First Federal Bank of Kansas City Physician Loan Review 2024

First Federal Bank of Kansas City Physician Loan logo

First Federal Bank of Kansas City Physician Loan


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Expert Take

The First Federal Bank of Kansas City offers a physician loan program to help medical professionals achieve home ownership.


  • 100% financing options
  • Lenient debt-to-income allowance
  • Fixed-rate and adjustable-rate options
  • No private mortgage insurance required


  • Borrower limits
  • Not available in all states

First Federal Bank of Kansas City Physician Loan logo

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at First Federal Bank of Kansas City Physician Loan

First Federal Bank of Kansas City offers targeted loans for medical professionals, providing personalized service to meet the needs of physicians and specialty doctors who may not otherwise qualify for traditional home financing.

Physician home loans have more lenient terms than conventional mortgage products, including no private mortgage insurance (PMI) requirements, flexible debt-to-income (DTI) calculations, and other curated options to meet individual borrower needs.

This article will offer an in-depth review of First Federal Bank of Kansas City’s physician loans, including financing terms, eligible degrees, and maximum borrower amounts.

About First Federal Bank of Kansas City

The First Federal Bank of Kansas City is a mutual bank that was founded in 1934. Its corporate headquarters are in Leawood, Kansas. The bank has 11 branch locations in Kansas and Missouri and 12 additional ATM locations in the same region.

It’s one of the largest local banks in the Kansas City area, and manages nearly $1 billion in total assets and provides a full scope of consumer banking services to its 26,000+ customers.

  • BBB Score: A+
  • CEO:R. Buckner
  • JD Power Score: NA
  • Parent Company: NA
  • Phone Number: 1 (816) 241-7800
  • Services Offered: Checking accounts, savings accounts, business banking, certificates of deposit (CDs), money market accounts (MMAs), IRAs, debt consolidation, auto loans, home financing

FFBKC Physician Loan: Fast Facts

Here are a few quick facts about First Federal Bank’s doctor mortgage program.

  • Discounts: No current promotions
  • Financing Options: 100% on loans up to $1 million, additional financing with a down payment
  • Physician Loan Products: Fixed-rate and adjustable-rate mortgages
  • Maximum Loan Amount: $1.5 million
  • Qualifying Degrees: MD, DO, NP, PA, DDS, DMD, PharmD, DPM, DS, OD
  • Private Mortgage Insurance (PMI): Not required

First Federal Bank of Kansas City Physician Loan: Qualifications

The bank’s physician loans are not a widely advertised product and it does not publish many specific details on their website. Generally, it is bespoke financing and underwriting based on individual borrower circumstances, provided borrowers hold a qualifying medical degree.

First Federal Bank of Kansas City’s requirements for physician loans are:

  • Down Payment: Required for financing of greater than $1 million; no specific amounts are specified.
  • Owner-Occupied Property: Must be used to purchase a primary residence in Kansas or Missouri.
  • Eligible Degree: Must have a degree as a Medical Doctor, Doctor of Osteopathic Medicine, Nurse Practitioner, Physician Assistant, Doctor of Dental Surgery, Doctor of Dental Medicine, Doctor of Pharmacy, Doctor of Podiatric Medicine, Doctor of Science, or Doctor of Optometry.
  • Significant Savings: Cash reserves may be required; speak with a loan representative.
  • Verified Income: Pay stubs or future-dated, signed employment contract.

A minimum credit score requirement is not published, however, loans are subject to credit approval and a minimum score anywhere from 650 to 700 is likely. Additionally, the program is designed for new physicians who have 10 years or fewer of working experience.

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How to Apply

Here’s an overview of what to expect when going through the physician mortgage application process.

Get Prequalified

Prequalification is where you find out how much financing you qualify for. This loan limit is a rough estimate, not a final guarantee, based on your household income, details you provide the bank representative and a soft credit pull. The informal calculation is helpful for borrowers who want an idea of what they can afford and to start looking at homes.

Prepare Your Documents and Review Your Credit Report

The application progress requires significant documentation at every step, and borrowers should gather their paperwork — needed or anticipated — to prepare. This includes pay stubs, tax returns, proof of medical credentials, bank statements, and proof of any assets, including investment statements or letters explaining gift funds.

You should also review your credit report to make sure there are no inaccuracies, like lines of credit you don’t recognize or entries that should be removed.

Note that some banks may require a savings account statement that shows at least three (3) months of cash reserves. While First Federal Bank may not require it, this is not uncommon among other lenders, and having extra cash on hand is a good idea in general.

Get Pre-Approved

Pre-approval is when the bank tells you how much home financing you qualify for. This is a formal process that requires a hard credit pull. You can begin the process by visiting a branch location or emailing

Many borrowers get their pre-approval amount after they have already begun looking at real estate with an agent. Your pre-approval amount is valid for 90 days, and banks recommend you hold off on pre-approval until you are prepared to make a serious offer.

To ensure this process goes smoothly, make sure that you have all required documents for your lender and that you follow up promptly on any communications.

While a pre-approval letter is a strong indicator that your physician loan, as an adjustable rate or conventional loan, will go through, it is not a guarantee. Mortgage brokers may conditionally approve your loan based on caveats you must fulfill, such as paying off a specific debt or beginning employment within so many days of closing on the loan.

After you receive a pre-approval letter, do not do anything that could impact your credit score. Do not increase spending on your credit cards or take out new lines of credit — sit tight until you close on your new home.

Confirm and Lock in the Rate

After your application for a mortgage loan has been submitted, a loan officer will follow up to confirm both the loan amount and interest rate.

