Tips for Physicians Relocating to Missouri and Growing Your Family
As a doctor, you know that the medical industry is always in need of help. Unless you’ve worked your entire career in private practice, you know that hospitals, nursing homes, and other medical facilities are generally short-staffed.
As a result, many states go above and beyond to recruit doctors, nurses, and other medical personnel. Missouri is one of those states.
If you’re answering Missouri’s call, we want to help you get moved and settled. Keep reading for a quick guide for physicians relocating to Missouri, buying a house, and getting approved for special mortgages.
Making the Move to Missouri
Physicians relocating to Missouri should plan ahead. You need to think about where you want to live based on your new job. If you have kids, research the schools in Missouri they might attend.
You should also learn more about the area you will be moving to. What historical landmarks are there? What about entertainment, dining, and community events?
Work with your new company to establish a timeline of when you need to move and what steps you need to take beforehand. For example, do you plan on buying a house immediately, or will your rent a home while you take time to settle into your new job?
Acquiring a Mortgage
Physicians relocating to Missouri can benefit greatly from the state’s doctor shortage. Missouri hospitals and clinics will pay you well to stick around for the long run. Therefore, it makes sense to buy a house.
But before you do, make sure you’re getting the best possible rates and terms on your mortgage. Doctor Home Finance caters to physicians like you. Our goal is to provide high-dollar mortgages with low-interest rates for doctors moving to Missouri.
Use our site to help you find the best home loans for your budget and your needs. We can help you find the lowest interest rates and terms available to you.
Finding the Right House
The cost of living in Missouri is 85.9 out of a US average of 100. This means houses, groceries, utilities, and other costs are less expensive. Housing in Missouri rates 69 out of 100, making this state one of the most affordable in which to purchase a home.
Whether you’re buying a house in rural Missouri or looking for something within the city, you shouldn’t have a problem finding something in your price range. We recommend hiring an experienced realtor from the area to help you find the right home in the right location.
They can make sure your new home is in a safe and secure neighborhood. They’ll also help you find a home that gives your kids access to the best school districts.
Are You One of the Many Physicians Relocating to Missouri?
As a doctor, you’ve made yourself invaluable in the medical community. This comes with rewards. Physicians relocating to Missouri are compensated well for altering their career paths to lend a hand where help is needed.
We want to add even more value to your life. Contact us today to discuss financing your next home in Missouri. We would love to help you find the best home loan with the lowest interest rates and most attractive terms.
Looking for a Physician Mortgage Specialist in Missouri?
Whether you are relocating with a physician loan or need a new physician loan, we have helped doctors just like you; Kansas City, the great city of Saint Louis, and Springfield while not forgetting about Columbia.
Our network of Bankers closed over one billion dollars in mortgages last year, and our vetted banker network is ready to help you.
Take advantage of the best mortgage product in the country, and contact one of our verified lenders today!
As a medical professional you understand the importance of specialization
- Choose the right specialist for your home finance needs
- Custom strategy for your needs. Get 3-4 times higher loan amounts than conventional loans
- Not all physician loan providers are the same. Our network is vetted so you don’t have to wonder
What You Should Know About the Missouri Healthcare System
Did you know that more than 6 million people call Missouri home, a majority of whom are between 18-65 years old? The state is a mixture of urban and rural communities and the healthcare system must be able to meet these different demands.
Read on to learn more about Missouri healthcare and why you may see physicians relocating to Missouri.
Networks of the Missouri Healthcare System
In order to maximize services and outreach, hospitals and other health facilities often join forces and become networks. Some of the major networks in Missouri include:
Health Network of Missouri
This five-hospital network is focused in the central, northeast, and southeastern sections of the state. Included among these hospitals is the University of Missouri Health Care in Columbia.
SEMO Health Network
With seven locations in small to midsized towns, this network offers medical, dental, and laboratory services. These facilities are not full hospitals and mostly offer family medicine.
Compass Health Network
With more than two dozen locations across the central region of the state, this network is also comprised of small clinics. They offer pediatric and family medicine, dental services, and behavioral health.
