Physician Loans in Arkansas


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8 Best Hidden Doctor Mortgage Loans in Arkansas

Key Terms

  • Put as little 0% down when using an Arkansas physician mortgage loan.
  • No private mortgage insurance (PMI) required when using a doctor mortgage.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.

Arkansas is nicknamed “The Natural State” for good reason. It has an incredibly diverse geographic landscape, which includes the highland regions of the Ozarks and Ouachitas, densely forested land known as the Arkansas Timberlands, and lowlands in the east along the Mississippi River.  

You don’t have to be a dedicated nature lover to want to purchase a home in Arkansas, however. The state has one of the most affordable home price averages compared to state averages across the U.S. Last year, a whopping 36.5% of Arkansas home sales were under $235,000, making it an appealing and affordable market for many looking to buy. 

Doctors and dentists looking to purchase a home in Arkansas can not only enjoy the lower home prices but also take advantage of the state’s physician mortgage loan programs. These programs allow qualified applicants, such as the nearly 6,500 doctors in Arkansas, to buy a home with minimal or no down payment cost. 

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Advantages and disadvantages of Arkansas physician mortgage loans

Arkansa physician mortgage loans are great options for many professionals, but it’s always best to consider all the upsides and downsides of a loan before committing. Here are some of the pros and cons you will want to keep in mind when looking at doctor mortgages in Arkansas. 

Pros:

  • No or little money down, or up to 100% financing
  • Higher limits that can allow you to buy a bigger home than you might expect
  • No required Private Mortgage Insurance (PMI) payments
  • Special consideration for student debt, a pain point for many highly-educated healthcare professionals

What are some of the cons? Consider the following:

  • Higher limits can cause you to buy a bigger/more expensive home than you need or can afford
  • Rates can be higher with doctor mortgages for borrowers
  • The lender may require that you open an account with them (e.g. savings account)

Physician mortgages in Arkansas have a lot of appeal, especially considering that they can often come with 100% financing on a home. Just make sure to keep the cons in mind when weighing things in the balance. Bear in mind that loan repayment will kick in at some point in the future and that the incentives of the physician home loan should always be balanced with the possible downsides. If you have already found a perfect home to live on the NMLS but want to look for options with limited or no down payment, consider some of the home loan lenders for physicians in Arkansas.

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8 Top Arkansas physician home loan lenders

If you’re ready to look over the best doctor mortgage lenders in Arkansas, here are some options to consider.

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

First Horizon Bank

(AL, AR, CT, GA, FL, LA, MS, NC, NJ, NY, SC, TN, TX, VA)

$500M+ Closed Loans

First Horizon Bank has one of the hottest doctor mortgages available as they can lend up to $1.5 million at 0% down.

Being able to lend such a large amount at 0% down is particularly helpful in states like New Jersey, New York and Texas where home prices have risen sharply in the past decade. The only downside is that the program has strict eligibility requirements and folks like dentists and lawyers aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

Down payment Financing
0% up to $1.5 million
5% up to $2 million
10% up to $2.5 million
  • Minimum credit score: 680
  • Maximum loan: $2.5 million
  • Residents / fellows accepted: No
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$500M+ Closed Loans

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.

The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Citizens Bank

(CA, CT, DC, DE, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV)

$500M+ Closed Loans

Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered in the smallest state: Rhode Island.

With over $160 billion in assets, it's no surprise that Citizens offers a full range of financial products, including a physician loan. New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible. No more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
5% up to $850 thousand
10% up to $1 million
15% up to $1.5 million
  • Minimum credit score: Not reported
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: None
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Huntington Bank

(CO, IL, IN, KY, MI, MN, ND, OH, PA, SD, WI, WV)

$500M+ Closed Loans

Huntington Bank operates primarily out of the Midwest.

Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.25 million
10% $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 2 months
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD), CRNA, Fellows, Residents

Arvest

(AR, KS, MO, OK)

$50M+ Closed Loans

Arvest is headquartered in headquartered in Bentonville, Arkansas and is almost entirely owned by the Walton family (Walmart).

