Stephen Morrison NMLS #697238

Berkshire Bank Physician Loan:

Loan Eligibility: The Berkshire Bank Physician Loan Program is designed for medical professionals who are purchasing or doing a no cash out refinance of their Primary Residence.  All Borrowers and Co-Borrowers must occupy the home and only one is required to be a medical professional.  This program requires the client to have a Berkshire Bank checking account and their mortgage payment must be ACH from this account.

Property Eligibility:  Single Family, Condominiums, and PUDs.

Borrower Eligibility:  Medical, Dental, Veterinarian’s residents, Medical ,Dental, Veterinarian’s fellow who are currently employed in residency of fellowship.  Practicing Physicians (MD, DPM, DO), Practicing Dentists (DDS,DMD) Oral Surgeons, Veterinarians.  Practicing doctors must be out of residency/internship/fellowship less than 10 years.  Non practicing doctors such as those in academia or research are not eligible for this program. 

Transaction type – Purchase or Rate and Term Refinance only

  • 100% financing for loan amounts up to $1,000,000
  • 95% financing for loans of $1,000,001-$1,250,000
  • 90% financing for loans of $1,250,001-$2,000,000

Credit required for all loan amounts 700

 Private Mortgage Insurance:  Not Required

Maximum DTI Ratio:  45%

Escrow Waivers:  Not Allowed

Product Eligibility:  30 Year Fixed, 15 Year Fixed, as well as the 7/1 and 10/1 ARM Products

1099 Independent Contractor for less than 12 months allowed

Future Employment:   Projected Income is acceptable for qualifying purposes when a borrower is scheduled to start a new job within 90 days of loan closing. 

Reserve Requirements:  Reserves are required and the range from 2-6 months of your monthly mortgage payment

Lending area:  CT, ME, MA, NH, NY, RI, VT

About Stephen Morrison

Stephen has been providing mortgage services to a wide variety of clients for the last 27 years. Stephen has funded over $1 billion in mortgage loans and has thousands of satisfied clients that he has worked closely with to help them achieve their financial goals. His mission is to carefully guide you through the entire loan process so that you can make educated decisions about the variety of mortgage options available. He doesn’t think of his clients as transactions, he thinks of them as clients for life and treats them as such. Stephen also specializes in jumbo financing for affluent clients. Working for a true portfolio lender, he understands and enjoys working with the labyrinthine and sophisticated transactions that most banks shy away from.

For that last 10 years Stephen has dedicated his focus to Medical Professional Loans that includes, Residents, Fellows, Practicing Physicians (MD, DO, DPM), Dentists (DDS, DMD) Oral Surgeons less than 10 Years out of training. With the Medical Professional Loan being his team’s specialty, they understand your challenging schedule.

Stephen has been married to his wife Stephanie for over 24 years and has 2 children that he enjoys attending their high school and college sailing regattas.

Call Now Button