With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. A physician mortgage loans provides an alternate route, allowing doctors favorable terms and little to no money down.
Doctor Mortgage Loans in South Dakota
Purchasing a home can be an overwhelming undertaking, particularly for physicians who have recently finished their residency and are grappling with student loan debt. In South Dakota, where the housing market can be highly competitive, securing a mortgage that aligns with their distinct financial requirements can present an even greater challenge for doctors.
Physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home.
Doctor mortgages 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 South Dakota.
Here are the best physician mortgage loans available to medical professionals in South Dakota.
PhysicianLoans
Read below to learn more about us. But if you are on a short time-line and are looking for information quickly, go to www.physicianloans.com, click on Get Started and take one minute to complete the short form. Tal will make sure that you get what you need right away.
PhysicianLoans originated as a family business in 1993 and after being a pioneer in the physician loan space, grew to become one of the most trusted brands for doctors. Our loan officers specialize in working with doctors and are true experts on financing for Doctors. Our team can assist you in 47 states
PhysicianLoans is an approved member benefit for the AMA, AOA and SOMA. We are a trusted name in home financing for doctors.
We are also more than just a place for rate shopping. If expertise, advice and customer service are important to you, always be sure to speak with a PhysicianLoans loan officer.
Visit www.physicianloans.com, click on GET STARTED, and take one minute to complete the short form. Or call us at 877-593-9313. We will be in touch quickly and get you what you need to successfully move forward.
Not a hard sales pitch. Just the advice and information you need.
Terms:
No Money Down, No PMI, 50% DTI, Special Underwriting, ARMs and Fixed
Eligible Professions:
MD, DO, DDS, DMD, DVM
Strengths:
Pioneers in this space, Best Customer Service, Experienced
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At The Federal Savings Bank, 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!
Terms:
0% down up to $1 MM loan amount
5% down up to $1.5 MM loan amount
10% down up to $2 MM loan amount
Min FICO – 660 (lower FICO will not affect your rate)
Owner occupied Primary Residence
1-4 unit residential property
Rental income can be used to meet DTI requirement
No MI
No Reserve Requirement
No Prepayment Penalty
ARM loan options
Can close up to 90 days prior to start of new job
Student loan payments deferred for 12+ months are not included in DTI
No limit on the number of years out of residency
Non-occupant co-borrower allowed
Gift funds allowed from family members
Up to 6% seller credit allowed
US Citizens, Permanent Resident Aliens, Work Visa
Min FICO – 660 (lower FICO will not affect your rate) – Can ask for exception for lower
Serving medical and healthcare professionals nationwide
Wide coverage of professionals – We value the contribution of healthcare professionals and want to support as many as possible to achieve the dream of homeownership
Qualify with few funds – low down payment & NO Reserves
Lower rate compared to a traditional mortgage
Program is open to all qualifying professionals regardless of years in practice
Loan available for Cash-out Refi as well (with lower LTV)
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.
The Federal Savings Bank | Co. NMLS# 411500 | All Rights Reserved | thefederalsavingsbank.com
Member FDIC | Equal Housing Lender
US Bank ††
Terms:
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.
First National of Nebraska and its affiliates have nearly $30 billion in assets and 5,000 employee associates. We are the largest privately owned bank in the country and have over 165 years of history helping the communities that we serve. Primary banking offices are located in Nebraska, Colorado, Illinois, Iowa, Kansas, South Dakota, Texas and Wyoming. Learn more at First National Bank of Omaha. We also have additional products to assist Physician Assistants, Nurse Practitioners, CRNAs, and Pharmacists.
Terms:
FNBO offers home financing solutions geared specifically towards physicians with term options of 15 and 30 year fixed, in addition to ARM products up to 15 years. Depending on your loan amount, you would have 3 options:
Option #1
Loan amounts up to $850,000
Requires a 0% down payment
Requires 4 months of reserves
No mortgage insurance
Option #2
Loan amounts from $850,001 to $1,250,000
Requires a 5% down payment
Requires 4 months of reserves
No mortgage insurance
Option #3
Loan amounts from $1,250,001-$1,500,000
Requires a 10% down payment
Requires 4 months of reserves
No mortgage insurance
Above options require:
Minimum credit score of 720
US citizen or permanent resident alien
Must be an active medical doctor or resident or dentist
Fully executed employment contract with no contingencies are permitted for income verification. Applicant must start work within 90 days of loan closing.
Eligible Professions:
MD, DDS, DMD, Resident, PA, NP, CRNA, Pharmacist
Strengths:
We are the largest privately owned bank in the country. We understand the importance of the home ownership process and how moving quickly can help with competing offers. Taking care of our customer is our #1 priority and we have the mortgage technology that allows customers to access their information quickly and accurately.
WCI readers can get a 0.25% rate discount+ on mortgage lending with Laurel Road+. You could also save up to $650 off closing costs+. Explore no Private Mortgage Insurance (PMI) options+ with a Mortgage Loan Officer+. There is no Processing/Application Fee, a value of $1,095+.
Up to 95% financing options available. Ask about our competitive terms on rate/term and cash-out refinancing. NO PMI. Fixed rate and variable rate mortgages available. NO prepayment penalty. Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Eligible Professions:
MD, DO, Resident, Fellows, DPM
Strengths:
Low fixed and variable APRs. Streamlined application and approval process. Available in all 50 states. Applicants may also receive up to $650 in closing cost credits. Laurel Road’s digital application is available 24-hrs per day for busy working professionals. See laurelroad.com
Notice: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All credit products are subject to credit approval. Mortgage products are also subject to collateral approval. Mortgage products are available in all 50 U.S. states and Washington, D.C. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
1The interest rate discount of 0.25% is offered to borrowers who are active White Coat Investor readers and who are an intern, resident, fellow, doctor, clinical professor, researcher, or managing physician at the time of closing. To be eligible borrowers also must have a current medical license (as applicable) and have earned a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM) evidenced by a diploma. This 0.25% interest rate discount cannot be combined with other offers, except the Rewards Program. For Fixed-rate mortgages, the 0.25% rate discount is a permanent interest rate reduction that will be reflected in the Promissory Note interest rate. For adjustable-rate mortgages, the 0.25% rate discount will apply to the initial Fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note.
