Midfirst Bank Physician Mortgage Review: Eligibility, Down Payment and How to Apply

Homeownership after medical school can feel like an obstacle that’s difficult to overcome. There’s a good chance you finished school with high student loan debt, and you may not be financially confident about home financing.

Midfirst Bank offers a physician loan aimed at doctors, with underwriting criteria that’s different from what you’d see with more traditional home loan borrowers.

Midfirst Bank physician mortgage loan details 

Along with more conventional mortgages, Midfirst also offers doctor loan programs. Based mainly in Oklahoma City, it’s a privately-owned member-FDIC and an equal housing lender.

Midfirst Bank offers doctor mortgage loans to physicians. It offers competitive rates and other financial services, including checking accounts, savings accounts and private bank credit cards.

Minimum down payment	0%
Residents or fellows allowed	Not disclosed
Maximum loan amount	Not disclosed
Degrees that qualify	MD
Eligible states	AZ, CO, OK, TX

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Midfirst Bank physician mortgage loan: Pros and cons 

As you compare mortgage lenders, make sure you understand all their terms, including closing costs and disclosures, as well as any payment terms and insurance requirements to consider. You can also explore financial institutions that offer a broad range of banking products and services to meet your needs.

Before making a final choice, review the pros and cons of Midfirst Bank with a discerning eye. 

Midfirst Bank physician mortgage loan pros

With Midfirst Bank, you can access physician loans and other financial products with relaxed underwriting standards and competitive interest rates. The bank also has lines of credit and other financial services available in addition to your home mortgage.

Up to 100% financing

Not all physician loan programs provide the option of a 0% down payment, but with Midfirst Bank, you can get 100% financing up to $1,000,000. It’s also possible to get up to $1,500,000 if you put 10% down.

This type of jumbo loan can become costly with interest, though, so consider using a physician mortgage loan calculator to see if getting a bigger mortgage makes sense for your situation.

Variety of home financing choices

Midfirst Bank offers different types of loans for physicians. They offer financing programs for a second home or vacation home, as well as construction-to-permanent mortgage loans. After making the home purchase, Midfirst Bank can also help you tap the equity for home equity loans and lines of credit, if you meet eligibility requirements.

No private mortgage insurance

Most doctor loan programs won’t charge private mortgage insurance (PMI). Midfirst Bank doesn’t charge PMI, even if your down payment is less than 20% of the home’s purchase price.

Midfirst Bank physician mortgage loan cons

When reviewing loan options, don’t forget to compare drawbacks. Here are some of the downsides to a physician loan with Midfirst Bank. 

Small down payments can lead to higher monthly payments

Physician loan programs can make it easier to get a bigger mortgage with a lower down payment. However, it can lead to higher monthly payments overall. Plus, once you start repaying your student loans, the combination can feel overwhelming and lead you to feel “house poor.”

Not much transparency around its doctor loan program 

Unfortunately, a lot of the information about this loan program and underwriting process isn’t readily available online. To get a physician loan, you might need to qualify for private banking, as this is an institution that offers private banking services for healthcare professionals. You’ll need to contact a loan officer or speak with someone to find out what mortgage options are available.

Limited locations

Midfirst Bank is primarily located in Oklahoma City. It’s a private bank with limited branch locations. With this financial institution, you can access online banking, but you'll need to be in Oklahoma City if you want to speak with someone in person about home financing. How to apply for a Midfirst Bank physician mortgage loan 

As you decide on a lender, make sure to compare Midfirst Bank to other physician mortgage lenders. Looking at three to five choices can help you get the best deal. Don’t forget to compare doctor mortgage loan terms to a traditional mortgage or government-backed program, like FHA or USDA loans.

If you decide that Midfirst Bank is the best program for you, follow these steps:

Step 1: Contact Midfirst Bank

Begin by reaching out, or having your real estate agent reach out, to a bank representative. You can also request information by filling out the form at the end of this article.

Be ready with the following information:

• Personal information: Name, email and phone number.
• Loan details: Loan purpose and amount.
• Property information: Property location and zip code. 
• Professional eligibility: Degree, employment contract and proof of medical license.

Step 2: Gather the necessary documentation 

Lenders require certain documentation for home loans. Your mortgage loan officer can provide you with a list. Some common documents you might need include:

• Purchase agreement.
• Employment contract.
• Pay stubs and tax returns.
• Recent bank statements.
• Driver’s license or other ID.
• Other documents, as requested.

Whether you’ve done this before or you’re a first-time homebuyer, having what you need ahead of time can speed up the process and get you in your home sooner. 

Step 3: If approved, accept the loan 

If Midfirst Bank approves you, double-check the terms and confirm that the disclosures and other closing terms match what you expect. If you’re satisfied, accept the loan and prepare to close on your home.

Should you apply for a physician mortgage loan with Midfirst Bank? 

If the numbers work for you, the doctor mortgage loan program at Midfirst Bank could be a good choice. Also, consider your wealth management strategy to see if you’re ready to buy a home. 

For personalized support on your journey to homeownership, fill out the form below to get more information.