- Kansas doctor mortgages offer medical professionals perks like no private mortgage insurance (PMI).
- Physician mortgage loans in Kansas offer up to 100% financing, with down payment options ranging from 0% to 15%.
- Medical doctors, dentists, veterinarians and other high-income professions like CPAs and CFAs also have home-buying options thanks to the physician mortgage loan.
With a population of nearly 3 million residents, Kansas is considered the Wheat and Sunflower State for good reason. It’s one of the nation’s leading agricultural states and number one in the amount of wheat produced.
This wholesome mid-western state is home to 8,223 practicing dentists and doctors. Unlike its neighboring state of Nebraska, the average home value in Kansas is less than $200,000, so you can get more home for your money. When it comes to real estate, Kansas offers a lot of space and bang for your buck thanks to rows of cornfields, wheat fields and picturesque sunflowers.
But don’t wait to get into the home of your dreams. According to data from Zillow, home prices in Kansas have gone up 13% over the past year. If you’re a doctor who is planning a move to Kansas soon, you have a special mortgage loan program available that can make homeownership more affordable.
The physician mortgage program in Kansas allows medical professionals to take advantage of exclusive perks unique to their financial situation. Yes, it even takes into account high amounts of student loan debt so you can achieve your dreams of homeownership.
Keep reading to learn more about what a physician mortgage loan in Kansas includes and how to take advantage of it.
What are the key features of a Kansas physician mortgage loan?
In Kansas, a physician mortgage is specifically designed for professionals with careers as dentists, nurses, doctors and veterinarians. Because of this, many banks and lenders refer to the programs as doctor mortgages. But these types of loans aren’t just for doctors anymore. Anyone who has MD, DO, DDS, DP, DPM, OD, DVM, DC or PharmD designations can qualify, too.
There are three key benefits of a physician mortgage in Kansas.
Up to 100% financing
Depending on the cost of the home, you could qualify for 0% down and get full financing with a physician home loan. In comparison to conventional mortgages, where borrowers often need to bring at least 20% of the home’s cost as a down payment, a doctor loan keeps more money in your pocket.
No private mortgage insurance (PMI)
Physician home loans in Kansas also come with the benefit of not having to pay private mortgage insurance (PMI). Yep, even with a $0 down payment, you won’t have to pay PMI with a physician mortgage.
The average cost of PMI is between $30 to 70 per month for every $100,000 borrowed, according to data from FreddieMac. This could mean hundreds or thousands of dollars in savings every month.
Student loan debt friendly
Physician mortgage programs in Kansas are designed for high-income earning professionals with large amounts of student loan debt. Thankfully, these programs come with generous underwriting guidelines and flexible terms when calculating your debt-to-income ratio (DTI).
Income allowances are also available for new physicians and those in residency. Many doctor mortgage lenders allow attendings, residents, fellows and interns to use an employment contract as proof of income. The starting date must be between 60 and 90 days prior to closing.
In addition to these three key features, physician mortgages have more attractive interest rates and other financial benefits. For these reasons, we think that a Kansas physician mortgage could help you with your dreams of owning a home.
If you want to get started, check out the quote form below, or keep reading to see the names of each of the Kansas banks offering doctor mortgages.
What mortgage product would you like a quote for?
What is Your Occupation Status Currently?
Are you currently working with a realtor?
Are you a veteran?
What most closely represents the price range of the house you’re searching for?
What is your preferred down payment?
What stage are you at in the home buying process?
How soon do you hope to secure a mortgage approval?
How many banks would you like quotes from?
Have you experienced any bankruptcies or short sales?
State where you want to purchase your home
Metro area where you would like to purchase your home
Would you like to add any additional details?
Best physician mortgage lenders in Kansas
Here are the top Kansas physician mortgage lenders to consider for your next home purchase or refinance. We’ve included the direct contact information for each loan officer and more details about their specific physician mortgage programs.
1. BMO Harris
If you’re planning to purchase or refinance a primary residence in Kansas, the BMO Harris physician mortgage program could be a great fit. This program allows the purchase of two-unit properties, which is appealing if you’re looking to live in one unit and rent out the other.
- 100% financing for up to $1 million
- 95% financing for up to $1.5 million
- 90% financing for up to $2 million
This program is perfect for residents and fellows as long as your employment date starts within 90 days of closing on your home.
With multiple locations in Kansas, First National Bank of Omaha (FNBO) has a physician mortgage loan program that is worth checking out.
As a healthcare professional in Kansas, FNBO offers 100% financing, with no PMI. Plus, student loans may be excluded from your DTI ratio if your loans are deferred for 12 months.
- 0% down for up to $850,000
- 5% down for up to $1,250,000
- 10% down for up to $1,500,000
- Attorney (JD)
The FNBO loan program is open to more than just doctors and dentists. Other high-income professionals can benefit, too.
3. U.S. Bank
Kansas MDs, DOs, residents and fellows should check out the physician mortgage program from U.S. Bank. With loan amounts up to $2.5 million, this program is a good alternative to taking out a JUMBO mortgage.
- 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
To be eligible for U.S. Bank’s doctor mortgage program, you’ll need a credit score of at least 710.
To get more information from U. S. Bank, email Jonathan Brozek or call 916-601-8782.
4. Huntington Bank (previously TCF Bank)
Huntington Bank acquired TCF Bank at the end of 2020, expanding its ability to reach even more midwestern states like Kansas. Their physician mortgage program comes with 0% down on loans up to $1,000,000 and there are no PMI requirements.
Even if you’re newly graduated, just bring a letter from your employer with a signed contract to prove your new salary.
- 0% down for up to $1 million
- 5% down for up to $1.25 million
- 10% down for up to $2 million
To get more information from Huntington Bank, reach out to Bill Kekatos via email or call 847-443-5978.
5. Arvest Bank
Whether you’re just out of medical school, in residency or a practicing physician, Arvest Bank has a physician mortgage loan for you. They offer flexible underwriting options and no PMI is required.
The bank’s physician loan program provides up to 103% loan to value financing to purchase a primary residence. Any financing over 100% must be put towards taxes, insurance and final closing costs.
Looking for even more options for Kansas physician mortgage loans? Check out our full list of the best lenders in all 50 states.
Does a physician mortgage in Kansas make sense for you?
Like other states in the country, the housing market in Kansas is increasingly competitive. It can be hard to find a home quickly. Thankfully though, medical professionals have a leg up on the competition when using a physician loan mortgage.
By taking advantage of every perk and benefit available in this program you could save hundreds of dollars on monthly payments by not paying private mortgage insurance. And with zero down payment options, you can use the extra savings for paying off student loan debt or put towards home renovations. In other words, there’s a lot to like about a physician home loan.
Still, with high loan limits, you don’t want to overextend your budget on buying a new home you can’t afford. Use our updated physician mortgage loan calculator to see how much home you can afford and what to expect.
Whether you’re a young medical professional with limited cash reserves or a seasoned doctor, a physician mortgage is a smart option. Ready to get started with a quote? Fill out the short form below or choose from our list of the preferred loan officers.