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As a medical professional you understand the importance of specialization
- Choose the right specialist for your home finance needs
- Custom strategy for your needs. Get 3-4 times higher loan amounts than conventional loans
- Not all physician loan providers are the same. Our network is vetted so you don’t have to wonder
3 Things You Should Know About Minnesota Hospitals
Minnesota is the land of 10,000 lakes but did you also know it’s also one of the healthiest states in the nation? Minnesota ranked eighth in the USA News and World Report’s 10 healthiest states rankings. One of the reasons Minnesota ranked so high is the premiere hospitals and clinics.
Are you a doctor looking to make a move? Minnesota is an excellent location, especially when it comes to healthcare.
Here are three things you should know about Minnesota hospitals.
1. Premiere Hospitals in Minnesota
Minnesota is home to some of the most recognized hospitals and healthcare in the world. Here are only a couple of the best hospitals in Minnesota.
Mayo Clinic
Most everyone knows the Mayo Clinic, if only by name. That’s because Mayo Clinic’s reputation precedes it when it comes to complex healthcare.
Mayo Clinic is more than one of the best hospitals in Minnesota, it’s one of the best hospitals in the world! They treat more than one million people per year with serious and complicated illnesses. These patients come from the US as well as 130 other countries from around the world.
If you’re a doctor interested in patients with complex health issues, Mayo Clinic is a great place to work. Did you know if you want to move, you’re eligible for special physician loans?
Minnesota Children’s Hospital
In 2024, Children’s Minnesota reaches the 100-year milestone. They’ve been in business since 1924!
This child-centered facility has a top-notch cystic fibrosis program that ranks in the top 10 in the United States. Their neonatal survival outcomes are also some of the best in the country. They treat patients from babies through teens and young adulthood.
Through these and many other hospitals, the healthcare system in Minnesota provides necessary access to over 11 million people per year.
2. Minnesota Healthcare Cares
For all the bad headlines the nation’s healthcare gets, there’s some good news when it comes to Minnesota. The hospitals and health systems give back to the state in a big way – to the tune of over $3 billion dollars to local communities. This includes money for workforce development and education for nurses, doctors, and other healthcare professionals.
The hospitals donate to charity and offer millions of dollars in uncompensated care for patients without insurance and no means to pay their medical bills.
3. Minnesota’s Economic Engines
On top of their excellence, hospitals in Minnesota are a big factor in driving the economic success of the state. The hospitals and healthcare system in Minnesota employ over 120,000 people.
Every fifth job vacancy in the state is in healthcare, and at least 100,000 additional jobs are healthcare-related.
Outstanding Minnesota Hospitals
Minnesota hospitals and the local healthcare system are outstanding in the U.S. and in the world. If you’re thinking about relocating to Minnesota, the healthcare system and hospitals are one more reason to feel good about your move.
Are you a physician thinking about relocating to Minnesota? Did you know there are special loans designed for you
Looking for a Physician Mortgage Specialist in Minnesota?
Whether you are relocating with a physician loan or need a new physician loan, we have helped doctors just like you; Minneapolis, the great city of Saint Paul, and Rochester while not forgetting about Duluth.
Our network of Bankers closed over one billion dollars in mortgages last year, and our vetted banker network is ready to help you.
Take advantage of the best mortgage product in the country, and contact one of our verified lenders today!
As a medical professional, you understand the importance of specialization
- Choose the right specialist for your home finance needs
- Custom strategy for your needs. Get 3-4 times higher loan amounts than conventional loans
- Not all physician loan providers are the same. Our network is vetted so you don’t have to wonder
Doctors are in high demand all around the country, but many are beginning to move up to the North Star State. Turns out, Minnesota is an ideal location for doctors.
But why do so many doctors want to live in Minnesota? What are some reasons Minnesota is such a hot attraction for these professionals?
That’s what we’re here to look at today. Read on to find out more about why so many doctors want to move to Minnesota.
