For physicians who are looking to buy a home in Arkansas, the process can be particularly challenging due to their unique financial circumstances.
With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. This is where physician mortgage loans come in. Physician mortgages allow doctors favorable terms and little to no money down.
According to Zillow, the median home value in Arkansas is approximately $199,636 as of July 2023.
Discover the finest physician home lenders catering to doctors in Arkansas, offering their expert assistance to facilitate your journey towards homeownership. Take the next step confidently as you embark on the path to purchase your dream home.
Best Doctor Mortgage Loans in Arkansas
Purchasing a home can be an intimidating endeavor, especially for physicians fresh out of their residency with the added burden of student loan debt. In Arkansas, where the housing market can be highly competitive, securing a mortgage that caters to their distinctive financial requirements can pose an even greater challenge for doctors.
Physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home.
Doctor mortgages offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios, making homeownership more accessible to physicians in Arkansas.
Here are the best physician mortgage loans available to medical professionals in Arkansas.
BCU *
Terms:
Variety of portfolio products available.
Student loans may be excluded from your debt ratio.
Up to 100% financing – no mortgage insurance required.
Home equity, bridge loans, and construction loans also available.
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
AMC Mortgage *
At AMC we proudly serve the medical community with home loan options to meet their unique situations. Whether you are just starting your career in residency or a seasoned professional, we have many options to help you with this journey.
Terms:
103% financing up to $1,250,000
95% financing for anything greater than $1,250,000
Programs, rates, terms and conditions are subject to change without notice. Other terms and conditions apply. All loans are subject to credit and collateral approval.
Genisys Credit Union *
Genisys Credit Union Offers a Custom Tailored Physician Mortgages with loan amounts up to $5,000,000. Common sense approach based on demonstrating (ATR) ability to repay. We offer the lowest rates with highest LTV in the industry to qualified Physicians. We are full service financial institution offering all services from deposit to car loan. Our Specialty is high end Mortgages.
Terms:
0% down to $1,500,000, 10% down to $2,000,000, 15% Down to $2,500,000, 20% to $4,000,000+ No Adjustments for Condos or New Construction Loans
5/6 ARM
7/6 ARM
10/6 ARM
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
Common sense approach to underwriting.
Ability to offer bridge financing when trying to sell a current home and buying a new one.
Genisys Credit Union offers Physician Construction Loans under the same terms as purchase.
No reserves required on most products.
GREAT RATES
Federally insured by NCUA We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Oak Leaf Community Mortgage ∑
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
Terms:
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
Eligible Professions:
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Strengths:
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
BOK Financial Mortgage ↑
Whether you are just starting out or are established in your professional career, BOK Financial Advanced Medical Professional (AMP) loan program provides innovative, in-house home financial solutions for select medical professionals. We offer fixed and variable rate options on primary home purchases and refinances. We can offer an additional 0.125% discount on interest rate when you open a BOK Financial checking/savings account and make your mortgage payment from that account.
Terms:
With our program, you can be eligible for:
0% Down Payment for loans up to $1,500,000
5% Down Payment for loans up to $1,750,000
10% Down Payment for loans up to $2,000,000
15% Down Payment for loans up to $2,250,000
No Mortgage Insurance
Discounted Rates
Float-Down rate options
If the subject property is new construction, you may be eligible to receive a lender concession towards your closing costs or buy down the rate
Receive a .125% reduction on your rate by opening a BOKF checking/savings account & if an ACH payment draft is set up on the BOKF account for the mortgage payment
When you become a BOK Financial client after closing, you will not pay lender fees (processing and underwriting) for future refinances or purchases
There is no pre-payment penalty
Recast options are available
We will not sell your loan
After closing, refinance once rates improve without a time limit or monetary penalty
We will always service your loan
A minimum FICO score of 700 is required
Purchases or refinances (no cash out)
Please note: Our program is only applicable to primary residences, one-unit Single-Family Homes (detached and attached), Agency-eligible condos, and PUDs.
Academy Bank has established a top-tier Professional Loan Program. With extensive experience in the mortgage field and a specialized focus on serving Physicians, Dentists, and various other Professionals, Cole Griggs leads the way. Our commitment is to provide a seamless and expert experience for all buyers, guiding them from start to finish.
Terms:
100% Financing up to $1 million, 97% Financing up to $1.25 million, 95% financing up to $1.5 million, 90% financing up to $2 million.
No Private Mortgage Insurance.
Financing available for Single Family Residences.
