Physician Mortgage Loans in Alabama

Based in Tupelo, Mississippi, BancorpSouth is a public bank holding company with roughly 300 branches spanning nine states. BancorpSouth provides basic checking, savings, lending, credit card, wealth management, and insurance solutions to both individuals and businesses. The company seeks to develop public-private partnerships that foster growth in communities.

BancorpSouth offers a flexible physician mortgage loan product available at any stage of your medical career. If you have a contract of employment, it will be accepted 90 days prior to beginning practice. However, you will be required to present your first pay stub once it is received. Under this doctor home loan program, you can obtain 100% financing for purchase loans. You can also cash-out refinance loans up to $650,000. Both single-family homes and condos are eligible for this mortgage program. Borrowers must have a minimum credit score of 640. No private mortgage insurance or reserves are required.

Eligible borrowers include:

• Medical Doctor (MD)
• Doctor of Osteopathy (DO)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)

BancorpSouth will offer up to:

• 103% financing for loans to $453,100
• 100% financing for loans to $650,000
• 95% financing for loans to $1 million
• 89.9% financing for loans to $1.5 Million
• 85% financing for loans to $2 million
• 80% financing for loans over $2 million

Pros

• The service of a community bank.
• The convenience of a regional bank.
• Available to residents, fellows, and practicing physicians.
• Available to US citizens and resident and non-resident aliens
• Available for single-family homes and condos.
• Minimum credit score of 640 is accommodating.
• No bank closing costs, PMI, reserves, or escrow required.
• Non-occupant co-borrowers and gift funds are allowed.

Cons

• Overall, BancorpSouth's solutions and services are quite basic.
• Limited lending options (for example, currently no student loans)
• Monthly service charge.

Learn More: BancorpSouth Physician Loan Review

About BBVA Compass Bank
Headquartered in Birmingham, Alabama, BBVA Compass is the 30th largest bank in the United States. Its footprint is primarily in the southern U.S and has 672 branches spanning six states. BBVA Compass was listed among Money Magazine's "Best Banks in America" in 2016.

BBVA Compass Doctor Mortgage Program
BBVA Compass offers a physician loan program that allows borrowers to obtain up to $1.5 million in financing for new home purchases. Eligible properties include single-family, multi-family, and condo units.

Pros

• 5% down up to $1.5 million
• Both fixed and adjustable-rate options available
• Can be used for both new purchases and refinancing existing homes

Cons

• Not available in all states

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Optometry (OD)

Learn More: BBVA Compass Physician Loan Review

The Doctor Loan Program from Cadence Bank is available to MDs, DOs, DDSs, DMDs, DPMs, ODs, and PHARMDs that are currently in training as well as practicing professionals. Cadence's "Early Professional" loan program allows up to $1 million with no mortgage insurance or down payment for eligible specialties in training and those practicing for no more than 5 years. Cadence also offers a "One-Time Close" construction loan with 10/1 ARM, 15 Year Fixed, and 30 year Fixed Rate loan programs up to $2 million.

Learn More: Cadence Bank Physician Loan Review

About Flagstar Bank
Flagstar Bank is a $16.9 billion savings and loan holding company headquartered in Troy, Michigan. Flagstar provides commercial, small business, and consumer banking services through 99 branches in the state. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 90 retail locations in 29 states, representing the combined retail branches of Flagstar and Opes Advisors mortgage division.

Flagstar Doctor Mortgage Program
Flagstar's doctor mortgage program offers no down payment financing up to $850,000 and up to $1.5 million with down payments based on loan amounts. The mortgage loan program is available in all 50 states for both new purchases and refinancing existing mortgage loans. Non-occupant co-borrowers are allowed.

Products available only on 5-1 and 7-1 adjustable rate mortgages; no fixed rates. Flagstar has a minimum credit score requirement of 710.

Pros

• Available many types of healthcare professionals
• Can be used for both new purchases and refinancing existing homes
• Non-occupant co-borrowers are allowed on the loan
• Can close up to 60 days prior to starting employment
• No PMI required

Cons

• Only adjustable rate mortgages available (no fixed rates)

Eligible Borrowers

• Medical Resident (Educational License)
• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Optometry (OD)
• Doctor of Ophthalmology (MD)
• Doctor of Podiatric Medicine (DPM)
• Doctor of Osteopathy (DO)
• Nurse Anesthetist
• Nurse Practitioner
• Clinical Nurse Specialist
• Veterinarian

Learn More: Flagstar Bank Physician Loan Review

IBERIABANK Doctor Mortgage Program
IBERIABANK offers doctor loans to physicians, dentists and veterinarians both in residency and practice. Mortgage loans are offered in 5/1 ARM, 7/1 ARM and 30 year fixed options with no mortgage insurance needed and no reserve requirements. One-time close construction loans are also available to prospective borrowers.

