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JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
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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.
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:
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.
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.
• Online
usually responds within 30 minutes
Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD), CRNA, Fellows, Residents
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
$500M+ Closed Loans
Bank of America is one of the original 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.
The Bank of America physician mortgage program is available for residents and fellows with a job lined up. They 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. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 20% | up to limit |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Dentist (DMD, DDS), Fellow, Resident, Optometry (OD), Pharmacist (PharmD), Lawyer (JD)
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
$50M+ Closed Loans
BankMD is a division of TransPecos Banks and one of the few specialized physician lenders in the country.
The BankMD physician mortgage program has a 44% DTI ratio requirement and can be used for 1099 doctors who are less than one year into their job. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
| Down payment | Financing |
|---|---|
| 10% | up to $850 thousand |
| 15% | up to $1 million |
| 20% | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows
$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 ]
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 |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$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 ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
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:
If your answer is yes to all of the above, a doctor mortgage is likely a more than solid choice for you.
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.
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.
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.
If you’re looking to explore the best physician loans in other states, click on your state below.
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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