5 Best Physician Mortgage Loan in Minnesota

Pros and cons of physician mortgage loans

Physician mortgages can be incredibly useful, but they’re still a tool—so you want to understand what you’re gaining and what you’re trading.

On the upside, these programs are often built to preserve cash. Many allow very low down payments (sometimes even 0%), and many do not require PMI—which can save you hundreds per month compared to conventional financing with less than 20% down. They also tend to be more realistic about student debt and employment transitions, which is a constant theme in medicine.

On the downside, some physician programs lean heavily on adjustable-rate mortgages (ARMs). That isn’t inherently bad—an ARM can be a smart choice if you expect to move again or refinance later—but it does require a plan. Also, low-down-payment financing usually means a larger loan balance, which can push monthly payments higher. The right physician loan helps you buy the right home; the wrong one can stretch your monthly budget more than it should.

The key is simple: match the program to your timeline and your reality, not just the headline terms.

The best physician mortgage lenders in Minnesota

1) Alliant Credit Union: strong student-loan flexibility and condo options

Alliant is a standout for physicians who want a program that adapts to real-world student loan situations and property types—especially condos. The program is available to MD, DO, DDS, DMD, DVM, and DPM borrowers, and it includes residents and fellows. That matters in Minnesota, where buyers are often balancing training schedules, start dates, and a market that doesn’t wait.

Alliant’s biggest advantage is how they treat student loans. If your student loan debt is deferred for at least 12 months, Alliant can omit it from qualifying ratios. If you don’t have a long enough deferment window, they can still use an income-based repayment (IBR) payment, which can dramatically improve qualifying outcomes for early-career physicians.

Alliant also removes a common restriction that catches a lot of doctors off guard: there’s no limit on how long it has been since you completed training. So whether you’re finishing fellowship or you’ve been practicing for years, you’re not locked out because the program is “only for new attendings.”

Property eligibility is another reason Alliant belongs on this list. Financing is available for single-family homes, condos, and two-family owner-occupied residences. They allow both warrantable and non-warrantable condos—helpful when condo project approvals become a surprise hurdle late in the process. Eligibility is also broad from an immigration standpoint: U.S. citizens, permanent resident aliens, non-permanent resident aliens, and foreign nationals can qualify.

And if you’re reading this as a physician household with a spouse in another profession, Alliant also has a First Time Homebuyers program with up to 100% financing and no PMI for other qualifying professionals. Plus, second-home financing is available up to 90%—useful for physicians thinking long-term about lifestyle properties once the primary move is behind them.

2) Wintrust Mortgage: low down payment tiers with contract-based qualifying

Wintrust is a strong fit for physicians who want low down payment options without getting boxed into a rigid “cookie cutter” approval process. Their program tiers are built to scale with your loan amount: 0% down up to an $850,000 loan amount, 3% down up to $1.25 million, 5% down up to $1.5 million, and 10% down up to $2 million.

That structure matters in Minnesota because home prices can swing quickly depending on neighborhood and proximity to major hospital systems. A program that lets you stay liquid—without automatically demanding 20% down—gives you more choices and less stress.

Wintrust’s physician program is available to MD, DO, DDS, DMD, DVM, DC, DPM, and pharmacists. Two features tend to matter most for doctors using this program: the ability to use contract income to qualify (critical if you’re relocating or starting a new role), and student loan treatment that may allow student loans to be excluded if no payment is due for 12 months. In other words, this program is designed to work with physicians who have strong income trajectory but “non-standard” paperwork.

3) Huntington Bank: No money down with physician-friendly underwriting flexibility

Huntington is often a go-to option for physicians who want maximum leverage with simple structure—no money down, no PMI—and underwriting that’s designed for medical professionals rather than for perfectly linear W-2 borrowers.

The program is available to MD, DO, DDS, DMD, and DVM borrowers. Huntington is also one of the lenders on this list that can be particularly helpful when the ratios are tight. They allow debt-to-income ratios up to 50%, which can matter a lot when you’re carrying student loans, buying during a transition, or simply trying to purchase in a higher-cost pocket of the Twin Cities.

