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JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best mortgage for your home financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
$100M Closed Loans
Flagstar Bank is a full-service bank and one of the largest regional banks in the country, offering a broad range of consumer and commercial financial solutions, including banking, home lending, private banking, and wealth management.
High-income professionals can utilize Flagstar's mortgage products which are specifically built for physicians and other high-income professionals. These loans may have flexible qualifications, lower costs than a conventional mortgage, and low or even no down payment. You must be within 10 years of starting your profession. There are also jumbo loan options up to $3 million. Flagstar Bank N.A. is an Equal Housing Lender | Member FDIC. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $3 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
GreenState Credit Union, founded in 1938, is a member-owned financial cooperative providing diverse banking services to more than 350,000 members across the United States.
High-income professionals can take advantage of a variety of services from GreenState Credit Union. These include exclusive checking and savings accounts with competitive interest rates, extensive loan options, wealth management and investment services, retirement planning, and insurance services, all designed to optimize their financial growth and security. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
Low crime rates, clean air and water, and a strong sense of community… who could ask for anything more? Those are just some of the advantages that come with living in Maine. Known for its friendly and welcoming communities, Maine is also a place where neighbors look out for one another and celebrate life together.
Given the quality of life in the Pine Tree State, it’s not so surprising that many medical professionals, including nurses, live there. According to the Bureau of Labor Statistics, about 16,550 nurses call Maine home. That includes some 1,390 NPs and 14,770 RNs respectively.
While some areas of Maine are quite affordable, there are an increasing number of areas that are not. According to the FED, the median listing price of a single family home in Maine rests at around $450,000, making a new home too expensive for nurses living and working there.
Do nurses in Maine have options? They do. Nurse mortgages are unique financial products that cater to nursing professionals and have helped thousands of nurses afford a home.
Unfortunately, many loan programs make it hard for medical professional borrowers to get their dream piece of real estate. Due to the high student loans carried by many nurses, this can throw off the debt-to-income ratio for these applicants, leading to problems with the loan amount or interest rates. Other mortgage lenders, however, do offer nurse loan programs that can make your home purchase possible. For healthcare professionals who can’t refinance or need to get a new home entirely, fixed-rate FHA loans, VA loans, or other programs to help you get a primary residence may not offer enough flexibility.
Perhaps you’ve already tried to get a conventional mortgage, and hit roadblocks in qualifying, such as a DTI issue associated with your nurse student loans. Depending on your purchase price, desired low down payment, and intended loan repayment terms, a nurse mortgage might be the perfect mortgage loan for you. Due to the high levels of student debt most nurses have, along with credit score requirements for a recent graduate, it can be very difficult to get a conventional mortgage. Using calculators might reveal that an adjustable-rate mortgage is out of reach for you or you might see that down payment options and down payment requirements just don’t give you enough room to make the home purchase a possibility. To make the home buying process easier, especially for first-time homebuyers, you may need to look outside the box of traditional mortgages and instead go with a loan using your employment contract for relocation.
When making a significant decision like purchasing a home, it’s essential to carefully assess the advantages of committing to a financial product. Here are some of the benefits of opting for a nurse mortgage:
More Flexible Eligibility Criteria: Traditional loans often have stringent employment requirements or income thresholds that can pose challenges for nurses, especially those with multiple jobs or unconventional employment situations, such as traveling nurses. Nurse mortgages typically offer more accommodating eligibility criteria, making it easier for nurses to qualify. Of course, you will still need a minimum credit score and good credit history to show that you’re likely to pay off the loan balance over the life of the loan with regular monthly mortgage payments, but you may even discover a program with low or no down payment. Similar to physician mortgages, there are underwriting requirements.
No Private Mortgage Insurance (PMI): Nurse mortgages often come without the added expense of private mortgage insurance (PMI), resulting in lower monthly payments compared to traditional loans. PMI is typically required on conventional loans with a down payment of less than 20%.
Simplified Documentation Requirements: While all loans require documentation of income, assets, and other financial information, nurse mortgages streamline the documentation process, particularly for unconventional scenarios like overtime pay or income from multiple jobs.
Specialized Offerings for Nurses: Nurse mortgages may include specialized features tailored to meet the unique needs of nurses, such as relocation assistance for traveling nurses or loan forgiveness programs for nurses working in underserved areas. These offerings can provide additional financial benefits and support to nurses, including the 1,390 nurse practitioners (NPs) and 390 certified registered nurse anesthetists (CRNAs) in Maine.
Are you still deciding whether to take out a nurse mortgage in Maine? It may help to take a close look at your financial situation, homeownership goals, and the specific terms of available Maine nurse mortgage programs.
With regards to your finances, assess your income, savings, debt, and credit score to understand how ready you are to own a home. You also want to look at your monthly budget, emergency savings, and whether you can afford a down payment and closing costs.
What are your goals as a future homeowner? It’s important to also define your priorities and goals for homeownership. What type of property do you want to buy? Where do you want to live? How long do you plan on staying there? Make sure a nurse mortgage aligns with these goals for your future.
Finally, take time to talk with friends and coworkers, especially those who have experience with homeownership or nurse mortgage programs. Their insights and advice can provide new angles as you consider all your options.
Yolanda had spent years caring for the little ones at the local hospital in Bangor, her heart overflowing with love and compassion for her tiny patients and their families. Despite her unwavering dedication to her profession, Yolanda found herself longing for a place to call her own, a cozy sanctuary where she could create lasting memories and build her future.
Unfortunately, she was stuck in a renting cycle. Though Yolanda daydreamed about homeownership, she quickly realized that her savings would not be enough to afford the down payment and closing costs associated with purchasing a home in Maine’s competitive real estate market. Determined to find a solution, Yolanda began exploring her options, hoping to find a financial product that would provide her with the leverage she needed to make her dream a reality.
One day, while researching mortgage options online, Yolanda stumbled upon information about nurse mortgages. Intrigued by the prospect of a mortgage tailored specifically to her profession, Yolanda contacted some of the best nurse mortgage providers in Maine. She discovered that their programs offered benefits such as friendlier eligibility criteria, lower monthly payments without private mortgage insurance (PMI), and simplified documentation requirements – all features that appealed to her as a pediatric nurse with what could be best described as an “odd” schedule.
To Yolanda’s delight, her application for a nurse mortgage was approved, and she soon found herself the proud owner of a charming townhome in the heart of Bangor. With the help of the nurse mortgage program, Yolanda had finally found the leverage she needed to turn her dream of homeownership into a reality, creating a warm and welcoming space where she could continue to make a difference in the lives of others for years to come.
If you’re looking to explore the best nurse mortgage in other states, click on your state below.
Find a Nurse Home Loan Specialist
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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