6 Best Physician Mortgage Loans in North Dakota for Doctors and Dentists

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 2024 was $258,000. 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 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. 

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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. BMO Bank, N.A.

Another great lender in North Dakota offering physician mortgage loans is BMO Bank, N.A.. Their unique program, called the BMO Bank, N.A. 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

2. Citizens

Citizens offers a special mortgage program called the Citizens 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.

3. 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.

4. 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. 

5. Wintrust Mortgage

For medical professionals in North Dakota, the Doctor Loan Program from Wintrust Mortgage is an ideal fit. Whether you're an MD, DO, DPM, DDS, DMD, Chiropractor, or PharmD, or in the final six months of your residency, this program is tailored to your needs.

Wintrust has the following financing options available, including 0% down for loans up to $850k:

• 100% for up to $850k
• 97% for up to $1.25 million
• 95% for up to $1.5 million
• 90% for up to $2 million
• 80% for up to $3 million

As you can see, you can access up to $3 million in loans, with the unique feature of considering future income for closings within 90 days of your new job commencement. It covers different property types, such as single-family homes, townhomes, and condos.

For more information about this program, contact Mike DeRaspe.

6. 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

Is a doctor mortgage in North Dakota right for you?

With more than 2,268 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.