Your interest rate is locked in for 45 days, although the final rate can vary based on factors like:

  • property type
  • location
  • changes in the market
  • property valuation
  • closing costs

Alternatives to First Federal Bank of Kansas City

In addition to the First Federal Bank of Kansas City, many other banks and credit unions offer specialty financing for physician homeowners.

1. Flagstar Bank

National financial institution, Flagstar Bank, offers a popular physician financing program. Although Flagstar is not a local Kansas City Bank, it does originate mortgages in all 50 states.

The main benefit of Flagstar Bank is its accessibility to a much broader range of participants. Unlike First Federal’s program, Flagstar’s doctor mortgage program is open to nurses, medical residents and interns, and even many non-medical professionals.

Eligible degrees include:

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

Eligible borrowers can receive up to 100% on home loans up to $1 million, or up to $1.5 million with a down payment. Additionally, borrowers must be early-state career professionals with no more than 10 years of experience in their field and have a minimum credit score of at least 720.

2. Bank of America

Bank of America (BOA) offers a doctor loan program that provides financing up to $2 million. Although BOA does not have any zero money-down options like First Federal and Flagstar, BOA boasts more lenient credit score requirements and it excludes student loan debt from its debt-to-income (DTI) ratio calculations. Additionally, traditional PMI requirements for down payments of less than 20% are waived.

BOA offers doctor mortgages up to $850,000 for a down payment of only 3%, which is less money down required than for even an FHA loan. For financing beyond that, a down payment of 5% to 15% is required.

The doctor loan program is open to doctors or dentists with an MD, DDS, DMD, OD, DO, or DPO qualification.

3. BMO Bank

BMO offers a nationwide physician mortgage program, offering home financing in Washington D.C. and all 50 states except New York. The program offers loans of up to $2 million for doctors and dentists. New practitioners — who have worked 10 years or fewer in their field — may qualify for 100% financing on loans up to $1 million.

BMO’s program is one of the few that extends financing to more advanced-staged professionals to purchase or refinance a home, although a down payment of 10% to 15% is generally needed.

Although BMO does not overlook student loan debt, the bank does approve DTI ratios as high as 45%.

4. Evolve Bank & Trust

Arkansas-based Evolve Bank & Trust offers specialty home financing to physicians, with participation open to qualifying medical doctors in all 50 states. Evolve offers adjustable-rate mortgages of up to $1 million in financing with zero money down, or up to $2 million with a down payment.

Evolve’s program is known for its flexibility when it comes to eligible property types and qualifying professions.

While most physician home programs will only approve financing for owner-occupied single-family homes, Evolve offers financing for primary and secondary residences. Eligible structures include single-family homes, multi-family homes, condominiums, HOA properties, co-ops, or vacation homes. Even new home builds qualify as Evolve offers physician construction loans in addition to ARMs.

5. U.S. Bank

Banking giant U.S. Bank also offers a doctor mortgage program to provide financing or refinancing to qualifying medical professionals. U.S. Bank offers physician financing in all 50 states and Washington D.C., with the program open to Medical Doctors (MD), Doctors of Osteopathy (DO), Attorneys (JD), or medical residents and fellows.

U.S. Bank offers 95% financing on loans up to $2 million with no PMI requirements for any doctor loans. The program offers up to $2.5 million in total financing, with both adjustable-rate and fixed-rate mortgage options.

Compared to other medical mortgages, U.S. Bank does have tighter requirements when it comes to the borrower’s credit profile. A minimum credit score of 710 is required, along with cash reserves of three (3) to 12 months depending on the loan terms and total mortgage amount. Additionally, U.S. Bank does factor in student loan monthly payments when determining loan eligibility.

Pros and Cons of First Federal Bank of Kansas City Physician Loan


  • 100% financing options for home loans up to $1 million.
  • Fixed-rate and adjustable-rate (ARM) options — most physician loans are ARM products.
  • No private mortgage insurance is required, although PMI is customary for a down payment amount of less than 20%.
  • Lenient debt-to-income allowance — student loan debt is excluded from the borrower’s debt-to-income calculation.


  • Not available in all states — available only in Kansas and Missouri
  • Borrower limits — $1.5 million maximum mortgage amount, however within the Kansas-Missouri housing market this is a considerable sum.

Frequently Asked Questions

How Big is the First Federal Bank of Kansas City in Assets?

In terms of assets, the First Federal Bank of Kansas City has over $929 million in assets. Of that figure, the bank holds $616 million in total deposit accounts and over $103 million in total equity capital.

This positions First Federal as the 39th largest Missouri-based financial institution among over 300 state-headquartered banks and credit unions.

Can You Refinance a Physician Mortgage?

Yes, as with any other loan, you can refinance a physician loan through a mortgage lender. However, you may save more money in the long term by sticking to your current rate instead of refinancing as refinancing can cost thousands of dollars upfront.

If you do decide to refinance, or purchase a physician-mortgage home with the intent to refinance, make sure to wait long enough until you reach the loan’s break-even point. This is when the total money you’ll save on lower monthly mortgage payments is equal to the total cost to refinance your loan. For many mortgages, it takes three to five years to reach break-even but with interest rates dropping steadily in recent months it could take less time.

For homeowners who have purchased their home with an adjustable-rate mortgage, switching to fixed-term financing may be prudent when you are able to lock in a comfortable loan interest rate.

Can I Cancel PMI if My Home Value Increases?

Generally, physician loans do not have the same PMI requirement that typical fixed-rate loans have (except VA loans). However, if you do have PMI, you can ask your mortgage servicer to cancel it when your principal balance falls to 80% of the original value of your home.

PMI can sometimes be canceled if your home’s value rises enough to give you at least 20% to 25% of equity in the property.