UMB Bank Physician Mortgage Loan Review

Medical professionals, such as dentists and doctors, provide a much-needed service. If you work in the healthcare field, you might command a great salary, but you may also have a steep student loan balance.

When you’re in the market to buy a home, your debt-to-income ratio (DTI) might feel concerned. Financial institutions have created unique loan programs catered to doctors who want to buy a home with terms that meet their specific needs.

One of the lenders on the scene is UMB Bank, which has been around for over a century. Here’s what to know about a UMB Bank physician mortgage loan.

Minimum down payment	0% down up to $1 million in financing (for attendings only). 5% down for mortgages up to $1.5 million in financing (for attendings only). 10% down for mortgages up to $2 million in financing.
Residents allowed	No
Maximum loan amount	$2 million
Degrees that qualify	DO, MD, DMD, DDS, OD, PharmDs
Eligible states	AZ, CO, MO, TX, CA, UT, OR, WA, GA, FL, IL, ID

UMB Bank physician mortgage details

The UMB Bank physician mortgage is available in some states and available to a wide variety of medical professionals. Here are the details you should know about the mortgage program.

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UMB Bank physician mortgage loan: pros and cons

Physician mortgage loans allow doctors to take on financing for home buying at attractive and competitive terms. In some cases, there might be no down payment needed or the down payment could be at a much smaller percentage. Although these mortgage options are advantageous, evaluating the benefits alongside the drawbacks is important when taking out such a large loan.

UMB Bank physician mortgage loan pros

Here are the top benefits of a UMB Bank physician mortgage loan.

Includes many different types of doctors

Some physician mortgage products are strictly for doctors and dentists. The UMB Bank physician mortgage loan stands out for its expansive eligibility. Beyond just doctors and dentists, pharmacists and optometrists also qualify.

That alone increases the availability of this home loan option to many different types of medical professionals who could benefit from this program. Even medical residents are eligible; however, he or she must have a household income of at least $150,000 to be eligible.

No age restrictions

On top of including other types of doctors aside from just doctors and dentists, UMB Bank also has no age or timeline restrictions.

Some lenders have timeframe requirements regarding when you completed your educational training. For example, some might require that you completed your educational training within the past 10 years. This can close doors for some borrowers who might otherwise qualify. UMB Bank doesn’t have this stipulation in place.

Low down payment options

Physician mortgage loans can be a great loan option because of the generous financing. With other lenders, you might need to put 20% down for a mortgage with other lenders to avoid private mortgage insurance (PMI). A UMB physician mortgage loan lets you put down as little as zero dollars without a PMI requirement.

With UMB Bank, you can put no money down for up to $1 million. For up to $1.5 million, it requires a 5% down payment and for $2 million it requires a 10% down payment..

These flexible down payment options can make homeownership possible even sooner than you think.

UMB Bank physician mortgage loan cons

Like many mortgage products, there are downsides to consider with a UMB physician mortgage loan, depending on your situation.

Limited states qualify

A downside to the UMB Bank physician mortgage loan is that it’s only available in seven states for doctors. This includes the states of Arizona, Colorado, Missouri, Texas, Oklahoma, Kansas and Nebraska. That excludes a good chunk of the country, making this a limited option for many doctors and dentists in the United States.

Location-dependent

In addition to limited availability by state, eligibility is even more location-dependent. For example, the loan might be an option in some cities or counties, but not in others within the same state. The lender might also require that borrowers are within a certain distance of a physical UMB branch.

Residents don’t qualify for 100% financing

If you want to take advantage of the UMB Bank physician mortgage loan and get 100% financing with no down payment and no PMI, then you must be an attending physician. Residents are typically included in physician mortgage loan products, but that’s not the case at UMB Bank.

How to apply for UMB Bank physician loan

If you’re a doctor, dentist, pharmacist, or optometrist living in one of the seven states and qualify for the UMB Bank physician mortgage loan, here’s how to get started with applying so you move into your new home ASAP.

Step 1: Reach out to a UMB Bank representative

The UMB mortgage loan has limited eligibility and availability based on location. Contact a UMB Bank representative to see if you qualify based on where you live and work, and see what’s required to apply. You can contact Andrew Berry.

Step 2: Compile your documentation for the application process

You’ll need to provide various paperwork during the mortgage process. Some documents include employment contracts, proof of educational degrees, and licenses, in addition to tax returns, pay stubs, or business accounting documents to show proof of income.

Step 3: Review terms

The UMB Bank physician mortgage loan offers fixed-rate mortgages with terms of 15 years, 20 years and 30 years. Additionally, it offers adjustable-rate mortgages (ARM), including 5/1 ARM, 7/1 ARM and 10/1 ARM. Review the loan terms, interest rates, total fees, plus closing costs, so you understand everything you’re taking on as a borrower.

Should you apply for a physician mortgage with UMB Bank?

UMB Bank is a lender to consider if you’re a doctor and looking for a mortgage as part of the homebuying process. Its main selling point is that many types of doctors qualify. On the other hand, this type of physician loan is not available in many states.

If you’re eligible, it could help you secure financing with no down payment. Before committing, check out other doctor loans and physician mortgage loan lenders, or submit the form below to get more information.