5 Best Physician Mortgage Loans in Kansas


Doctor mortgages in Kansas are growing in popularity among medical professionals due to their preferred lending terms.

Key Terms

  • Higher loan limits with potential 100% financing in some cases give borrowers more options.
  • Professionals with student loan payments get special consideration of this debt under physician mortgages.
  • Physician mortgages don’t require PMI, even with no down payment.

Often referred to as the “Sunflower State” or the “Wheat State” and famous for its vast plains, Kansas actually has a lot more to offer than meets the eye. Kansas is home to a number of national trails and landmarks, including portions of the Oregon National Historic Trail and the Pony Express National Historic Trail.

Data from the Kansas City Regional Association of Realtors shows the average sales price for single-family homes is $342,837. Homes tend to be on the market for about 19 days and sell for 103.6% of the asking price. 

If you are a dentist or a doctor considering a home purchase, a Kansas physician mortgage loan program may offer the tools needed with its low down payment requirements and in some cases, no down payment opportunities. That could make it easier for the 6,380 working physicians living in the state to find a home since traditional mortgage loans or refinance options might not apply for new healthcare professionals. If you use your employment contract once you found somewhere you’d like to buy on the NMLS, you might be able to get a physician home loan with many upfront benefits.

If you’re interested in exploring physician loans, keep reading to see their advantages and disadvantages as well as the lenders that offer these programs. If you’re looking for your first home out of medical school or residency, knowing the loan terms is important for getting the full benefits of these programs.

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Kansas physician mortgage loans: The upside and downside

Taking out a Kansas physician mortgage loan brings with it a pretty significant upside. You can access higher limits, for one, allowing you to select for a wider range of Kansan homes. You also receive special treatment for your student debt, giving you a much easier approval process than you might have with a conventional loan. Perhaps most importantly, a physician mortgage loan does not require that you pay PMI, and you can often receive 100 percent financing on a home. 

Are there any downsides? A few, depending on your perspective. The lender may ask that you also open an account with their bank. Some might think that positive, but others might consider it an unnecessary, additional burden. You may also need to pay a higher interest rate on your loan, which can add a few dollars to your overall costs.

Finally, be careful not to buy “too much”; higher limits for a doctor loan can sometimes cause borrowers to invest in more new home than they really need. When choosing from physician home loans, make sure you’ll be able to cover repayment responsibilities in the future.

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5 best doctor mortgage lenders in Kansas

If you’re ready to learn more about the best physician mortgage lenders in Kansas, here are the top options we’ve found through our research.

1. Flagstar Bank

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium-sized bank. However, they punch well above their weight when it comes to mortgages and operate as the sixth largest bank mortgage originator nationally. Not surprisingly, a big part of their success has been a doctor mortgage program.

We contacted Flagstar Bank to learn more details about their physician loan. Here are the key terms that you need to know?

  • 5, 7 & 10 year ARM  products
  • 0% down up to $1,000,000 (first time homebuyer – have not owned in last 3 years)
  • 5% down up to $1,500,000 (first time homebuyer – have not owned in last 3 years)
  • If not a first-time home buyer
  • 10% down up to $1,000,000
  • 15% down up to $1,500,000
  • 20% down up to $2,000,000
  • 25% down up to $2,500,000
  • Fixed products
  • 10% down on the jumbo fixed to a max loan amount of $1,000,000 with no PMI
  • 20% down on the jumbo 30 year fixed with a max loan amount of $3,000,000
  • For first time home buyer (have not owned within last 3 years):
  • 3% down up to $647,200
  • If not a first time home buyer:
  • 5% down up to county limit (with and without PMI)
  • Medical doctors and lawyers are eligible. We weren’t able to confirm that the program is available to dentists and other (non-doctor) medical professionals, but encourage you to contact them to confirm.

The total reported lender fees as of the date of this article were $1395 ($550 processing and $845 for underwriting).

Another benefit of Flagstar is that they can submit a full file to underwriting for an actual loan approval (not pre-approval) without having a purchase contract signed, which makes your competitive with all cash offers and the process less stressful for you. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option.

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

2. First National Bank of Omaha

First National Bank of Omaha may sound like a community bank but they are able to lend to many states in the Midwest and Texas. With $17 billion in assets they  count as a medium-sized bank, perfect for your needs as a lender. Their physician loan is also a competitive product.

We spoke to a loan officer at First National Bank of Omaha to learn more about their doctor mortgage. Here are the highlights:

  • 0% down up to $600,000 (requires 4 months of reserves)
  • 5% down up to $850,000 (requires 4 months of reserves)
  • 10% down up to $1,250,000 (requires 6 months reserves)
  • For non-doctor professionals: 5% down up to $750,000 and 10% down up to $1,000,000
  • Minimum credit score is 720
  • No private mortgage insurance
  • Student loan deferment options
  • Employment contracts that have been fully executed with no contingencies. Must start work within 90 days of closing
  • 30 year fixed rate loans and 10/1 ARM loan options. 10/1 ARM loans offered at a discounted rate, fixed for the first 10 years.