Huntington also offers both ARMs and fixed options, which lets you choose the strategy that fits your likely time horizon. If you’re buying a “first attending home” that you might outgrow in a few years, a physician ARM can make sense. If you’re settling in long-term, a fixed-rate strategy may fit better. The advantage here is that Huntington gives you room to make that decision without forcing you into a narrow lane.

4) Flagstar Bank: 100% financing, broad profession eligibility, and strong timing tools

Flagstar’s physician program is one of the most versatile, and it’s built for real-life complexity. They offer 5/6, 7/6, and 10/6 ARMs and allow both purchase and refinance. Eligible properties include single-family homes, condos, co-ops, and PUDs. The program has no PMI, and it’s designed to support physicians who are buying around career changes.

Flagstar allows employment contract/future income qualification, and you can close up to 90 days prior to your start date. That’s a big deal for doctors moving into Minnesota who need to secure housing before the first day on service. They also allow self-employed borrowers and accept IBR payments for student loans—two features that matter for physicians with productivity-heavy compensation, moonlighting, practice ownership, or non-traditional income structures.

From a transaction standpoint, Flagstar gives you useful tools that can lower friction at closing. Seller contributions are allowed, which can reduce cash-to-close, and loan recasting is available. Recasting can be especially helpful if you plan to make a large principal reduction later (after a bonus, the sale of a prior home, or a big liquidity event) but want to keep the existing loan in place and reduce the payment.

Eligibility is broad, too. In addition to the standard physician and dental degrees (and residents and fellows), Flagstar includes a wide set of professions such as PA, NP, RN, CRNA, pharmacists, attorneys, pilots, and PhDs. And for high income/high net worth borrowers, Flagstar has a private client banking tier that may provide access to enhanced offerings. The core strength to remember is simple: Flagstar can finance up to 100% of the property value or price without mortgage insurance, and when paired with seller concessions, it may be possible to structure a purchase with very little out of pocket.

5) First Community Mortgage: Big leverage, higher DTI allowances, and a longer contract-to-close window

First Community Mortgage is the lender on this list that tends to win when timing and flexibility matter most—especially for physicians closing on a home before they start a new job. They offer 0% down up to $2,000,000 and up to $2,500,000 with 89.99% LTV. Eligible properties include one-unit homes, condos, townhouses, and PUDs. PMI is not required, and non-warrantable condos are allowed up to 89.99% LTV.

But the feature physicians notice right away is the contract window: First Community may allow you to close up to 150 days prior to starting new employment. Most lenders cap that window at 90 days. In real physician life—credentialing delays, shifting start dates, kids’ school calendars, and limited house-hunting windows—150 days can be the difference between buying thoughtfully and buying under pressure.

First Community’s program is available to MD, DO, DDS, DMD, DVM, CRNA, OD, DPM, pharmacists, residents, and fellows. They allow debt-to-income ratios up to 50% and do not require a two-year work history for 1099/self-employed physicians. They also allow gift funds to be used for down payment, closing costs, and reserve requirements—another practical advantage for early-career doctors whose families want to help with the move.

They also offer flexibility on student loan payments and may allow omission of a departing residence with a minimum of 20% equity. That last point matters for physicians buying in Minnesota while still carrying a home in another state they plan to sell after the move.

Compare these programs without wasting your weekends

Physician mortgage programs can look similar at first glance, but the details are what decide whether you get approved smoothly—and whether you feel confident in the monthly payment. The lender that’s “best” for a fellow buying a condo near the hospital is often not the same lender that’s best for an attending buying a $1.4M home in the suburbs, or a physician household trying to close before a start date.

At Dr. Home Finance, we help physicians compare these programs quickly and match with the lender that fits their stage, timeline, and property type—without forcing you to learn mortgage language in the middle of a 60-hour week.

If you want a fast recommendation, send over three things: your approximate price range, the city/neighborhood you’re targeting in Minnesota, and whether you’re buying on a current paycheck or a future employment contract. I’ll point you to the best fit out of these five and explain why in plain English.