Best Physician Mortgage Loans in Kansas

There are almost 8,300 physicians who call The Sunflower State their home and you could join them in the ranks of Kansas homeowners with a physician home loan.

Kansas offers its 2.9 million residents big cities, small towns, and plenty of farmland for those who want to spread out. The rural areas in particular present a great need for medical professionals to combat the looming physician crisis.

You’ll also have your choice of cities to practice in–whether it’s Wichita, Overland Park, or Kansas City, Jayhawkers are eagerly waiting for you to plant your roots in the rich Great Plains soil.

If you’re ready to get started finding the best doctor home loan in Kansas, then consider preferred lenders. These qualified lenders are ready to assist you in moving forward with the loan process and they’ve been thoroughly vetted by our team of experts.

10 Best Kansas Physician Home Loan Lenders

Here are the top physician mortgage loan lenders in KS:

  1. Arvest Bank
  2. BMO Harris
  3. Citizens Bank
  4. Evolve Bank & Trust
  5. First Federal Bank of Kansas
  6. Flagstar Bank
  7. Huntington BAnk
  8. TCF Bank
  9. US Bank
  10. UMB Bank
  11. Union Bank & Trust

Discover The Best Lenders in Kansas

Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!

1. Arvest Bank

  • BBB Grade: A+
  • JD Power Score: 863

Arvest Bank offers physician loans as part of its suite of non-conforming loan products.

It is open to medical doctors (MD), doctors of osteopathic medicine (DO), doctors of dental surgery (DDS), doctors of dental medicine (DMD), and optometrists (OD), including current residents and fellows.

It will provide up to 103% financing for loans up to $1.25 million. The additional 3% is the maximum amount of closing costs that can be rolled into the loan. Borrowers can finance up to $1.75 million with just 5% down.

All down payment options with this program exclude private mortgage insurance (PMI).

Underwriting will consider debt-to-income ratios up to 50%. The program requires a 660 minimum credit score for practicing physicians but will be flexible down to 640 for residents.

2. BMO Bank

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

BMO Bank’s physicians’ mortgage program is open to doctors with MD, DDS, DMD, and DO degrees Physicians must also hold a current license or be an intern, resident, or fellow practicing under a fully licensed physician.

The program provides up to $1.5 million in financing with just a 5% down payment. Borrowers can also secure up to $2 million with a 10% down payment.

Physicians who have been practicing for more than 10 years have to put down at least 10%. This lender doesn’t require PMI either, which can save borrowers thousands over the life of the loan.

All standard fixed and adjustable-rate mortgage products––fully amortized over 30 years. Loans may be used to purchase or refinance a duplex, single-family home, condominium, or townhouse.

BMO Bank is particularly flexible with work history and debt-to-income ratio calculations. Its underwriters will make special considerations for borrowers with student loan debt.

It will also accept signed employment contracts and residency agreements specifying a start date within 90 days of closing.

Borrowers who open a qualifying BMO Bank account and enroll in AutoPay are eligible for a $500 closing cost discount.

3. Citizens Bank

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

Citizens Bank extends its Doctor Mortgage Loan program to doctors with an MD, DO, DDS, or DMD degree, including current residents.

Borrowers can secure loans up to $850,000 with a 5% down payment, loans up to $1 million with a 10% down payment, or loans up to $1.5 million with a 15% down payment. Like other physician programs, it does not require PMI.

Student loans deferred 12 months or more won’t be factored into credit approval. Borrowers on income-driven repayment plans can use their monthly payments to qualify as well.

Loans may be used for the construction of a new home, but borrowers will want to talk to loan officers for specific details. Borrowers may also get a discount if they open an account with the bank.

4. Evolve Bank & Trust

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

Evolve Bank & Trust offers one of the more inclusive doctor mortgage loan programs on this list. It offers special financing options for the following:

  • Chiropractor (DC)
  • Dental Surgeons (DDS)
  • Dentists (DMD)
  • Medical Doctors (MD)
  • Nurse Anesthetist (CRNA)
  • Nurse Practitioner (NP)
  • Optometrist (OD)
  • Pharmacists (RPH/PharmD)
  • Physician Assistant (PA)
  • Podiatrist (DPM)
  • Veterinarians (DVM)

Borrowers can secure up to $1 million without a down payment or up to $2 million with a low down payment.

