How to Obtain a Physician Mortgage in Minnesota

To find the right physician mortgage in Minnesota, you’ll need to compare lenders that operate specifically in Minnesota and offer physician mortgage programs. It is highly recommended to work with a mortgage broker who specializes in physician mortgage programs to ensure you find an experienced lender. A knowledgeable mortgage broker will connect you with the best physician mortgage lenders, allowing you to compare rates, terms, and down payment options available in the state.

Not all brokers have expertise in physician mortgage loan programs, so it’s important to find one who is well-versed in this area. LeverageRx can assist you in locating lenders that cater specifically to physicians and healthcare providers in Minnesota.

Once you have selected a lender, you will need to complete and submit a loan application. Be prepared to provide supporting documentation, such as proof of employment, educational background, certifications, or licensing as a healthcare professional.

Where to Find a Physician Loan in Minnesota

When searching for a physician loan in Minnesota, you should focus on lenders and programs specifically available within the state. This ensures that you work with lenders who understand the local market and comply with state-specific regulations. Keep in mind that loan programs can vary from one state to another, so the options available in Minnesota may differ from those in other states.

Here are seven reputable physician mortgage loan lenders for physicians in the state of Minnesota.

BMO

In Minnesota, BMO offers a comprehensive physician loan program to address the unique challenges faced by medical professionals. This program aims to eliminate obstacles to homeownership that doctors often encounter, such as significant student loan debt and limited savings for a traditional 20% down payment.

Here are the key highlights of BMO’s physician loans for physicians in Minnesota:

• Eligible designations: MD, DDS, DMD, DO
• Up to 95% financing for loan amounts up to $1.5 million
• Up to 90% financing for loan amounts up to $2 million
• Available for primary residence only
• Options for both home purchase and refinancing
• Construction financing options are also available

BMO physician loans are accessible to qualified licensed medical doctors, residents, and fellows in all states except New York. To learn more, you can read our comprehensive BMO Physician Loan Review.

Evolve Bank & Trust

Physicians in Minnesota can face challenges when trying to qualify for conventional loans due to their substantial student loan debt. Evolve Bank & Trust offers an alternative solution by providing a pathway to immediate homeownership.

Here are the highlights of Evolve Bank & Trust’s physician loans in Minnesota:

• Available for MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM
• Up to 100% financing available for loan amounts up to $1,000,000
• Up to 95% financing available for loan amounts up to $1,250,000
• Up to 90% financing available for loan amounts up to $1,500,000
• Up to 85% financing available for loan amounts over $2,000,000
• Options for primary residences, co-ops, condos, land purchases, and construction

Evolve Bank & Trust offers physician mortgages to medical professionals within ten years of completing their residency or fellowship training. Physicians with over a decade of practice are not eligible for this loan. To find an Evolve lender, you can explore your options with LeverageRx.

First Horizon

In Minnesota, First Horizon extends its physician mortgage loans to medical professionals, including those with designations such as MD, DO, DDS, DMD, CRNA, CPA, and DPM.

Here are the program highlights for their physician mortgage loans:

• Up to 100% financing for loan amounts up to $1.5 million
• Up to 95% financing for loan amounts up to $2 million
• Up to 90% financing for loan amounts up to $2.5 million
• Flexibility to close the loan up to 6 months prior to the start date of employment
• No Private Mortgage Insurance (PMI) required

To find a First Horizon lender, you can explore your options with LeverageRx.

Heritage Bank NA 

Heritage Bank NA offers attractive financing options for purchasing a home in Minnesota, catering to both practicing physicians and residents. Here are the key highlights of Heritage Bank NA’s physician mortgage loan program:

• $0 down payment on homes up to $1 million.
• Eligible designations include MD, DDS, DO, OD, DPM, and DVM.
• Available for both practicing and resident physicians.
• No requirement for private mortgage insurance (PMI).
• Flexibility to move in up to 60 days prior to starting your next position.
• Suitable for both primary and secondary homes.
• High loan-to-value ratios.

Heritage Bank NA’s physician mortgage loan program offers convenience, flexibility, and favorable terms to assist physicians in achieving their homeownership goals in Minnesota. To explore your options and take the next step towards owning a home, you can explore your choices with LeverageRx.

Huntington Bank

The Huntington Bank physician loan program is available for medical professionals in Minnesota with designations including MD, DO, DDS, DMD, DPM, and DVM. This program offers a wider range of medical specialties compared to other lenders.

Here are a few more highlights:

• Limited to primary residences only.
• No new construction financing available.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.25 million.
• 90% financing up to $2 million.

Please note that for loans exceeding $1.25 million, Huntington Bank requires you to be an attending physician for at least one year, making it unavailable for residents. However, loans below $1.25 million are accessible whether you are in training or attending. For more detailed information about Huntington Bank’s physician loan program, you can read our comprehensive Huntington Bank Physician Loan Review.

Truist

Truist provides a physician loan program specifically designed for medical professionals in Minnesota. If you are a physician, resident, or fellow with the designations MD, DO, DPM, DDS, or DMD, you are likely eligible for this program. It’s important to note that Truist does not consider practicing physicians and dentists with over 10 years of experience as eligible.

Here are the key features of Truist’s physician loan program:

• Limited to primary residences only.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.5 million.
• 90% financing up to $2 million.
• Adjustable and fixed-rate options are available.
• Can be used for single-family homes or condos.

Truist’s physician loan program offers relaxed debt-to-income requirements and eliminates the need for private mortgage insurance (PMI). For more detailed information about Truist’s physician loan program and its offerings in Minnesota, you can read our comprehensive Truist Physician Loan Review.

US Bank

US Bank provides physician mortgage loans in all 50 states, including Maine. Whether you are currently in training or have been practicing for a decade, US Bank offers financing options for your new home. 

Here are the key highlights of their physician loan program:

• Eligible designations: MD, DO
• Limited to primary residences only
• Enjoy 90% financing for loan amounts up to $1.25 million
• Loans up to $1.5 million qualify for 85% financing
• Loans up to $2 million are eligible for 80% financing

US Bank extends their physician loan program to a limited number of medical professional designations compared to other programs (MD and DO only). Additionally, it’s worth mentioning that US Bank does not offer an option for 100% financing.

Read our full US Bank Physician Loan Review.