Simmons Bank Physician Mortgage (Updated 2024)

Physicians and medical professionals face unique financial challenges, from managing substantial student loan debt to navigating complex lending processes. Simmons Bank recognizes these hurdles and offers a tailored solution – the Physician Mortgage Loan. This all-encompassing program is designed to simplify the homebuying process for medical practitioners, offering them flexible financing choices and tailored support.

What is Simmons Bank?

Simmons Bank traces its origins back to 1903 in Pine Bluff, Arkansas. Over the past 120 years, the bank has evolved into a robust financial institution with over $27 billion in assets and a presence spanning six states – Arkansas, Illinois, Kansas, Missouri, Oklahoma, and Tennessee. Despite its expansion, Simmons Bank retains its community-focused values, functioning with the local touch of a neighborhood bank alongside the capabilities of a national entity.

Offering a diverse range of financial services, including personal and business banking, Simmons Bank caters to the varying needs of its customers. Its physician mortgage loan program, known as the Professional Provider Mortgage, is a testament to the bank’s commitment to understanding and addressing the unique requirements of medical professionals.

Simmons Bank Physician Mortgage Highlights

The Simmons Bank physician mortgage loan is designed to provide medical professionals with a streamlined path to homeownership. These are some of the main features that distinguish this program:

Flexible Financing Options: Simmons Bank offers up to 102% financing on the property’s sales price, allowing borrowers to cover closing costs, taxes, and insurance premiums without depleting their savings. This feature is particularly advantageous for medical professionals who often face significant financial burdens, such as student loan debt.

Diverse Loan Products: Borrowers can choose from fixed-rate and adjustable-rate mortgage (ARM) options, tailoring their loan to their specific financial goals and preferences.

Eligibility for Primary Residences: The physician mortgage loan is available for the purchase or refinancing of primary residences, catering to both first-time homebuyers and seasoned homeowners seeking better terms.

Inclusive Eligibility Criteria: Simmons Bank extends its physician mortgage loan program to a wide range of medical professionals, including medical physicians (MDs), dentists (DMDs and DSDs), oral surgeons, optometrists, veterinarians, and Certified Registered Nurse Anesthetists (CRNAs).

Simmons Bank Physician Mortgage Alternatives

While Simmons Bank offers a compelling physician mortgage loan program, it’s essential to explore alternative options to find the best fit for your unique circumstances. Here are some other good alternatives to consider:

U.S. Bank

U.S. Bank is a national lender in all 50 states, but their doctor loan program is only available for MDs and DOs. If you have one of those degrees, then you can get 90% financing up to $1.25MM with U.S. Bank.

Learn More: U.S. Bank Physician Loan Review

Fifth Third

Fifth Third has been working to help doctors finance their homes for a long time. The bank offers construction financing, 100% financing up to $750k and 85% financing up to $1.5MM for medical professionals with at least 1 year experience.

Learn More: Fifth Third Physician Loan Review

First National Bank

First National Bank has an excellent physician mortgage program. A wide variety of designations are eligible for 100% financing up to $1MM. And, the loan is eligible for primary residences or vacation homes.

Learn More: First National Bank Doctor Mortgage Review

Is Simmons Bank Right for You?

Like any big financial move, it’s key to carefully think through the ups and downs of Simmons Bank’s physician mortgage loan program before you dive in. Here’s a quick rundown:

Pros

Allows loan-to-value (LTV) ratios of up to 102%, minimizing the need for a substantial down payment.
Inclusive eligibility criteria, accommodating a wide range of medical professionals, including residents and fellows.
No requirement for private mortgage insurance (PMI), potentially saving borrowers hundreds of dollars each month.
Great customer service. Simmons seems popular among its customers with a 3.8/5-star rating from more than 1,000 reviews on WalletHub.

Cons

The program is available in just six states: Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas, so its reach is somewhat limited. 
While a high loan-to-value (LTV) ratio may seem attractive initially, it can rapidly saddle you with substantial debt and potentially drive up your interest rates over time.

Key Takeaways

Simmons Bank has tailored its physician mortgage loan program specifically for medical professionals eager to buy a home. They provide a variety of flexible financing choices, wide-ranging eligibility, and an easy application process to make the homebuying process smoother for those in the healthcare field.

It’s also smart to explore various physician mortgage loans and thoroughly evaluate their advantages and disadvantages to ensure you pick the one that best fits your financial needs. Partnering with a specialized broker like LeveragerRx can guide you to the lender who offers what you need. To begin, request your rates today.