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  • Writer's pictureNathan Zarcaro

[2024] Simmons Bank Physician Loans: The Most Unique in America

Most physicians, dentists, podiatrists, and veterinarians graduate from medical/dental school with high levels of student debt.

While this isn’t ideal by any means, these borrowers tend to grow high income early in their careers. This simple fact has inspired banks and mortgage lenders nationwide to offer special financing programs to these individuals.

Today, we’re going to talk about the Simmons Bank doctor loan, maybe the most unique physician mortgage program in the entire country.

Simmons Bank logo

Eligible providers


Minimum credit score


Eligible states

Arkansas, Kansas, Missouri, Oklahoma, Tennessee, or Texas

Maximum financing


What is Simmons Bank?

Simmons Bank originated in Pine Bluff, Arkansas in 1903 and offers a variety of banking services, including:

  • Personal checking and savings

  • Credit cards

  • Digital banking

  • Home/personal loans

  • Business loans

  • Insurance

Today, Simmons holds about serves clients in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, and Texas.

Simmons Bank physician mortgage

The Simmons Bank physician loan program, which they call a Professional Provider Mortgage, is available to the following types of healthcare providers:

  • MD

  • DDS

  • DMD

  • OD

  • DVM

  • CRNA

It is very common for doctors, dentists, and vets to qualify for these programs, but it is rare to see eligibility expanded to include CRNAs and other hospital or facility employees.

Additionally, to be eligible for this Simmons Bank mortgage program, borrowers will need to:

  • Reside in Arkansas, Kansas, Missouri, Oklahoma, Tennessee, or Texas

  • Have a credit score of at least 640

Simmons Bank perks

Like most other physician loan programs out there, Simmons waives private mortgage insurance requirements and offers a number of other perks to mortgage program participants:

1. 102% financing option available

But these perks pale in comparison to what is a first for us at The Student Debt Destroyer.  Simmons actually offers a 102% financing option for qualifying buyers, meaning that some will be able to borrow more money than the purchase price of their home.

This can help physicians to cover part of their closing costs and other home buying expenses.

The 102% financing option is reserved for those that:

  1. Borrow up to a maximum of $417,000

  2. Meet other underwriting and credit criteria as established by Simmons Bank

2. Multiple loan options

Simmons also offers multiple loan options for borrowers to choose between, of both the fixed and adjustable rate varieties.

In addition to both fixed and variable rate loans, borrowers may use Simmons Bank financing for construction loans, refinancing, and balloon options as well.

3. Streamlined application process

Applying for a mortgage is a relatively similar process no matter the lender. But, for some reason, the process feels simpler with Simmons. You can start the process by heading to, where you'll be asked for basic information about your home purchase, like:

  • Your name

  • Email

  • Phone number

  • Loan amount

  • Home purcahse price

  • Property location, address, zip code

  • Employment information and proof of medical license

After you provide these answers in Simmons' easy to use interface, you'll be paired with a loan officer, who will then get in touch with you.

Your designated loan officer will likely ask for a bunch of financial information to get your application started, like:

  • Recent pay stubs

  • Up to 2 years of past tax returns

  • Investment and/or bank statements

  • Personal identification

From here, your application will be processed.

If approved, you'll receive a bunch of information and disclosures containing information about your home and loan information. Make sure to check all of this information carefully to ensure there are no mistakes or surprises.

4. Available to residents and fellows

Residents and fellows in participating states are eligible for the program, which can be a huge help to those new to an area or those looking to leverage future income potential to buy a home today.

Cons to the Simmons Professional Provider Mortgage

Like with any lender, there are a few areas of potential improvement for Simmons Bank and their physician loan program.

1. Lack of availability

Since the program is only currently available in six states across the country, there are hundreds of thousands of healthcare providers that are ineligible to participate.

2. Low 100% financing purchase price limit

Currently, Simmons Bank only allows buyers a 100% financing limit up to home purchase prices of $417,000. For buyers in more expensive areas of participating states, many other lenders set higher 100% financing purchase price limits, like:

Is a Simmons Bank mortgage right for you?

Though they offer nearly unparalleled flexibility in the home lending space, a physician loan is not the best fit for all doctors. Depending on your location, income, savings, and whole financial picture, you may be better served by a conventional, VA, USDA, FHA, or even jumbo mortgage.

We've written a ton of home buying content at The Student Debt Destroyer, so feel free to check out:


Simmons Bank offers what may be the most unique physician mortgage program we’ve ever seen.  With the ability to borrow more money than the purchase price of your home, borrowers using a Simmons physician loan have a once in a lifetime opportunity to get into a home with hardly any upfront expense.

Does the idea of 102% financing appeal to you?  Tell us why or why not in the comments below.

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About Nathan Zarcaro

Nathan Zarcaro is the founder of The Student Debt Destroyer and is passionate about personal finance related causes.  A 2018 graduate of Providence College's Liberal Arts Honors Program, Nathan studied Finance, and has worked for industry leaders in both finance and healthcare.  In his free time, Nathan enjoys playing golf and traveling with his wife Brigid.

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