10 Best Physician Mortgage Loans in Missouri: Special Financing for Select Professions

Missouri is a great place to call home, with plenty of family entertainment and outdoor views to keep you busy during all four seasons. Although it's generally one of the cheapest states to live in, rapidly increasing housing costs (and now rising interest rates) make becoming a homeowner more challenging.

According to the Missouri REALTORS 2024 market statistics report, the median Missouri home selling price across the state reached over $259,000.

With higher housing costs and higher rates, saving up for an even larger down payment might delay your home buying timeline further. Fortunately, doctors, dentists, veterinarians and other select professions can take advantage of optional down payment financing with a physician mortgage loan in Missouri.

How does a Missouri physician mortgage loan work?

Once reserved for medical doctors only, physician mortgage loan programs are now available to a wide array of medical and other high-income professions. Depending on the mortgage lender, this might include dentists, veterinarians, pharmacists, chiropractors and more.

A physician home loan offers up to 100% financing without triggering a requirement to carry private mortgage insurance (PMI). It also opens the door to home loan amounts in the $1 million to $2 million range. This is well beyond the $726,200 conventional loan limit for 2023 that applies to most parts of the country.

Beyond the potential for a $0 down payment and high loan limits, here’s some other ways you could benefit from a physician mortgage loan in Missouri:

• Your student loan debt will receive more favorable treatment than with conventional underwriting. Instead of looking at your outstanding student loan balance, physician mortgage lenders will consider your actual monthly payment under an income-driven repayment (IDR) plan or use a percentage of the total amount. In some cases, your student debt might be excluded from your debt-to-income ratio (DTI) altogether if your loans are in deferment.
• You can qualify before you start your new position. Residents, interns, fellows and new physicians can qualify for a physician mortgage with proof of an employment contract. You’ll generally need a documented start date that is within 90 days of closing the loan. However, this requirement varies by physician mortgage lender.
• No PMI regardless of your down payment. With a conventional mortgage, you’ll need to put down 20% to avoid carrying PMI. This added housing cost (which can be hundreds of dollars each month) doesn’t protect you in any way — rather it protects the mortgage company if you default on the loan.

You can start the quote process below or keep reading for specific physician mortgage loans in Missouri.

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10 Lenders to explore for physician mortgages in Missouri

If you’re looking to buy or refinance a home this year, check out these top physician mortgage lenders in Missouri. Direct contact information is available for loan officers who work specifically with physician mortgage loans to expedite your search.

1. Arvest Bank

Arvest Bank operates community banks in several states, including Missouri. Its physician loan program offers up to 103% financing for qualifying residents and physicians.

Note that any financing over 100% must be used for taxes, insurance and other closing costs.

2. BMO Bank, N.A.

The BMO Bank, N.A. physician mortgage program allows medical doctors, dentists, residents and fellows to access up to $2 million in home financing with a low down payment. Eligible degrees include MD, DO, DDS and DMD designations.

Financing options include:

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

If you’ve been practicing for more than 10 years, you’ll only be eligible for up to 90% financing.

3. First Bank

To those who have an MD, DO, DMD or are an attorney, First Bank's Professionals Mortgage Program is a great option. With no PMI, zero to low down payment options, and the option of gift funds for a down payment, this is another program worth considering.

It's important to note that potential homebuyers must have at least a 720 FICO score to be approved for this program. Also, this program is only available for owner-occupied residences, not second homes.

Financing options include:

• 0% down for up to $400,000
• 5% down for up to $1 million

Approved applicants will have a two-year history in his/her line of work that is verified and documented. Employment must be verified with a fully executed, accepted, non-revocable contract.

4. First National Bank of Omaha (FNBO)

The FNBO physician mortgage loan program is available to practicing physicians, dentists and other select healthcare professionals in Missouri. It offers low down payment options (100% financing is available for qualifying professions) with no PMI.

In addition to their physician mortgage program, they have one of the broadest professional mortgage programs that includes those with a CPA, CFA, JD, PA, NP, CRNA or DVM who are eligible.

Student loans may be excluded from your DTI ratio if your loans are deferred for 12 months.

