Best Physician Mortgage Loans in Arkansas

Physician mortgage loans help doctors get financing even if they have a high debt-to-income ratio or little capital to put down on a home.

Whether you’re just ending med school and starting your residency or you’re already practicing, there are physician mortgage loans in Arkansas that may help.

9 Best Arkansas Physician Home Loan Lenders

Here are the top physician mortgage loan lenders in AR:

  1. Arvest Bank
  2. BMO Bank
  3. Citizens Bank
  4. Evolve Bank & Trust
  5. First Horizon Bank
  6. Flagstar Bank
  7. Huntington Bank
  8. Truist
  9. US Bank

Discover The Best Lenders in Arkansas

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Arkansas has many good physician mortgage loans, but here are the top options.

1. Arvest Bank

  • BBB Grade: A+
  • JD Power Score: N/A

Arvest Bank offers an excellent physician loan program for doctors in residency and beyond. The program continues for established doctors for at least ten years.

With this program, you can borrow up to 100% of the sales price, and some doctors qualify to roll up to 3% of the sales price into their loan amount to cover the closing costs. This makes it even easier to qualify for financing.

Arvest has flexible underwriting requirements, and they don’t charge PMI even with no down payment. As a result, Arvest Bank helps doctors secure financing long before they’d be eligible for conventional mortgage loans.

2. BMO Bank

  • BBB Grade: A+
  • JD Power Score: 805

BMO Bank offers a physician loan program for doctors fresh out of med school and in their residency or fellowship and doctors within the first ten years of their practice. The program is also open to doctors practicing for more than ten years but may still need the program’s flexibility; however, they must have a 10% down payment.

BMO Bank works on all properties, including:

  • Single-family homes
  • Condos
  • Townhomes

The program is available as a refinance or purchase program. Borrowers need 5% down if they borrow up to $1.5 million and 10% down on $1.5 to $2 million.

The program is open to MDs, DOs, DDSs, and DMDs.

3. Citizens Bank

  • BBB Grade: A+
  • JD Power Score: 818

To qualify for a physician loan in Arkansas at Citizens Bank, you must have completed your residency and fellowship and be fully practicing. You can apply for the doctor loan program for the first ten years you are practicing.

The program is available as a purchase loan, and most borrowers need 5% to 10% down on the home.

The program is open to MDs, DOs, DDSs, and DMDs as fixed or adjustable-rate loans.

4. Evolve Bank & Trust

  • BBB Grade: A+
  • JD Power Score: 

Evolve Bank & Trust isn’t a well-known bank, but they offer an excellent doctor loan program in Arkansas. The program is open to more than just doctors and on a variety of properties, including:

  • Single-family
  • Townhomes
  • Condos
  • 1-4 unit properties

To qualify for a loan on a multi-unit property, you must have high credit scores and possibly a higher down payment.

Evolve loans up to $2 million and offers its program to MDs, DOs, DDSs, DMDs, nurses, and pharmacists.

In addition, Evolve caters to self-employed doctors by allowing them to apply for a physician loan when their practice is new, rather than making them wait two years, as most loan programs require.

5. First Horizon Bank

  • BBB Grade: A+
  • JD Power Score: N/A

First Horizon offers an excellent doctor loan program in Arkansas with low and no down payment options. The program is available on most property types and has competitive rates for doctors looking for financing.

First Horizon lends up to $2 million with a 10% down payment, which is higher than most banks, but putting money down on a home is not a bad idea. If you borrow much less, usually less than $1 million, you might get away with no down payment.

The program is open to MDs, DOS, DDSs, and DMDs, and they extend their program to established physicians, not just new doctors.

6. Flagstar Bank

  • BBB Grade: A-
  • JD Power Score: 542

Flagstar Bank has a mortgage program for many professionals that includes doctors. However, the program is only for doctors who have never owned a home before and are in their careers’ first ten years.

The home you purchase must be your primary residence but can be a single-family home, townhome, or condo.

You can get a loan with no down payment if you borrow less than $1 million, but you must also have a 720 credit score. If you need a loan up to $1.5 million, you must put money down, but it’s typically a low down payment.

Unlike most banks on this list, Flagstar only offers adjustable-rate loans for the professional loan program. In addition, they allow interested parties to help with the closing costs, which most loans don’t offer.

7. Huntington Bank

  • BBB Grade: A+
  • JD Power Score: 821

Huntington Bank is another bank that offers physician mortgage loans in Arkansas. They allow the program on purchases and refinances but have different qualifying requirements, such as high credit scores, and borrowers must have cash reserves available.

At Huntington Bank, you can borrow up to $1 million with no money down, 5% down on $1.25 million, and 10% on $2 million.

The program is available to MDs, DOs, DMDs, DVMs, and DDSs, and the loan is available at fixed and adjustable rates.

8. Truist

  • BBB Grade: A+
  • JD Power Score: N/A

Truist is another bank that isn’t well known, but they are one of the country’s top ten banks. They offer physician mortgage loans on primary residences; all borrowers need a down payment.

