Physicians aiming to purchase a home in North Dakota encounter challenges due to their distinct financial situations. The burden of substantial education and student loan debt often creates obstacles in securing a conventional mortgage.
Fortunately, physician mortgage loans offer a solution tailored to the needs of medical professionals. These loans address the specific financial hurdles doctors face, providing more favorable terms and increased flexibility.
Best Doctor Mortgage Loan Lenders in North Dakota
Buying a home in North Dakota with its high cost of living can be especially challenging, even with a physician income.
Fortunately, physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home. These loans offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios, making homeownership more accessible to physicians in North Dakota.
If you are a physician in North Dakota who is looking to purchase a home, here's a list of the best physician mortgage loans available to medical professionals in North Dakota.
BCU *
Terms:
Variety of portfolio products available.
Student loans may be excluded from your debt ratio.
Up to 100% financing – no mortgage insurance required.
Home equity, bridge loans, and construction loans also available.
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Novus Home Mortgage *
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At Novus Home Mortgage, we are committed to finding the right mortgage for our customers, including those who are committed to save lives. We understand your unique needs. You might have accumulated debt to become a healthcare professional, but we are here to help you! Our offering will help you buy a home early in your career, and sometimes even before you start your new job!
We are a nationwide portfolio and correspondent lender with in-house underwriting providing quicker closings.
We offer services for:
Purchase
Refinance
Construction
For:
Primary residence
Second Home/Vacation Home
Investment (LTR)
Short Term Rental (STR)
Multi-family and Mixed-use properties up to 8 units
Other products offered:
Fannie Mae & Freddie Mac – Conventional, and High Balance
Community Reinvestment Act (CRA)
VA – No Loan Limit, No DTI Limit
Jumbo – as low as 10% down
FHA
USDA
ITIN – as low as 10.01% down
Construction loans – Conventional & FHA (min 5% down), VA (min 0% down), Jumbo (min 20% down)
DPA for qualified borrowers
Non-QM – DSCR (LTR & STR), Business and Personal Bank Statement, 1099, Asset Depletion, etc
It’s attention to the “details” that sets apart the finest Loan Officers. Please reach out 24×7. My team and I are here to understand your mortgage and financial needs and find the best financing solution for you.
0% down up to $1 MM loan amount
5% down up to $1.75 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 720 FICO to qualify for above min down payment
Can go as low as 680 FICO – with higher down payment
Owner occupied Primary Residence
1-2 unit residential property – Single Family, Townhome, PUD, Condo, Duplex
Non-Warrantable Condos are covered – min 10.01% down
Modular Homes
Rental income can be used to meet DTI requirement
50% Max DTI
No MI
No Prepayment Penalty
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – don’t have to wait to be within 90 days of start of new job (additional reserve requirements will apply)
Yes to all covered professionals – No limit on the number of years out of residency/fellowship
Yes to US residents including work Visa holders – Permanent Residents Aliens, H-1B, J-1, TN NAFTA and others
Yes to acreage (normal for the area)
Yes to you owning multiple properties (additional reserve requirements will apply)
Yes to significant other and/or family to be co-borrower/co-signer to help you qualify, even if they will not occupy the property
Yes to gift funds from family members
Yes to DPA funds if you qualify (hint hint residents!!!)
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Yes to a Construction loan to build your dream home
Subject to credit approval. Terms and conditions may apply. VA is subject to VA eligibility requirement. Property insurance is required for all loans secured by property.
Novus Home Mortgage is a division of Ixonia Bank, NMLS #423065 | All Rights Reserved | novushomemortgage.com
Member FDIC | Equal Housing Lender
Oak Leaf Community Mortgage ∑
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
Terms:
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
Alliant Credit Union ∅
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
Terms:
No PMI. Closing available 90 days before employment starts. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. Medical Professionals may borrow 100% up to $1,250,000, 95% financing up to $1,500,000, and 90% financing up to $2,000,000. Most lenders require that you have completed training within the last 10 years, Alliant Credit Union has no such limit.
Student Loan Debt omitted in qualifying ratios if deferred at least 12 months
Ability to use income based repayment schedule if not deferred for 12 months
No limit on time elapsed since the completion of training
Financing available for single family, condos, and two family owner occupied residences
Warrantable and non-warrantable condos allowed
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
For other professionals we have Our First Time Homebuyers program with up to 100% financing available with no PMI.