Loans up to $1.25 million require a 5% down payment, up to $1.5 million require a 10% down payment, and up to $2 million require a 15% down payment.

All down payment options waive PMI, which can reduce monthly payments even when you borrow a large sum.

5. First Federal Bank of Kansas City

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

First Federal Bank of Kansas City offers its physician loan program to the following medical designations:

  • Doctor of Dental Medicine (DMD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Medicine (MD)
  • Doctor of Optometry (OD)
  • Doctor of Osteopathic Medicine (DO)
  • Doctor of Pharmacy (PharmD)
  • Doctor of Podiatric Medicine (DPM)
  • Doctor of Science (DS)
  • Nurse Practitioner (NP)
  • Physician Assistant (PA)

Borrowers can secure loans up to $1 million without a down payment, but the program will extend loans up to $1.5 million with low down payment option options. Neither down payment option requires private mortgage insurance.

Income history isn’t required, but borrowers will need to submit a signed employment contract. Student debt isn’t factored into DTI ratio calculations, which can make it easier for borrowers with significant medical school debt to qualify.

Its underwriting department is local, so they understand the unique needs of medical professionals in Kansas and the surrounding areas. Loan terms may vary. Borrowers can choose between fixed and adjustable-rate mortgage products.

6. Flagstar Bank

  • BBB Grade: A-
  • JD Power Score: 781

Unlike many physician mortgage lenders, Flagstar Bank offers a Professional Loan product. It is inclusive of high-earning professionals across various industries who are still within the first 10 years of their careers.

The following professionals are included in Flagstar Bank’s specialty loan program:

  • ATP Pilot
  • Attorney
  • Certified Public Accountant (CPA)
  • Clinical Nurse Specialist
  • Doctor of Dental Medicine (DMD)
  • Doctor of Dental Surgery (DDS)
  • Doctor of Ophthalmology (MD)
  • Doctor of Optometry (OD)
  • Doctor of Osteopathy (DO)
  • Doctor of Pharmacy (RPH/PharmD)
  • Doctor of Podiatric Medicine (DPM)
  • Medical Doctor (MD)
  • Medical Resident (Educational License)
  • Nurse Anesthetist (CRNA)
  • Nurse Practitioner (NPA)
  • Physician Assistant (PA)
  • Registered Nurse (RN)
  • Veterinarian (DVM)

Borrowers with a 720 minimum credit score can qualify for 100% financing on loans up to $1 million, but the program will extend up to $1.5 million with a low down payment.

All loans through this program are adjustable-rate mortgages, which means the loan will start with a fixed introductory interest rate that will eventually expire and reset at the interval outlined in the mortgage agreement.

Interested party contributions, or gift funds, may also be applied to the down payment, closing costs, or cash reserves requirements.

7. Huntington Bank

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

Huntington Bank’s Physician Mortgage Loans are designed to meet the needs of physicians with an MD, DO, DDS, DVM, or DMD degree. Borrowers will need to provide proof of sufficient income or an employment contract with sufficient cash reserves.

The minimum cash reserve requirements aren’t clearly outlined, but they will vary based on the loan amount.

Loans up to $1 million are eligible for 100% financing, but loans up to $1.25 million require a minimum 5% down payment. Loans up to $2 million require a 10% down payment.

Ultimately, the exact down payment requirements will be based on each borrower’s unique credit profile.

Cash-out refinancing options are available, but cash is capped at $250,000 and all other funds must go toward paying off debt.

Loans must be used to purchase or refinance a primary residence.

8. U.S. Bank

  • BBB Grade: B+
  • JD Power Score: 820

U.S. Bank’s physician loan program is limited to medical doctors and doctors of osteopathy, but it does include current medical residents and fellows. The program has a maximum loan amount of $2.5 million.

Loans up to $1 million require a 5% down payment, up to $1.5 million require a 10% down payment, and up to $2 million require a 15% down payment. None of the aforementioned down payment options require private mortgage insurance.