Available to US Citizens, Permanent Residents, and Non-Permanent Residents.
720 Minimum Credit Score Required.
Available to many other professions as listed below.
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
Terms:
No PMI. Closing available 90 days before employment starts. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. Medical Professionals may borrow 100% up to $1,250,000, 95% financing up to $1,500,000, and 90% financing up to $2,000,000. Most lenders require that you have completed training within the last 10 years, Alliant Credit Union has no such limit.
Student Loan Debt omitted in qualifying ratios if deferred at least 12 months
Ability to use income based repayment schedule if not deferred for 12 months
No limit on time elapsed since the completion of training
Financing available for single family, condos, and two family owner occupied residences
Warrantable and non-warrantable condos allowed
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
For other professionals we have Our First Time Homebuyers program with up to 100% financing available with no PMI.
Second Home Financing available up to 90% financing.
Construction Financing available up to 90% financing (AZ, CO, IL, IN, MI, NC, SC, and WI)
Please contact the Mortgage Loan Officer listed above covering the state in which you are purchasing.
Rates, terms, and conditions are subject to change. The 5/6, 7/6 and 10/6 ARMs offer a fixed rate for the initial period of the loan and adjust to a 6 month ARM after that period. The interest rate and monthly payment may adjust bi-annually based on the 30 day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points with a 5% life time cap.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgages available in all states except Maryland. Loan approval, interest rate, and downpayment required based on creditworthiness, amount financed, and ability to repay. Rates, terms, and conditions are subject to change and are subject to credit and collateral approval.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Currently we offer several physician programs. Our most popular product will allow the following:
100% financing up to a $1.5 million loan amount
No PMI
No restrictions for time out of residency
Very low reserve requirements
Minimum credit score of 680
Can close up to 6 months prior to employment start date
Eligible Professions:
MD, DO, DPM, OMS
Strengths:
Clearly a strength is our product is more flexible than most of our peers. We have been able to help several physicians who were turned down elsewhere for the product recently. Allowing physicians to be greater than 10 yrs out of residency and still qualify has been helpful to many. The opportunity to provide 100% financing up to $1.5 million, and 95% financing up to $2 million, and 90% financing up to $2.5 million has been strong compared to competitors. Condos are allowable under the product.
Arvest Bank proudly serves our community’s medical professionals. We’re here to make life easier at every stage of your career, whether you’re just out of school or have practiced for years. We offer competitive local mortgage options, plus a variety of tailored services to manage your professional and personal finances.
Terms:
Up to 103% Mortgage Financing* with no money down for physicians and CRNA’s up to $1,250,000,
95% financing up to $1,750,000. This can also be used if you want to do CONSTRUCTION TO PERM,
call for more details.
No Private Mortgage Insurance, resulting in lower monthly payments
Residents/Fellows are eligible if schooling has been completed and under contract for employment/residency
Any financing over 100% must be used for taxes, insurance and other closing costs. Financing is available for eligible applicants and professions. Credit, income and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change without notice.
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Arkansas
If you've decided to buy a home, and you are committed to living in Arkansas for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend). You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
If you're going to buy a home in Arkansas AND you can't or don't want to put 20% down, then a doctor mortgage loan is a reasonable option and at least as good as the other non-20%-down options.
When comparing conventional vs. doctor mortgages, physician loans do have lots of advantages, but those primarily revolve around easier underwriting requirements. A doctor mortgage can help you qualify for a loan you otherwise couldn't get.
Qualifying for conventional mortgages may pose a greater challenge, but this stringent process serves a purpose. If you successfully meet the criteria for a conventional mortgage, particularly if you can make a substantial down payment to bypass private mortgage insurance (PMI), you'll typically enjoy lower interest rates and fees. As a result, you'll benefit from reduced monthly payments and a lower overall cost for your loan.
How Do Arkansas Physician Mortgages Work?
Physician loans, also known as doctor mortgages, are designed specifically for medical professionals who may have unique financial situations. These loans offer favorable terms such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios. Typically, lenders who offer physician loans will take into account a doctor's potential future income when considering their eligibility, rather than just their current income and debt. This is because medical professionals often have high earning potential, but may also have significant student loan debt that can impact their current financial standing. By taking this into account, physician loans can help make homeownership more accessible for doctors who may not be able to qualify for traditional mortgages. Physician loans are an option for doctors who are looking to purchase a home in Arkansas and can help make their dream of homeownership a reality.
Moving from Arkansas and Need a Doctor Mortgage in a Different State?
