- Physicians and dentists in North Dakota can get access to a special mortgage program specifically for high-salary medical professions.
- Enjoy zero or low down payment mortgage options that do not charge private mortgage insurance.
- Get favorable treatment of debt-to-income (DTI) ratio during the underwriting process even with high student loan amounts.
If a move to North Dakota as a medical professional is in your future, this is a great time to look into getting a physician mortgage. Also known as doctor mortgages, this exclusive homeownership program is specifically designed for medical doctors. However, it’s not just for physicians.
A physician loan program in North Dakota is typically open to dentists, veterinarians, podiatrists, nurse practitioners and even pharmacists. Plus, those still in residency or fellowship could also qualify.
According to Zillow, the average home value in North Dakota in 2022 was $284,909. Values have gone up a lot, although we’re seeing a lot more volatility as of late. Fortunately, you can use the physician mortgage loan as a unique tool to free up cash flow and get the best deal on a new home, even in a high-cost, uncertain environment.
If you’re seeking information about a physician mortgage in North Dakota, keep reading. Find out about the benefits and requirements you should know before applying.
How do North Dakota physician mortgage loans work?
If you have a large amount of student loan debt but also a high salary profession, a physician mortgage loan could be a smart move. As mentioned, this homebuyer program is open to anyone with an MD, DDS, OD, DP, DO, DVM, DPM, DC or PharmD.
It offers more benefits than a traditional conventional home loan, such as flexible down payment options and no private mortgage insurance (PMI). Here are a few of the main benefits of getting a physician mortgage in North Dakota:
- Zero down or low down payment options.
- Up to 100% financing for loans as high as $3.5 million.
- No PMI required, regardless of down payment.
- Limited income history is not a deterrent.
- Favorable treatment of student loan debt during underwriting.
Why do we recommend a physician loan mortgage if you live in North Dakota? The loan amounts well-exceed conventional loan limits and come with specific benefits to doctors and dentists. Conventional mortgages require a 20% down payment, but doctor mortgages offer zero down or low down payment options and up to 100% financing.
Borrowers will also get access to no required private mortgage insurance and lower interest rates, unlike what is offered through most JUMBO mortgages. Additionally, you could qualify as a resident starting a new job or in a fellowship, as long as you acquire proof from your new employer.
What mortgage product do you need?
Your Occupation As Of September 2023
Are You Currently Working With a Realtor?
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Would You Like to Add Any Additional Details?
6 Best physician mortgage lenders in North Dakota
Let’s explore the specific lenders who offer physician mortgage loans in North Dakota. This list includes some of the best banks that specialize in working with getting the best home loan for medical professionals.
1. Evolve Bank & Trust
North Dakota doctors, dentists, podiatrists, optometrists, pharmacists, veterinarians, PAs, NPs, RNs, clinical nurse specialists, ATP pilots, CPAs and attorneys can finance up to $1 million with no down payment with the Evolve Bank & Trust physician mortgage loan. H-1B and green card holders can also apply, as long as 25% down is provided.
Financing options for applicants no more than 10 years out from the start of their career include:
- 0% down for up to $1 million.
- 5% down for up to $1.5 million.
You can choose from adjustable-rate mortgage options; however, Evolve Bank doesn’t offer a 30-year fixed-rate loan.
For 0% or 5% down, you need a credit score of 700.
You’ll also need to provide at least two years of income documentation if you’re a 1099 worker.
For more information, contact Tish Kumar.
2. U.S. Bank
The professional mortgage options at U.S. Bank are available for medical physicians, including residents, fellows, and doctors of osteopathy (DO), as well as lawyers. Dentists and nurses are not eligible at this time.
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 more information about U.S. Bank’s doctor mortgage program in North Dakota contact Jonathan Brozek.
3. Huntington Bank
The physician mortgage program from Huntington National Bank is open to doctors, dentists, podiatrists, veterinarians and ophthalmologists. It is also open to recent grads too, as long as it accompanies a letter and signed contract from your new employer.
If you have a credit score of 700 or higher, you could qualify for 0% down for up to $1 million. Additionally, if your credit score ranges from 680 to 699, there are other low down payment options available.
For more information on Huntington Bank’s physician home loans program in North Dakota, reach out to Bill Kekatos.
4. BMO Financial Group
Another great lender in North Dakota offering physician mortgage loans is BMO Financial Group. Their unique program, called the BMO Financial Group Physicians Mortgage Program, is available to doctors, dentists, residents and fellows.
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: Patrick O’Malley.
5. Citizens Bank
Citizens Bank offers a special mortgage program called the Citizens Bank Doctor Loan. It offers limited cash-out refinances of primary residences or loans for new homes.
If you’re a physician or dentist, some of the highlighted features include up to 95% financing and no mortgage insurance. Borrowers also have the choice between a fixed-rate loan or an adjustable-rate mortgage.
6. Flagstar Bank
Flagstar Bank caters their physician mortgage program to medical professionals and other high-earning professionals in all 50 states.
This program offers the options of purchasing or refinancing of a primary residence. Unfortunately, condos, townhomes and vacation homes are ineligible for purchase under the program at this time.
Is a doctor mortgage in North Dakota right for you?
With more than 2,100 practicing physicians in North Dakota, this is a great time to achieve your dream of owning a home. A doctor mortgage takes into account your student loan debt and gives you options to make the home buying process more affordable.
With features like zero down payment, no PMI and favorable treatment of debt during underwriting, you could see big savings. In turn, borrowers can use these savings to put towards renovations, a lower mortgage payment, paying down debt or other big financial goals.
This is why we recommend reaching out to some of the loan officers who offer a doctor mortgage program from the list above. They work with medical professionals just like you every day and are well equipped for your financial situation.
To get started, fill out the form below for a free quote and start your journey to homeownership today.