8 Best Physician Mortgage Loans in Nebraska for Doctors, Dentists and Veterinarians

Nebraska has always been a cheaper option for home buying, especially for anyone looking to live a more relaxed lifestyle. Whether you’re moving to the Cornhusker State or simply looking to refinance, a doctor home loan is a smart option to consider.

As of January 2023, Nebraska has more than 5,700 active physicians, according to data from the KFF. And this number is expected to grow as the population increases.

As more and more professionals are looking to settle down, there's a growing need for doctor mortgages in Nebraska. In many rural parts of the state, you can still find large homes and lots of acreage for a good bargain. But in more populated cities like Lincoln or Omaha, expect to pay a much higher premium for real estate.

According to March 2023 data on Zillow, the median home price in Nebraska is $236,836, which is still very affordable compared to most states. However, since the beginning of 2023, housing prices have been on the rise, as the median value of single-family homes in Nebraska has increased by 8.3%.

If you're looking to buy a home in Nebraska as a medical professional, doctor, dentist or veterinarian, we have good news! Thanks to the physician mortgage loan, you have a significant advantage in the housing market.

Here's how a Nebraska physician mortgage, or doctor mortgage, works and the details you should know.

How do Nebraska physician mortgage loans work?

Physician mortgages in Nebraska have much higher limits than conventional mortgage loans while also offering other benefits. Most lenders that provide doctor mortgage loans in Nebraska allow physicians, dentists and veterinarians to select a loan with no PMI and options for 0% down.

In some cases, physician home loans have interest rates comparable to conventional loans and usually offer lower down payments than even FHA mortgages.

Here are some of the benefits of a doctor mortgage loan in Nebraska:

• No Private Mortgage Insurance (PMI) required
• 0% down on qualified mortgage loans
• Student loan debt is excluded from the DTI ratio on certain loans

Physician mortgage loans in Nebraska offer rates that can be just as low as conventional mortgages. However, they can come with more favorable treatment for physicians to qualify, like offer letters, for example. The main advantages of a Nebraska physician mortgage loan are no PMI requirement, down payment options lower than 20% and lower interest rates than most JUMBO mortgage options.

The main disadvantage of using a doctor mortgage in Nebraska is that new physicians or dentists could overextend themselves financially. With some lenders offering options for loans up to $2 million or more in some cases, you could qualify for a very large home loan. Be sure to stick to a budget within your means and still comfortably pay the bills.

8 Top Nebraska physician mortgage lenders

If you’re ready to check out the top physician mortgage lenders in Nebraska, here are the best options we’ve found through our research.

Some of these lenders only offer mortgage loans to attending physicians, while others can lend to those still in residency. Some will also allow dentists, nurses, and veterinarians to borrow under their physician mortgage program.

1. BMO Bank, N.A.

BMO Bank, N.A. offers several mortgage options to help make homeownership more affordable for physicians and doctors with student loan debt. The BMO Bank, N.A.'s Physicians’ Mortgage Program offers fixed and adjustable rates without special fees. And this program is available to licensed medical doctors with MD, DDS, DMD and DOs.

BMO Bank, N.A. loan options include:

• No PMI required
• Flexible debt-to-income underwriting
• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million
• Up to $200 discount on closing costs

Physicians practicing for more than ten years are limited to 90% financing. Medical professionals starting residency or in fellowship are also eligible with an employment contract with a start date within 90 days of closing.

2. Citizens

Citizens has a unique mortgage program for physicians and dentists called the Citizens Doctor Loan. This program allows for home purchases and limited cash‑out refinances of a primary residence.

Here are a few highlighted features from the program:

• Up to 95% financing for loans up to $600,000
• No private mortgage insurance
• Student loan debt is excluded from the DTI ratio (or can use IBR payment)
• Choice of a fixed-rate or adjustable-rate mortgage

A 700 minimum credit score is required for the doctor loan only. Citizens was founded in Providence, Rhode Island in 1828 and now operates in 11 states, including Nebraska.