Why Doctors Want to Live in Minnesota
Doctors look around the country for places to work based on things like salary, competition, and other factors. So why Minnesota?
For starters, Minnesota is reportedly the second best state to practice medicine. There are plenty of reasons behind this ranking, so let’s break some of them down:
Competition
Doctors don’t face too much competition to get a job in the state. Only Nevada, Arizona, California, and Mississippi lead Minnesota in terms of low competition.
Salary
It also helps that Minnesota doctors have some of the highest annual salaries in the nation. High demand often results in good pay, and Minnesota doctors get to enjoy the fruit of their labor.
Malpractice Insurance Prices
The state has some of the least expensive malpractice liability insurance in the nation. The state’s medical boards are also known to be less punitive than other states.
Great Public Hospitals
Another major reason doctors want to live in Minnesota is the state’s excellent track record for public hospitals. The state is home to 14 of the 500 best hospitals in the country according to Newsweek.
Benefits of Living in Minnesota
To be fair, there are plenty of benefits to living in Minnesota that anyone can enjoy. It’s an excellent state with plenty to offer, which makes it an even sweeter deal for doctors moving to the area.
Water
People often enjoy the abundance of water in Minnesota. Fans of fishing or boating get a lot out of living near Minnesota cities. The state is called the Land of 10,000 Lakes after all.
The Outdoors
It’s not just the lakes that attract a lot of people to this state. There’s so much wilderness in Minnesota for outdoor-oriented folk to enjoy. Doctors need not look far to enjoy the outdoors when they’re trying to get away.
Clean Cities
All of this culminates in a greener mindset for Minnesota’s cities. Whether you live in Duluth or Minneapolis, many of the state’s cities are committed to keeping a clean environment reflective of the state’s vast wilderness.
Affordability
Minnesota home buyers are often surprised by how affordable the prices are to live in the state. Doctors moving to the area find it easy to live cheaply compared to many other states.
Why Doctors Move to Minnesota
Choosing to live in Minnesota is an easy sell for doctors looking to advance their careers. Not only is the demand high, but the state is an excellent place to set up a new life. For doctors, there are fewer places they’d rather be.
Are you a doctor looking for home financing services? Contact one of our verified physician lenders, to learn about your options.
1. Fifth Third Bank
Fifth Third Bank’s physician mortgage loan program is available to new and established MDs, dentists, and veterinarians (DPM, DDS, DMD, DVM, and OD).
A practicing doctor or dentist—that is, one who has been employed for at least a year or who has been self-employed for at least two years—may be eligible.
Non-residents, fellows, and new doctors also qualify for these same terms, but they must make a low down payment of $1 million.
2. BMO Harris
BMO Harris offers affordable home loans with no PMI and flexible debt-to-income underwriting options.
Even if you have student debt, are starting residency soon, and have an employment contract with a starting date within 90 days of closing, you may still qualify as a licensed medical doctor with MD, DDS, DMD, or DO credentials.
You can choose from the following options to fund your project:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
- 10% down for up to $2 million
3. Wintrust
Formed in 1979 in Denver, Colorado, Wintrust Mortgage is one of the top 20 bank-owned retail mortgage originators and loan servicers in the country, originating in excess of $4 billion in loans annually, in all 50 states. We offer competitive pricing and a wide variety of mortgage products for the first-time homebuyer to the seasoned veteran, as well as the technology and support staff to ease you through the process.
With more than 65 lending offices across the U.S., and more than 175 bank branch locations, Wintrust Mortgage is committed to serving the financial needs of homeowners across the nation.
4. First Citizens Bank
First Citizens Bank provides physician mortgage loans to medical professionals with the following designations: MD, DM, DO, DPO, DDS, PA, CRNA, CRNP, and DPT.
First Citizens Bank offers the following physician mortgage benefits:
- Zero down payment with 100% financing.
- Capacity to build a home, refinance an existing one or buy a home.
