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Picking up and moving away from the people you know is never an easy thing, especially if you’re a practicing doctor.
When moving to North Dakota, you have to consider the fact that the North Dakota Board of Medicine may operate differently than the one you’re used to. The differences aren’t massive, but they can affect buying a new home or setting up a new physician’s practice.
Here are three things you should know before you make the big move.
1. Physician Salary
Buying a new home means you’ll need to look into physician mortgage loans. Physicians and dentists in North Dakota get access to a special mortgage program designed for them. You may even get access to zero down payment mortgage options.
According to indeed.com, the average base salary for a physician is $72,906 per year. That number varies depending on your specialty and the years practiced.
A salary of around $80,000 is considered an upper-middle-class salary, but you’ll likely purchase a home assuming that your income will grow over time. Keep in mind that the average home value index in North Dakota according to Zillow is currently $271,140.
In comparison, ZipRecruiter claims that the average annual pay in North Dakota ranges from roughly $118,000 to $300,000. Make sure you know what you’ll be getting paid before you decide on your living accommodations.
2. Top Hospitals in the State
According to the Association of American Medical Colleges, there were over 1,806 total active physicians in North Dakota in 2019. The largest portion of them worked in family medicine and general practice. Most of the physicians across ND do their work in hospitals, though.
Sanford Fargo was recently named the best hospital in North Dakota in 2020 due to its high-performance ratings in orthopedics and other procedures. Sanford Bismarck is another regionally ranked hospital known for high performance in 9 adult procedures and conditions.
Some other highly ranked hospitals include St. Alexius Medical Center, Trinity Hospitals, and Altru Hospital.
3. Medical Schools
In terms of medical schools, the top options are North Dakota State University, the University of North Dakota, and the University of Mary.
North Dakota State University is located in Fargo and offers 14 different medical programs. In-state tuition is only about $8,500 for undergraduates and about $11,000 for graduate students.
The University of North Dakota has 20 medical programs in Grand Forks. Although tuition for undergraduates is slightly higher at $8,600, graduates only pay $7,000.
The University of Mary in Bismarck has 15 medical programs. This is one of the more expensive options, as the in-state tuition for both undergraduates and graduates is around $17,000.
Adjusting to the North Dakota Board of Medicine
Like anywhere in the United States, the North Dakota Board of Medicine exists to ensure quality health care for its citizens. The only problem is that you may or may not get paid the same amount as in your previous home state.
If you need help getting a mortgage, Dr. Home Finance has you covered. We offer a custom-made mortgage product specifically for physicians. Contact us to learn more and find the best lender in your state.
Looking for a Physician Mortgage Specialist in North Dakota?
Looking for a Physician Mortgage Specialist in North Dakota?
Whether you are relocating with a physician loan or need a new physician loan, we have helped doctors just like you; Fargo, the great city of Bismarck, and Grand Forks while not forgetting about Minot.
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
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.