Physician Mortgage Loans in Tennessee

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

About Fifth Third Bank
Headquartered in Cincinnati, Ohio, Fifth Third Bank is one of the largest banks in the United States with over 1,100 branches throughout 10 states. The bank provides commercial banking, branch banking, consumer lending, and wealth and asset management services to its customers.

Fifth Third Doctor Loan Program
Their new doctor loan program covers MDs, DOs, and DPMs in residency or fellowship and practicing doctors that completed residency within the last 12 months. Under this program, physicians can borrow up to $500k with no down payment or up to $1 million with low down payment options available, both options with no PMI required.

For more established physicians that have been practicing for longer than 12 months (or 24 months if self-employed), Fifth Third will lend up to $650,000 with no down payment or up to $1.5 million with flexible down payment options based on loan size, again with no PMI required. Fixed and Adjustable Rate options are available for all products.

Pros

• 100% financing available
• Close up to 90 days prior to employment start date
• Can be used for both new purchases and refinancing existing homes
• Both fixed and adjustable-rate options available to borrowers
• Student loans in deferment or forbearance are not counted towards the borrower's debt to income ratio

Cons

• Not available in all states
• Loans are capped at $1.5 million
• Eligibility for mortgage loan programs depends on current career status

Eligible Borrowers

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

Learn More: Fifth Third Bank Physician Loan Review

Based in Pittsburgh, First National Bank of Pennsylvania (FNB of PA) is the largest subsidiary of F.N.B Corporation — a financial services holding company with over $33 billion in total assets as of 2019.

The Physician's Program at First National Bank features 10, 15, 20, 25, and 30 year fixed rate loans; and ARM 7/1, 10/1, and 15/1 ARM loans on loan amounts up to $1.5 million.

The program supports both primary residences and second homes for purchase, rate/term refinance, cash-out refinance, and construction perm. Property types include single-family dwellings, planned unit developments, condos, fee simple townhomes, and cluster or zero lot line homes.

Eligible borrowers include:

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

Maximum Loan-To-Value (LTV):

• Purchase Transactions:

  • Primary Residence

    • 100% CLTV on loan amounts $750,000 or less
    • 95% CLTV on loan amounts to $1MM
    • 89.99% CLTV on loan amounts to $1.5MM

  • Second Homes

    • 80% CLTV on all loan amounts up to $1,000,000

• Refinance Transactions:

  • Primary Residence

    • 100% CLTV for Rate/Term Refinance up to 750K
    • 95% CLTV on Rate/Term Refinance to $1MM
    • 89.99% CLTV on Rate/Term Refinance to $1.5MM
    • 85% CLTV for Cash-Out Refinance

  • Second Homes

    • 80% CLTV for Rate/Term Refinance (Cash-out refinances are not permitted)

• Construction Perm:

  • Primary Residence Only (condos and second homes not permitted)

    • 89.99% CLTV - No PMI Required
    • 95% CLTV - PMI Required

Other Requirements & Exclusions:

• Maximum Debt-To-Income (DTI) Ratio: 43%
• Reserve Requirement: Per AUS (accept or approve ratings)

• Mortgage Insurance:

  • Purchase or refinance: No MI required.
  • Construction perm (primary residence only): Required over 90% LTV

• Pricing: 0.25% added to applicable interest rate plus all applicable LLPA except:

  • No credit score / LTV fee for credit scores 740 or higher.
• Physician eligibility is predicated on an FNB Checking account. IF the borrower does not have one, they are not eligible.
• Closing may occur prior to the employment start date with an acceptable signed contract and start date prior to the first payment.
• Title insurance is not required on loan amount $500,000 or less (will accept attorney's final opinion of the title).
• For medical residents, FNB will permit the exclusion of student loan debts under deferment or forbearance once the residency program is validated. If there is a minimum payment required under an income or forbearance plan, that payment is to be included. Loans with these parameters need to be marked as Non-QM in the LMS system.

• Physician loans in Florida limited to:

  • Licensed resident/interns, fellows in MD, DO and DPM programs are limited to 750K.
  • Doctors in practice 10 years or more are limited to 89.99%.

Learn More: First National Bank of Pennsylvania 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

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