Second Home Financing available up to 90% financing.
Construction Financing available up to 90% financing (AZ, CO, IL, IN, MI, NC, SC, and WI)
Please contact the Mortgage Loan Officer listed above covering the state in which you are purchasing.
Rates, terms, and conditions are subject to change. The 5/6, 7/6 and 10/6 ARMs offer a fixed rate for the initial period of the loan and adjust to a 6 month ARM after that period. The interest rate and monthly payment may adjust bi-annually based on the 30 day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points with a 5% life time cap.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgages available in all states except Maryland. Loan approval, interest rate, and downpayment required based on creditworthiness, amount financed, and ability to repay. Rates, terms, and conditions are subject to change and are subject to credit and collateral approval.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Wintrust Mortgage ∑
Terms:
0% down to $850k loan amount, 3% down to $1.2mm loan amount, 5% down to $1.5mm loan amount, 10% down to $2mm loan amount
Eligible Professions:
MD, DO, DDS, DMD, DVM, DC, DPM, Pharmacist
Strengths:
low down payment option, contract income used to qualify, student loans not used if no payment for 12 months
We are one of the largest privately held banks in the country. We pride ourselves by going above and beyond. From your first interaction with us we simplify a process that’s often complex. We understand that your time is precious and our technology allows us to work together as efficiently as possible. We are also very competitive in finding you the lowest rate possible with the lowest possible costs and fees. We understand there may be real estate agents that don’t understand the physician loan program and we like to educate them on the benefits of using this program.
Terms:
Bell Bank offers home financing options geared specifically for physicians and dentists with term options of a 30 year fixed. In addition we also offer ARM options with a 5, 7 and 10 year ARM. Depending on your loan amount you would have 3 options.
Option #1
Loan amounts up to $1,000,000
Requires a 5% down payment
Requires 3 months of reserves
No mortgage insurance
Option #2
Loan amounts from $1,000,000 to $1,500,000
Requires a 10% down payment
Requires 6 months of reserves
No mortgage insurance
Option #3
Loan amounts from $1,500,000 to $2,000,000
Requires a 15% down payment
Requires 6 months of reserves
No mortgage insurance
Above options require:
Minimum credit score of 720
US Citizen
Must be an active medical doctor or resident or dentist
Fully executed employment contract with no contingencies is allowed for income verification. Application must start work within 90 days of loan closing.
Eligible Professions:
MD, DO, DDS, Resident, Fellows
Strengths:
Low fixed and variable APRS. Streamlined approval and application process. Here at Bell Bank we also service all of our loans and do not sell or transfer the loans to another servicer. Student loan payments can be omitted from the debt structure if we can show the payments will be deferred for at least 12 months.
At CrossCountry Mortgage, we separate ourselves from other mortgage lenders by offering exceptional customer service and a broad selection of home financing products. In addition to Physician Mortgages, our portfolio has an extensive range of products — from conventional and jumbo mortgages, to government-insured programs for veterans and rural home buyers, to programs that enable you to make full-cash offers — each homebuyer is different, so we make sure there is a solution for every lifestyle and personal situation.
Terms:
7, 10 and 15 year ARM. 15 and 30 Year Fixed
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
CrossCountry’s Physician Loan Program offers low and no down payment options for Medical Doctors, Dentists and Veterinarians. Our program includes flexible underwriting guidelines such as the ability to use future employment, 1099 contract income, gift funds, and relaxed student loan qualifications.
We value your contributions as healthcare professionals, so we also offer our Preferred Mortgage Savings to members of the White Coat Investor community. Through this affinity program, we will waive our lender and appraisal fees, providing a savings of up to $2198.
Ready to get started? Contact the loan officer for your state to learn more and complete our online application.
Residents with 6 months or less left in their residency or Fellowship programs who have accepted permanent positions or doctors that have completed residency within the past 10 yrs are eligible for the physician mortgage loan.
Green State Mortgage is a boutique lender with access to the most competitive rates and programs. Allow us to tailor a lending program that meets your needs!
