Simmons Bank was founded in 1903 in Pine Bluff, Arkansas. Today, the bank has over $25 billion in assets with more than 2,800 employees across six states:
Despite its size, Simmons considers itself a community bank that just happens to have the strength of the national chains. Customers can open up savings, checking, investment and small business banking accounts with Simmons.
Among their many products is a physician mortgage loan, which Simmons calls the Professional Provider Mortgage. Here are the highlights:
- 100% financing up to $417k
- Fixed and ARMs available
- Primary residence only
- Available for purchase or refinance
- Designations: DMD, DSD, MD
Don't see your medical speciality?
No one should take out a doctor mortgage without first knowing all the options. LeverageRx makes this easy. In less than 2 minutes, you can find out which lenders are available in your state and designed for your medical specialty. We'll connect you directly to the loan officer from that bank so you can ask any questions you may have.
U.S. Bank is a national lender in all 50 states, but their doctor loan program is only available for MDs and DOs. If you have one of those degrees, then you can get 90% financing up to $1.25MM with U.S. Bank.
Learn More: U.S. Bank Physician Loan Review
Fifth Third has been working to help doctors finance their homes for a long time. The bank offers construction financing, 100% financing up to $750k and 85% financing up to $1.5MM for medical professionals with at least 1 year experience.
Learn More: Fifth Third Physician Loan Review
First National Bank
First National Bank has an excellent physician mortgage program. A wide variety of designations are eligible for 100% financing up to $1MM. And, the loan is eligible for primary residences or vacation homes.
Learn More: First National Bank Doctor Mortgage Review
There are over 20 physician loan programs in America, deciding which one is right for you can be tough.
- Small bank appeal. Regional banks tend to be easier to work with than larger, national banks. This is not a fact but instead a reputation, and one to consider.
- Great customer service. Simmons seems popular among its customers with a 3.8/5-star rating from more than 1,000 reviews on WalletHub.
- Small footprint (just those 6 states listed above)
- Limited designations
- Smaller loan amount available for 100% financing
Jack is a Creighton University graduate and former advertising creative who has written extensively about topics in personal finance, employee benefits, and technology. You can find Jack's writing on Calendar.com, StartupNation, and Muck Rack.