3. First Bank

First Bank's Professionals Mortgage Program offers doctors, dentists and attorneys the options of zero down for a loan of up to $400,000 or 5% down for a loan of up to $1 million, with no PMI. Second homes are ineligible under this program, however, primary residence purchases of a single family home, condo, townhouse or attached PUD are accepted.

Borrowers must start employment within 30 days of closing and must be able to supply a documented two year history in his/her line of work and a fully executed, accepted, non-revocable employment contract. Additionally, borrowers must have a FICO score of 720 or better to be accepted.

4. First National Bank of Omaha (FNBO)

FNBO has been operating in Nebraska since 1857. It is the largest privately held bank subsidiary in the United States and has excellent mortgage programs for physicians and other medical professionals. It offers low down payment options (100% financing is available for qualifying professions) with no PMI.

In addition to their physician mortgage program, they have one of the broadest professional mortgage programs that include those with a CPA, CFA, JD, PA, NP, CRNA, or DVM who are eligible.

Student loans may be excluded from your debt-to-income ratio if your loans are deferred for 12 months.

Who’s eligible (loan amounts up to $1.25 million):

• Practicing medical doctors and residents
• Anesthesiologists
• Pharmacists
• Dentists

Financing options include:

• 0% down for up to $850,000
• 5% down for $850,000 to $1.25 million
• 10% down for $1.25 million to $1.5 million

Who’s eligible (loan amounts up to $1 million):

• Physician Assistants
• Nurse Practitioners
• Certified Registered Nurse Anesthetists
• Veterinarians

Financing options include:

• 5% down for up to $750,000
• 10% down for up to $1 million

5. Flagstar Bank

Medical professionals and other qualifying professionals have good reason to consider Flagstar's program for the purchase or refinancing of a primary residence, thanks to the options of zero down and no PMI. Another highlight about this program is that those in qualifying careers who have a work visa or green card are encouraged to apply.

Qualifying degrees include: MD, DDS, DMD, OD, PharmD, DPM, DO, PA, RN, NP, CPA, DVM, clinical nurse specialists, attorneys and ATP pilots.

Financing choices include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million

It's important to note that in order to be approved for these financing options, you need to have a credit score of 700 or better.

6. Huntington Bank

Huntington Bank's doctor mortgage program is perfect for physicians, dentists and veterinarians. You must have an MD, DO, DDS, DMD or DVM degree to qualify. In Nebraska, Huntington Bank allows high limits on their physician mortgage program. Check out the details below.

Mortgage financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

In addition, recent graduates may find the doctor mortgage programs at Huntington very appealing. New grads can apply for 0% down financing with a letter from their employer and a signed contract showing their promised earnings.

7. UMB Bank

With no PMI insurance required, low down payment options, and no age restrictions, this Doctorate Professional Mortgage Loan program is worth looking into. Residents who have $150,000 or higher in household income are also allowed into this program.

Qualified applicants include those with an MD, DO, DDS, DMD, OD, PharmD or JD.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

Contact: Andrew Berry

Read our full UMB Bank review

8. U.S. Bank

U.S. Bank is a well-known leader in the mortgage industry, and they offer home loans that meet nearly every mortgage need. In addition to their other popular banking products, U.S. Bank provides a physician mortgage program available for medical physicians, residents, fellows and DOs. Lawyers are also welcome to apply under this program.

Financing options include:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

For even more options for doctor mortgage loans in Nebraska, check out our full list of lenders by state.

Is a Nebraska doctor mortgage right for you?

As you can see from the options listed above, Nebraska physician mortgage loans can come with big benefits and very few downsides.

Not everyone has a six-figure income to be able to save up for a downpayment, especially if you have a large student loan payment. Buying a new home or going through a refinance means realizing your dream of homeownership sooner, often with a similar interest rate to a conventional mortgage.

Before settling on a doctor mortgage loan for your home in Nebraska, do some comparison shopping. Evaluate your home financing options from this list to see if a physician mortgage loan with one of the preferred lenders mentioned is a good fit for you.