Physician Loans in Minnesota


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Alerus Financial

(AL, AZ, CA, CO, CT, DC, FL, IA, ID, IN, KS, KY, MA, MD, MI, MN, MO, MT, NC, ND, NE, NM, NV, OH, OR, PA, SC, SD, TN, TX, UT, WA, WI, WY)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Alerus Financial

(AL, AZ, CA, CO, CT, DC, FL, IA, ID, IN, KS, KY, MA, MD, MI, MN, MO, MT, NC, ND, NE, NM, NV, OH, OR, PA, SC, SD, TN, TX, UT, WA, WI, WY)

$100M Closed Loans

Alerus Financial is a bank established in 1879 that offers comprehensive financial solutions including banking, mortgage, retirement, and wealth management services.

High-income professionals can utilize Alerus Financial's comprehensive suite of services including wealth management, retirement planning, and personal banking. Their personalized financial strategies include investment management, estate planning, and risk management. Alerus also offers business banking and mortgage services. [ Read Review → ]

  • Minimum credit score: 680
  • Maximum loan: $1,500,000
Down payment Financing
0%up to $750,000
5%up to $1 million
10%up to $1.5 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • DVM
  • OD
  • Fellow
  • Resident
  • DPM
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Alliant Credit Union

(AZ, CO, GA, IL, KS, MN, MO, NC, NV, SC, TN, UT, WA)

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Online

usually responds within 30 minutes

Alliant Credit Union

(AZ, CO, GA, IL, KS, MN, MO, NC, NV, SC, TN, UT, WA)

$100M Closed Loans

Alliant Credit Union, founded in 1935, is a member-owned financial cooperative providing a full range of financial services, with a strong national online presence.

High-income professionals can utilize Alliant Credit Union's services, which include high-rate checking and savings accounts, low-rate loans, and credit cards. Their services also encompass retirement and investment options, mobile and online banking, and financial advice. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: Varies
Down payment Financing
%Varies
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Bank Of America

(All 50 States)

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Online

usually responds within 30 minutes

Bank Of America

(All 50 States)

$100M Closed Loans

Bank of America, founded in 1904, is a leading global financial institution offering a broad range of banking, investing, asset management, and other financial and risk management products and services.

High-income professionals can take advantage of various services from Bank of America, including personalized wealth management, advanced investment strategies, and dedicated advisors for financial planning. They also offer specialized banking services, flexible mortgage options, and exclusive rewards and benefits. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
Down payment Financing
3%up to $825,000
5%up to $1 million
10%up to $1.5 million
15%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • OD
  • DVM
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

BankMD

(All 50 States)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

BankMD

(All 50 States)

$100M Closed Loans

BankMD, founded in 2005 and operating via bankmd.com, specializes in providing financial services to medical professionals with a focus on personal loans and wealth management.

High-income professionals can access a suite of services from BankMD, including specialized banking, lending, and investment solutions. The bank's offerings are tailored to meet the unique financial needs of medical professionals, helping them manage and grow their wealth effectively. [ Read Review → ]

  • Minimum credit score: 670
  • Maximum loan: $3,000,000
Down payment Financing
0%up to $850,000
5%up to $1 million
10%up to $2 million
15%up to $3 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DVM
  • DPM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Bell Bank

(AZ, CO, KS, MN, MO, ND, NM, TN, WI)

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Online

usually responds within 30 minutes

Bell Bank

(AZ, CO, KS, MN, MO, ND, NM, TN, WI)

$100M Closed Loans

Bell Bank, founded in 1966 as State Bank of Fargo, is a full-service, independent bank specializing in banking and wealth management, known for its strong customer relationships.

High-income professionals can leverage Bell Bank's premier services, offering personalized wealth management, private banking, and investment strategies. They also provide retirement planning and trust services, to ensure long-term financial security and legacy management. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $2,000,000
Down payment Financing
5%up to $1 million
10%up to $1.5 million
15%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

First Independence Bank

(MI, MN)

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Online

usually responds within 30 minutes

First Independence Bank

(MI, MN)

$100M Closed Loans

First Independence Bank, established in 1970, is a Detroit-based minority depository institution offering comprehensive banking services primarily to underserved communities.

High-income professionals can take advantage of First Independence Bank's array of services, including bespoke wealth management, estate planning, business banking, and home mortgage solutions. The bank also provides personalized private banking services, including tailored loans and exclusive savings accounts. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $1,350,000
Down payment Financing
0%up to $1.35 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • OD
  • DVM
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Flagstar

(All 50 States Except NY)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Flagstar

(All 50 States Except NY)

$100M Closed Loans

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

Frandsen Bank & Trust

(MN, WI)

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Online

usually responds within 30 minutes

Frandsen Bank & Trust

(MN, WI)

$100M Closed Loans

Frandsen Bank & Trust, established in 1982, is a full-service, community-oriented financial institution with over 35 locations across Minnesota, North Dakota, and Wisconsin.

