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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
Referred to alternately as the “Pelican State,” the “Bayou State,” “Creole State,” and “The Boot,” Louisiana is home to a diverse array of cultures and the beautiful and unique city of New Orleans. It’s also home to cities like Shreveport. Its major sports teams and number of National Parks and historical sites make it a great place to live, including more than 12,000 active physicians.
Though the state offers a varied housing market, the area of Greater Baton Rouge saw an 8.3% decline in May of 2022 in new listings. About 1,240 homes sold in the state that month and the median sale price was $252,000. Homes took, on average, 32 days to sell, according to Louisiana REALTORs, the state’s real estate association.
For doctors and dentists thinking about buying now, there are affordable days to do so, including the Louisiana physician mortgage loan program.
This program enables qualified professionals to obtain a home loan with a low or no down payment requirement. Physician home loans are just one options for new doctors and medical residents, but it’s important to look at both the pros and cons for medical professionals.
There are lots of pros that come with Louisiana physician mortgage loans but, as with anything, a few cons, as well. The positive aspects of these mortgages are many, including the fact that they include special consideration for student debt. Additional checks in the “pro” column on these loans include high loan limits and relaxed underwriting that allows lenders to approve you on a loan before the ink is dry on your contract, in some cases. This helps qualifying doctors get a dream home from the NMLS without some of the challenges of regular loans or refinances.
Many residents might need to move to a new location for a position after residency is complete. This means that a refinance of existing property won’t make sense, but buying a new home may be ideal for that physician. Residents often come with high credit card and student loan balances, making it hard to get an approval from traditional banks.
All of that comes with some “cons.” For one, your interest rate may be higher than with a conventional mortgage. Your lender may also request that you open an account with them. That may be a savings account, a checking account, or another option; their goal with that is to keep your business in the long term. For healthcare professionals, carefully think through the loan repayment requirements when deciding whether or not to work with a physician loan mortgage company.
Some lenders in Louisiana only offer physician loans to attending physicians, while other programs can lend to those still in residency or fellowship.
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Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
$500M+ Closed Loans
First Horizon Bank has one of the hottest doctor mortgages available as they can lend up to $1.5 million at 0% down.
Being able to lend such a large amount at 0% down is particularly helpful in states like New Jersey, New York and Texas where home prices have risen sharply in the past decade. The only downside is that the program has strict eligibility requirements and folks like dentists and lawyers aren't eligible. [ Read Review ]
Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1.5 million |
| 5% | up to $2 million |
| 10% | up to $2.5 million |
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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 |
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Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
$500M+ Closed Loans
Bank of America is one of the original lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company.
The Bank of America physician mortgage program is available for residents and fellows with a job lined up. They can close on a home 90 days before they start. You can often exclude your student debt from your total debt when you apply for a mortgage. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 20% | up to limit |
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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 |
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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 |
How can you decide whether or not a Louisiana physician mortgage is the best option for you? Start by assessing where you are in your career. If you are happy in your current position and plan on staying in your area for many years to come, a doctor mortgage will work well for you.
Also, consider the higher interest rates that can sometimes come with these types of mortgages. Is that something with which you are comfortable? Many doctors are, given that these loans are so generous in other aspects. By weighing these factors, you can make a more clear-eyed decision about your suitability for a doctor mortgage in Louisiana.
You may be surprised by the doctors and professionals in the Bayou State that are taking out physician loans. They are very likely just like you, and on similar trajectories. They range from those new to the field to professionals with decades of experience.
As an OB-GYN, Debra gets a lot of gratification from her work. She loves working at her office in New Orleans and is fond of her staff and her devoted patients. She and her spouse are ready to purchase a home, but prices in the Greater New Orleans region have been escalating. Twenty percent down on a conventional mortgage will wipe out their savings, and then some. A doctor mortgage gives Debra an easier way to access financing. In fact, she was able to qualify for 100 percent financing on her dream home.
Rasheed has worked hard to establish a stellar reputation in pediatrics. After a decade in practice, he is one of the preeminent doctors in his part of Louisiana. With his great income and established job, he is a good candidate for a mortgage, but he doesn’t necessarily want to liquidate his investments to put a lot of money down on a home. Instead, he decided to go with a Louisiana physician loan with high limits and no money down required.
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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