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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
South Dakota is a state noted for its miles and miles of green pastures and open land. It is home to the Black Hills National Forest, Sioux Falls, Mr. Rushmore and the Crazy Horse Memorial. Often called “the land of infinite variety” due to its prairies, cities, and lush forested areas, South Dakota has a lot to offer today’s home buyers, including the almost 2000 working physicians who live there.
Home values here are competitive and growing rapidly. The Realtor Association of the Sioux Empire reported that the median home price here rose over 21% over the previous year. The key concern in South Dakota as it is in other areas is a limited number of homes for sale, which has pushed home values high. Current sales averages are at just under $250,000, in fact.
The South Dakota physician mortgage loan program may help to alleviate some of the financial strain. For qualified providers like doctors and dentists, it may be possible to purchase or refinance a home with fewer limitations. These loans offer no or a low down payment requirement as well.
If you are seriously considering a South Dakota physician loan to mortgage a home, you may like to weigh the pros and cons of entering into such a financial commitment. The pros are a tailored fit for many health care professionals and include higher loan limits, no PMI payments, and the option of 100 percent financing in some scenarios. Doctors will also receive special consideration when it comes to their student debt, which can affect their DTI ratios.
What are the downsides involved? There are just a few, the most significant of which is that borrowers may have to pay a higher interest rate. Lenders also sometimes ask that you also open an account at one of their branches. Veterinarians, physician assistants and nurse practitioners are often excluded, but we encourage you to inquire with each lender to learn more. And, finally, those higher limits can be appealing, but in some scenarios, you may buy more house than you can afford.
If you’re in the market for a home in South Dakota, consider these physician mortgage loans that are available to state residents.
• 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); 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); 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); 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), 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 (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 |
If a South Dakota physician loan is on your list of mortgage options, take some time to assess whether or not it works for you in the long term. Your job should be stable, and you should be more than happy to stay in that position for years to come.
You also want to make sure that you are fine with paying a higher interest rate, which can tally up to a significant sum over the life of a loan.
As a final consideration, look at the status of your student debt. If it will weigh you down for the foreseeable future, a doctor mortgage is your best bet. If you can dig out from under it sooner rather than later, a conventional loan may be a good alternative in a few years.
Who are the South Dakotans turning to physician loans to finance homes? They are professionals just like you whose particular situations make these financial products an easier fit.
When Maggie became a doctor, she knew that she would want to remain in her home state of South Dakota. Now that she has a job in the oncology department at Averra McKinnon Hospital, she wants to buy a home. She only has 10 percent to put down, however, which is limiting her options with conventional mortgages.
Turning to a doctor mortgage allows her to put down even less and she gets to enjoy a range of other benefits on top of that, including special consideration of her student debt from medical school.
Mike’s new fellowship means that he is on track to enjoy a great career in orthopedics. It doesn’t, however, come with a regular paycheck, and that’s something local, conventional mortgage lenders expect.
Fortunately, a lender offering doctor mortgages in Pierre understands that fellows don’t always have traditional work profiles. His signed contract suffices for the lender as proof of employment, and he is on track for approval on a new home mortgage.
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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