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.
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.
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.
Is a Missouri physician mortgage loan right for you?
Now that you know more about these financial products, how can you determine if they are the right fit for you? You can start by considering where you are in your career. If you are one year into a new job, it may not be the right time to take out a mortgage, conventional or otherwise. If you are ready to plant roots, however, a Missouri physician mortgage loan can be one of the easiest routes to approval.
Are you alright with paying more interest on a mortgage? Sometimes, physician loans have more competitive rates, but sometimes they do not. If this is a ‘price’ you are willing to pay for the convenience of these mortgages, a doctor mortgage may be great for you.
Examples of doctors who take out physician loans in Missouri
Everyone from young residents to seasoned pros are taking out Missouri physician loans. The following are just some examples of the type of people who are signing up for these doctor-friendly products.
A general practitioner who doesn’t have a down payment
Housing prices are getting up there in the part of Independence where Matt and his family rent. As a general practitioner, he has a great salary, but he does still have student debt and he has put a lot of his cash into his practice. Plus, even a minimal down payment on a conventional loan would be substantial, given housing prices.
Instead, Matt has decided to go with a physician mortgage that offers 100% financing. In this way, he can continue to save and support his practice, while also enjoying the benefit of special consideration of his student debt.
A physician who finds a great rate
Shonda has heard of physician mortgages over the years from colleagues working with her at University Hospital in Columbia. She wasn’t interested at first because of the high interest rates she was seeing. She’s always been careful with debt and credit, and she wasn’t eager to take on a high rate.
Now, a regional lender is offering a physician mortgage at a competitive rate, making the whole enterprise much more appealing to Shonda. She has decided to take out the loan and buy her first home.
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.