The Arvest physician mortgage program can finance up to 103% of the purchase price, allowing you to use the additional 3% for closing costs. They can also accept up to a 50% debt to income ratio, making it useful for professionals graduating in specialties with high student loan debt. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD), CRNA, Fellows, Residents

Down payment Financing
0% up to $1.25 million
5% up to $1.75 million
  • Minimum credit score: 660
  • Maximum loan: Not reported
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Truist

(AL, AR, CA, CT, DC, DE, FL, GA, IN, KY, MA, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV)

$500M+ Closed Loans

Truist was formerly known as SunTrust and has historically been a strong player in the doctor mortgage world, thanks to a strong physician home loan program.

Medical professionals with a job offer can close up to 90 days prior to the start date. For doctors and dentists with 10 to 15 years post-training experience, 89.99% financing is available for up to $1.5 million. Truist won’t let you borrow outside of your debt-to-income ratio of 43%, but your student loan payment can be excluded from the debt component if the student loans are deferred for at least 12 months at the time of closing. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$500M+ Closed Loans

US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.

US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows

Down payment Financing
5% up to $1 million
10% up to $1.5 million
15% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD), Fellows, Residents

Happy Mortgage

(AL, AR, FL, TX)

$50M+ Closed Loans

Happy Mortgage is a division of Centennial Bank and has a doctor mortgage and construction loan program for many medical professionals.

The Happy Mortgage physician mortgage program has a 0% down option that can also be used for construction projects, making Happy Mortgage a good option to review if you plan to build a custom home. They also have second home financiang options for medical professionals looking to use a doctor mortgage for a vacation property. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Physician Assistant (PA), Veterinarians (DVM), Nurse (NP, CRNA), Fellows, Residents

Down payment Financing
0% up to $750 thousand
5% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 700
  • Maximum loan: $3 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: Not reported
  • Rate options: ARM and Fixed

Should you consider an Arkansas physician mortgage?

Ask yourself: Is an Arkansas physician mortgage loan the right fit for you? It very well could be. The answer to that question involves where you are in your life and career and where you see yourself going moving forward. 

Have you planted your roots in Arkansas? Is your job with a government agency or major area hospital and you’re doing something you will want to do for a long time? If you have been in a position for more than a year or two, enjoy the community and lifestyle in your region, and see yourself staying in Arkansas, a doctor mortgage could be a perfect fit. 

Are you comfortable with a potentially higher rate on your mortgage? That higher rate comes with a good deal of benefits, including little to no money down, and may be worth it. If you prefer to find a lower rate, you may want to save toward a down payment on a conventional mortgage. 

Keep in mind that your Arkansas lender offering a physician mortgage is looking for a long-term relationship with you. They covet high-income professionals, and this is something that could benefit you. If you don’t want to commit beyond your mortgage to a lender, however, waiting for a conventional mortgage may be the better fit. 

Interest rates for lenders can vary, but you might also factor in the ability to refinance your loan in the future as you’re weighing whether or not to take out a physician home loan. Keep in touch with your recruiters to gather all the documents like your job contract, as this will be needed in the home loan application process.

The type of doctors who take out physician loans in Arkansas

The following are some classic examples of doctors and professionals in Arkansas who have decided to go with a physician mortgage. Reading through these examples can help clarify whether or not a doctor mortgage is right for you. From primary care to internal medicine and behavioral health, the payment options for buying a home loan through a physician loan is valuable for medical providers who have limited resources for a current down payment.

Doctor with little or no down payment

Laura married her husband early on in medical school and had a child soon after. They both knew they were moving in the same direction, and starting a family felt right. Now at the start of their residencies at Mercy Hospital Northwest, the couple is looking around for mortgage options. 

Raising a child while in medical school didn’t do their savings any favors, so they will only qualify for a mortgage that requires little to no money down. Thankfully, the fact that they have their residencies lined up puts them in good stead with a local lender who specializes in physician mortgage loans. The lender will also give special consideration to their student loans, which are still sizable. A physician loan is the best option for this growing family. 

Doctor who prefer investing in stocks

Tom has an established plastics practice in Little Rock with a great clientele and great income. He has been able to make some impressive investments, too, in a stock portfolio. While the time is right to move his family into a larger home, he doesn’t want to sell his portfolio to have the cash available for a down payment. Instead, he’s decided to turn to a physician mortgage loan to finance his house. His income qualifies him for 100% financing, allowing him to maximize his leverage and keep his investments intact. 

Looking for a physician loan in a different state?

If you’re looking to explore the best physician loans in other states, click on your state below.

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Joshua Holt

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.

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