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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
• Online
usually responds within 30 minutes
$100M Closed Loans
First National Bank of Pennsylvania, established in 1864, is a full-service financial institution offering commercial banking services across multiple states.
High-income professionals can benefit from First National Bank of Pennsylvania's tailored services, including wealth management, financial planning, private banking, and investment services. Furthermore, FNB offers business banking solutions and personalized lending options aimed at optimizing their financial growth and stability. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1.25 million |
| 5% | up to $1.5 million |
| 10% | up to $2 million |
| 20% | up to $2 million |
$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 |
The nation’s capital offers its residents a number of advantages, including free museums, long travel paths by the Potomac River, and of course the lush greenery of Rock Creek Park. This exciting albeit small “big” city attracts people from around the world with its unique profile, high status, and charm.
The District of Columbia is also home to a good many quality hospitals, making it a great place to plant roots for nurses. According to the Bureau of Labor Statistics, 11,410 nurses live and work in the state, including some Error: Data not found. CRNAs and 600 NPs.
Buying a home in D.C., however, is getting more difficult, given the astronomical housing prices in the District. According to the FED, the median listing price of a single family home is right around Median listing price data for DC is not available., making a new home far too expensive for many nurses.
Nurse mortgages come to the rescue in situations like this. Specifically tailored for nurses, these loans aim to simplify the home buying process for healthcare professionals. Now, let’s delve into the specifics of these beneficial financial products.
A nurse mortgage presents a favorable alternative for nurses when compared to traditional mortgages. Borrowers may struggle to come up with a solid down payment and closing costs without using specific home buying programs to pull it off. Depending on your loan amount, you might qualify for an assistance program, but you’ll need to research if you can qualify for FHA loans. They come with specific rules about credit scores and debt-to-income ratio
Here’s a breakdown of why nurse mortgages make sense: Firstly, nurse mortgages typically offer more lenient qualifying criteria, making it easier for nurses with irregular work schedules or multiple employment arrangements to obtain approval. Additionally, these mortgages often include tailored benefits specifically designed for nurses, such as assistance with down payments or forgiveness programs for those serving in underserved areas. Furthermore, nurse mortgages commonly circumvent the need for private mortgage insurance or offer reduced interest rates, potentially resulting in advantageous terms and lower monthly payments. Overall, nurse mortgages serve as a supportive gesture towards nurses, acknowledging their distinct requirements and facilitating the journey to homeownership.
However, there are drawbacks to consider. Nurse mortgages may be less prevalent compared to traditional mortgages, as most lenders primarily offer conventional loan options. Nevertheless, we have compiled a list of the most viable options available in D.C. to streamline the decision-making process.
D.C. nurse mortgages set themselves apart from traditional loans by catering specifically to nurses. With these mortgages, your lender will:
Furthermore, lenders specializing in nurse mortgages are well-versed in working with nurses. You can expect a more personalized and collaborative experience compared to the more standardized approach of traditional loans. Additionally, your program may offer opportunities to connect with fellow nurses in the D.C. area, expanding both your personal and professional networks.
Outside of a program for registered nurses or other healthcare professionals, a conventional mortgage with a traditional mortgage lender may come with too many hoops for someone to jump through. Most mortgage programs have really strict requirements for home purchases, including credit scores, down payments, and debt to income ratios. That last one is a challenge for nurses who likely took on student loans to pay for their education, and this can throw off the DTI. Especially for first-time homebuyers, it can be a challenge to work with mortgage loan officers to become a homeowner when there’s not much the lender can do to adjust their requirements. Most of these programs, too, don’t come with low down payment options.
Nurses might earn more than is allowed for down payment assistance, which presents another issue for them in trying to secure a piece of real estate for their primary residence. Furthermore, their new income might mean they are looking for something with a high purchase price, so this can further limit their traditional mortgage options if their new home exceeds loan limits. If you don’t meet the eligibility requirements for a VA loan or other support through the Department of Housing and Urban Development, medical professionals like nurses night need to look outside of typical programs for traditional rate mortgage applications.
Jasmine, a dedicated nurse, grew up in Southeast D.C. surrounded by the vibrant culture and tight-knit community of that neighborhood. Despite her deep roots in the area, Jasmine found herself facing a common challenge among young professionals in the District – the high cost of homeownership.
After years of hard work and dedication to her nursing career, Jasmine landed a coveted position at Sibley Hospital, a renowned healthcare institution in the heart of Northwest. Despite her steady income, however, Jasmine struggled to afford a home in the expensive D.C. housing market or even qualify for a mortgage.
Determined to make her dream of homeownership a reality, Jasmine began exploring her options. She researched various loan programs and consulted with financial experts, but she couldn’t seem to find a solution that fit her budget.
Just when Jasmine was beginning to lose hope, a colleague mentioned something called a nurse mortgage, programs designed specifically for healthcare professionals like herself and offering perks like lower down payments and more flexible eligibility criteria.
Excited by the possibility of finally owning a home in her beloved hometown, Jasmine reached out to a lender specializing in nurse mortgages. The lender took the time to understand Jasmine’s financial situation and explained how a nurse mortgage could help her achieve her goal of homeownership in Southeast D.C.
With the lender’s guidance, Jasmine navigated the application process with ease. Within a few weeks, she was thrilled to learn that she had been approved for a nurse mortgage.
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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