Pros

• Both fixed and adjustable-rate options available
• No reserve requirements for mortgage loan borrowers
• One-time close construction loans are available

Cons

• Not available in all states

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Veterinary Medicine (DVM)

Learn More: IBERIABANK Physician Loan Review

Here is a brief rundown of LoanDepot's guidelines as of 2021:

• 95% loan to $1.5M with no mortgage insurance
• 80% loan to $2M with no mortgage insurance
• Credit score as low as 700 minimum
• Low reserves required and may be 401k/retirement
• Purchase or rate/term refinance
• Fixed and ARM options, fixed only on 5% down
• Available to MD, DO, DDS, DMD, OD, DPM, NP, others
• Single Family or Condo’s allowed
• May close within 2 months of new employment
• May exclude student loans if deferred more than 12 months
• Currently licensed in AZ, CA, CO, FL, HI, KS, MO, OK, OR, and WA; currently seeking licenses for over 10 more states.
• Gifts allowed (including international), 5% personal funds minimum
• 1099 income is accepted as long as 1 year of taxes showing similar income to qualifying

Learn More: LoanDepot Physician Loan Review

About NEO Home Loans
Based in Salt Lake City, the NEO Home Loans team is a division of Celebrity Home Loans that focuses on helping medical professionals avoid the landmines during the home buying process. The NEO Home Loans team has helped thousands of medical professionals secure mortgage loans nationwide.

NEO Home Loans Doctor Mortgage Program
NEO Home Loans offers medical loan programs that allow borrowers to obtain up to $1.5 million in financing for new home purchases. Eligible properties include single-family, multi-family, and condo units.

Pros

• 100% financing up to $750k (not available in all states)
• Both fixed and adjustable-rate options available
• Can use gifted or borrowed funds for your down payment

Cons

• 100% financing not available in all states

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Optometry (OD)
• Physician Assistant (PA)
• Certified Registered Nurse Anesthetist (CRNA)

The doctor loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDSs, and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for a SunTrust physician loan up to $750,000 with no down payment. Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,500,000 with down payment options based on loan size.

Learn More: SunTrust Bank Physician Loan Review*Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property’s value. A down payment may be required if the property is located in a declining market or if required by state regulations. Additional down payment may be required if property is in a declining market or if required by state regulations.

About TIAA Bank
Headquartered in Jacksonville, Florida, TIAA Bank was launched in 2018 following the merger of EverBank and TIAA Direct. Built on EverBank's banking model, TIAA Bank provides a full suite of financial services for consumer and commercial customers across all 50 states including deposit, residential and commercial lending products.

TIAA Bank Doctor Mortgage Program
TIAA Bank's doctor loan mortgage program is available to existing medical doctors including DOs, dentists, dental surgeons, and veterinarians who are actively practicing and are within 10 years of completing residency. Mortgage loans start at $200,000 and extend up to $1.5 million on single-family homes and up to $2 million on two-unit properties. This doctor loan program does not require PMI and deferred student loans are excluded from debt calculations. TIAA Bank allows closing up to 60 days prior to starting a new employment position.

Pros

• Available to borrowers in all 50 states
• Can be used for both new purchases and refinancing existing homes
• Can close up to 60 days prior to starting new employment

Cons

• No 100% financing program available
• Borrowers that completed residency more than 10 years ago are not eligible for this doctor loan program

Eligible Borrowers

• Medical Doctor (MD)
• Doctor of Dental Surgery (DDS)
• Doctor of Dental Medicine (DMD)
• Doctor of Osteopathy (DO)
• Doctor of Veterinary Medicine (DVM)

Learn More: TIAA Bank Physician Loan Review

UMB Financial Corporation (Nasdaq: UMBF) is a $21.5 billion financial services company headquartered in Kansas City, MO, and founded in 1913 - offering personal banking, commercial banking, healthcare services, and institutional banking, which includes services to mutual funds and alternative-investment entities and registered investment advisors.

UMB Bank, n.a., a subsidiary of UMB Financial Corporation, provides a comprehensive suite of banking products and services. The Mortgage Portfolio Professional Loan program is designed to lend to the doctorate professionals who are licensed in their profession.

Eligible borrowers include:

• MD – Doctor of Medicine
• DO – Doctor of Osteopathy
• DDS – Doctor of Dental Surgery
• DMD – Doctor of Medicine in Dentistry
• OD – Doctor of Optometry
• DC – Doctors of Chiropractic
• PharmD – Doctor of Pharmacy
• PhD – Doctorate
• DVM – Doctor of Veterinarian Medicine
• JD Doctor of Juris Prudence (Attorney)

Maximum LTV options:

• Purchase: 100%; R/T Refinance: 95%; Loan Limits: $0 - $750,000
• Purchase: 95%; R/T Refinance: 90%; Loan Limits: $750,001 - $1,250,000
• Purchase: 90%; R/T Refinance: 85%; Loan Limits: $1,250,001 - $2,000,000

Current products:

• 30-year fixed rate loan
• 20-year fixed rate loan
• 15-year fixed rate loan

Highlights:

• Available in 47 states (except Alaska, Hawaii, New York, and D.C.)
• Owner occcupied and second homes.
• Single-family, condo, and townhomes (no multi-family properties)
• Minimum FICO score is 700.
• Max DTI is 43%.
• No mortgage insurance
• 3 months reserves required.
• No gift funds allowed
• Copy of license needed
• Escrow for taxes and insurance is required.
• Close 60 days prior to start date of new employment contract
• Allows for seller contributions of 3% towards closing cost and prepaids.

Learn More: UMB Bank Physician Loan Review