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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
Iowa is a classic part of the American Midwest, offering a number of things for people to see and do, including the Grout Museum and the Des Moines Art Center. Known as the “Hawkeye State,” this landlocked state is bordered by Wisconsin, Illinois, Missouri, Nebraska, South Dakota, and Minnesota, and was the 29th state to join the Union on December 28, 1846.
Doctors comprise a good section of the Iowan population, with almost 7,000 doctors currently living and working in the state. For many physicians and professionals, owning a new home in Iowa may seem out of reach for various reasons.
Data from the Iowa Association of Realtors shows the average sales price for single-family homes is $224,000. At this time, homes in Iowa are averaging 32 days on the market which means that they are being sold at a 20% higher rate than last year.
The Iowa doctor loan program may help doctors, dentists and sometimes veterinarians planning to buy or refinance a home in the state to qualify for easier terms. That may include minimal down payment requirements and, in some cases, none at all.
Why do doctors in Iowa decide to take out physician mortgage loans? These financial products offer a wide range of “pros” in their favor, including:
Lenders that offer doctor mortgages also often give special consideration to student loan debt. Student loan repayment is a common issue with highly-trained healthcare professionals and can prevent them from getting conventional loans.
What are some “cons” working against physician mortgage loans? Higher limits on a loan can drive a borrower to spend more on a house than he or she should. These products also often require that a borrower open an account with the lending bank. Finally, in some cases, a doctor mortgage can have an interest rate that is higher than those offered with conventional mortgages.
If you’re ready to learn more about the best physician mortgage lenders in Iowa, here are the top options we’ve found through our research.
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)
$10M+ Closed Loans
Alerus is a national bank but one that you might not know. They are headquartered in North Dakota but provide mortgage across the country.
Alerus has some other interesting features, including a $20,000 closing guarantee. It's a benefit paid to the seller if the loan doesn't close per the terms of the pre-approval letter. In other words, it's something you can use to make your offer look more attractive in a competitive market. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)
| Down payment | Financing |
|---|---|
| 0% | up to $750 thousand |
| 5% | up to $1 million |
| 10% | above $1.5 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA
$500M+ Closed Loans
Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.
The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]
Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 20% | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)
$500M+ Closed Loans
First National Bank of Omaha (FNBO) has one of the most expansive professional mortgage programs on the market with the ability to finance multiple degree types.
Unfortunately, they have a small lending footprint, including only being able to lend in Texas in the Dallas/Fort Worth area. We're always trying to convince them to expand the program and recently they added the ability to finance condos. [ Read Review ]
Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)
| Down payment | Financing |
|---|---|
| 0% | up to $850 thousand |
| 5% | up to $1.25 million |
| 10% | up to $1.5 million |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
$500M+ Closed Loans
Huntington Bank operates primarily out of the Midwest.
Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
$500M+ Closed Loans
Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered in the smallest state: Rhode Island.
With over $160 billion in assets, it's no surprise that Citizens offers a full range of financial products, including a physician loan. New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible. No more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $850 thousand |
| 10% | up to $1 million |
| 15% | up to $1.5 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows
$500M+ Closed Loans
US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.
US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]
Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows
$50M+ Closed Loans
The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.
The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]
Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows
| Down payment | Financing |
|---|---|
| 0% down | up to $1 million |
| 5% down | up to $1.25 million |
| 10% down | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Pharmacists, Chiropractor, Veterinarian, Fellows, Residents
$50M+ Closed Loans
Wintrust is headquartered in Illinois but can lend in all 50 states (unfortunately, their doctor program is not available everywhere). They originate in excess of $4 billion in mortgages annually.
The Wintrust physician mortgage program can use 1099 contract income to qualify for underwriter approval. Student loan payments aren't included in the DTI calculation if there is no scheduled student loan payment for the next 12 months. [ Read Review ]
Medical doctor (MD, DO); Dentist (DMD, DDS); Pharmacists, Chiropractor, Veterinarian, Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $850 thousand |
| 3% | up to $1.25 million |
| 5% | up to $1.5 million |
| 10% | up to $2 million |
If you are reading this, you may be at the point of considering whether a physician mortgage loan will be the right choice for you. What makes a doctor mortgage the right fit? These loans are a great fit for physicians and professionals who know they are in a job they will stick with in the long term and who are committed to staying in their current town.
An Iowa physician mortgage loan is also great for someone who understands that, while burdensome in some ways, a higher interest rate is a good price to pay for the wide-ranging benefits associated with these mortgages.
Who are the Iowa physicians who have decided that a doctor mortgage is the best option for them? They range from those who are starting out in their careers to established physicians looking to increase their options and maximize their leverage.
As an in-demand Doctor of Podiatric Medicine (DPM) internist, Tom’s career is a fait accompli. He is guaranteed a good salary for the duration of his career and steady employment. Unfortunately, however, Tom doesn’t have cash on hand for a 20 percent down payment.
With the amount of student debt he is still carrying and his debt-to-income ratio (DTI), the lack of a down payment doesn’t make him the best candidate for a conventional loan, despite his earning potential and solid career. A physician mortgage loan gives him an easy way to finance a home, with the added bonus of requiring no money down.
Sara started her family dental practice over a decade ago. In the years since, she’s established a great reputation and her income is steady and impressive. She has squirreled away a pretty substantial savings and also made various investments. Now that the time has come to upgrade her small family from a condo to a home in her neighborhood just outside Ames, Sara is exploring her options.
She could sell some investment or draw on her savings to make a 20 percent down payment on a conventional loan, but she prefers to maximize her leverage. Instead, she takes out a doctor mortgage offered by a popular regional lender and receives great terms with 100% financing.
If you’re looking to explore the best physician loans in other states, click on your state below.
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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