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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.
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Located in the Upper Midwest of the United States, North Dakota has numerous nicknames, including “Peace Garden State,” Roughrider State,” and “Flickertail State.” It was the 39th state when it joined the US on November 12, 1889, and it is also an iconic part of what is referred to as the Great Plains region of the United States. It is also the home of over 1800 working doctors.
With places like Fargo and Bismarck, as well as a range of shortage areas where doctors are really needed throughout North Dakota, taking a job here as a health professional might be the right next step in your career path. Some doctors move to ND from South Dakota or Minnesota because they got a great job offer, and there are many opportunities for health professionals who do so.
For many North Dakotans, including its doctors, owning a home in North Dakota may seem out of reach. Data from the North Dakota Association of Realtors shows the average sales price for single-family homes is $242,564. About 57% of the homes in North Dakota are single-family homes, with 27% of those homes being built after 2000.
A North Dakota physician mortgage loan program may help to make buying a home here a bit easier. This program is available to qualified dentists and doctors who meet other requirements. If you qualify, you may be able to buy a home with a low down payment or without one at all. As. with any loan repayment program, carefully evaluate doctor loan eligibility and requirements when deciding if this will be part of your home buying process.
A North Dakota physician mortgage loan offers a range of advantages, including:
What are the cons involved, if any? There are a few, including the fact that your lender may very well require that you also open an account with them. You also may find that you have a higher interest rate with some of these loans. Look at the NMLS to see what kinds of homes are for sale in your area to see if you can afford them. Figure if that future mortgage payment works in your budget, too, as you investigate qualifying for one of these loans.
Do your research as a healthcare professional taking out this loan. You need to know interest rates, potential closing costs, eligibility to refinance, any down payment requirements, and loan amount caps. This can help you narrow down your list of lenders as a provider.
Finding a new home for new health professionals like nurse practitioners, practicing physicians, or physician assistants is an exciting process, but it can also be overwhelming to determine which loans you qualify for. Check out the requirements to get a doctor loan, as well as if lenders are member FDIC or equal housing lenders. When looking into these loan repayment programs, not all banks are created equal when it comes to qualifying for these loans, so read all disclaimers first.
If you’re ready to learn more about the best physician mortgage lenders in North Dakota, 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); 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); 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); 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 |
• 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); 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 (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 |
• Online
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 |
• 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 |
When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.
How can you decide if a North Dakota physician mortgage loan is right for you? Take a look at your career, first and foremost. If you are in a position that you love and in which you intend to stay, committing to a mortgage will likely work for you. If you think you will want to make a transition some time soon, it may be better to wait.
You may want to take a look at the interest rate you get, as well. If it is a higher rate, that may work for you, if you believe it’s a good price to pay for everything else that you get with one of these mortgages. If you don’t want to pay that price, waiting to qualify for a conventional mortgage may work best.
The people taking out physician loans in North Dakota are professional just like you and with stories that may be similar to yours, as well. They range from young doctors to seasoned hands looking to maximize their leverage.
Tamara is just about to start her residency at Jamestown Regional Medical Center. She’s confident that she will do well at Jamestown and she wants to remain in the area. Taking out a mortgage has been difficult, however, due to her pretty sizable student debt. Thankfully, a fellow resident told her about a local lender offering doctor mortgages. This lender gives special consideration to Tamara’s student loan payments, allowing her to qualify easily for the loan and buy a home.
As an attending at Tioga Medical Center, Marcus is doing well financially. His wife’s favorite home in their neighborhood is currently on the market, however, and though he wants to get it, he doesn’t necessarily want to sell any investments to free up the cash for a down payment. Taking out a doctor mortgage allows him to maximize his leverage and get the home without liquidating any of his holdings.
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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