How to Get a Physician Mortgage in Arkansas
To obtain a physician mortgage in Arkansas, you need to find the right lender. The first step is to compare different lenders to find the terms, rates, and down payment options that suit your needs. Connecting with a mortgage broker like LeverageRx, who is experienced in physician mortgage programs, can make this process easier.
While all brokers can assist in finding financing through conventional loans, it’s imperative to find a broker with expertise in physician mortgage loan programs due to their distinct terms and eligibility requirements.
For assistance in finding the right lenders in Arkansas, you can work with LeverageRx. Our team has helped over 50,000 physicians and healthcare providers find suitable banks and mortgage lenders for their home buying needs.
Once you have chosen a lender, you’ll complete and submit a loan application. You will need to provide documentation, such as proof of employment, as well as proof of your education, certifications, or licensing as a healthcare professional.
Where to Get a Physician Loan in Arkansas
Since mortgage loan programs vary from state to state, it’s important to focus on lenders and programs available specifically in Arkansas when searching for a physician mortgage. Here are six of the best physician mortgage loan lenders for physicians in the state of Arkansas.
BMO
The physician loan program from BMO provides a variety of home financing solutions for medical professionals. The program is meant to eradicate the barriers to homeownership that doctors face, namely high amounts of student loan debt and little money in savings to make the 20% down payment required for a conventional loan.
These are the highlights of what BMO physician loans have to offer:
- Designations: MD, DDS, DMD, DO
- 95% financing up to $1.5 million
- 90% financing up to $2 million
- Primary residence only
- Mortgages available for purchase or refinance
- Construction financing options available
BMO Harris physician loans are available to qualified licensed medical doctors, residents, and fellows in all states except New York.
Read our full BMO Physician Loan Review.
Evolve
Qualifying for a conventional loan to purchase real estate can be challenging for many physicians due to high amounts of student loan debt. However, Evolve physician mortgages treat student loan debt differently, making immediate homeownership possible for those who would otherwise need to wait for years to qualify.
These are the highlights of what Evolve physician loans have to offer:
- Available toMD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
- 100% financing available for up to $1,000,000
- 95% financing available for up to $1,250,000
- 90% financing available for up to $1,500,000
- 85% financing available for over $2,000,000
- Mortgages available for primary residence, co-ops, condos, land purchases, and construction financing.
Evolve Bank & Trust provides physician mortgages to medical professionals who are within 10 years of completing their residency or fellowship training. Physicians who have been practicing for over a decade are ineligible for a doctor loan.
Get matched with an Evolve lender by checking your options with LeverageRx.
Heritage Bank NA
Heritage Bank may be the best option for physicians and medical professionals who want 100% financing for home purchases.
- $0 down payment on homes up to $1MM
- Designations: MD, DDS, DO, OD, DPM and DVM
- Available to practicing and resident physicians
- No private mortgage insurance requirement
- Move-in up to 60 days prior to starting your next position
- Available for primary and secondary homes
A Physician Mortgage Loan with Heritage Bank NA has a low down payment, has a higher loan-to-value ratio, is flexible in how payments can be calculated, and has flexible repayment options. You can choose between a fixed-rate loan and an adjustable-rate loan. Get matched with a Heritage Bank NA lender by checking your options with LeverageRx.
Huntington Bank
The Huntington Bank doctor loan program is available for MD, DO, DDS, DMD, DPM and DVMs. That is a wider range of medical specialties than other lenders. Here are a few more highlights:
- Primary residence only
- No new construction financing
- For purchase or refinance
- 100% financing up to $1MM
- 95% financing up to $1.25MM
- 90% financing up to $2MM
For loans over $1.25 million, Huntington requires you to be an attending for at least one year, so it is not available for residents or fellows. Any loans below $1.25 million, however, are available whether you are in training or attending.
Read our full Huntington Bank Physician Loan Review.
Truist
Truist’s physician loan is available to medical professionals with the following designations: MD, DO, DPM, DDS, DMD. You can be a practicing physician, dentist, or oral surgeon, or a resident or fellow. To note, Truist doesn’t consider practicing physicians and dentists with over 10 years experience to be eligible.
- Primary residence only
- Purchase or refinance
- 100% financing up to $1MM
- 95% financing up to $1.5MM
- 90% financing up to $2MM
- ARMs and fixed available
The property itself can be a single family or condo. As with all doctor loan programs, the debt-to-income requirement is relaxed and you will not pay private mortgage insurance (PMI).
Read our full Truist Physician Loan Review.
US Bank
US Bank offers physician mortgage loans to medical professionals in all 50 states. Whether you are six months away from finishing your residency program or have been practicing for a decade, US Bank will finance your new home. Here are the program highlights:
- Designations: MD, DO
- Primary residence only
- 90% financing up to $1.25MM
- 85% financing up to $1.5MM
- 80% financing up to $2MM
You’ll notice that US Bank extends their physician loan to very few designations. Of all the physician home loan programs on LeverageRx, US Bank considers the fewest medical professionals to be eligible. In addition, there is no loan option with 100% financing.
Read our full US Bank Physician Loan Review.