The Cobalt Professional Mortgage Program is designed for doctors, dentists, attorneys, CPAs, and other qualified professionals looking for flexible home loans in Nebraska and Iowa. With options that include no PMI and low or no down payment, this program makes it easier to buy or refinance a home—especially for those early in their careers or managing student loan debt.*
- Expanded underwriting criteria for student loan debt
- Zero Down Payment Loan
- No Mortgage Insurance
A Mortgage Program Designed for Professionals
Unlike traditional mortgage loans, professional mortgage loans are built for borrowers whose financial profiles may not fit standard guidelines. Many professionals, especially in medical, legal, and financial fields, carry higher student loan balances or are in the early stages of their careers. While their long-term earning potential is strong, qualifying for a conventional home loan can be more challenging.
This program takes those factors into account, offering more flexible qualification options to help you move forward with homeownership sooner.
Key Benefits of a Professional Mortgage Loan:
- More flexible underwriting for qualified borrowers
- Options that don’t require PMI, even with a lower down payment
- Financing solutions tailored to long-term earning potential
It’s a smarter way to approach home financing for those in medical, dental, and professional services fields.
Professional Mortgage vs Traditional Mortgage
Traditional mortgage loans often require private mortgage insurance (PMI) when putting less than 20% down and may use stricter debt-to-income calculations that fully account for student loan balances.
In contrast, professional mortgage loans are designed to provide more flexibility. Qualified borrowers may be eligible for no PMI, low or no down payment, and underwriting that considers student loan repayment plans and future earning potential.
Who Qualifies for a Professional Mortgage Loan
This program is available to qualified borrowers in fields such as:
- Medical (MD, DO, DDS, DMD, OD, DPM)
- Residents and Fellows
- Attorneys
- Certified Public Accountants (CPAs)
- Financial Advisors
If you're unsure whether you qualify, our team is happy to meet with you to discuss your options.
Mortgage Loans for Professionals in Nebraska and Iowa
The Cobalt Professional Mortgage Program is available for primary residences located in Nebraska and Iowa within Cobalt’s lending area.
Whether you’re relocating or starting your career, our team understands the unique needs of professionals and can help guide you through your options.
Get Started
If you’re ready to explore your options or want to see if this program is a fit for you, our mortgage team is here to help.
*An applicant must have, or open prior to closing, a checking or savings account with Cobalt Credit Union. Applicants with an existing Cobalt account prior to application also satisfy this requirement. Those employed in research or as professors are not eligible. Eligible properties must be owner-occupied primary residences and limited to one-unit single-family attached or detached homes. This program is available for conventional purchase and rate-and-term refinance transactions only. Maximum loan-to-value (LTV) is up to 100% for loan amounts up to $650,000 and up to 97% for loan amounts up to $800,000. The property must be located in Nebraska or Iowa and within Cobalt Credit Union’s lending area. A minimum credit score of 700 is required for loans up to 95% LTV, and a minimum credit score of 720 is required for loans exceeding 95% LTV up to 100%. Borrowers must have at least three established tradelines, which may include open or closed accounts. The maximum debt-to-income ratio is 45%. Reserves of 2 months of PITIA (principal, interest, taxes, insurance, and assessments) are required. Gift funds may be used to satisfy this requirement. Employment in an eligible profession may begin within 90 days after the note date. A non-contingent, fully executed, and accepted employment contract or offer letter is required to verify future employment.
Eligible professions include: medical residents, medical fellows, medical doctors, optometrists, podiatrists, doctors of osteopathy, chiropractors, dentists, dental surgeons, ophthalmologists, veterinarians, certified registered nurse anesthetists, physician assistants, pharmacists, lawyers, certified public accountants (CPA), and Chartered Financial Analysts (CFA).
