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Physician Loans

doctor loans

St. Louis Physician Loan Program

Midwest BankCentre is proud to offer the physician loan program to residents and physicians in the St. Louis area. This program offers preferred pricing for Medical Doctors (M.D.s) and Doctors of Osteopathy (D.O.s) for local home loans.

Whether you are in residency buying your first home or just out of residency buying your dream home, you may qualify for special financing for a mortgage through Midwest BankCentre with a qualified mortgage loan officer. Don’t have a job yet? You may still qualify for the physician loan program as long as you are scheduled to start within 60 days of the loan closing date. (A signed employment contract is required).

What is a Doctor Loan?

A doctor mortgage loan is a type of mortgage that is designed specifically for doctors and other medical professionals. Medical schools and schools of osteopathic medicine are large financial investments. Physician loans have features and benefits designed for borrowers who are making that commitment. For example, unlike a conventional mortgage, they require low or no down payment. Both physicians and residents can qualify for this loan, which can be an excellent and affordable way to buy a home. If you’re a physician or resident looking to buy, call Midwest BankCentre today to see if you qualify for our doctor loan program!
Physician Loan

Physician Loan Benefits

At Midwest BankCentre, we value the important role that physicians play in the health of our community. We understand that you do not have a lot of time at your disposal, and we are committed to making the mortgage process as easy as possible with our customized physician loan program. Benefits of partnering with Midwest BankCentre include:

  • Multiple loan term options
  • Competitive interest rate with low or no down payment
  • Local underwriting for fast turnaround
  • Maximum loan amount of $750,000
  • Minimum credit score of 720
  • Private mortgage insurance (PMI) is not required

Physician mortgage loans can allow you to purchase a home sooner than you think. Forgo the expense of private mortgage insurance and pay the balance of the loan over time.

If you are a medical professional and have significant student loans from medical school, this can make it difficult to qualify for a mortgage loan. Physician loans are specifically designed for doctors and other medical professionals and often have more flexible qualifying criteria than traditional mortgage loans. This can make it easier for medical professionals to be approved for a mortgage, even if they have a high level of student debt.

We understand that a medical resident with looming student loan debt can benefit from flexible down payment and credit approval options. One of the most helpful benefits of a physician mortgage loan is its ability to give you a low down payment. A conventional mortgage typically requires a down payment of twenty percent. This amount of money down is not always possible for someone in - or just out of - school.

Apply For A St. Louis Physician Loan

Midwest BankCentre offers online loan applications, making it easier than ever for St. Louis physicians to apply for a loan. Once your application has been received, you will be contacted by a local mortgage specialist. All of our mortgage specialists live and work in the St. Louis area, which means that they are highly aware of the local housing market and are prepared to offer advice based on your unique needs.

Other Things to Consider for a Physician Home Loan

It's important to note that while a doctor home loan can make it easier for medical professionals to qualify for a mortgage and manage their student debt, they are still a financial obligation, and it's important to carefully consider whether taking on a mortgage is the right decision for your financial situation. It's a good idea to work with a financial advisor or mortgage professional to evaluate your options and determine the best course of action.

Another important thing to remember about a physician mortgage loan is that it's only for your primary residence. Also, these types of loans have a number of benefits, but they can also have a downside. For instance, mortgage rates can be higher than conventional loans, possibly making your monthly payment higher. 

In order to get the most out of your doctor mortgage loan, you should compare multiple offers and determine which ones are the most favorable. It is also helpful to get pre-approved. This will let you know if any problems arise during the doctor home loan process. It is always a good idea to work with an expert mortgage lender like Midwest BankCentre to find the best options for your situation. By doing this, you will be better prepared to avoid common mistakes. Call us today!

Contact Midwest BankCentre today to get started or Apply Online