High-income professionals can utilize Frandsen Bank & Trust's comprehensive financial services, including planning, wealth management, and private banking. The bank provides personalized strategies to manage, grow, and protect wealth, with a keen focus on individual financial goals and circumstances. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $2,000,000
Down payment Financing
5%up to $1.25 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • Fellow
  • Resident
  • DC
  • CPA
  • PhD
  • RN

GreenState Credit Union

(All 50 States Except CA)

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Online

usually responds within 30 minutes

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

Laurel Road

(All 50 States)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Laurel Road

(All 50 States)

$100M Closed Loans

Laurel Road, established in 2013, is a fintech company known for its online lending platform, providing student loan refinancing, mortgages, and personal loans.

High-income professionals can leverage Laurel Road's services for personalized financial solutions. The platform offers student loan refinancing, personal loans, mortgages, and high-yield savings accounts. It also provides digital banking services with attractive interest rates, emphasizing transparency and customer support. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: Varies
Down payment Financing
10%Varies
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Northpointe

(All 50 States Except CA, NY)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Northpointe

(All 50 States Except CA, NY)

$100M Closed Loans

Northpointe, founded in 1999, is a Michigan-based online banking institution providing comprehensive financial services, including checking, savings, and loans.

High-income professionals can leverage Northpointe's comprehensive financial services, which include high-yield checking and savings accounts, competitive mortgage loans, and tailored lending options. The firm also offers personalized wealth management and investment strategies to optimize asset growth. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $1,000,000
Down payment Financing
0%up to $850,000
10%up to $1 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • PharmD
  • DC
  • CRNA
  • NP
  • PA
  • JD
  • CPA
  • PhD
  • RN

Old National Bank

(IA, IL, IN, KY, MI, MN, WI)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Old National Bank

(IA, IL, IN, KY, MI, MN, WI)

$100M Closed Loans

Old National Bank, founded in 1834, is an Indiana-based financial institution offering a broad range of services including retail and commercial banking, wealth management, and investment services.

High-income professionals can utilize Old National Bank's services for personalized wealth management, including investment management, trust services, and private banking. They also provide retirement plan services, estate planning, and philanthropy management, ensuring comprehensive financial care. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $750,000
5%up to $1.25 million
10%up to $1.5 million
15%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

PNC Bank

(All 50 States Except )

Match Banks Contact Send Email

Online

usually responds within 30 minutes

PNC Bank

(All 50 States Except )

$100M Closed Loans

PNC Bank, established in 1845, is a comprehensive financial services corporation offering a wide range of services including retail banking, asset management, and corporate banking.

High-income professionals can benefit from PNC Bank's tailored wealth management and financial planning services. These include investment advising, estate planning, and private banking. PNC also offers specialty services such as asset management for executives and business succession planning. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $2,000,000
Down payment Financing
5%up to $1 million
10%up to $1.5 million
15%up to $2 million
20%Varies
Eligible degrees:
  • MD/DO
  • Fellow
  • Resident
  • DDS/DMD
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

The Federal Savings Bank

(CO, CT, DC, GA, IA, IL, IN, KY, MA, MD, MI, MN, MS, MT, NC, ND, NJ, NY, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

The Federal Savings Bank

(CO, CT, DC, GA, IA, IL, IN, KY, MA, MD, MI, MN, MS, MT, NC, ND, NJ, NY, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY)

$100M Closed Loans

The Federal Savings Bank, founded in 2000, is a veteran-owned, federally chartered bank offering mortgage services and banking products nationwide.

High-income professionals can leverage The Federal Savings Bank's services for tailored banking solutions. These include wealth management, personalized mortgage options, and private banking. The bank also provides advisory services for investment strategies, optimizing financial assets, and long-term financial planning. [ Read Review → ]

  • Minimum credit score: 680
  • 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
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

The Huntington National Bank

(CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

The Huntington National Bank

(CO, CT, DE, FL, GA, IA, ID, IL, IN, KS, KY, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WV, WY)

$100M Closed Loans

The Huntington National Bank, established in 1866, is a full-service banking provider serving consumers, small businesses, and commercial markets primarily in the Midwest and Southeast U.S.

High-income professionals can leverage Huntington National Bank's wealth management services, which include financial planning, investment management, private banking, and trust services. These offerings are designed to optimize wealth growth, sustain income, and secure financial futures. [ Read Review → ]

  • Minimum credit score: 680
  • 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
  • DVM
  • DPM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Truist

(All 50 States Except AK, AR, HI, OR)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Truist

(All 50 States Except AK, AR, HI, OR)

$100M Closed Loans

Truist, formed by the merger of BB&T and SunTrust in 2019, is a leading banking institution offering a comprehensive range of financial services across the United States.

High-income professionals benefit from Truist's comprehensive wealth management services. These services include personalized financial planning, investment management, estate planning, and risk management. Truist also offers tailored lending solutions and private banking options to meet unique financial needs. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.5 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Wintrust Mortgage

(AZ, CA, FL, IL, IN, MN, MT, ND, WI)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Wintrust Mortgage

(AZ, CA, FL, IL, IN, MN, MT, ND, WI)

$100M Closed Loans

Wintrust Mortgage, established in 1981, is a part of Wintrust Financial Corporation, providing a broad range of customizable mortgage and refinancing solutions across the US.

