5 Best Physician Mortgage Loans in Oklahoma

Physician mortgage loans in Oklahoma are available to medical doctors seeking favorable home purchase financing options.

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Key Terms

  • New doctors can qualify for physician home mortgages prior to starting a new job based on the strength of an employment contract.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • These mortgages don’t require private mortgage insurance (PMI) even when you put nothing down.

Part of the South Central region of the United States, Oklahoma is a landlocked state bordered by Texas, Kansas, Arkansas, Missouri, New Mexico, and Colorado. It is known by many names, but most call it the “Sooner State”.  Oklahoma was the 46th state to enter the United States in 1907, and is a major producer of natural gas and oil. It is also home to over 8,000 working doctors

Buying or refinancing a home in Oklahoma may be difficult for some, even doctors and other professionals. The average sales price for single-family homes in Oklahoma City is $265,000 according to the Oklahoma Association of Realtors

There are lenders in Oklahoma that offer physician mortgage loan programs with favorable terms for doctors. It allows qualified professionals, like doctors and dentists, to obtain a more affordable loan. Some of these loans have low down payment requirements. Others do not require a down payment at all. 

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Advantages and disadvantages of Oklahoma physician mortgage loans

What are the pros and cons of taking out an Oklahoma doctor mortgage? Well, many doctors have a good deal of student debt. What is special about these loans is that the lenders tend not to view student debt as a bad thing. They know that physicians need to rack up a good deal of debt to get through medical school and that their incomes are often substantial as they begin working professionally.

Additional pros include:

  • High loan limits
  • No PMI
  • 100% financing, in some cases

There are a few things that aren’t as favorable with these loans. Those higher loan limits can make it easy for some borrowers to get underwater with a mortgage, for one. You may also need to open an account with whichever lender you choose, since their goal is to build a long-term financial partnership with you. 

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5 Top Oklahoma physician home loan lenders

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

1. 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.

2. Citizens Bank

Citizens Bank is one of the largest banks in the United 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), those in residency programs 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, so likely lower monthly payments
  • 40% max debt-to-income ratio
  • Student loan debt repayments that are 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. City National Bank of Florida

City National Bank of Florida is a medium-sized bank with over $22 billion in assets. Although they are headquartered in Florida, they offer a physician loan in all 48 contiguous states and are eager to find physicians and other professionals as new home buying customers.

We spoke with a loan officer at City National Bank of Florida to gather details on the doctor mortgage program. Here is what we learned:

  • Physicians, Dentists, Attorneys and CPAs are eligible
  • 3% down up to $650,000
  • 5% down up to $850,000
  • 10% down up to $1,250,000
  • 10.51% down up to $2,500,000
  • 15.51% down up to $3,000,000
  • Primary residence and vacation homes are available (higher down payments required for secondary houses)
  • Can finance condos but only with a 20% down payment
  • Minimum credit score required is 660 but better rates/options require 720 credit score
  • Self-employed individuals need to provide 2 years of income verification

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. Bank of America

Bank of America is one of the original mortgage lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company. Not surprisingly, they still offer a doctor mortgage product.

We reached out to a Bank of America mortgage officer to get more details about their program and this is what we learned:

  • 5% down up to $1,000,000
  • 10% down up to $1,500,000
  • Residents and fellows with a job lined up can close on a home 90 days before they start.
  • You can often exclude your student debt from your total debt when you apply for a mortgage.
  • Eligible medical professionals include salaried medical students and medical doctors who are about to begin their new employment/ residency for fellowship within 90 days of closing. Those employed in research, as veterinarians or as professors are not eligible. 

While they may not have the most competitive program, they are a solid choice for a physician looking for a doctor mortgage, particularly if you’re already banking with Bank of America.

Of course, if you aren’t already a current Bank of America customer, they will require you to have, or open prior to closing, a checking or savings account. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement.

When it comes to reserves, Bank of America requires PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 – 6 months, depending on loan amount.

If applicant’s employment does not commence until after closing, in addition to the minimum cash reserves required, sufficient reserves to handle all debt obligations between closing and employment start date up to an additional 90 days must be verified.

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 an Oklahoma physician mortgage loan right for you?

Right about now, you might be asking yourself if an Oklahoma physician loan is the best choice for you.

Ask yourself some of the following questions:

  • Are you happy in your work?
  • Have you spent at least 1 year in your current position?
  • Do you want to stay in your region of Oklahoma for years or even decades?
  • Do you think a higher interest rate is a good price to pay for financing a home?

If your answer is yes to all of the above, a doctor mortgage is likely a more than solid choice for you. 

Examples of doctors who take out physician loans in Oklahoma

Doctors, dentists and other professionals are taking out physician loans across the Sooner State. Their stories may resonate with other doctors and professionals who have experienced difficulties with conventional loans. 

A podiatrist who doesn’t have a down payment

Putting 20 percent down on a home in order to qualify for a conventional mortgage means Dennis needs to have at least 50k on hand. While he does have a pretty substantial savings account thanks to his successful podiatry practice in Tulsa, it would take a big portion of it to make that down payment. Instead, he’s decided to take a local lender up on a doctor mortgage, which will finance 100 percent of the purchasing price of his new home. 

A dentist with a lot of student debt

Student debt is an unfortunate fact of life, especially when you are trying to become a doctor or dentist. For Reyna, her debt became even more “unfortunate” when it began preventing her from buying a home. 

Conventional lenders just didn’t like her DTI ratio, even though she was consistently paying down her student debt and credit cards and earning a lot at her dental practice. A regional lender offering a physician loan understood that her debt was necessary to become a high-earning professional and they are happy to help her finance a 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.

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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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