Terms:
0% down up to $1,000,000, 5% down from $1,000,000 to $1,750,000, 10% down from $1.750,000 to $2,500,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Fixed and adjustable rates (7, 10, and 15-Year ARM) available. No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves for W2 positions. 60 days prior to start date for 1099 positions.
No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves. Most other lenders limit the purchase date to 60-90 days before starting a new position. We also allow business assets and gift funds for the down payment, closing costs and reserves. Debt-to-income ratios up to 50%. No 2-year history is required for physicians hired as a contractor or 1099 employee. Available nationwide (except CA), 2-unit properties eligible, flexibility for newly self employed.
Green State Mortgage – A division of Green State Credit Union
BMO Bank
BMO Bank has developed a class leading Physician & Dentist Mortgage Loan Program. The below Loan Officers have decades of experience not only in the mortgage industry but also working specifically with Physicians and Dentists. We are dedicated to ensuring a qualify experience to all buyers, from start to finish.
Loan Officer Info:
Please contact the listed Loan Officer based on the state in which you are purchasing.
Terms:
100% financing to $1MM, 95% to $1.5MM, 89.99% to $2MM, less than 5 years practicing for less than 5% down payment, less than 10 year practicing for less than 10.01% down payment(not including residency or fellowship). Primary Residence SFR, Condo, 2 Unit properties eligible. Can close up to 89 days prior to employment start date with signed contract or signed offer letter. 30 yr fixed rate options along with shorter term fixed and ARM’s. No PMI/MI. Rate/Term Refi or Purchase only. Gift funds allowed for down payment, closing costs, & reserves. We are now able to use 1099 contract income for doctors who have a guaranteed minimum salary in their contract, even without a 2 year history of income established as a 1099 employee. Must be actively seeing patients. For properties located in the following states, AL, AK, AR, CT, DE, GA, HI, KY, LA, ME, MD, MA, MI, MS, MT, NC, NH, NJ, OH, PA, RI, SC, TN, VA, VT, WV, & DC borrower must have a minimum of a 6 month established relationship with BMO prior to the application date.
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows
Strengths:
BMO Bank developed and began offering a physician loan program in 2015. The program has been expanding and growing for the past 8 years. All of the Loan Officers listed specialize in the physician loan product. These 3 loan officers have a wealth of knowledge and experience to handle any scenario imaginable. We can quickly determine what options are available within BMO’s loan options to structure a loan to fit your needs. We have dedicated processors and underwriters to ensure a smooth lending process and quick closing. We look forward to earning your business!
Physician loans, also known as doctor mortgages, can be a great option for medical professionals who are looking to purchase a home in North Dakota. These loans are designed specifically for doctors, dentists, and other medical professionals who may have unique financial situations. Physician loans offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios. Lenders who offer physician loans will take into account a doctor's potential future income when considering their eligibility, rather than just their current income and debt. This is because medical professionals often have high earning potential, but may also have significant student loan debt that can impact their current financial standing. By taking this into account, physician loans can help make homeownership more accessible for doctors who may not be able to qualify for traditional mortgages.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in North Dakota
Physician loans present a viable choice for doctors committed to long-term homeownership in North Dakota. However, it is crucial to carefully evaluate all available options before reaching a decision. If you can put down 20% and qualify for a conventional mortgage, taht may be the right route in the long run. Conventional mortgages typically offer lower interest rates and fees, leading to reduced monthly payments and overall lower loan costs.
If you don't plan on putting down 20%, a physician mortgage loan can serve as a reasonable and attractive alternative. These specialized loans cater to medical professionals' unique financial circumstances, providing more flexible down payment options to facilitate homeownership. Ultimately, considering your specific financial situation and long-term goals will help you make an informed choice between the two options.
When comparing conventional mortgages and physician mortgages, physician loans have advantages primarily in terms of easier underwriting requirements. Physician loans can help you qualify for a loan that you otherwise wouldn't be able to get. Conventional mortgages are more difficult to qualify for, but they can offer significant financial benefits if you can meet the requirements. Ultimately, the decision between a conventional mortgage and a physician mortgage will depend on your financial situation and long-term goals.
Moving from North Dakota and Need a Doctor Mortgage in a Different State?