Truist requires a 5% down payment on loans up to $1.5 million and 10% on $2 million. The eligible doctors include MDs, DOs, DPMs, DDSs, and DMDs. They are one of the banks that exclude student debt from your debt-to-income ratio and offer many options to get doctors and dentists financed.

9. US Bank

  • BBB Grade: B+
  • JD Power Score: 807

US Bank’s physician loan program is strictly only for doctors; they don’t include dentists in their program. In addition, US Bank requires down payments on all loans, with 5% required on up to $1 million, 10% on up to $1.5 million, and 15% on $2 million.

The program is only available to MDs and DOs but is open to residents, fellows, and doctors.

About Physician Loans in Arkansas

Physician mortgage loans in Arkansas help doctors and other medical professionals secure mortgage financing when they don’t qualify for conventional loans.

These loans are specifically for doctors and other medical professionals who may have a lot of student debt or not much money saved for a down payment because of the cost of attending med school.

They have relaxed debt-to-income ratio guidelines and lower down payment requirements to make qualifying easier.

How They Work

Physician mortgage loans are offered by individual lenders, each with different requirements. The loans aren’t backed by any government agencies, so the lenders have a say in what they require.

Most lenders offer high loan amounts, typically $1 to $2 million, with low or no down payment requirements. They also often exclude student debt from the debt-to-income ratio to make it easier for doctors to qualify.


Because lenders set their own requirements, the qualification guidelines vary by lender. On average, though, expect the following:

  • 720+ credit score
  • Maximum 43% debt-to-income ratio (often excluding or lowering student debt obligations)
  • Stable employment or an employment contract with a start date within 90 days
  • Adequate funds for a down payment or mortgage reserves

Eligible Physicians

The eligible physicians for the physician loan program vary by lender. Some only offer the program to MDs and DOs, and others open it to DDSs and DMDs, or further to doctors, including chiropractors, nurse practitioners, surgeons, pharmacists, and clinical specialists.

Pros and Cons of Physician Mortgage Loans in Arkansas

Before borrowing a physician loan in Arkansas, it’s important to understand the pros and cons.


  • Many lenders don’t require down payments.
  • Most lenders exclude or make exceptions for student loan debt in the DTI.
  • Most lenders allow you to close before starting your position up to 90 days before the start date with an employment contract.
  • Physician loans don’t require PMI.
  • Most loans don’t have a prepayment penalty.


  • The interest rates on physician loans are often higher than on conventional loans.
  • Only doctors or medical professionals in certain positions qualify.
  • It’s easy to borrow more than you can afford or want to spend.
  • The program is usually only for primary residences and purchases.

Frequently Asked Questions

Physician loans in Arkansas are helpful for many doctors. Here are some commonly asked questions about how they work.

Are Conventional Loans the Same as Physician Mortgage Loans?

Conventional loans are for any qualified borrower. It doesn’t matter your profession, but you must meet the requirements, including a 3% to 5% down payment, a 680+ credit score, and a 43% debt-to-income ratio.

Most doctors don’t qualify for conventional loans because of their high student loan debt which causes the DTI to be too high, or they don’t have enough money saved for a down payment.

Physician loans have lower down payment requirements, exclude student debt from the debt-to-income ratio, and don’t require PMI.

Do Physicians Receive Better Interest Rates on Loans?

Most lenders charge higher interest rates for physician loans because of their higher risk level. Lenders keep physician loans on their books and don’t have a guarantee from any government agency. Therefore, physician loan lenders usually charge higher interest rates to compensate for the risk.

How Many Times Can Physicians Take Out a Physicians Mortgage Loan?

Physician mortgage lenders don’t have a limit to the number of times you can borrow a physician loan. However, since the program is for primary residences, you can only have one loan at a time. If you refinance the loan or sell the property to buy another primary residence, you may qualify for another physician loan.

Can You Refinance a Physicians Mortgage Loan?

Most physician loans don’t have a prepayment penalty, so that you can refinance them. Some doctors refinance to get a lower rate, and others refinance into another loan program, such as a conventional loan, when they owe less than 80% of the home’s value and their DTI lowers.

Do Physicians Need a Specific Credit Score to Qualify?

Every lender has different requirements, but most lenders require a 700+ credit score for physician loans.

Are Physician Loans a Good or a Bad Idea?

Physician loans in Arkansas can be a good idea in the right situation. For example, a physician who can afford a large payment but doesn’t have the money for a down payment or has a high

DTI is a good candidate.

However, a physician who hasn’t decided if he’s ready to settle yet, and isn’t sure about handling a large monthly payment may not be the best candidate.

Borrowing a loan is never a good idea just because you qualify. Make sure you’re ready to handle the loan.

Should You Put Money Down on a Physician Mortgage Loan?

A down payment can lower your mortgage payment, but it’s not a requirement for physician loans. Investing in your home can help you build equity and keep your mortgage payment down if you have the capital to spare.

Should You Get a Physician Mortgage Loan in Arkansas?

The best physician mortgage loans in Arkansas are the ones that meet your requirements. Of course, you shouldn’t get in over your head, but if you have the capital, it can be a great way to enter homeownership early.

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