7 Best Physician Mortgage Loans in Oklahoma to Get You Into a Home Faster

Oklahoma is known for its affordable living, friendly neighbors and limitless opportunities for outdoor adventures throughout the state. But a surge in housing prices (and now an increase in interest rates) could make it harder to get into the home of your dreams.

According to 2023 housing data from Zillow, Oklahoma home values have surged by 8.8% in the last year, setting the average home value at $185,171. That’s on top of the many other barriers to homeownership, including needing a large down payment and meeting strict underwriting criteria.

But doctors, dentists, veterinarians and other select medical professions have access to a homeownership program that can give you a hand up in today’s competitive housing market.

Keep reading to learn how a physician mortgage loan in Oklahoma could benefit you in more ways than one.

What is a physician mortgage loan?

A physician mortgage is a custom home loan available to doctors, dentists and other medical professionals. It comes with low down payment options, high loan limits and no private mortgage insurance requirement.

This homeownership program is targeted toward professions that carry large student debt balances but also have the potential for high future incomes. Therefore, they have more generous underwriting criteria that benefit borrowers who are early- to mid-career.

For example, young physicians (including residents and fellows) can qualify for a physician mortgage loan with proof of an acceptable employment contract. This usually requires a start date within 90 days of closing, but eligibility requirements vary by lender.

Additionally, when figuring out your debt-to-income ratio (DTI), physician mortgages treat student debt more favorably than conventional underwriting guidelines.

For instance, a physician mortgage lender might use your actual monthly payment under an income-driven repayment (IDR) plan or use a percentage of your loan balance. Alternatively, deferred student loan debt could be excluded altogether.

Banks generally view these types of borrowers as low risk and are aiming to secure long-term loyal customers by offering a great homeownership solution to promising young medical professionals.

Best 7 physician mortgage loans in Oklahoma

Here are the top Oklahoma physician mortgage lenders to consider for your next purchase or refinance.

Keep in mind physician mortgage programs typically only allow primary residences to qualify. However, select lenders might include second homes, vacation homes, new construction or multiple-unit properties with additional stipulations. Investment properties aren’t eligible.

1. Arvest Bank

Arvest Bank serves over a hundred communities across Oklahoma, Arkansas, Missouri and Kansas. Its physician loan program provides up to 103% financing for physicians and residents to purchase a primary residence.

However, any financing over 100% must be used for taxes, insurance and other closing costs.

2. BMO Bank, N.A.

If you’re planning to purchase or refinance a primary residence in Oklahoma, the BMO Bank, N.A. physician mortgage program could provide up to $1 million in financing with no money down.

As a licensed medical doctor with MD, DDS, DMD or DO designation, you could qualify even if you have student loan debt, are starting residency soon, and have an employment contract with a start date within 90 days of closing. 

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

This program allows two-unit properties, giving prospective house hackers the ability to live in one unit and rent out the other.

Contact: Patrick O’Malley

3. Evolve Bank & Trust

Evolve Bank offers doctor mortgage loans with various adjustable-rate mortgage (ARM) options. You can use it to finance a home purchase, refinance an existing loan, and get up to 100% financing with no PMI.

For well-qualified borrowers (credit score of 700 or higher), financing options include:

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

The Evolve Bank physician mortgage is open to more than doctors and dentists. You're eligible if you're a medical resident, MD, DDS, DMD, OD, Doctor of Pharmacy, DPM, DO, veterinarian, RN, physician assistant, nurse practitioner, chiropractor, clinical nurse specialist, ATP pilot, CPA or attorney. You must be within the first 10 years of your career to apply.

The program also serves H-1B and green card holders, as well as 1099 workers. It's important to note that H-1B and green card holders must put down at least 25%.

4. Huntington National Bank

Oklahoma MD, DO, DDS, DVM and DMD physicians and residents could get 100% financing for loan amounts up to $1 million with a physician mortgage at Huntington Bank.

Other financing options include:

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

This program is available for purchasing or refinancing a primary residence, including two-unit properties.

Contact: Bill Kekatos, NMLS #216590

5. NEO Home Loans

If you are looking for a lender who offers a variety of different types of financing, NEO might be worth looking into. Although their Physician Home Loans program offers financing for a primary residence, NEO also offers second home and investment financing. Their cash out refinances are offered at 95% LTV for up to $1 million.

This program only offers one rate option, a 30-year ARM. 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

Those with deferred or IBR student loans can qualify.

6. UMB Bank

This Professional Mortgage Loan program offers those with an MD, DO, DDS, DMD, OD, PharmD or JD the benefits of no required private mortgage insurance (PMI), up to 80% cash-out refinancing for up to $2.5 million, no age restrictions, and impressive low down payment options. If you are a medical resident, before you apply, make sure you first have a household income of at least $150,000.

Financing choices include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

15, 20, and 30 year fixed-rate and 5/1, 7/1 and 10/1 year adjusted-rate mortgage (ARM) options are available.

Contact: Andrew Berry

Read our full UMB Bank review

7. U.S. Bank

Qualifying MD and DO physicians, residents, fellows, and lawyers in Oklahoma might benefit from a U.S. Bank doctor loan. With loan amounts up to $2.5 million, this program is a good alternative to taking out a jumbo loan at a higher rate.

Although U.S. Bank doesn’t offer a 0% down option, you still have the following financing options:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

Oklahoma physician mortgage loan: Does it make sense for you?

Whether you’re buying a home on a nice plot of land or finding something more central to Oklahoma City’s vibrant downtown, a physician home loan gives you a real advantage in this competitive housing market.

You won’t have to save up for a huge down payment thanks to generous financing, and no PMI could save you thousands or more each year alone.

If you’re concerned your huge student loan balance will stand in the way of your homeownership dreams, just remember this type of program is designed with you in mind.

Physician mortgage lenders recognize that your profession typically requires a lot of student debt to get into the field. But they’re also counting on your high-income potential and steady job outlook over the course of your career as a solid risk on their end.

Use our physician mortgage calculator to play around with numbers, and reach out to any of the loan officers included on this list for specific eligibility requirements.

You can also fill out the form below to receive quotes for your next purchase or refinance.