2Laurel Road offers up to $650 in lender's credit towards your mortgage closing costs. Credits cannot exceed borrowers' actual costs to close. For more information on how to obtain the $650 credit, refer to the Rewards Program information here.
395% financing is only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Only available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Retired doctors are not eligible. Additional conditions and restrictions apply.[/scroll-box]
With a career in the mortgage industry since 1990, we understand that listening to your short-term and long-term goals is key to structuring a loan that will successfully meet your individual needs. We believe in exceeding your expectations throughout the loan process, whether you are purchasing or refinancing your current home, vacation home or income property. We specialize in Physician Loans, Construction Loans, and Luxury Home Financing (Jumbo Mortgages). There is an impressive array of mortgage products available through Huntington, we will work with you to help determine mortgage loans options to meet your needs.
Please contact us today to schedule a convenient time to discuss your home financing options! We want you to become a Huntington customer for life!
Terms:
We offer Zero Down up to $1,000,000, 5% Down from $1,000,001 to $1,250,000 and 10% Down from $1,250,001 to $2,000,000 – all with NO PMI. This is for Primary Homes only and includes all Purchases, Refinances and Cash Out Refinances with up to $250,000 Cash Out. Minimum Credit Score is 700. We offer all Loan Programs such as a 30 Year Fixed, 15 Year Fixed, 3/6, 5/6, 7/6, 10/6 and 15/6 ARM products. Non-Warrantable Condos are also eligible, however, with 10% Down.
Eligible Professions:
MD, DO, DDS, DMD, DVM, DPM
Strengths:
Our Dr Program has been in place for over 13 years! Here at Huntington, we also service all our Physician Loans and do not sell or transfer the loans to another servicer. We allow for up to a 50% Debt to Income Ratio also, which is higher than most other lenders. Our program is very solid. We specialize with the program here at Huntington, it is ALL that we do!!
Whether you are a first-time homebuyer or have purchased several homes, we support you in a way you have never experienced. Whether you need the one-on-one support with close attention or prefer to utilize our digital experience, you can feel confident knowing you have experienced professionals always on your side. We offer Purchase, Rate/Term Refi’s, Second Home loans up to 90%, Investor Loans and Construction/Rehab loans. FCM has financing programs to tailor a program that fits your financial goals.
Terms:
100% up to $1.25MM. 90% LTV 1.25MM to 1.5MM. Student loans not counted towards ratios.
Minimum credit score of 620. No PMI. No restrictions for time out of residency. Can close up to 90 days prior to employment start date. No Pre-payment penalty. Student loans omitted if deferred. IDR used if in repayment. Gift funds permitted for down payment and reserves.
We offer fully underwritten pre-approvals completed by seasoned underwriters. This allows us to offer a $5,000 21 day close on time guarantee. Set yourself apart from other offers in this tight housing market. We are the lender and decisions are made internally.
This information is offered for informational purposes only. It is not intended as a substitute for, or alteration of, any federal or state law or regulation, company policy, or provision of any written plan document or agreement between the company and any contracted provider. In the event of any inconsistency between information here and any federal or state law or regulation, company policy, written plan document or agreement, the provisions of the relevant law, policy, plan document or agreement will govern, and no person or entity shall be entitled to claim detrimental reliance on any information provided or expressed here. Effort has been made to ensure the accuracy of this information; however, the Company reserves the right to interpret any ambiguity arising from any information provided.
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, 90% to $2MM, less than 10 years practicing(not including residency or fellowship) for down payments less than 10%. Primary Residence SFR, Condo, 2 unit properties eligible. Can close up to 90 days prior to employment start date with signed contract or signed offer letter. 30 year 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, and reserves. We are now able to use 1099 contract income for doctors who have a guaranteed minimum salary in their contract without a 2 year history of income established as a 1099 employee. Must be actively seeing patients.
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 4 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, are designed specifically for medical professionals who may have unique financial situations. These loans offer favorable terms such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios.
Physician loans are thoughtfully designed to be more accommodating, taking into account a doctor's potential future income as a significant eligibility factor, rather than solely relying on their current income and debt. This approach is particularly beneficial for medical professionals who have promising earning potential but might be burdened by considerable student loan debt, which can impact their current financial standing.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in South Dakota
If you've decided to buy a home, and you are committed to living in South Dakota for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend). You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
If you're going to buy a home in South Dakota AND you can't or don't want to put 20% down, then a doctor mortgage loan is a reasonable option and at least as good as the other non-20%-down options.
When comparing conventional vs. doctor mortgages, physician loans do have lots of advantages, but those primarily revolve around easier underwriting requirements. A doctor mortgage can help you qualify for a loan you otherwise couldn't get.
Conventional mortgages are more difficult to qualify for, but there’s a reason for that. If you can qualify for a conventional mortgage, especially if you can make a sufficient down payment to avoid paying PMI, you’ll usually get a lower interest rate and fees. That means a lower monthly payment and a lower overall cost for your loan.
Moving from South Dakota and Need a Doctor Mortgage in a Different State?
