From the vibrant streets of St. Louis and the cultural hub of Kansas City to the tranquil beauty of the Ozark Mountains and the scenic vistas along the Mississippi River, the state provides a rich tapestry of experiences for residents to explore. With a lower cost of living compared to many other states, Missouri allows for comfortable living while offering a range of amenities and recreational opportunities. Residents can enjoy outdoor activities such as hiking, fishing, and camping in the state’s numerous parks and natural areas. Additionally, Missouri’s rich history, thriving arts scene, and renowned barbecue cuisine contribute to its unique and appealing lifestyle.

With that high quality of life, Missouri is attractive for many professionals seeking a place to call home, including many dentists. According to the Bureau of Labor Statistics, Missouri is home to 2,200 dentists.

Overall, Missouri offers a relatively affordable lifestyle, allowing residents to enjoy its unique culture and attractions without putting a strain on their finances. However, housing costs present a challenge, with affordability being less attainable. According to the FED, the median listing price of a single-family home in the state currently stands at $299,450. 

As housing expenses continue to rise in Missouri, dentists may face increasing difficulty in affording a home in the Show Me State. Dentist mortgages provide a specialized solution, offering benefits such as reduced down payments, assistance with closing costs, and flexible eligibility requirements.

The advantages of dentist mortgages

In Missouri, dentist mortgages can give dentists a wide range of advantages. These mortgages are finely tuned financial instruments designed specifically to accommodate the financial circumstances of dentists, facilitating their journey towards homeownership in the face of a competitive housing market. These tailored benefits are meant to assist dentists in navigating escalating housing costs and enable them to realize their aspirations of owning a home. 

Are there disadvantages? Sure, including the likelihood of encountering higher interest rates compared to conventional mortgages. That is, however, contingent upon the financial standing of both the lender and borrower. There’s also a possibility of incurring supplementary fees or closing costs, amplifying the overall expense associated with home purchase. 

The accessibility of these programs is restricted at times, too, given how specialized they are. That’s why we put together the list below to help dentists get started. 

What makes Missouri dentist mortgages different from other loans?

So, you’ve probably heard about dentist mortgages, right? They’re also known as physician or healthcare professional mortgages, and they’re not your typical home loans. What sets them apart? Well, for starters, these specialized mortgage programs are designed specifically with dentists in mind. They get that dentists face some unique financial challenges, like irregular work schedules, hefty student loan debt, or maybe not being able to put down a huge down payment.

But here’s the cool part: dentist mortgages often come with perks tailored to help healthcare pros like dentists buy a home. Think lower down payment requirements, maybe even no private mortgage insurance premiums, and sometimes special forgiveness programs for those practicing in underserved areas. Basically, they’re trying to make it easier for dentists to own a home, even with all the hurdles they might face in the housing market.

Plus, applying for a dentist mortgage could be a smoother ride compared to the traditional route. These lenders specialize in working with healthcare professionals, so they get your unique financial situation. They can give you personalized advice and support throughout the application process, making it less of a headache. All in all, dentist mortgages aim to make homeownership more within reach for dentists, helping them navigate the homebuying journey with a bit more ease and confidence.

If you have already attempted to pursue a traditional loan program, either for a primary residence or refinance and have found it challenging, you are not the only medical professional to attempt to overcome these hurdles. Dentists, such as those that have a designation of DDS, DMD, DMV or DMP may struggle to obtain a primary residence with conventional loans. They, like other medical professionals such as medical doctors, pharmacists, CRNAs, medical residents, and nurse practitioners may not meet the qualifying criteria for conventional loans. This is why, for example, medical doctors turn to a physician loan program to get a new home instead. Your loan options may vary, and you should always do your research to determine what is applicable to your individual situation.

Each mortgage lender will have their own underwriting requirements, such as the maximum loan amount qualifying with an employment contract, closing costs, minimum credit score, debt to income ratio/DTI, whether you can get no or low down payment, eligibility periods for refinancing, and fixed rate versus adjustable rate mortgages. You can always ask questions of a loan officer before initiating your loan application. If you already attempted to pursue fixed rate options or conventional loans with a loan application with places such as US Bank, Huntington Bank, First National Bank of Omaha or other traditional lenders, a dentist mortgage may help you overcome these obstacles and get into a new home quickly.

Just like medical doctors use alternative financing options known as physician home loans, physician mortgage loans, or doctor loans with a start date on a new employment contract to qualify them for a home purchase, dentists can also use healthcare professional loans to get approval. If you’re a DPM or DVM who was turned down for a conventional mortgage with other banks, check the loan limits and loan terms with a dentist mortgage instead. From there, you can research houses in your budget on the NMLS or with the help of a realtor.

Examples of dentists who take out dentist mortgages in Missouri

Are these situations ringing a bell? If they resonate with you, a dentist mortgage in Missouri could be an excellent option to consider:

Meet Dr. Smith, a pediatric dentist practicing in a suburban area of St. Louis. As the real estate market in the area continues to thrive, Dr. Smith is eager to gain more leverage in securing his dream home. With housing prices on the rise, however, he recognizes the need for a financial solution that aligns with his profession and goals. Opting for a dentist mortgage provides Dr. Smith with the leverage he seeks, offering tailored benefits such as reduced down payments, assistance with closing costs, and flexible eligibility criteria. With a dentist mortgage in hand, Dr. Smith is well-equipped to navigate the competitive real estate market in St. Louis and turn his homeownership aspirations into reality.

Dr. Johnson is a rural dentist happily serving the small town of Taylor but with one, big problem— he’s saddled with a significant amount of student debt. Despite his dedication to serving his community, Dr. Johnson has found it hard to qualify for a traditional mortgage. Having discovered a dentist mortgage program that offers special consideration to healthcare professionals like himself, Dr. Johnson now believes he can buy a home. With this specialized mortgage option, Dr. Johnson receives the support he needs to overcome barriers to homeownership, including lower down payment requirements, reduced interest rates, and flexible eligibility criteria tailored to his unique circumstances. Thanks to the assistance provided by the dentist mortgage program, Dr. Johnson can fulfill his dream of owning a home in his rural community while continuing to make a positive impact on the lives of his patients.

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Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.