Written By Miranda Marquit
Key Takeaways:
- MD, DDS, DMD, OD, DVM and CRNA degrees might qualify for a physician mortgage loan with Simmons Bank.
- It’s possible to get more than 100% financing with Simmons Bank, as long as the extra is used for taxes, insurance and closing costs.
- Simmons Bank also offers construction loans and condominium loans to qualified medical professionals.
Many doctors, veterinarians and nurses have a high level of student loan debt. This can make it difficult for these borrowers to get a home based on traditional underwriting criteria, including saving up for a down payment.
To help these otherwise qualified professionals access real estate, some financial institutions offer special programs with more flexible underwriting and credit history requirements. Simmons Bank is one that offers a variety of products that can be tailored to the homeownership needs of medical professionals.
| Simmons Bank | |
|---|---|
| Minimum down payment | 0% |
| Residents or fellows allowed | Yes |
| Maximum loan amount | Not disclosed |
| Degrees that qualify | MD, DDS, DMD, OD, DVM and CRNA |
| Eligible states | AR, IL, KS, MO, OK, TN, TX |
Simmons Bank physician mortgage loan details
Simmons Bank was founded in Pine Bluff, Arkansas in 1903. It’s grown to include $27 billion in assets and has branches in six other states, including Oklahoma, Texas, Missouri, Arkansas, Tennessee, Illinois and Kansas. You can access different financial services and products, including checking and savings accounts, debit cards, credit cards and small business loans.
The bank offers physician mortgage loans to various fellows, residents and practicing physicians, including doctors, dentists, oral surgeons and optometrists. Veterinarians and Certified Registered Nurse Anesthetist (CRNA) professionals can also take advantage of the physical loan program. It’s part of NMLS, meaning it meets applicable state licensing program requirements.
What mortgage product do you need?
Your Occupation
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
Full Name
Phone Number
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Citizenship Status
Communication Preference
Would You Like to Add Any Additional Details?
Simmons Bank physician mortgage loan: Pros and cons
You can use a Simmons Bank physician loan for purchase or refinance, including for home improvement. However, before you move forward, it’s important to understand the pros and cons.
Simmons Bank physician mortgage loan pros
There are special financing options available for those who have degrees as physicians, dentists and specific nurses, including fellows and residents.
Up to 102% financing
Simmons Bank offers a no down payment option on a home purchase price of up to $417,000. Additionally, there are other low payment options. One interesting approach is that Simmons offers more than 100% financing to help with closing costs, taxes and insurance.
Compare interest rates and fees, as well as find out about disclaimers by visiting SimmonsBank.com.
Variety of options
Simmons Bank provides a number of physician mortgage loan options, based on your situation. You can get construction loans or refinance, in addition to buying a primary residence as a first-time buyer.
Simmons offers fixed-rate and variable-rate loans, as well as balloon options. You can also access jumbo loans and other products.
No PMI
Many physician loans don’t charge private mortgage insurance (PMI), including Simmons Bank. Even if you don’t put 20% of your purchase price down, you can still avoid PMI related to how much home equity is available when you get a physician mortgage through Simmons.
Use a physician mortgage loan calculator to see what makes sense for you in terms of getting a bigger loan without the need for PMI.
Simmons Bank physician mortgage loan cons
It’s also important to consider the liabilities and drawbacks of getting a loan through Simmons before you make your decision.
Small down payments can lead to higher monthly payments
Doctor mortgage programs offer the ability to get a larger house than you might otherwise be able to get with a conventional loan. Eligibility requirements with Simmons also include a lower minimum credit score.
While this can be attractive, it’s important to realize that a smaller down payment can mean higher monthly payments, higher interest charges and other costs.
Related: Your Guide to Physician Loans vs. Conventional Loans
Limited availability
You might not be eligible for a mortgage loan from Simmons Bank if you don’t live in one of the states it serves. Double-check to determine whether you are in the service area before applying for one of the mortgage products offered by Simmons.
Other home loan lenders might offer their own doctor and medical professional loan programs, including more national programs.
How to apply for a Simmons Bank physician mortgage loan
Before you make a decision, compare three to five lenders. Consider closing costs, credit history requirements, underwriting and other terms to determine what will be best for your situation.
Don’t forget to think about whether a doctor mortgage loan is the right move or whether you should consider a conventional home loan or government-backed, such as an FHA loan, VA loan or USDA loan.
Related: FHA vs. Physician Loans: What to Know and How to Choose
Step 1: Contact Simmons Bank
Go to SimmonsBank.com or fill out the information form below. A mortgage loan officer can help you figure out what you need.
Be ready with the following information before you reach out:
- Name
- Phone number
- Loan purpose
- Loan amount
- Purchase price
- Property location
- Property zip code
- Degree
- Employment contract
- Proof of medical license
Step 2: Gather necessary documentation
Every lender requires its own documentation. Your Simmons Bank mortgage loan officer can help you figure out exactly what you need. Some common documents you might need include:
- Purchase agreement
- Employment contract
- Pay stubs
- Recent bank statements
- Tax returns
- Driver’s license or other ID
- Other documents, as requested
The more information you have, the faster you’re likely to close.
Step 3: If approved, accept the loan
Once approved by Simmons, decide whether to move forward. Review the documents, disclaimers and terms to determine whether everything matches what you were told when comparing lenders.
Should you apply for a physician mortgage loan with Simmons Bank?
Decide whether Simmons Bank is the right choice for you as you embark on your home buying journey.
Before moving forward, compare Simmons Bank to other physician mortgage lenders in America. Also, consider conventional mortgage options and government-backed loans, like FHA, USDA and VA loans. Depending on your situation, a different program might make more sense than a physician mortgage program.
Fill out the form below for more information about getting a loan from Simmons Bank or other doctor loan programs.
What mortgage product do you need?
Your Occupation
Home Price Range
Preferred Down Payment
Stage You're At in the Home Buying Process
When Do You Want a Mortgage Approval?
How Many Banks Would You Like Quotes From?
Any Bankruptcies or Short Sales?
Full Name
Phone Number
State Where You Plan to Purchase
Metro Area Where You Plan to Purchase
Citizenship Status
Communication Preference
Would You Like to Add Any Additional Details?
