How to Obtain a Physician Mortgage in Mississippi

To obtain a physician mortgage in Mississippi, you should compare lenders that operate specifically in Mississippi and offer physician mortgage programs. Collaborating with a mortgage broker who specializes in physician mortgage programs is highly recommended to ensure you find an experienced lender. A knowledgeable mortgage broker will connect you with the best physician mortgage lenders in Mississippi, enabling you to compare rates, terms, and down payment options available in the state.

Not all brokers possess expertise in physician mortgage loan programs, so it’s crucial to find one who is well-versed in this field. LeverageRx can assist you in locating lenders that cater specifically to physicians and healthcare providers in Mississippi.

Once you have chosen a lender, you will need to complete and submit a loan application. Be prepared to provide supporting documentation, such as proof of employment, educational background, certifications, or licensing as a healthcare professional.

Where to Find a Physician Loan in Mississippi

When searching for a physician loan in Mississippi, it’s important to focus on lenders and programs specifically available within the state. This will ensure that you work with lenders who understand the local market and will comply with state-specific regulations. Keep in mind that loan programs can vary from one state to another, so the options available in Mississippi may differ from other states.

Here are seven reputable physician mortgage loan lenders for physicians in the state of Mississippi.

BMO

BMO in Mississippi offers a comprehensive physician loan program specifically designed to address the unique challenges faced by medical professionals. This program eliminates the barriers to homeownership that doctors often encounter, such as significant student loan debt and limited savings for a traditional 20% down payment.

Here are the key highlights of BMO’s physician loans for physicians in Mississippi:

• Eligible designations: MD, DDS, DMD, DO
• Up to 95% financing for loan amounts up to $1.5 million
• Up to 90% financing for loan amounts up to $2 million
• Available for primary residences only
• Options for both home purchase and refinancing
• Construction financing options are also available

BMO physician loans are accessible to qualified licensed medical doctors, residents, and fellows in all states except New York. To learn more, you can read our comprehensive BMO Physician Loan Review.

Evolve Bank & Trust

Physicians can face challenges when trying to qualify for conventional loans due to their substantial student loan debt. Evolve Bank & Trust offers an alternative solution in Mississippi by providing a pathway to immediate homeownership.

Here are the highlights of Evolve Bank & Trust’s physician loans in Mississippi:

• Available for MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM
• 100% financing for loan amounts up to $1,000,000
• 95% financing for loan amounts up to $1,250,000
• 90% financing for loan amounts up to $1,500,000
• 85% financing for loan amounts over $2,000,000
• Options for primary residences, co-ops, condos, land purchases, and construction

Evolve Bank & Trust offers physician mortgages to medical professionals within ten years of completing their residency or fellowship training. Physicians with over a decade of practice are not eligible for this loan. To find an Evolve lender, you can explore your options with LeverageRx.

First Horizon

In Mississippi, First Horizon extends its physician mortgage loans to medical professionals, with the designations MD, DO, DDS, DMD, CRNA, CPA, and DPM.

Here are the program highlights for their physician mortgage loans:

• Up to 100% financing for loan amounts up to $1.5 million
• Up to 95% financing for loan amounts up to $2 million
• Up to 90% financing for loan amounts up to $2.5 million
• Flexibility to close the loan up to 6 months prior to the start date of employment
• No Private Mortgage Insurance (PMI) required

To find a First Horizon lender, you can explore your options with LeverageRx.

Heritage Bank NA

Heritage Bank NA provides attractive financing options in Mississippi for medical professionals who are looking to purchase a home. This physician mortgage loan program caters to both practicing physicians and residents, offering several advantages and benefits.

Here are the key highlights of Heritage Bank NA’s physician mortgage loan program in Mississippi:

• $0 down payment on homes up to $1 million.
• Eligible designations include MD, DDS, DO, OD, DPM, and DVM.
• Available for both practicing physicians and residents.
• No requirement for private mortgage insurance (PMI).
• Flexibility to move in up to 60 days prior to starting your next position.
• Suitable for both primary and secondary homes.
• High loan-to-value ratios.

Heritage Bank NA’s physician mortgage loan program in Mississippi aims to provide convenience, flexibility, and favorable terms to help physicians achieve their homeownership goals. To explore your options and take the next step towards owning a home, you can explore your choices with LeverageRx.

Truist

Truist offers a physician loan program tailored specifically for medical professionals in Mississippi. If you hold the designations MD, DO, DPM, DDS, or DMD, and you are a physician, resident, or fellow, you are likely eligible for this program. Please note that Truist does not consider practicing physicians and dentists with over 10 years of experience as eligible.

Here are the key features of Truist’s physician loan program:

• Limited to primary residences only.
• Available for both home purchase and refinancing.
• 100% financing up to $1 million.
• 95% financing up to $1.5 million.
• 90% financing up to $2 million.
• Adjustable and fixed-rate options are available.
• Can be used for single-family homes or condos.

Truist’s physician loan program in Mississippi offers relaxed debt-to-income requirements and eliminates the need for private mortgage insurance (PMI). For more information about Truist’s physician loan program and its offerings in Mississippi, read our Truist Physician Loan Review.

US Bank

US Bank provides physician mortgage loans in all 50 states, including Mississippi. Whether you are currently in training or have been practicing for a decade, US Bank offers financing options for your new home.

Here are the key highlights of their physician loan program:

• Eligible designations: MD, DO
• Limited to primary residences only.
• Enjoy 90% financing for loan amounts up to $1.25 million.
• Loans up to $1.5 million qualify for 85% financing.
• Loans up to $2 million are eligible for 80% financing.

US Bank extends their physician loan program to a limited number of medical professional designations compared to other programs (MD and DO only). Additionally, it’s worth mentioning that US Bank does not offer an option for 100% financing. For more detailed information about US Bank’s physician loan program and its offerings in Mississippi, you can read our full US Bank Physician Loan Review.