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. 

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. 

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.