High-income professionals can take advantage of a wide range of services from Wintrust Mortgage. These include personalized mortgage solutions, refinancing options, and jumbo loans. Wintrust also provides a selection of online tools to assist in managing mortgage payments and planning future finances. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $3,000,000
Down payment Financing
0%up to $850,000
3%up to $1.25 million
5%up to $1.5 million
10%up to $2 million
20%up to $3 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • DPM
  • PharmD
  • DC
  • Fellow
  • Resident
  • DVM
  • OD
  • CRNA
  • NP
  • PA
  • JD
  • CPA
  • PhD
  • RN

Key Terms

  • A Minnesota physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Professionals with student loan payments get special consideration of this debt under physician mortgages.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

Outsiders may think of Minnesota as a cold weather state covered in lakes, but those that live there, including nearly 17,000 working doctors, know that this northern state is filled with beauty and points of interest. Known as the “Land of 10,000 Lakes,” the “North Star State,” and the “Gopher State,” Minnesota was the 32nd state to enter the US and is home to multiple professional sports teams. It is also home to the Mall of America. 

For many, even most doctors, owning a home in Minnesota may seem like it may be out of reach. Data from the Minneapolis Area Realtors shows the average sales price for single-family homes is $375,000. New listings increased by 3.2% over last year’s numbers.

The Minnesota physician mortgage loan program provides professionals, including dentists and doctors who meet qualifications, to obtain an affordable home loan. Some of these loans have low to no down payment requirements for borrowers. For many in the state, this is an opportunity to save and buy a home confidently.

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Advantages/Disadvantages of Minnesota physician mortgage loans

Are you considering a Minnesota physician mortgage? Then you may first want to consider both the pros and the cons that can come with these loans. While repayment is similar to traditional loans, the reduced down payment requirement and reduced focus on student loans make these physician loans appealing. A doctor loan could be the only way for a physician to purchase a piece of real estate, especially for medical residents who come in with high student loan debt and limited cash. If you have eligibility for these loans, you need to know the benefits and challenges associated with them for borrowers. Unlike credit cards or refinancing, doctor loans base the approval mostly on the employment contract and the physician’s future income potential.

The pros are many and provide a range of advantages to physicians. One huge advantage is in how they handle student debt, something that plagues many doctors and professionals. These loans treat student debt favorably, making approval a much easier process. When buying a primary residence, it can be a big sigh of relief for physicians, dentists, and veterinarians to have student loans taken out of the picture as such as negative for home loan qualification. The home buying process is much easier for medical doctors when alternative home financing like a doctor loan streamlines things and focuses more on what’s in the employment contract. A home purchase for health care professionals is an exciting time, but it can also be stressful without the right support in the loan process.

You can also be at the start of your career or job and still qualify for one of these loans. In some cases, a lender may approve you before you have even started a new job, provided you have a contract already in place. 

Some of the issues you may have with a doctor mortgage include their, at times, higher interest rates, the additional account requirements a lender may have, and the fact that high limits can cause you to get in over your head on a loan. All in, however, the lack of PMI and no money down on a doctor mortgage can swing the pendulum back in favor of these products. 

Get Quotes for Your Physician Loan

Should you consider a Minnesota physician mortgage loan?

How can you decide if a Louisiana physician mortgage is best for you? Start out by assessing your career and your dedication to your current region and way of life. If you live in St. Paul but are dreaming of relocating upstate, it may not be the right time. If you are happy in your work and staying put, it may be. 

Physician mortgages are also not the best fit for those who want to get the lowest interest rate. While they can come with low rates on some occasions, they do often come with rates that are higher than conventional loan averages. If you don’t mind paying a bit extra for easy financing terms, zero down and special consideration of student debt, these loans are right for you. 

Examples of doctors who take out physician loans in Minnesota

Doctors in cities, small towns and everywhere in between in Minnesota are taking out physician loans. Take a look at these sample scenarios below to see which doctors are qualifying for physician mortgage loans. 

An anesthesiologist who wants to hold onto savings

Quentin is exactly where he has always wanted to be in his medical career. As an anesthesiologist at one of the premier hospitals in the Minneapolis/St. Paul area, he has achieved all of his career goals. The time has come to buy a home, since he knows he will remain committed to his current job for years to come. He wants to hold on to his savings, however, especially since his wife has twins on the way. A doctor mortgage gives him great financing options with no money down required. 

A physician who has a lot of student debt

Working as an oncologist at the Mayo Clinic is right where Roseanna wants to be. She took out a lot of debt to get there, however, and banks offering conventional mortgages are turning her down left and right due to her debt-to-income ratio. She’s paying down her student debt and her income is on its way up, but she doesn’t want to wait to buy a home. By taking out a doctor mortgage, Roseanna will be able to buy no with very friendly terms.

Looking for a physician loan in a different state?

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

Find a Physician 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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