Major Missouri Hospitals
Not surprisingly, the state’s best hospitals are either located in larger metropolitan areas or associated with the state’s major university. About half of the top-ranked hospitals with the best doctors in Missouri are in St. Louis. These hospitals include:
Barnes Jewish Hospital
This hospital is a general medical and surgical facility. It is ranked in 11 specialties, including cancer in adults and gastroenterology.
In addition to being a medical and surgical facility, this is also a teaching hospital. This facility is also associated with Mercy Children’s Hospital in St. Louis.
Missouri Baptist Medical Center
While this facility also offers general medicine and surgery, it does not offer bariatric and weight control services. While not ranked in any specialty, they are considered high-performing in several areas.
Missouri’s Medicaid Expansion
A major recent development in Missouri has been the expansion of Medicaid. In 2020, this expansion was voted on and approved, expanding eligibility to 275,000 more individuals. Most of this expansion is being paid for by the federal government.
Physicians Relocating To Missouri
If you’re a doctor looking to move to Missouri, you may consider a physician loan. These loans offer special benefits, including a low or possibly no down payment and not having to prove income. Another advantage that may help you save money is that private mortgage insurance is not required with a physician loan. These loans are open to more than just medical doctors, dentists, veterinarians, and chiropractors are also eligible.
Are You Ready For The Move?
Now that you know about the Missouri healthcare system, are you ready to make the move? There are plenty of workplace options, including large hospitals and clinics. Physicians relocating to Missouri might find some of the pain of moving eased by applying for a physician loan.
If you’re ready to get started on your path to becoming one of the many great doctors in Missouri, research one of our verified lenders below.
1. BMO Harris
BMO Harris offers affordable home loans with no PMI and flexible debt-to-income underwriting options.
Even if you have student debt, are starting residency soon, and have an employment contract with a starting date within 90 days of closing, you may still qualify as a licensed medical doctor with MD, DDS, DMD, or DO credentials.
You can choose from the following options to fund your project:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
- 10% down for up to $2 million
Please contact Marc 920-831-7721 for more information.
2. Huntington National Bank
Doctors looking for a home mortgage can turn to Huntington National Bank for professional assistance. An MD, DO, DDS, DVM, or DMD is especially suited to these doctor mortgage loans.
Being able to borrow up to $2 million without PMI is one of Huntington National Bank’s greatest advantages. In addition, loans up to $1 million are available with 100% financing.
You may also apply if you are a new resident. Simply provide a copy of your employment contract and a letter from your employer to qualify.
Please contact Darick 517-214-3257 for more information.
3. Fifth Third Bank
Fifth Third Bank’s physician mortgage loan program is available to new and established MDs, dentists, and veterinarians (DPM, DDS, DMD, DVM, and OD).
A practicing doctor or dentist—that is, one who has been employed for at least a year or who has been self-employed for at least two years—may be eligible.
Non-residents, fellows, and new doctors also qualify for these same terms, but they must make a low down payment of $1 million.
4. First Citizens Bank
First Citizens Bank provides physician mortgage loans to medical professionals with the following designations: MD, DM, DO, DPO, DDS, PA, CRNA, CRNP, and DPT.
First Citizens Bank offers the following physician mortgage benefits:
- Zero down payment with 100% financing.
- Capacity to build a home, refinance an existing one or buy a home.
- Mortgage split options are available. (80/20 mortgage: 80% as the first mortgage and 20% as a home equity loan.)
You must have at least three years of tax returns or an employment contract to satisfy the requirements, in addition to having a credit score of 700 or higher.
5. First Horizon Bank
When you apply for the First Horizon Bank physician mortgage loan, you can take advantage of no upfront PMI, higher loan amounts, and low credit score thresholds. You may close up to 90 days in advance of starting a new job, provided you have an employment contract. Physicians with a credit score of 680 or less may qualify.
There are three options for funding:
- 0% down for up to $1.5 million
- 5% down for up to $2 million
- 10% down for up to $2.5 million
6. First National Bank
Eligible MDs (Doctors of Medicine), DOs (Doctors of Osteopathic Medicine), dentists, veterinarians, and podiatrists may apply for First National Bank’s Doctor Loan program, provided they are less than 10 years from training. Those with more than 10 years are still eligible but must make a minimum 10% down payment.
Individuals with H-1B visas or green cards are welcome to apply. One must provide a signed offer letter or employment contract to be approved.
