5 Best Physician Mortgage Loans in Missouri


Physician mortgage loans in Missouri are available to medical doctors, dentists and other professionals depending on the specific loan program of the lender.

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.

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5 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.

1. 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.

3. 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.

4. 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.

5. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a physician loan.

While Keybank doesn’t post a lot of information about their doctor mortgage online, we were able to get in touch with a loan officer at the bank to get all the important details. See below for an overview of the program details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 15% down up to $2,000,000
  • No private mortgage insurance
  • Gifts permitted for down payments
  • Can close on the strength of an employment contract up to 90 days prior to the start of employment
  • Minimum credit score is 700
  • Student loan debt can be calculated based on income driven student loan payments
  • Fixed loans offered in 10, 15, 20, 25 or 30-year terms
  • Adjustable-rate mortgages offered in 5/6, 7/6 and 10/6 options
  • No minimum or maximum years in practice for eligibility
  • Reserve requirements are: 2 months (loans under $500K), 4 months (loans between $500K – $750L), 6 months for loans over $750K plus an additional 2 months if closing prior to start date. Retirement accounts count toward reserve requirements.
  • US Citizens, Permanent Residents and H1B Visa holders are eligible
  • California loans require a minimum of 5% down

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. 

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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