Great Southern Bank Physician Mortgage Review: 0% Down and No PMI

Editor's note: Great Southern Bank no longer offers physician mortgage loans. If you're a medical professional looking for a doctor mortgage in your area, visit our updated page to view the best physician mortgage loans by state.

Doctors, dentists and residents can buy a home with little to no money down using a physician home loan with Great Southern Bank. This special program is available across the country for practicing and self-employed physicians and new hires with an executed employment contract.

Keep reading to learn about the Great Southern Bank physician mortgage loan.

Minimum down payment	0% down for loan amounts up to $1 million
Residents allowed	Yes
How they treat student loans	Excluded from resident DTI (0.5% of outstanding balance used for practicing physicians)
Degrees that qualify	MD, DO, DMD, DDS
Eligible states	AL, AK, AZ, AR, CA, CO, CT, DE, DC, FL, GA, HI, ID, IL, IN, IA, KS, KY, LA, ME, MD, MA, MI, MN, MS, MO, MT, NE, NV, NH, NJ, NM, NC, ND, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VT, VA, WA, WV, WI, WY

Great Southern Bank physician home loan details

Great Southern Bank was founded in 1923, allowing it to serve banking customers across the nation for almost a century. Although it provides a variety of products and services, its Physician and Dentist Home Loan program is available to medical doctors (MD, DO), dentists (DDS, DMD) and residents in all 50 states.

Among its many benefits, the Great Southern Bank physician mortgage loan offers low down payment options (e.g., 0% to 10% down) with no private mortgage insurance (PMI) requirement.

Additionally, it treats student loan debt more favorably when calculating your debt-to-income ratio (DTI) compared to other traditional forms of lending.

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Great Southern Bank physician mortgage loan: Pros and cons

Physician mortgage programs are a great way to leverage your degree to secure home-buying perks that aren’t available to the general public. But each lender will have its own eligibility requirements and limitations.

So, it’s essential to explore the pros and cons of the Great Southern Bank physician mortgage loan and compare what it offers with its competitors to ensure you’re finding the right fit.

Great Southern Bank physician mortgage loan pros

Various low down payment options

Great Southern Bank offers the following down payment options through its physician mortgage program:

• 0% down for up to $1 million.
• 5% down for up to $1.5 million.
• 10% down for up to $2 million.

Qualifying degrees include MD, DO, DMD and DDS. Residents are also eligible for this exclusive home loan program.

Generous student loan treatment for residents

Physician mortgage programs are designed with high-student debt borrowers in mind. Therefore, student debt is often treated more favorably when calculating your DTI during the underwriting process.

Residents with student debt looking for a mortgage from Great Southern Bank will have their student debt excluded entirely from their debt calculation. However, practicing physicians can expect the bank to use 0.5% of their outstanding student debt balance.

Ability to close on a new home before starting a new job

Great Southern Bank generally requires two pay stubs as proof of employment (or other income documentation for self-employed physicians). However, an employment contract can be used for new hires.

This allows residents and new physicians to close on a home up to 90 days before their actual start date. In some cases, exceptions can be made to extend to a longer period.

Available nationwide

Unlike other physician mortgage programs, Great Southern Bank works with borrowers in all 50 states.

Additionally, the Great Southern Bank physician mortgage loan is available to qualifying H-1B visa and Green Card holders.

Cashout refinance option available

In addition to its standard physician mortgage program, Great Southern Bank offers the option for a cashout refinance for up to 95% of your existing home’s value.

Great Southern Bank physician home loan cons

Limited to adjustable-rate mortgage options

With this program, physicians can choose from several ARM loan products, including a 5-, 7- and 10-year adjustable rate. However, you won’t have the option for a fixed-rate loan term.

So, if you prefer a 30-year fixed mortgage, the Great Southern Bank physician mortgage loan won’t meet your needs.

Only primary residences are eligible

Most physician programs are designed for purchasing or refinancing a primary residence. But some lenders allow other qualifying properties, such as a second home or vacation house.

Eligible properties for the Great Southern Bank physician mortgage loan are limited to single-family, owner-occupied, primary residences only.

How to apply for a Great Southern Bank physician mortgage loan:

If you think Great Southern Bank might be a good fit, you can save time by preparing for the mortgage application process in advance. This includes gathering financial documentation and making a list of any questions you might have about the program and the homeownership process in general.

Step 1: Contact a Great Southern Bank loan officer

It can be challenging to find detailed information about physician mortgage loans online. So, it’s best to reach out directly to the lender to learn more about their specific program.

Step 2: Collect requested documentation for application

Your loan officer will provide you with a list of specific information and documentation needed to move forward with your Great Southern Bank physician mortgage loan application. Generally, this will include:

• Personal information (e.g., government-issued photo ID, Social Security number, degree or medical license, etc.).

• Financial documentation (e.g., W2s, tax returns, bank statements, executed employment contract).
• Property and loan details (e.g., purchase price, loan amount, property location, etc.).

Gathering this information in advance can help speed up the process and allow your lender to provide better guidance based on your financial position.

Step 3: Submit your mortgage application and move forward with the loan process

If you’re approved for a Great Southern Bank physician mortgage loan, review all loan terms and confirm that closing costs match your original discussions. You should fully understand how your interest rate works and what your monthly payments will be before signing for the loan.

Should you apply for a physician mortgage with Great Southern Bank?

There are many decisions that go into finding your dream home, including finding the right mortgage provider. Start by comparing several mortgage lenders and exploring any home loan options that might be available due to your (or your spouse’s) profession and location. This might include eligibility for the VA loan or other down payment assistance programs.

Physician mortgage loans are one of the most beneficial homeowner programs out there. So, if you qualify for one, it’s worth reaching out to the top physician mortgage lenders in your state to learn about eligibility requirements and benefits.

Fortunately, Great Southern Bank isn’t limited by geographic boundaries. Therefore, medical professionals across the country can take advantage of this low down payment solution.

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