Simmons Bank Physician Mortgage Loan Review: Up to 102% Financing

Many doctors, veterinarians and nurses have a high level of student loan debt. This can make it difficult for these borrowers to get a home based on traditional underwriting criteria, including saving up for a down payment.

To help these otherwise qualified professionals access real estate, some financial institutions offer special programs with more flexible underwriting and credit history requirements. Simmons Bank is one that offers a variety of products that can be tailored to the homeownership needs of medical professionals.

Simmons Bank
Minimum down payment	0%
Residents or fellows allowed	Yes
Maximum loan amount	Not disclosed
Degrees that qualify	MD, DDS, DMD, OD, DVM and CRNA
Eligible states	AR, IL, KS, MO, OK, TN, TX

Simmons Bank physician mortgage loan details 

Simmons Bank was founded in Pine Bluff, Arkansas in 1903. It’s grown to include $27 billion in assets and has branches in six other states, including Oklahoma, Texas, Missouri, Arkansas, Tennessee, Illinois and Kansas. You can access different financial services and products, including checking and savings accounts, debit cards, credit cards and small business loans.

The bank offers physician mortgage loans to various fellows, residents and practicing physicians, including doctors, dentists, oral surgeons and optometrists. Veterinarians and Certified Registered Nurse Anesthetist (CRNA) professionals can also take advantage of the physical loan program. It’s part of NMLS, meaning it meets applicable state licensing program requirements.

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Simmons Bank physician mortgage loan: Pros and cons 

You can use a Simmons Bank physician loan for purchase or refinance, including for home improvement. However, before you move forward, it’s important to understand the pros and cons.

Simmons Bank physician mortgage loan pros

There are special financing options available for those who have degrees as physicians, dentists and specific nurses, including fellows and residents.

Up to 102% financing

Simmons Bank offers a no down payment option on a home purchase price of up to $417,000. Additionally, there are other low payment options. One interesting approach is that Simmons offers more than 100% financing to help with closing costs, taxes and insurance.

Compare interest rates and fees, as well as find out about disclaimers by visiting SimmonsBank.com.

Variety of options

Simmons Bank provides a number of physician mortgage loan options, based on your situation. You can get construction loans or refinance, in addition to buying a primary residence as a first-time buyer.

Simmons offers fixed-rate and variable-rate loans, as well as balloon options. You can also access jumbo loans and other products.

No PMI

Many physician loans don’t charge private mortgage insurance (PMI), including Simmons Bank. Even if you don’t put 20% of your purchase price down, you can still avoid PMI related to how much home equity is available when you get a physician mortgage through Simmons.

Use a physician mortgage loan calculator to see what makes sense for you in terms of getting a bigger loan without the need for PMI.

Simmons Bank physician mortgage loan cons

It’s also important to consider the liabilities and drawbacks of getting a loan through Simmons before you make your decision.  

Small down payments can lead to higher monthly payments

Doctor mortgage programs offer the ability to get a larger house than you might otherwise be able to get with a conventional loan. Eligibility requirements with Simmons also include a lower minimum credit score. 

While this can be attractive, it’s important to realize that a smaller down payment can mean higher monthly payments, higher interest charges and other costs.

Related: Your Guide to Physician Loans vs. Conventional Loans

Limited availability 

You might not be eligible for a mortgage loan from Simmons Bank if you don’t live in one of the states it serves. Double-check to determine whether you are in the service area before applying for one of the mortgage products offered by Simmons.

Other home loan lenders might offer their own doctor and medical professional loan programs, including more national programs.

How to apply for a Simmons Bank physician mortgage loan 

Before you make a decision, compare three to five lenders. Consider closing costs, credit history requirements, underwriting and other terms to determine what will be best for your situation. 

Don’t forget to think about whether a doctor mortgage loan is the right move or whether you should consider a conventional home loan or government-backed, such as an FHA loan, VA loan or USDA loan.

Related: FHA vs. Physician Loans: What to Know and How to Choose

Step 1: Contact Simmons Bank

Go to SimmonsBank.com or fill out the information form below. A mortgage loan officer can help you figure out what you need.

Be ready with the following information before you reach out:

• Name
• Email
• Phone number
• Loan purpose
• Loan amount
• Purchase price
• Property location 
• Property zip code 
• Degree
• Employment contract
• Proof of medical license

Step 2: Gather necessary documentation 

Every lender requires its own documentation. Your Simmons Bank mortgage loan officer can help you figure out exactly what you need. Some common documents you might need include:

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

The more information you have, the faster you’re likely to close.

Step 3: If approved, accept the loan 

Once approved by Simmons, decide whether to move forward. Review the documents, disclaimers and terms to determine whether everything matches what you were told when comparing lenders.

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

Decide whether Simmons Bank is the right choice for you as you embark on your home buying journey.

Before moving forward, compare Simmons Bank to other physician mortgage lenders in America. Also, consider conventional mortgage options and government-backed loans, like FHA, USDA and VA loans. Depending on your situation, a different program might make more sense than a physician mortgage program. 

Fill out the form below for more information about getting a loan from Simmons Bank or other doctor loan programs.