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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
Outsiders might think of it as a dry, hot state with a lot of desert areas, but New Mexico is a home of much natural beauty that never goes unappreciated by its residents, including over 5,000 working doctors. Whether it’s the unique high desert landscape of Taos or the cultural and artistic depths of Santa Fe and Albuquerque, this four corner state has something for everyone.
For many, however, including doctors in the state, owning a home in New Mexico may seem out of reach. Data from the New Mexico Association of Realtors shows the average sales price for single-family homes in April 2022 was $308,250. The average number of days a home was on the market in April was 23, with 90 homes sold, a true housing shortage area.
The New Mexico physician mortgage loan program is a unique opportunity that could help qualified doctors and dentists buy or refinance a house in the state. With this program, professionals may be able to buy with a low down payment or none at all.
Everything comes with pros and cons, even doctor mortgages. New Mexico physician mortgage loans offer some big ‘pluses’ to start with, including:
Doctors applying for a physician loan can sometimes even get approved before they have even started working at a job.
The cons should be considered, as well, though many don’t feel they outweigh the upside of physician loans. Cons include:
If you feel the pros outperform the cons, then a doctor mortgage may be a good choice for you.
If you’re in the market for a home in New Mexico, consider these physician mortgage loans that are available to state residents.
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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 |
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usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$10M+ Closed Loans
Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.
The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 15% | above $2 million |
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usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$10M+ Closed Loans
Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.
Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
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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 |
Is a New Mexico physician loan right for you? It may be, if you have some of the issues that are so specific to professionals. For example, you may have a good deal of education loans. A physician loan will give that debt special consideration, while a conventional lender will not, affecting your chances of approval.
You also need to consider where you are in your career. If you are staying in your job in the long term and convinced you want to stay in your region of New Mexico, investing in a new home with a physician loan is a great idea.
Doctors who take out New Mexico physician loans all share some common narratives. They are professionals who experience a unique set of circumstances that make these mortgages such a great solution for them.
Becoming an OB-GYN took a lot of effort and more than a few student loans, but Patrick got through. Now that he is starting his residency in obstetrics at UNM Hospital, he is ready to find a home in his new hometown. His medical school debt is not appealing to most conventional lawyers, however, and he has been told they can’t approve him for a mortgage. Patrick heard from another resident at the hospital about a lender offering mortgages tailored to a doctor’s unique financial profile. This lender knows that Patrick’s debt isn’t a mark on his financial record, and they will give it special consideration.
With prices the way they are in Santa Fe right now, there is little chance that Jermaine will save up for a down payment in the near future. While he has some money put by, he will need a few years to get to the 100k he will need to save for a 20 percent down payment on a conventional loan. Rather than wait, he has decided to take advantage of a doctor mortgage that offers 100 percent 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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