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Physician Mortgage Loans in South Dakota

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Finding the Best Physician Mortgage in South Dakota


As you search for a physician mortgage in South Dakota, it’s crucial to compare different lenders, assess their terms, interest percentages, and deposit options. It’s beneficial to use the services of a mortgage broker who specializes in physician mortgage programs, such as LeverageRx.

While all brokers can guide you with standard loans, finding one with in-depth experience in physician mortgage loan programs is the key to success. These loans come with distinct terms and eligibility criteria, so it’s helpful to collaborate with a broker who possesses experience with this specific type of loan.

To see rates and conditions provided by lenders in South Dakota, LeverageRx is here to lend a helping hand. Our team, which has assisted more than 50,000 physicians and healthcare providers, can pair you with apt banks and premier mortgage lenders.

Once you’ve selected your lender of choice, you’ll need to fill out a loan application and submit it. Prior to this, be sure to gather all necessary documentation, including proof of employment and verification of your education, certifications, or licensing as a healthcare professional. The bank will evaluate your application, conduct a credit investigation, and issue a preapproval based on the information furnished.


Obtaining a Physician Loan in South Dakota


When looking for a physician loan in South Dakota, it’s important to concentrate on lenders and programs that are specifically available within the state. Mortgage loan programs differ from one state to another, so it’s key to identify lenders that serve South Dakota inhabitants.

Here are eight reliable physician mortgage loan providers for physicians in South Dakota.



BMO offers a physician loan program to satisfy the requirements of medical professionals in South Dakota. This program aims to eliminate barriers doctors often encounter when purchasing a home, such as substantial student loan debt and the difficulty of saving a 20% deposit required by standard loans.

Here are the primary features of BMO physician loans:

  • Designations that are eligible: MD, DDS, DMD, DO
  • Financing of up to 95% for loans up to $1.5 million
  • Financing of up to 90% for loans up to $2 million
  • Limited to main residences only
  • Available for both home purchase and refinancing
  • Options for construction financing are also available

BMO extends its physician loan program to doctors, residents, and fellows in South Dakota and all other states, excluding New York. To explore your options and locate an appropriate lender, you can consult with LeverageRx.



For many physicians, securing a conventional loan can be quite an uphill battle due to their significant student loan debt. In South Dakota, Evolve offers an innovative method of assessing student loan debt, opening doors to immediate homeownership opportunities that may have otherwise taken years.

Take a look at the main points of Evolve’s physician loans:

  • Availability extends to MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
  • Financing of up to 100% for loan amounts up to $1,000,000
  • Financing of up to 95% for loan amounts up to $1,250,000
  • Financing of up to 90% for loan amounts up to $1,500,000
  • Financing of up to 85% for loan amounts over $2,000,000
  • Mortgages for primary residences, co-ops, condos, land purchases, and construction financing

Evolve Bank & Trust focuses on physician mortgages for medical professionals within 10 years of finishing their residency or fellowship. Those with over a decade in practice do not qualify for Evolve’s doctor loan. To connect with an Evolve lender, you can see your options through LeverageRx.


First Horizon

With a deep understanding of the unique financing needs of medical professionals, First Horizon offers physician mortgage loans in South Dakota, along with 13 other states. The program’s main highlights include:

  • Applicable to: MD, DO, DDS, DMD, CRNA, CPA, DPM
  • Offered in 14 states, South Dakota included
  • 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
  • The ability to close the loan up to 6 months prior to employment start date
  • No need for Private Mortgage Insurance (PMI)

First Horizon is a sound choice for medical professionals in the hunt for a physician mortgage loan in South Dakota. To find a First Horizon lender that matches your requirements, you can examine your options through LeverageRx.


FNBO (First National Bank of Omaha)

FNBO’s physician loan program is available to physicians and healthcare workers in South Dakota, offering specialized financing solutions for home purchases. The program welcomes individuals with the following degrees: MD, DO, DDS, DMD, CRNA, NP, PA, and DVM.

Key aspects of FNBO’s physician loan program include:

  • Financing of up to 100% for loan amounts up to $850,000
  • Option for a 10% down payment for loan amounts up to $1.5 million
  • Competitive interest rates
  • Flexible criteria for credit and income qualification
  • No requirement for private mortgage insurance (PMI)

FNBO provides both fixed and adjustable interest rate mortgages. As part of the application process, borrowers need to open an account and sign up for AutoPay. To find an FNBO lender that aligns with your needs, you can explore your options through LeverageRx.


Heritage Bank NA

Physicians and medical professionals in South Dakota who want comprehensive financing for their home will find a reliable partner in Heritage Bank NA. Here’s an overview of their program:

  • No down payment needed for residences priced up to $1 million
  • Applicable to: MD, DDS, DO, OD, DPM, and DVM
  • Offered to both practicing and resident physicians
  • No Private Mortgage Insurance (PMI) obligation
  • Allows for occupancy up to 60 days before commencement of your next position
  • Fits both primary and vacation homes

The physician mortgage loan from Heritage Bank NA stands out for its minimal down payment, higher loan-to-value ratio, and accommodating payment calculations and repayment options. To connect with a lender from Heritage Bank NA, consider checking your choices through LeverageRx.

Huntington Bank

Huntington Bank makes its physician loan program accessible to a range of medical professionals in South Dakota, including MD, DO, DDS, DMD, DPM, and DVM. This is a wide range compared to other lenders. Key points include:

  • Exclusive to primary residences
  • No financing available for new construction
  • Both home purchase and refinancing options are available
  • Financing of up to 100% for loan amounts up to $1 million
  • Financing of up to 95% for loan amounts up to $1.25 million
  • Financing of up to 90% for loan amounts up to $2 million

Keep in mind, for loans surpassing $1.25 million, Huntington Bank reqires borrowers to have a minimum of one year of practice, making it unsuitable for residents. However, loans below $1.25 million are accessible whether you’re in training or attending. To delve deeper into Huntington Bank’s physician loan program, refer to our comprehensive Huntington Bank Physician Loan Review.



In South Dakota, Truist offers a physician loan program designed specifically for medical professionals. The program welcomes individuals with these degrees: MD, DO, DPM, DDS, and DMD. Whether you’re a practicing physician, dentist, oral surgeon, resident, or fellow, Truist delivers financing solutions for your primary residence.

Truist’s physician loan program includes:

  • Options to purchase or refinance
  • 100% financing for loan amounts up to $1 million
  • 95% financing for loan amounts up to $1.5 million
  • 90% financing for loan amounts up to $2 million
  • Both adjustable-rate mortgages (ARMs) and fixed-rate mortgages available
  • Eligible properties include single-family homes and condos
  • Relaxed income-to-debt prerequisite
  • No obligation for private mortgage insurance (PMI)

For additional information, please refer to our comprehensive Truist Physician Loan Review.


US Bank

US Bank provides its physician mortgage loans to medical professionals in South Dakota, offering financing options for their new homes. Irrespective of whether you’re in the final stages of your residency or have over a decade of practice under your belt, US Bank attends to your needs.

Key points of US Bank’s physician loan program include:

  • Eligible professionals: MD, DO
  • Restricted to primary residences only
  • Up to 90% financing for loan amounts up to $1.25 million
  • Up to 85% financing for loan amounts up to $1.5 million
  • Up to 80% financing for loan amounts up to $2 million

Bear in mind that US Bank has more stringent eligibility conditions compared to other physician loan programs. Among the doctor home loan programs on LeverageRx, US Bank accepts a narrower scope of medical professionals (MD and DO only). Also, they do not offer an option for 100% financing. For a more thorough understanding, we recommend reading our comprehensive US Bank Physician Loan Review.