95% financing is available for loans up to $1MM for MD, DO, DDS, and DMDs.
What Is Regions Bank?
Established in 1971 and based in Birmingham, Alabama, Regions Financial Corporation operates as a parent company. Its primary subsidiary, Regions Bank, is a leading provider of comprehensive consumer and commercial banking, wealth management, and mortgage offerings in the United States.
Regions operates in the Southern, Midwestern, and Texan regions, catering to a wide range of customers. With more than 1,400 branches and 1,900 ATM machines spread across 15 states, Regions holds the title of the largest deposit holder in Alabama and Tennessee, and comes second in Arkansas, Louisiana, Mississippi, and Florida.
Regions Bank Physician Loan Highlights
The Regions physician home loan program is open to individuals with the designations MD, DO, DDS, and DMD. It should be noted that current practice is not a requirement for eligibility. The program also extends to residents and fellows, in addition to practicing doctors. Below are the key features of the program:
- Can be bought or refinanced
- Only applicable for primary homes
- Suitable for single family homes, multi-family homes, and condominiums
- Up to $750k in 100% financing
- Up to $1MM in 95% financing
Similar to other doctor loan programs, Regions does not mandate mortgage insurance for medical professionals and has lenient debt-to-income requirements. However, this program is not accessible in all states.
State Availability: Regions is only available in the following (15) states: AL, AR, FL, GA, IL, IN, IA, KY, LA, MS, MO, NC, SC, TN, TX.
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Regions Bank Physician Loan Alternatives
LeverageRx was established with the purpose of assisting you in navigating the various doctor home loan options and selecting the most suitable one for your needs. Here are some notable alternatives to keep in mind as you conduct your research:
Huntington
Regions is smaller in comparison to Huntington Bank, but Huntington Bank still offers physician mortgages to veterinarians, physicians, and dentists. They have the option of financing up to $1 million with 100% coverage, up to $1.25 million with 95% coverage, and up to $2 million with 90% coverage. Similar to TD Bank, these loans are only applicable for primary residences.
Learn More: Huntington Bank Physician Loan Review
Fifth Third
For a considerable period, Fifth Third has been dedicated to assisting doctors in obtaining home loans. The bank provides options such as construction financing, full financing up to $1MM, and 95% financing up to $1.5MM for medical professionals with a minimum of 1 year of experience.
Learn More: Fifth Third Physician Loan Review
Truist
Truist was formed through the combination of BB&T and SunTrust. The program provides full financing up to $1MM for the following designations: MD, DO, DPM, DDS, DMD.
Learn More: Review of Truist Physician Loan
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Is the Regions Physician Mortgage Right for You?
Regions’ physician loan stands out for its 100% financing option and exemption from mortgage insurance. However, these features are typically included in a physician loan program, so there are other factors to take into account. Firstly, certain professions like chiropractors, podiatrists, veterinarians, and nurse practitioners are not eligible for this loan at Regions. Additionally, this bank is currently only accessible in 15 states. Finally, to be eligible for a loan of $1MM with only a 5% down payment, you must have less than 10 years of experience.
Regions is a great option for financing your home if you reside in any of the 15 states where they have operations. Their doctor loan program offers favorable terms in comparison to a traditional mortgage, just like all other doctor loan programs.
The loan officers at Regions are knowledgeable professionals who can address all of your inquiries and guide you through the complete procedure of buying your house.
Regions Bank is an excellent choice for physician mortgage loans because they offer lending programs customized for medical professionals early in their careers. What is nice is that Regions also offers business and personal banking services for the doctor out there who likes to keep their accounts under one roof.
Not necessarily. While doctors are considered better lending risks than most other professions, most banks are tied to the same underwriting and federal funds rate as anyone else who is applying for a mortgage. In fact, the lender may charge a slightly higher rate to a doctor since private mortgage insurance is not required. That’s why it’s important to shop between several lenders.
As is typical with mortgage lending, you should expect the process to take between 30 and 45 days from application to closing. If you’re a W-2 employee, processing time will be closer to 30 days. But if you’re self-employed, it’ll be on the longer end of the range.
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