Which fixed terms and ARM lengths are offered, and what is the rate spread between them?”
• •Reserves, prepayment penalty, seller contributions. None are stated. All three are routine and usually favorable at physician programs, but get each one in the pre-qualification letter rather than assuming.

Rates

TD doesn’t publish physician-loan rates; they are priced per borrower, as they are at every lender on this site. The benchmark they price against is public. Freddie Mac’s national average for a 30-year fixed conventional mortgage is 6.76% for the week of September 10, 2026. Physician loans typically quote 0.125 to 0.5 points above that figure in exchange for the low down payment and no PMI. Because TD offers both a fixed and an adjustable rate, ask for both quotes on the same day; the ARM will start lower, and the spread tells you what the fixed-rate certainty costs.

Where our benchmark comes from: where our rates come from. Current numbers and a ten-year chart: mortgage rates.

Run TD’s 0% tier against a conventional loan

The calculator starts from this week’s Freddie Mac average and assumes the physician loan is 0% down with no PMI, which is TD’s first tier up to $1M. Set the home price to your target and the conventional down payment to what you could actually put down; the comparison shows what the physician loan costs per month for the cash it leaves in your account.

Strengths and drawbacks

Strengths

• •A fixed-rate option in writing. Several competitors publish only ARMs; TD prints both on every tier.
• •The broadest eligibility list among the East Coast banks: DPM, oral surgeons, dental residents, and self-employed doctors are all named.
• •Condos, co-ops, and PUDs allowed. In New York and Boston that is the difference between a usable program and a theoretical one.
• •A $1 million first tier at 0% down that matches the best national programs, with an employment contract accepted as income.
• •Dense branch coverage in exactly the cities where East Coast training programs are.

Drawbacks

• •Sixteen states. Nothing west of Pennsylvania, nothing in the Midwest, Mountain West, or Pacific.
• •Less than 10 years out of residency, applied to everyone. Established attendings are excluded.
• •A TD checking account is a condition of eligibility.
• •No published DTI ceiling, student-loan treatment, or closing window; the underwriting side of the program is a conversation, not a document.
• •$2 million ceiling, and $1.5 million at 5% down, both below Huntington in the tiers where expensive-market buyers live.

Who it’s for, and who should keep looking

• •Residents matching to Boston, New York, Philadelphia, Baltimore, DC, or Florida: yes. Contract-based income, 0% down, condo-friendly, a branch nearby.
• •New attendings under 10 years out buying under $1.5 million on the East Coast: yes, and get the fixed-rate quote.
• •Podiatrists, oral surgeons, and dentists who own their practice: yes; you are named, which is rarer than it should be.
• •Anyone outside the 16 states: not available. Huntington sells nationally on similar first-tier terms.
• •Attendings 10 or more years out, and buyers above $2 million: the program terms exclude you; TD will offer a standard jumbo instead.
• •Veterinarians, pharmacists, NPs, PAs, CRNAs: not named in TD’s list.

How to apply, and what to have ready

• 1.Open the TD checking account first, ideally months before you apply, and use it. It is an eligibility condition, not a formality.
• 2.Call 1-866-325-4516 or find a Mortgage Loan Officer through TD’s site. Ask the five unpublished questions above on that call and keep the answers.
• 3.Get pre-qualified before you shop. With 0% down, the pre-qualification letter is what makes an offer credible to a seller, and in TD’s markets sellers see plenty of them.
• 4.Gather the file: the employment or residency contract with start date and salary, proof of licensure, two years of tax returns or transcripts if you have them, recent bank statements, student-loan servicer statements, and ID. Self-employed applicants need two years of business returns.
• 5.Get a second written quote the same week. Rate, points, and the fixed-versus-ARM spread are the negotiable parts; a competing letter is the only leverage you have.

Deciding whether a physician loan is right at all: read the physician mortgage guide. For the DTI conversation: how student loans affect a physician mortgage.

Alternatives to quote alongside TD

• •Huntington Bank for anyone outside TD’s footprint, more than 10 years out, or buying between $1.5 million and $2.5 million. Same 0%-to-$1 million first tier, 5% to $1.75M, sold nationally; only ARM terms are published.
• •KeyBank if the purchase is above $2 million or you are more than 10 years out: a $3.5 million published ceiling and no years-out limit, though none of its down-payment tiers are published.
• •A conventional loan with 5% down if you have the cash and a strong credit score. Conventional PMI can cost less than a physician loan’s rate premium over a long hold; the calculator above shows the crossover.

We are reviewing each major physician lender against its own published terms. As each review publishes it is linked here and from the lender comparison.

Sources

• •TD Bank Medical Professional Mortgage (program page)

Read September 14, 2026. Terms quoted are TD’s program page; the state list is TD’s 2026 branch footprint, since the page says only “a state where TD Bank operates.” Where this review says “not published,” the page contains no statement on the point.