For medical professionals looking for a way to secure a home loan that understands their unique financial situation, the UMB Physician Loan program has become a popular option. This article offers a fresh review of the program for 2025, aimed at assisting professionals with the home buying journey.
What is UMB Bank?
Operating since 1913, UMB Bank has established itself as a significant financial institution that caters to a diverse set of clients. It offers a variety of services ranging from personal and business banking to institutional banking. With a team of financial professionals and advisors, UMB Bank aims to help its customers make well-informed financial decisions.Year after year, UMB Bank is listed on Forbes Best World Banks list which speaks to their customer service and high quality products.
As part of its offerings, UMB Bank has developed a specific loan program for medical professionals – the UMB Physician Loan. Known for its understanding of the unique financial situation of medical professionals, this program caters to both residents and established doctors.
UMB Bank Physician Loan Highlights
The UMB Physician Loan program offers a number of features that make it a viable option for many medical professionals. But, with every doctor home loan, or even a conventional mortgage for that matter, there are pros and cons.
Pros
No Private Mortgage Insurance (PMI): One of the significant advantages of the UMB Physician Loan is the absence of PMI – a common requirement in traditional home loans when the down payment is less than 20% of the home’s purchase price.
Eligibility for Residents and Established Doctors: The program caters to both residents and established doctors, taking into consideration their unique financial situations and offering suitable loan terms.
No Down Payment for Established Doctors: Established doctors can avail of the UMB Physician Loan with no down payment required for loans up to $1 million.
Cons
Short List of Eligible Degrees: The UMB Physician Loan program has a short list of qualifying degrees, making it less accessible for some medical professionals.
Down Payment for Residents: Unlike established doctors, residents are required to make a 10% down payment, which can be a significant amount for many.
UMB Bank Doctor Loan Alternatives
UMB would be a great choice, but buying a home is a huge decision so it is best that you shop around. There are over 20 doctor loan programs in America and LeverageRx works with just about every one. Here are a few alternatives to consider:
Flagstar
Flagstar’s physician mortgage is available as an ARM only. They offer 100% financing up to $1MM or 95% financing up to $1.5MM and extend the program to a very wide range of designations.
Learn More: Flagstar Physician Mortgage Review
BMO
BMO extends physician loans to MD, DDS, DMD, DOs. Residents and attendings can get 100% financing up to $1MM. However, BMO Harris is only in select states.
Learn More: BMO Harris Physician Loan Review
First National Bank
First National Bank of Pennsylvania offers physician loans for primary or secondary residences. Designations include MD, DO, DDS, DMD, DVM and PharmD. You can get 100% financing up to $1MM.
Learn More: First National Bank Physician Mortgage Review
Is a Physician Loan from UMB Bank right for you?
If you’ve got years of medical practice behind you and are in the market for a mortgage that bypasses the down payment, then the UMB Physician Loan might be the perfect fit. But, if you’re still in your residency or your specific degree doesn’t fit their criteria, you might need to look around for different options.
Before you settle on a loan, make sure you fully understand your financial situation and what you plan for the future. Always compare multiple options and consider the pros and cons of each before making a final decision.
Keep in mind, while the UMB Physician Loan program could simplify the home loan process, there are many other options out there to consider. Make sure to explore all your options and choose the one that best suits your individual needs and circumstances.
Good luck with your home-buying journey!
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