The program is also flexible with debt-to-income calculations.

Its underwriters will use your income-driven repayment amount to calculate monthly DTI or it will use 2% of your total student loan balance if you’re in deferment.

Borrowers who open a Platinum Checking Account are eligible for a 0.25% lender credit up to $1,000, which can further reduce the upfront costs required to purchase your home.

Borrowers must have a 710 minimum credit score to qualify.

9. UMB Bank

  • BBB Grade: A+
  • JD Power Score: 791

UMB Bank offers customizable professional loan programs with competitive interest rates. These mortgage loans are open to physicians, attorneys, dentists, pharmacists, doctors, and optometrists. Unfortunately, only certain financing options are open to residents.

Attending physicians can qualify for a 0% down payment on loans up to $1 million or a 5% down payment on loans up to $1.5 million. Loans up to $2 million require a 10% down payment. Residents will have to put 10% down regardless of the loan amount.

All standard fixed and adjustable-rate mortgage products are available.

10. Union Bank & Trust

  • BBB Grade: A-
  • JD Power Score: 811

Union Bank & Trust (UBT) offers its physician loan program to medical doctors and doctors of osteopathy. Fixed and adjustable-rate mortgage options are available.

UBT’s physician loan program provides home loans of up to $500,000 without a down payment. Loans between $500,000–$1 million require a 5% down payment and loans above $1 million require at least a 10% down payment. UBT is unique in that it will loan up to a whopping $5 million for qualifying properties.

Loan-to-values more than 90.01% will be assigned the current standard interest rate plus 0.5%. Loan-to-values between 80–90% will be assigned the current standard interest plus 0.25%.

Student loan debt deferred for 12 or more months won’t be factored into credit approval. All borrowers will be required to open a UBT checking or savings account and enroll in AutoPay before closing.

Refinancing options are also available for qualified borrowers. The program does not require pay stubs, instead, it will request a signed and fully executed employment contract that starts within 60 days of closing.

How Physician Mortgage Loans Work in Kansas

Physician mortgage loans in Kansas work by establishing loan terms that meet the complex needs of medical professionals. These needs often include not having sufficient income history and not having cash on hand for a sizable down payment, but still having the income potential to afford mortgage payments long-term.

Private lenders, banks, and credit unions offer physician loans because they often attract business to the bank. Physicians are likely to earn six-figure salaries, open investment accounts, and new future wealth management services.

Physician loans allow early-career medical professionals to qualify by lowering the required down payment. In many cases, borrowers can qualify with as little as 0–5% down, but larger loan amounts will often have higher down payment requirements.

In general, physicians can borrow between $750,000–$1 million with 100% financing.

Physician loans are also great because they don’t require private mortgage insurance.

Conventional loan programs add private mortgage insurance when borrowers have less than 20% equity in their homes. PMI can be anywhere from 0.22% to 2.25% of the original loan amount spread over your yearly payments. Waiving PMI saves physicians thousands over the life of their loan.

Doctor loan programs also allow recent graduates or physicians moving to start a new job to qualify for a loan with their future employment contracts. Employment contracts must be fully executed, detailing an explicit start date and base salary.

Physician mortgage loan interest rates are calculated on a case-by-case basis, so it’s always a good idea to shop around for the loan terms that best fit your needs. In general, individuals with higher credit scores and larger down payments will qualify for the most competitive interest rates.

Most lenders require a minimum credit score of 700, which is significantly higher than the 620 minimum credit score conventional loans require.

Pros and Cons

Consider the following pros and cons of physician mortgage programs to make an informed decision about your home financing options in Kansas.

