4 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.
  • This exclusive program offers low or no down payment options without private mortgage insurance (PMI).
  • Underwriting does not look as harshly at your student loan debt as other lenders might.
  • 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 your career comes with 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 with the high cost of housing, 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, who often have student loan debt.

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

  • High loan limits. A doctor mortgage loan can often go into the seven figures while conventional has a much lower limit.
  • No money down financing options with no PMI
  • Flexible debt-to-income (DTI) underwriting guidelines
  • 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 closing
  • Physician mortgage options often provide financing options into 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.

    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.

    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
  • US Bank wants to see at least 6 months of cash reserves.

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

    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.

    1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 7/22/2021.

    Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/ separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

    1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 7/22/2021.

    Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/ separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

    1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 7/22/2021.

    Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/ separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

    1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 7/22/2021.

    Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/ separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

    1 Lowest rates shown include auto debit discount. Advertised rates are for the Smart Option Student Loan for undergraduate students and are valid as of 7/22/2021.

    Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. Payments may be required during the grace/ separation period depending on the repayment option selected. Variable rates may increase over the life of the loan. Advertised variable rates reflect the starting range of rates and may vary outside of that range over the life of the loan. Advertised APRs assume a $10,000 loan to a borrower who attends school for 4 years and has no prior Sallie Mae loans. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment, if available for the loan.

    4 Best Physician Mortgage Loans in Arkansas