How to Obtain a Physician Mortgage in North Dakota

To find the best physician mortgage in North Dakota, there is one key step that can simplify the entire process. It is essential to compare lenders based on their rates, terms, and down payment options. To make this task easier, it is advisable to collaborate with a mortgage broker who specializes in physician mortgage programs.

While any broker can assist you in finding financing through traditional loans, not all possess the necessary expertise in physician mortgage loan programs. Given that doctor loans have unique requirements and terms, it is crucial to find a broker with knowledge in this specific field.

To begin comparing rates and terms from lenders in North Dakota, you can work with LeverageRx. Our team has aided over 50,000 physicians and healthcare providers in finding suitable banks and mortgage lenders to fulfill their home buying needs.

Once they have connected you with a lender, you will need to complete and submit a loan application. Additionally, you should 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 North Dakota

When searching for a physician mortgage in North Dakota, it is important to focus on lenders and banks with programs available within the state. This ensures that you work with lenders who have a comprehensive understanding of the local market and adhere to state-specific regulations. Loan programs can vary from one state to another, so it is crucial to identify the options available in North Dakota.

Here are seven reputable physician mortgage loan lenders catering to physicians in the state of North Dakota.

BMO

BMO’s physician loan program is designed specifically to address the financing challenges faced by medical professionals. This program addresses the obstacles doctors often encounter when trying to become homeowners, such as significant student loan debt and limited savings for the conventional 20% down payment requirement.

Here are the key features of BMO physician loans available in North Dakota:

• Eligible Designations: MD, DDS, DMD, DO
• Up to 95% financing for loans up to $1.5 million
• Up to 90% financing for loans up to $2 million
• Available for primary residences only
• Mortgages available for both purchase and refinance
• Construction financing options are available

BMO physician loans are accessible to qualified licensed medical doctors, residents, and fellows in all states except New York. To learn more about this program, you can read our comprehensive review of BMO Physician Loans.

Evolve

Evolve Bank & Trust provides a solution for physicians in North Dakota who face challenges qualifying for conventional loans due to high student loan debt. Their physician loans offer an opportunity for immediate homeownership without a down payment.

Here are the key features of Evolve physician loans available in North Dakota:

• Eligible Designations: MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
• 100% financing available for up to $1,000,000
• 95% financing available for up to $1,250,000
• 90% financing available for up to $1,500,000
• 85% financing available for loans exceeding $2,000,000
• For primary residences, co-ops, condos, land purchases, and construction financing

These specialized loans are designed to help you achieve homeownership without the traditional waiting period. However, physicians who have been practicing for over a decade are not eligible for the doctor loan program. To explore your options and find the right mortgage solution, you can get matched with an Evolve lender in North Dakota through LeverageRx.

First Horizon

First Horizon offers physician mortgage loans specifically tailored to medical professionals in North Dakota. Here are the key features of their program:

• Eligible Designations: MD, DO, DDS, DMD, CRNA, CPA, DPM
• Up to 100% financing available for loans up to $1.5 million
• Up to 95% financing available for loans up to $2 million
• Up to 90% financing available for loans up to $2.5 million
• Flexible closing options allow closing up to 6 months prior to the employment start date
• No requirement for private mortgage insurance (PMI)

To explore your options and find a suitable lender from First Horizon, you can request your mortgage rates through LeverageRx.

Heritage bank NA

Heritage Bank NA is a top choice for physicians and medical professionals in North Dakota who are seeking 100% financing options for their home purchases. Their Physician Mortgage Loan program provides several benefits, including:

• No down payment required for homes up to $1 million.
• Lower down payment requirements and higher loan-to-value ratios.
• Available for MD, DDS, DO, OD, DPM, and DVM.
• Accessible to practicing physicians as well as residents.
• No private mortgage insurance (PMI) needed.
• Applicable for both primary and secondary homes.

To explore your options and connect with a lender from Heritage Bank NA in North Dakota, simply complete a mortgage form through LeverageRx.

Huntington Bank

Huntington Bank offers a physician loan program in North Dakota that caters to a variety of medical specialties, including MD, DO, DDS, DMD, DPM, and DVM. Their program provides several advantages for physicians looking to finance their primary residence:

• 100% financing available for loans up to $1 million.
• 95% financing for loans up to $1.25 million.
• 90% financing for loans up to $2 million.
• Exclusively for primary residences.
• Can be used for both purchase and refinance.
• For loans exceeding $1.25 million, Huntington Bank requires at least one year of attending status, making it unavailable for residents. However, loans below $1.25 million are accessible for both residents and attending physicians.

To learn more about the Huntington Bank Physician Loan program in North Dakota, you can refer to our comprehensive review of Huntington Bank Physician Loans.

Truist

Truist offers a physician loan program in North Dakota to doctors with designations such as MD, DO, DPM, DDS, and DMD. Whether you’re a practicing physician, dentist, oral surgeon, resident, or fellow, Truist provides financing options. It’s important to note that Truist considers practicing physicians and dentists with over 10 years of experience ineligible.

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

• Limited to primary residences only.
• Available for both home purchase and refinance.
• 100% financing available for loan amounts up to $1 million.
• 95% financing available for loans up to $1.5 million.
• 90% financing available for loan amounts up to $2 million.
• Offers adjustable-rate mortgages (ARMs) and fixed-rate options.
• Relaxed debt-to-income requirement.
• No private mortgage insurance (PMI) required.

If you’re a medical professional in North Dakota seeking a mortgage solution to meet your unique needs, consider exploring Truist’s physician loan program. To gain a comprehensive understanding of their offerings and make an informed decision, you can read our detailed review of Truist Physician Loans.

US Bank

US Bank provides physician mortgage loans to medical professionals in North Dakota, offering financing options for individuals with designations such as MD and DO. Whether you’re in the final stages of your residency program or have been practicing for a decade, US Bank has financing options for your new home. Here are the program highlights of US Bank’s physician mortgage loans in North Dakota:

• Limited to primary residences only.
• 90% financing available for loan amounts up to $1.25 million.
• 85% financing available for loans up to $1.5 million.
• 80% financing available for loan amounts up to $2 million.

It’s important to note that US Bank’s physician loan program is limited to MD and DO’s only. Compared to other doctor home loan programs, US Bank has a more selective approach in determining eligibility. Additionally, US Bank does not offer a loan option with 100% financing. To learn more about their program and make an informed decision, you can read our comprehensive review of US Bank Physician Loans.