- Mortgage split options are available. (80/20 mortgage: 80% as the first mortgage and 20% as a home equity loan.)
You must have at least three years of tax returns or an employment contract to satisfy the requirements, in addition to having a credit score of 700 or higher.
5. First Horizon Bank
When you apply for the First Horizon Bank physician mortgage loan, you can take advantage of no upfront PMI, higher loan amounts, and low credit score thresholds. You may close up to 90 days in advance of starting a new job, provided you have an employment contract. Physicians with a credit score of 680 or less may qualify.
There are three options for funding:
- 0% down for up to $1.5 million
- 5% down for up to $2 million
- 10% down for up to $2.5 million
6. First National Bank
Eligible MDs (Doctors of Medicine), DOs (Doctors of Osteopathic Medicine), dentists, veterinarians, and podiatrists may apply for First National Bank’s Doctor Loan program, provided they are less than 10 years from training. Those with more than 10 years are still eligible but must make a minimum 10% down payment.
Individuals with H-1B visas or green cards are welcome to apply. One must provide a signed offer letter or employment contract to be approved.
Up to 80% of the loan can be cash-out and refinanced. 30-year and 15-, 10-, 7-, and 5-year fixed-rate ARMs are available.
7. Flagstar Bank
Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states, with no PMI and up to 100% financing.
Anyone who has the following degrees may apply to Flagstar Bank: medical residents, MDs, DDSs, DMDs, ODs, Doctor of Pharmacy, DOs, RNs, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPAs, attorneys, veterinarians.
To be eligible, one must be 10 years or less from the beginning of their career.
They provide ARMs or adjustable-rate mortgage refinances for H-1B visa holders or green card holders.
You must have at least a credit score of 720 to qualify for 0% down. You must have at least a credit score of 700 to qualify for 5% down.
You must provide two years’ worth of documentation if you are a 1099 worker.
8. Citizens Bank
A doctor loan from Citizens Bank is available to Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Medicine (DMD), and Doctors of Dental Surgery (DDS). However, you must have completed your residency within the last 10 years or be a current medical resident, fellow, or intern to qualify.
Citizens Bank offers the following financing options for physician mortgages:
Borrowers can choose between a fixed- or adjustable-rate loan.
9. Regions Bank
The Regions Bank Medical Professional Loans program does not require PMI and does not set a limitation on the length of time a medical professional must have been practicing in order to be eligible for a loan.
Regions Bank makes it easier to secure the loan amount you want by excluding some deferred student loan payments from your DTI ratio.
Pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs, among others, are eligible for scholarships. Residents and fellows are also eligible.
You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.
Non-permanent visa holders are not eligible.
There are 10-, 7-, and 5-year ARMs, as well as 30- and 15-year fixed-rate mortgages.
Regions Bank provides fast and friendly consultations at no credit check required.
10. S&T Bank
Doctors, lawyers, and doctorate holders are all eligible for S&T Bank’s professional mortgage program. You can qualify for this exclusive program without PMI if you are a medical doctor, attorney, or doctorate degree holder.
You can get up to 95% financing with 10-, 15-, 20- and 30-year repayment plans.
S&T Bank can provide VA mortgages to service members, veterans, and surviving spouses. The professional mortgage program, however, may provide more benefits.
11. Truist
Physicians, both new and established, can take advantage of the Trust doctor mortgage loan program to obtain low-interest rates and flexible payment plans.
Practicing doctors (MD, DO, DDS, DMD, or DPM) may be financed in one of the following ways:
- 0% down for loan amounts up to $1 million.
- 5% down for up to $1.5 million.
- 10.01% for up to $2 million.
A $750,000 loan amount is permitted, subject to certain restrictions, for accredited fellows and residents in the state.
12. U.S Bank
U.S. Bank provides professional mortgage options for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.
You can borrow up to $2.5 million, but you’ll need a minimum down payment.
U.S. Bank doesn’t advertise the doctor mortgage loan on its website, so get in touch with Jonathan Brozek.