Frandsen Bank & Trust Physician Mortgage Review: Home Lending for Minnesota and Wisconsin Physicians 

If you’re a medical professional living in Minnesota or Wisconsin, you might be eligible for the Frandsen Bank and Trust physician mortgage loan. The program offers a low down payment solution for qualified medical doctors, dentists, podiatrists, veterinarians, pharmacists, nurse anesthetists, optometrists, nurse practitioners and physician assistants — many of which are often excluded from other top physician mortgage programs.

Keep reading to learn about the Frandsen Bank and Trust physician mortgage loan.

Minimum down payment	5% down (with some exceptions for 0% down)
Construction loans	Yes, with separate financing
How they treat student loans	Excluded from debt-to-income ratio (DTI)
Degrees that qualify	MD, DO, DMD, DDS, DPM, CRNA, DVM, OD, PharmD, RPh, NP, PA
Eligible states	MN and WI

Frandsen Bank and Trust physician mortgage details

Frandsen Bank & Trust provides banking products and services to communities throughout Minnesota, North Dakota and Wisconsin. However, its medical professional mortgage program is limited to qualifying borrowers in Minnesota and Wisconsin only.

Unlike most physician mortgage programs, Frandsen Bank & Trust offers a more exclusive home loan program that rewards many healthcare professions.

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Frandsen Bank and Trust physician mortgage loan: Pros and cons

Considering there are many physician mortgage loans to choose from, it’s important to weigh the pros and cons of each program to receive the greatest benefit for your household.

Frandsen Bank and Trust physician mortgage loan pros

Low down payment options with no PMI

Frandsen Bank’s physician mortgage product comes with 5% down and no private mortgage insurance (PMI) requirement. But exceptions are made on a case-by-case basis to secure up to 100% financing.

In most cases, you can expect to see options for 0% to 10% down for up to $2 million.

Variety of qualifying degrees accepted

Instead of restricting eligibility to only medical doctors and dentists, the Frandsen Bank and Trust physician mortgage loan is available to a wide variety of medical professionals.

Eligible professions include medical doctors, dentists, podiatrists, veterinarians, pharmacists (PharmD and RPh), nurse anesthetists, optometrists, nurse practitioners and physician assistants.

Student loan debt is excluded from DTI

With Frandsen Bank, student loans are excluded from your DTI, making it easier to qualify for a mortgage.

Additionally, due to these more flexible underwriting guidelines, you might be eligible for a higher loan amount than with conventional financing options.

Ability to close on a new home with employment contract

If you haven’t started your new position, you can use a fully executed employment contract to close at any time. In comparison, other physician mortgage lenders require a start date within 60 to 90 days to be eligible.

Community banking experience

Depending on where you plan to live, you can receive personalized physician loan financing tailored to residents of Minnesota and Wisconsin. These are areas its own loan officers are personally located in and, therefore, know best.

Additionally, your mortgage will be held and serviced by Frandsen Bank for the life of the loan.

Cashout refinancing available

If you’re looking to refinance your home, Frandsen Bank & Trust offers a cashout refinance for up to 80% of your home’s value. However, you may take out an additional line of credit up to the full value of your home.

Frandsen Bank and Trust physician mortgage loan cons

Limited to borrowers in Minnesota and Wisconsin

Although Frandsen Bank & Trust prides itself on serving local borrowers, you won’t benefit from this product if you live outside Minnesota or Wisconsin.

Related: 19 Best Physician Mortgage Loans in the U.S. 

Must choose an adjustable-rate loan

The Frandsen Bank and Trust physician mortgage loan offers long-term adjustable-rate mortgage (ARM) products. For example, you can choose a 10-year or 15-year ARM.

Note there is no 30-year fixed product for physician loans with this lender.

How to apply for a Frandsen Bank and Trust physician mortgage loan

Frandsen Bank and Trust is well-known among communities in Minnesota and Wisconsin. If you think you’re eligible for its medical professional home loan program, here are your next steps for applying.

Step 1: Get in touch with a Frandsen Bank & Trust representative

Since lenders typically tailor doctor mortgage loans to the borrower, it’s best to contact the lender directly to discuss specific eligibility requirements (e.g., minimum credit score) and program benefits.

Step 2: Prepare personal and financial information for application

Each lender will require certain information and documentation to guide mortgage discussions and process your application.

Generally, you can expect to provide personal information like a driver’s license, your Social Security number, and proof of your degree or medical license. The lender will also need access to financial documents like your recent tax returns and W2s or employment contract.

However, the folks at Frandsen Bank will provide you with a list of items needed to best serve you in the decision-making process and expedite your mortgage application.

Step 3: Apply for the physician mortgage loan and accept the loan if approved

Once you submit your Frandsen Bank and Trust physician mortgage loan application, sit tight as it moves through the underwriting process.

Don’t make any major financial decisions, such as buying a new car or purchasing furniture for your new home. As with any type of mortgage, changes in your financial situation can affect your ability to close on time.

If you’re approved, be sure to read the loan disclosures to ensure you understand all closing costs, loan terms and conditions.

Should you apply for a physician mortgage with Frandsen Bank and Trust?

A Frandsen Bank and Trust physician mortgage loan can greatly benefit medical professionals living in Minnesota or Wisconsin. It offers low down payment options with no PMI and has generous underwriting criteria that excludes student loan debt — all of which are home buyer perks that aren’t usually available to the general public.

However, it’s always best to shop around and compare mortgage lenders and options to find the right fit. You can also fill out the form below to receive convenient quotes for your next purchase or refinance.