Nurse Mortgages in South Dakota


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First National Bank of Omaha

(CO, IA, IL, KS, MO, NE, SD, WY)

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First National Bank of Omaha, founded in 1857, is the largest privately-owned bank in the U.S., offering a full range of banking and financial services across multiple states.

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  • Minimum credit score: 720
  • Maximum loan: $1,500,000
Down payment Financing
0%up to $850,000
5%up to $1.25 million
10%up to $1.5 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • CPA
  • DPM
  • DVM
  • OD
  • DC
  • PhD
  • RN

Flagstar

(All 50 States Except NY)

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Flagstar

(All 50 States Except NY)

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Flagstar, founded in 1987, is a leading national bank headquartered in Michigan, offering a broad range of banking, mortgage, and lending operations.

High-income professionals can utilize Flagstar's wealth management services for their financial planning needs. These services include personalized investment strategies, retirement planning, estate planning, and trust services. Additionally, Flagstar offers private banking solutions such as tailored loans and exclusive credit options. [ Read Review → ]

  • Minimum credit score: 680
  • Maximum loan: $3,000,000
Down payment Financing
0%up to $1 million
5%up to $1.5 million
10%up to $3 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • CPA
  • RN
  • DC
  • PhD

GreenState Credit Union

(All 50 States Except CA)

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GreenState Credit Union

(All 50 States Except CA)

$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 → ]

  • Minimum credit score: Not reported
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • PharmD
  • NP
  • PA
  • CRNA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Key Terms

  • South Dakota nurse mortgages offer streamlined qualifications tailored to nurses, including more lenient rules on credit and income, which can help address the unique financial challenges nurses face.
  • These mortgages provide special benefits such as lower interest rates, no private mortgage insurance, and potential forgiveness programs, which can lead to significant cost savings and support for nurses in specific work environments. 2
  • While nurse mortgages in South Dakota can be highly advantageous, they may be limited in availability, requiring careful research and consideration to find suitable options in the state.

Offering a slower pace of life, tight-knit communities, and a strong sense of community spirit, South Dakota is also home to some unique and stunning sights, including Mt. Rushmore, the Black Hills, and Badlands National Park. For those who live quiet living and the outdoors, this state is an ideal place to plant roots. 

Many nurses also call this Northern state home, benefiting from the state’s robust healthcare industry. According to data from the Bureau of Labor Statistics, South Dakota is home to 15,880 nurses.

While South Dakota is known for its low cost of living, including affordable housing prices and lower taxes compared to many other states, house prices are on the rise. According to the FED, the median listing price of a single family home is right around $386,448. For nurses working in the Mt. Rushmore State, including some 360 CRNAs, 14,600 RNs, and 920 NPs, this can make buying a new home just out of reach. 

Luckily for these nursing professionals, there are programs available that can help. Called nurse mortgages, these programs make it easier for nurses to afford and qualify for mortgages.

The pros and cons of South Dakota nurse mortgages

Alright, let’s break down the good stuff about going with a nurse mortgage in South Dakota:

Pros:

  • Easy Qualification: Nurse mortgages make it simpler for nurses to snag a home loan. They’re tailor-made for nurses, so the rules for qualifying are more lenient compared to regular mortgages.
  • Special Benefits: These mortgages come with perks just for nurses. Picture getting a leg up with down payments, closing costs, or even forgiveness programs for nurses in certain spots… sounds good, right?
  • Lower Interest Rates: Some nurse mortgage deals come with lower interest rates, meaning more savings in the long haul. Can’t argue with that!
  • No PMI: Private mortgage insurance (PMI) can be a drag, but some nurse mortgage programs ditch it altogether. That means less cash out of your pocket every month.
  • Nurse-Friendly: The lenders behind these mortgages totally get the “nurse life.” They understand that you may have a funky schedule and that you may even be juggling multiple jobs, too. This can make the whole process smoother.

So, if you’re a nurse in South Dakota dreaming of owning your own digs, a nurse mortgage could be just the ticket to make it happen. The cons? There are some to consider. These programs can be few and far between. That’s why we have assembled the list below of the top nurse mortgages available in the Mt. Rushmore state. 

How is a South Dakota nurse mortgage different from another loan?

Nurses often have a different experience with a nurse mortgage compared to a traditional mortgage due to several factors. First off, nurse mortgages typically come with more flexible eligibility criteria tailored specifically for nurses. This means nurses with irregular work schedules, multiple jobs, or high student loan debt may find it easier to qualify. 

Additionally, nurse mortgages often offer benefits and perks customized for nurses, such as assistance with down payments, closing costs, or forgiveness programs for those working in certain areas. Lenders offering nurse mortgages understand the unique challenges and circumstances faced by nurses, such as irregular schedules and income from multiple jobs. As a result, they may be more accommodating and understanding during the mortgage application process. 

Finally, some nurse mortgage programs may offer lower interest rates or waive private mortgage insurance (PMI), resulting in potential cost savings for nurses. Overall, nurse mortgages provide a tailored and understanding approach to home financing for nurses, making homeownership more accessible and affordable.

For borrowers who don’t have the option of taking out a conventional loan or going through a refinance on their current property, a nurse mortgage loan might work. Healthcare professionals like physicians, dentists, vets, pharmacists, and more all usually have issues with a high debt-to-income ratio due to their student loans. This means most mortgage lenders can’t approve them for a good loan amount to buy a home in South Dakota with traditional loans like VA loans, USDA loans, or FHA loans. Some of these conventional mortgages, including both fixed-rate or adjustable-rate mortgages, can be hard for someone with a DTI ratio that factors in student loans or other debt. These programs might not come with down payment assistance, either.

Alternative financial options open up the home buying process for healthcare professionals. Looking into these financing options can reduce the stress that a homebuyer faces. Medical professionals can take advantage of more more options and home loan programs just for them. Much like a physician mortgage program/doctor mortgage to help medical doctors with more mortgage options, a nurse loan program helps these healthcare providers obtain a primary residence in South Dakota.

As with all options, aspiring homeowners should look into loan application eligibility requirements such as minimum credit scores, interest rates, options for refinancing, no private mortgage insurance, and purchase price limits.

Examples of nurses who take out nurse mortgages in South Dakota

Ronald had been working as a nurse at Sanford USD Medical Center in Sioux Falls for years. Every day, he walked the halls of the hospital feeling a sense of pride in his work. Despite his passion for nursing, there was one thing that weighed heavily on his mind – homeownership.

Living in rented apartments for years, Ronald had always dreamed of owning his own place. However, every time he thought about taking the plunge into homeownership, doubts crept in. With his student loan debt and modest savings, he felt like he didn’t have enough leverage to make it happen.

That’s when he heard about nurse mortgages. Feeling a glimmer of hope, Ronald decided to look into these specialized products a bit further. After doing some research, he discovered that there was a lender in Sioux Falls offering nurse mortgages. 

During his first conversation with the lender, Ronald was relieved to learn that his student loan debt and irregular work schedule wouldn’t be as much of a barrier as he had feared. With the lender’s guidance, Ronald began the process of applying for a nurse mortgage. He gathered his financial documents and worked closely with the lender to navigate the application process. Within a few short months, he was in possession of his first home. 

Looking for a nurse mortgage in a different state?

If you’re looking to explore the best nurse mortgage in other states, click on your state below.

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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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