Physician Loans in Missouri


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11 Best Hidden Doctor Mortgage Loans in Missouri

Key Terms

  • A Missouri physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Physicians have access to competitive interest rates for high loan amounts up to $2.5 million or more, depending on the physician mortgage lender.
  • Doctors and other professionals can enjoy no PMI with these mortgages.

Home to the “Gateway to the West” in the form of the St. Louis Arch, Missouri is indeed a transition point between two important regions of the United States. Known alternately as “The Show Me State,” “The Cave State,” and “Mother of the West, ” this landlocked state is bordered by Iowa, Illinois, Kentucky, Tennessee, Arkansas, Oklahoma, Nebraska, and Kansas and has a lot to offer to its citizens, including almost 17,000 working doctors.

For many, owning a home in Missouri may seem out of reach. Data from the Missouri REALTORS shows the average sales price for single-family homes is $289,511. That is a 10.8% increase over last year. There have been 8,138 homes sold in Missouri last month.

For many doctors and dentists who are considering the purchase of a home here, the Missouri physician mortgage loan program may make that easier to do. For qualified professionals, this program may help to reduce or even eliminate the down payment requirement that often limits purchases. If you’re interested in investigating a doctor loan, do your research about how this program works for healthcare professionals so you have all the details needed to purchase a real estate primary residence. If you’re itching to secure your new home because you found one you love on the NMLS, time is of the essence.

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Advantages/Disadvantages of physician mortgage loans in Missouri

Taking out a Missouri physician mortgage loan can be a boon for a professional, no matter where they are in their career. It does take careful consideration, however, including weighing both the pros and cons involved in a doctor loan program.

On the positive side, a Missouri physician mortgage comes with:

  • Special consideration of student debt
  • Loan limits as high as $2.5 million, in some scenarios
  • No required PMI payment(s)
  • Little to no money down 

Some lenders may even approve a doctor before they have even started working in a position, provided that the employment contract has been signed. This can be extremely helpful for a new doctor moving to a new location who wants to get through the homebuying process before starting a job. Since most doctors might not have a first property to refinance, it’s much easier to avoid trying to save for months or even years to get the right down payment amount.

On the other side of the coin, there are higher interest rates to consider, as can sometimes happen with a physician loan. Lenders will also sometimes require that borrowers open a secondary account at their bank, such as a savings account, because the lenders ultimately want you to become a customer of the bank. Finally, taking advantage of higher limits can be great, but keep in mind that this also makes it easier to get underwater in a home quickly and purchase more house than you can afford. Knowing how repayment works, whether there’s a possibility of refinancing in the future, closing costs, interest rates, and other details associated with taking out this loan can help confirm if this is the right choice for you. The reduced down payment options are very attractive for healthcare professionals, but this can also make for a higher mortgage payment over the loan term. Read through all disclosures and get clarity on how the repayment will work in your monthly budget before committing to a doctor loan. Providers who have an employment contract in hand with a good income may be able to make it work.

Get Quotes for Your Physician Loan

11 Top Missouri physician home loan lenders

If you’re in the market for a home in Missouri, consider these physician mortgage loans that are available to state residents.

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/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$10M+ Closed Loans

Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.

The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]

Eligible degrees & accreditations:

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

Down payment Financing
0% up to $1 million
5% up to $1.5 million
15% above $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), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)

First National Bank of Omaha (FNBO)

(CO, IA, IL, KS, MO, NE, SD, TX, WY)

$500M+ Closed Loans

First National Bank of Omaha (FNBO) has one of the most expansive professional mortgage programs on the market with the ability to finance multiple degree types.

Unfortunately, they have a small lending footprint, including only being able to lend in Texas in the Dallas/Fort Worth area. We're always trying to convince them to expand the program and recently they added the ability to finance condos. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Physician Assistant (PA), Nurse Practitioners (NP), Veterinarians (DVM), Attorneys (JD), Certified Financial Analyst (CFA), Certified Public Accountant (CPA)

Down payment Financing
0% up to $850 thousand
5% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 680
  • Maximum loan: $1.5 million
  • 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); 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); Attorney (JD), Fellows, Residents

First Bank

(CA, IL, KS, MO, NE)

$50M+ Closed Loans

First Bank, with a 100-year history of family ownership, offers a range of banking services and is headquartered in Missouri?.

The First Bank Physician Mortgage Program is designed to assist professionals, including doctors, dentists, and lawyers, with their mortgage needs. It offers the option to finance a single-family home or housing in a planned unit development. The program allows professionals to qualify for a mortgage based on contracted income levels, facilitating the relocation process. It provides low down payment options and no requirement for private mortgage insurance, which can be particularly beneficial for professionals in transition or establishing their practice. [ Read Review ]

Eligible degrees & accreditations:

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

Down payment Financing
0% up to $400 thousand
5% up to $1 million
  • Minimum credit score: 700
  • Maximum loan: Exceptions made
  • 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), Fellow, Resident, Optometry (OD), Pharmacist (PharmD), Lawyer (JD)

UMB Bank

(AZ, CO, KS, MO, NE, OK, TX)

$500M+ Closed Loans

UMB Bank has one of the few 0% down mortgages available to lawyers, so is popular among the attorney crowd. They have a small footprint but can be a good bet for doctors too.

The UMB Bank program is limited to just seven states, so that's a major downside if you are outside of their lending footprint. The good news is that a wide range of doctors qualify for the program, including Pharmacists and Optometrists, both of which are sometimes excluded from lending programs. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Optometrists (OD), Pharmacists (Pharm D)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: No
  • Construction loans available: No
  • 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), Podiatrist (DPM)

Laurel Road

(All 50 States)

$10M+ Closed Loans

Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.

Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]

Eligible degrees & accreditations:

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

Down payment Financing
0% up to $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: No
  • 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 (DDS, DMD); Veterinarian (DVM), Resident, fellows

The Federal Savings Bank

(CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, ME, MD, MA, MI, MN, MS, MO, MT, NJ, NY, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY)

$50M+ Closed Loans

The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.

The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]

Eligible Professions:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

Down payment Financing
0% down up to $1 million
5% down up to $1.25 million
10% down up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed

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.

Find a Physician Loan Specialist

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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