5 Best Physician Mortgage Loans in Arkansas

What you need to know:

• Physician mortgage loans in Arkansas offer special benefits to eligible doctors, dentists and other professionals seeking to finance their next home purchase or refinance an existing loan.
• This exclusive program offers low or no down payment options without private mortgage insurance (PMI).
• Physician mortgage loan underwriting does not look as harshly at your student loan debt as other mortgage programs.

Whether you’re a new or established physician or high-income professional, you might be concerned about getting a good deal on your mortgage. Fortunately, some mortgage lenders with doctor mortgage programs recognize that your career comes with a lower risk than the average borrower.

There are over 6,200 physicians in Arkansas and even more high-income professionals such as dentists, lawyers and veterinarians. But the cost of housing is high, and you could benefit from additional financing options to secure your next home purchase or refinance. This is when physician mortgage loans in Arkansas are useful.

What makes an Arkansas physician mortgage loan different?

A physician mortgage loan comes with exclusive homeownership benefits that cater to high-earning professionals — professionals who often have student loan debt.

Unlike a conventional loan, a physician home mortgage opens the door to special privileges:

• High loan limits. A doctor mortgage loan can often go into the seven figures, while conventional loans can have a much lower limit.
• Lower costs. You can get into a house with no money down financing options and no PMI.
• Flexible underwriting. Physician loans have flexible debt-to-income (DTI) underwriting guidelines, especially when it comes to your student loans.
• Relaxed income history requirements. If you’re a new physician, you can use an employment contract with a start date typically within 60 to 90 days of the closing date to meet eligibility requirements.

Physician mortgage options often provide financing in the $750,000 to $1.5 million or more range. Whether a higher limit is advantageous to you depends on your real estate goals. Even if you need a lower loan amount, the 0% down financing options can provide more cash to renovate, purchase furniture or pay down other less tax-efficient debt (such as student loans).

To get started, you can fill out the quote form below or keep reading to see various banks offering doctor home loans in Arkansas.

Top physician mortgage lenders in Arkansas

1. Huntington National Bank

To qualify for Huntington Bank’s doctor mortgage program, you need a MD, DO, DDS, DMD, DPM or DVM degree and at least a 700 credit score.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

Huntington Bank uses your monthly student loan payments or 1% of your outstanding student loan balance as an estimate when calculating your DTI ratio. However, student loans might be treated more favorably if you’re in residency or fellowship.

For more information, contact Bill Kekatos or call him at 847-443-5978.

2. First Horizon Bank

Arkansas physicians, podiatrists and oral surgeons with an MD, DO, OMS or DPM degree can access the physician mortgage program with First Horizon.

Financing choices for borrowers with at least a 680 credit score include:

• 0% down for up to $1.5 million
• 5% down for up to $2 million
• 10% down for up to $2.5 million

First Horizon also allows physicians at any stage of practice to qualify. You can close up to 90 days before starting new employment if you have a job offer in hand.

For more information, email Brent Eckhardt or call him at 910-260-5152.

3. Truist

Arkansas physicians, dentists and podiatrists with an MD, DO, DPM, DDS or DMD degree can qualify for the Truist doctor mortgage loan program. 

If you’re a practicing physician within 10 years of completing your training, you can choose from the following loan options:

• 0% down for up to $750,000
• 5% down for up to $1 million
• 10.01% down for up to $1.5 million

To unlock the best financing options, you need a minimum credit score of 720.

For more information, email Matt Albert or call him at 336-439-3560.

4. U.S. Bank

Arkansas MDs and DOs (including residents and fellows) have access to the U.S. Bank doctor mortgage loan. Lawyers, veterinarians and other high-income professionals could access a similar version of this program with a 10% down payment.

Financing options for physicians include:

• 5% down for up to $548,250 (up to $822,375 in select counties)
• 10% down for up to $1.25 million
• 15% down for up to $1.5 million
• 20% down for up to $2 million
• 25% down for up to $2.5 million

U.S. Bank wants to see at least 6 months of cash reserves.

For more information, email Jonathan Brozek or call him at 916-602-4080.

5. Flagstar Bank

Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states for up to 100% financing with no PMI.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million

Flagstar Bank allows anyone with the following degrees to apply: medical residents, MD, DDS, DMD, OD, Doctor of Pharmacy, DPM, DO, RN, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPA, attorneys, and veterinarians. To be eligible, one must be 10 years or less from starting one’s career. There is no 30 year fixed rate option. They serve H-1B visas and/or green card holders and offer adjusted-rate mortgages (ARMs).

Contact Tish Kumar. Email Tish or call her at 916-289-4774.

Arkansas Physician mortgage loans save you money if used responsibly

Physician home loans are great for physicians who are early in their career or who want to use their cash savings for other purposes besides a larger down payment.

As physician loan programs offer relaxed income and DTI requirements, you’ll likely qualify for a loan that’s a lot more than you’d expect. This high mortgage limit can tempt you to go big, but we recommend sticking to your goals. Remember you can always use the cash to renovate over time as your family needs change.

Research and compare various mortgage loan programs to find the best option for you or fill out the form below to get started.