Up to 80% of the loan can be cash-out and refinanced. 30-year and 15-, 10-, 7-, and 5-year fixed-rate ARMs are available.
7. Flagstar Bank
Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states, with no PMI and up to 100% financing.
Anyone who has the following degrees may apply to Flagstar Bank: medical residents, MDs, DDSs, DMDs, ODs, Doctor of Pharmacy, DOs, RNs, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPAs, attorneys, veterinarians.
To be eligible, one must be 10 years or less from the beginning of their career.
They provide ARMs or adjustable-rate mortgage refinances for H-1B visa holders or green card holders.
You must have at least a credit score of 720 to qualify for 0% down. You must have at least a credit score of 700 to qualify for 5% down.
You must provide two years’ worth of documentation if you are a 1099 worker.
8. Citizens Bank
A doctor loan from Citizens Bank is available to Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Medicine (DMD), and Doctors of Dental Surgery (DDS). However, you must have completed your residency within the last 10 years or be a current medical resident, fellow, or intern to qualify.
Citizens Bank offers the following financing options for physician mortgages:
Borrowers can choose between a fixed- or adjustable-rate loan.
KeyBank’s doctor and dentist program extends eligibility to those who are residents, fellow, or attending physicians (MD, DO, DPM, or DMDs). Those who can provide a signed employment contract can be accepted 90 days before starting their job.
A borrower may receive a conventional mortgage with 100% financing.
KeyBank offers 10/6 Adjusted-Rate Mortgages (ARM), 7/6 ARM, and 5/6 ARM in addition to 30-, 25-, 20-, 15-, and 10-year fixed-rate mortgages.
$1,000,000 is the maximum cash-out available. KeyBank allows physicians to borrow money to purchase a second home. Also, they allow the purchase of condos and planned unit developments.
10. Regions Bank
The Regions Bank Medical Professional Loans program does not require PMI and does not set a limitation on the length of time a medical professional must have been practicing in order to be eligible for a loan.
Regions Bank makes it easier to secure the loan amount you want by excluding some deferred student loan payments from your DTI ratio.
Pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs, among others, are eligible for scholarships. Residents and fellows are also eligible.
You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.
Non-permanent visa holders are not eligible.
There are 10-, 7-, and 5-year ARMs, as well as 30- and 15-year fixed-rate mortgages.
Regions Bank provides fast and friendly consultations at no credit check required.
11. S&T Bank
Doctors, lawyers, and doctorate holders are all eligible for S&T Bank’s professional mortgage program. You can qualify for this exclusive program without PMI if you are a medical doctor, attorney, or doctorate degree holder.
You can get up to 95% financing with 10-, 15-, 20- and 30-year repayment plans.
S&T Bank can provide VA mortgages to service members, veterans, and surviving spouses. The professional mortgage program, however, may provide more benefits.
12. TD Bank
TD Bank offers up to 100% financing on doctor, dentist, and podiatrist mortgages without PMI. Residents and fellows may also qualify, with the added benefit of being able to close up to 90 days in advance of your start date.
You must have one of the following degrees to qualify: MD, DO, DPM, DDS, or DMD.
Here are the details of the TD Bank loan:
- 0% down for loans up to $750,000
- 5% down for purchases up to $1.3 million
- 10% down for purchases up to $2 million
TD Bank provides 30-year fixed and adjustable-rate mortgage (ARM) financing options. Doctors with green cards and H-1B visa holders can also be eligible for flexible underwriting.
Physicians, both new and established, can take advantage of the Trust doctor mortgage loan program to obtain low-interest rates and flexible payment plans.
Practicing doctors (MD, DO, DDS, DMD, or DPM) may be financed in one of the following ways:
- 0% down for loan amounts up to $1 million.
- 5% down for up to $1.5 million.
- 10.01% for up to $2 million.
A $750,000 loan amount is permitted, subject to certain restrictions, for accredited fellows and residents in the state.
14. U.S Bank
U.S. Bank provides professional mortgage options for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.
You can borrow up to $2.5 million, but you’ll need a minimum down payment.
U.S. Bank doesn’t advertise the doctor mortgage loan on its website, so get in touch with Jonathan Brozek.