Pros

  • Low down payment options: Physician loan programs offer high loan amounts with low money down, often as low as 0–5%.
  • No PMI: Physician mortgage loans don’t require private mortgage insurance, even when you put down less than 20%.
  • Guided process: Physician loan officers will provide a personalized home-buying experience, tailored to the needs of medical professionals. Many loan officers will have a hands-on approach and flexibility for the schedules of busy healthcare professionals.
  • Flexible underwriting: Physician mortgages will be flexible in the way they calculate debt-to-income ratio. Deferred student loan debt is often excluded.
  • Open to medical residents, interns, and fellows: Physician mortgage loans are designed for early-career medical professionals, so residents, interns, and fellows qualify for most programs.
  • Buy before your start state: If you’re starting a new job within 90 days of closing, physician mortgages will accept employment contracts as proof of earning potential.
  • Not subject to the same loan limits as conventional loans: Physician loans aren’t beholden to the conforming loan limit set by Freddie Mac and Fannie Mae. As such, physicians can borrow substantial sums, allowing them to purchase their dream home sooner.
  • Refinancing options: Physician mortgage loans can be used to rate/term or cash out refinance a primary residence you already own.

Cons

  • Primary residence requirements: Many physician mortgage programs will only provide financing for owner-occupied primary residences.
  • Included medical professions vary by program: Every physician loan program has its own list of accepted medical professionals. Some programs are more inclusive than others.
  • Substantial monthly payments: Because doctor loans will extend millions of dollars to their borrowers, it can be easy to overcommit to high monthly payments.
  • Often adjustable-rate mortgages: A lot of physician home loans are structured as adjustable-rate mortgages, which can make it difficult to budget monthly payments after the introductory rate expires.
  • Higher credit score requirement: Physician mortgage lenders prefer borrowers with a 700 minimum credit score, but some programs require a 710–720 credit score to qualify for 100% financing.

Frequently Asked Questions

What is the average interest rate on physician loans in Kansas?

The average interest rate on physician loans in Kansas is constantly fluctuating, so it’s difficult to give a concrete answer. Interest rates will also depend on each borrower’s unique financial situation, chosen property, and down payment amount.

You can consult daily mortgage rate averages in Kansas online. In April 2023, the average interest rate for a 30-year fixed-rate mortgage was 6.59%.

What is the purpose of a physician loan in Kansas?

The purpose of a physician loan is to make homeownership accessible to early-career physicians who may not have the down payment or employment history needed to qualify for a conventional mortgage.

What are the benefits of using a physician loan in Kansas?

The benefits of using a physician loan include being able to purchase a home sooner than you would with a conventional loan and not paying private mortgage insurance.

Who is a Physician Loan in Kansas Best For?

Sometimes identifying with examples of other people who have benefited from using a physician loan can help you decide if it’s the right option for you.

Self-employed physicians and private practice owners

Primary care physicians, dentists, and veterinarians who own a private practice can be a great fit for a physician loan program because the lower down payment requirements allow them to keep much-needed money within the business while being able to purchase the new home they deserve.

Early-career medical professionals relocating for residency or a new job

Early-career medical professionals often have to relocate to continue their training or start a new job. Doctor loan programs are more lenient on income and employment history because it’s difficult for physicians to meet this requirement after spending more than a decade in school.

It’s commonplace for physician loan programs to accept signed employment contracts in lieu of the two years of employment history that many conventional mortgages require.

Recent medical school graduates with significant student loan debt

Medical school graduates can carry hundreds of thousands of dollars in debt, which can skew debt-to-income ratio calculations for early-career professionals who have not yet reached their full earning potential.

Physician loan programs will often exclude deferred student loan debt or use a small fraction of your total loan balance when calculating DTI.

Savvy healthcare professionals shopping around for the best rate

The best way to secure favorable loan terms is to shop around. Physicians may want to look at conventional loans, FHA loans, VA loans as well as doctor loan programs to find the monthly payment that works for their home, long-term financial goals, and current budget.

Should You Get a Physician Mortgage Loan in Kansas?

If you’re planning a move or a refinance any time soon, then a physician mortgage loan in Kansas can be a helpful resource for you.

The best way to make an informed decision is to do your due diligence. Start by getting connected with an experienced lender who can guide you through the entire physician loan process.

If you’re feeling uncertain about your next steps, you can also consult a realtor, financial advisor, mortgage broker, or loan officer experienced in the Kansas housing market.

We also recommend shopping around, getting pre-approved with more than one program, and being thoughtful about your final decision.

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