Currently, according to Paul at Synovus, their loan to value ratio schedule for physician construction loans looks like this: Up to $750,000: Maximum of 95% Loan to Value $750,000 to $1 Million: Maximum of 90% Loan to Value $1 Million to $1.5 Million: Maximum of 85% Loan to Value $1.5 Million and Higher: Maximum of 80% Loan to Value Many doctors may fit into this category. Along with their easy to use platform, applying for a home loan has never been easier. Synovus Bank, NMLS #408043, is an Equal Housing Lender. Bank of Oklahoma Financial (otherwise known as BOK Financial) offers a variety of home loans, including an Advanced Medical Professionals program. Physician loan applicants are also unlikely to need current employment; a signed contract to prove you’ll start employment soon is generally sufficient. You can receive up to 100% financing on loans of up to $1.5 million, although larger amounts require down payments up to 5%. This communication is directed to properties in those states. You can obtain 100% financing with no PMI. Salaries posted anonymously by Synovus employees. With the best physician mortgage loan, you can generally borrow up to $750,000 with no money down. Performs account maintenance. The 100% financing option is available on loan amounts up to $650,000, while you can loan up to $2 million if you’re willing to pay low down payments. Synovus Bank, NMLS #408043, is an Equal Housing Lender. There are a few options to choose from, including a 3/1, 5/1, 7/1, or 10/1 ARM loan. Exclusively for medical doctors (with an MD, DO, DDS, DVMM, or DMD), the Physicians Only Loan Program from Huntington Bank has all the benefits you’d expect. You can expect it to take about thirty years to pay off medical school loans, but this could be reduced to half or even a third of the time if the borrower is suitably diligent. To apply, you also need a payroll deposit with an auto-debit from a Horizon bank account, which is a significant limitation. You need to be sure that you’ll still be able to meet your interest rate payments when the variable interest rate is introduced, as you could end up getting hit by rates too high for you to manage. There are various adjustable-rate options, including a 5/1 and 7/1 ARM, but no fixed-rate options. As usual, no PMI is required. You’ll be able to loan up to $750,000 with no down payment or up to $1 million with low down payments. Have Questions? For the full $2 million loan you’ll need a 10% down payment, but this goes down to 5% for a $1.5 million loan. You won’t have to pay PMI and can loan up to $2,000,000 depending on the equity you already have. Visit your local branch or call us at However, since you’ll ultimately end up with a variable interest rate, you could end up worse off in the long run. This communication is directed to properties in those states. Otherwise, you can receive 100% financing for up to $750,000, 95% financing for up to $1 million, and 90% financing for up to $1.5 million. Synovus Bank, NMLS #408043, is an Equal Housing Lender. University of Alabama. Of course, the exact amount of time it takes will depend on the individual circumstances, such as, if they live in a city with a high cost of living and how much they’re willing to save. When the story of physician loans first began, our protagonists—the poor, but virtuous, young doctors—were crippled by their high debt-to-income ratios. This article includes links which we may receive compensation for if you click, at no cost to you. You need a minimum. Chase doesn’t offer a particular loan for physicians. A 10/1 ARM (also known as a 10-year ARM) has a fixed interest rate for the first ten years, after which the interest rate changes every year. It’s also possible for sellers to pay 3-6% of the closing costs, which helps you to save even more money. You can receive 100% financing on up to $750,000, 95% financing on up to $1.3 million, and 90% financing on up to $1.8 million. You can choose a mortgage at a 15-year fixed rate or a 3/1, 5/1, 7/1, or 10/1 ARM. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting http://www.consumerfinance.gov/mortgage/. Although the bank doesn’t offer a specific mortgage loan for physicians, it does provide a Mortgage Portfolio Professional Loan program for various doctorate professionals licensed in their career, which includes medical doctors. We offer terms up to 10 years and line amounts as low as $2,500. Back You are about to leave the Synovus web site for a third-party site. There’s no PMI, and you can close the deal 60 days before the employment start date, once you have your contract. Another difference is that conventional loans count student debt within the debt-to-income ratio, which means it’s easier to get approved as long as you have a good credit score. Construction to Perm, Physician Mortgage Specialist, First time Home Buyers. Synovus Bank auto loan rates in National - US. You should also be careful only to buy a house you can really afford – just because you could get a $1 million home with a physician loan, doesn’t mean that you should. Synovus physician loans are available to the following looking to buy their primary Its Physician and Dentist Loan program offers the opportunity to loan up to $750,000 with no down payment, or up to $1.5 million with a low down payment (or $1 million for residents, fellow, and new physicians). Sign in to your account Welcome back! Synovus Bank, NMLS #408043. Generally, a 10/1 ARM is tied to an index, an interest rate based on investment returns, so the amount you’ll be paying depends on economic conditions such as global interest rates. No PMI is required, and you can choose between a fixed or ARM term. This generally results in favorable terms, which is the case for the LMCU doctor mortgage. All loans and lines of credit are subject to approval. Whether you're just out of medical school, in residency or a physician who has been practicing for years, physician loans are specifically designed to help residents and attending physicians purchase a home. Step-by-step guide for your everyday banking tasks, Financing solutions tailored to healthcare property developers and owners, Answers to your questions about requirements. The physician mortgage loan program from NBT Bank is available to physicians, dentists, optometrists, and podiatrists. Horizon Bank offers a doctor loan for physicians, dentists, and optometrists, but it’s not available within most states. In some cases, you may have the option to pay only interest on your borrowed amount until the maturity date. Probably not. You might think that saving lives is priceless, but when it comes to medical degrees, it’s rather expensive – qualifying as a doctor leads to six-figure debt. One advantage is the $500 welcome bonus. Claiming to put 166.7% into everything they do, Fifth Third Bank offers a range of mortgage programs. PMI isn’t required, and student debt will be excluded from the debt-to-income ratio used. BBVA offers flexible mortgage options to practicing physicians and medical residents. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Your email address will not be published. Otherwise, we will treat your assertion or request per our standard policies and procedures. A fast, safe, and easy way to send money. Synovus Bank lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina and South Carolina. Synovus Bank, NMLS #408043, is an Equal Housing Lender. The self-proclaimed ‘most convenient bank,’ TD Bank, offers various flexible mortgage loans for doctors. The Physician Loans Program, The Doctor Loan, offers 0% Down. Required fields are marked *. Call today. This communication is directed to properties in those states. Physician loans, also referred to as doctor loans, present a unique set of circumstances for lenders because new doctors do not have any work history and usually have a significant amount of student loan debt. is this Pittsburgh-based subsidiary. Because doctors are deemed as being low risk, physician loans have more favorable terms than conventional loans. PhysicianLoans Offers 100% Financing, No PMI and Special Underwriting for Doctors. There are products with a fixed interest rate for 15-, 20-, and 30-year terms. 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