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with physician loan programs based on your specific circumstances.

3. Citizens Bank

Citizens Bank is one of the largest banks in the Untied States. I bet you didn’t know that it’s headquartered 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.

We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:

  • 5% down up to $850,000
  • 10% down up to $1,000,000
  • Practicing licensed medical doctors (MD and DO), dentists (DDS and DMD), residents and research physicians are eligible
  • Licensed residents, fellows and interns can borrow a maximum of $600,00 (or $400,000 if unlicensed)
  • No more than 10 years out of residency
  • Self-employed professionals are eligible with a two-year history of self-employment income
  • 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 private mortgage insurance
  • 40% max debt-to-income ratio
  • Student loan debt that’s deferred for more than 12 months from the date of closing can be excluded from DTI calculations
  • Construction-to-permanent loans available with a maximum of 89% financing
  • Fixed rate or adjustable-rate mortgage options
  • Interest-only option on certain adjustable-rate mortgage options (max financing at 89%)

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

4. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • 0% down payment up to $1 million
  • 5% down payment up to $1.25 million
  • 10% down payment up to $2 million
  • Maximum financing up to $2 million
  • Eligible degrees are: MD, DO, DDS, DVM or DMD
  • Residents are eligible
  • Minimum credit score is 700
  • 2 months reserves required (6 months for jumbo loans) – reserves can be held in bank or investment accounts
  • Gift funds for down payment are OK
  • 30-year and 15-year fixed-rate mortgages
  • ARMs available in 7/6, 10/6 or 15/6 terms
  • Can close on the strength of a new employment contract without paystubs
  • No private mortgage insurance
  • No prepayment penalty

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

5. Arvest Bank

Arvest Bank is headquartered in Bentonville, Arkansas but has branches in Arkansas, Kansas, Oklahoma and Missouri. Its name is a mash up of Arkansas and the word “invest”. The bank is almost entirely owned by the Walton family.

There aren’t too many doctor mortgage programs that allow you to close with $0 money out of pocket by also financing your closing costs, but Arvest offers one of those programs. Here are the physician loan details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 103% mortgage financing option with no money down up to $1,000,000.
  • Arvest will only work with primary residences that are single family and owner occupied.
  • You’ll need a minimum credit score of 660 to qualify.
  • Arvest is able to work with physicians and their spouses to take into consideration income from the non-spouse but still use that income to qualify for the “doctor” mortgage.
  • Arvest can qualify you based on your income as stated in a contract and you can close on the house up to four months before your official start date.
  • They can also accept up to a 50% debt ratio, which would be helpful for professionals with higher than average student loan debt.

When you sign up for an Arvest doctor home loan, you’ll get assigned to a private banker who will be able to offer you discounts on other financial products. You’ll also be given the top level “Platinum Club” checking account for free.

When you’re ready to connect with a loan officer, use our form to quickly match with eligible loan programs based on your specific circumstances.

Is a Kansas physician mortgage loan right for you?

If you are thinking, “Is a Kansas physician mortgage loan right for me?” you may want to ask yourself a few additional questions. To start with, are you ready to plant roots in your part of Kansas? Are you committed to your job and enjoying it? Then, one of these loans may well work for you. 

Also ask yourself how you feel about paying a higher interest rate. You might think  that it is a good price to pay for all the advantages you get with a doctor mortgage; if not, you can always wait and save up toward a down payment on a conventional loan. 

Examples of doctors who take out physician loans in Kansas 

Who are some of the professionals, dentists, and physicians taking out doctor mortgages in Kansas? They range from residents who haven’t yet saved up for a down payment to seasoned pros looking for more options than conventional mortgages offer. 

Resident who doesn’t have down payment

Polly may have an old-fashioned name, but she’s positioned to one day be at the cutting edge of her field. She’s starting an internal medicine residency at KUMC, and her ambition, work ethic and drive are sure to take her far. She has plans to stay in the area in the long term and wants to settle in a home now before she gets too busy.

She hasn’t been able to save up for a significant down payment yet, however; she barely has enough extra savings to make a 3.5 percent down payment on an FHA loan. A doctor mortgage is ideal for her, as an alternative, offering her 100 percent financing with no PMI. 

Doctor who wants to maximize stock investments

Robert is an important figure in Wichita, having established a popular plastics practice and having served for years on various charitable boards. He has been careful with his money, investing it in a well-performing portfolio. Now that he wants to buy a larger home for his family, however, he doesn’t necessarily want to start selling his holdings in order to make a large down payment on a conventional loan. Instead, he’s going with a doctor mortgage that offers 100 percent financing, which will allow him to maximize his leverage. 

If you’re looking to explore physician mortgage loans in other states, check out our national overview of physician loans as a starting point in your search.

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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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