Who’s eligible (loan amounts up to $1.25 million):

• Practicing medical doctors and residents
• Anesthesiologists
• Dentists
• Pharmacists

Financing options include:

• 0% down for up to $850,000
• 5% down for $850,000 to $1.25 million
• 10% down for $1.25 million to $1.5 million

Who’s eligible (loan amounts up to $1 million):

• Physician Assistants
• Nurse Practitioners
• Certified Registered Nurse Anesthetists
• Veterinarians

Financing options include:

• 5% down for up to $750,000
• 10% down for up to $1 million

5. Flagstar Bank

Flagstar's program is available to not only medical professionals, but also lawyers and ATP pilots. Highlights of this program include no required PMI, the option for zero down, and H-1B visa and green card holders are encouraged to apply.

Qualifying professionals include: MD, DDS, DMD, OD, PharmD, DPM, DO, PA, RN, NP, CPA, DVM, clinical nurse specialists, attorneys and ATP pilots.

Financing options include:

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

Eligible applicants should note that a credit score of at least 700 is necessary to qualify for 5% or less down.

6. Huntington National Bank

Missouri medical doctors, dentists and veterinarians (MD, DO, DDS, DMD or DVM) can access the physician mortgage program with Huntington Bank.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

To access top tier financing, you’ll need a credit score of at least 700. But low down payment options are still available for borrowers with a 680 or higher.

7. KeyBank

The KeyBank medical professional mortgage loan is available to doctors and dentists to purchase or refinance a primary residence or second home.

This physician mortgage loan extends its eligibility to those who are a resident, fellow, or attending with an MD, DO, DPM, or DMD. Those who can provide a signed employment contract can close 90 days prior to his or her start date of employment.

Borrowers can be granted 100% financing on a conventional mortgage.

KeyBank has 30, 25, 20, 15, and 10 year fixed rate options, as well as adjustable rate options of 10/6 ARM, 7/6 ARM, and 5/6 ARM.

Maximum cash out available is $1,000,000.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 15% down for up to $2 million

8. Regions Bank

Regions Bank's Medical Professional Loans program is worth looking into for medical professionals and attorneys in Missouri. Applicants can benefit from no required PMI, no loan amount limit, and no restrictions on how long an eligible medical professional has been practicing to be approved for a loan.

Furthermore, Regions Bank will exclude some deferred student loan payments from your DTI ratio, which can make getting a mortgage easier.

Eligible applicants include attorneys and medical professionals such as pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs and DDSs. Residents and fellows are also eligible, but non-permanent visa holders are not.

Financing options include:

• 0% down for MD, DDS and DO
• 3% down for pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists and licensed attorneys

You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.

You can choose between 30- and 15-year fixed-rate and 10-, 7- and 5-year ARMs.

9. UMB Bank

UMB Bank’s Doctorate Professional Mortgage Loan offers no required private mortgage insurance (PMI), up to 80% cash-out refinancing, no age restrictions, and low down payment options to those with an MD, DO, DDS, DMD, OD, PharmD and JD.

Both adjusted-rate and fixed-rate mortgage options are available.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million
• To be eligible for financing, medical residents must have a household income of at least $150,000.

Contact: Andrew Berry

Read our full UMB Bank review

10. U.S. Bank

Missouri lawyers, physicians (MD and DO), residents and fellows can borrow up to $2.5 million for a new home with the U.S. Bank doctor loan program. However, a down payment is required.

Financing options include:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

If your loans are in deferment, 2% of your outstanding loan balance will be used when calculating your DTI ratio. Otherwise, your actual monthly payment under an income-driven repayment (IDR) plan will be used instead.

Is a Missouri physician mortgage right for you?

Finding the perfect home for your family is harder than ever in today’s competitive housing market. It’s wise to use whatever advantages you can, like a Missouri physician home loan — especially if you have a ton of student debt hanging over your head.

With a Missouri physician mortgage loan, you don’t have to spend years saving up for a large down payment nor do you need several years’ worth of solid income history to qualify.

If you’re a young professional with limited cash reserves or a more seasoned physician with alternative uses for your down payment savings (e.g. home renovations or paying off remaining student debt), then a physician mortgage can give you a leg up on the homebuying process.

But due to relaxed underwriting guidelines and higher loan limits, you need to be wary of how much you qualify for with a physician mortgage loan.

Don’t let the potential for a huge loan amount be your financial downfall. You need to be able to safely afford your home mortgage payment, which means remaining diligent about your housing budget overall.

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