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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
• Online
usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $750,000 |
| 5% | up to $1 million |
| 10% | up to $1.5 million |
$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 → ]
| Down payment | Financing |
|---|---|
| 3% | up to $825,000 |
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $850,000 |
| 5% | up to $1 million |
| 10% | up to $2 million |
| 15% | up to $3 million |
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usually responds within 30 minutes
$100M Closed Loans
First National Bank of Omaha, founded in 1857, is the largest privately-owned bank in the U.S., offering a full range of banking and financial services across multiple states.
High-income professionals can take advantage of the First National Bank of Omaha's services, which include wealth management, comprehensive financial planning, private banking, and trust services. FNBO also offers personalized strategies for investment, estate planning, and managing retirement assets. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $850,000 |
| 5% | up to $1.25 million |
| 10% | up to $1.5 million |
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $3 million |
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usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
$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 → ]
| Down payment | Financing |
|---|---|
| 10% | Varies |
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usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $850,000 |
| 10% | up to $1 million |
• Online
usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
| 20% | Varies |
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usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $2 million |
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 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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