Medical professionals looking for a mortgage in Tennessee can streamline the process by seeing offers from a range of lenders. They should be compared based on their interest rates, terms, and options for down payment. To find these lenders, it’s highly beneficial to collaborate with a mortgage broker who possesses a deep understanding of physician mortgage programs.
While not all brokers are equipped with the expertise to handle the unique requirements of physician mortgage loan programs, having a broker who has this specific knowledge is critical. Physician loans have distinct terms and conditions, so it’s essential to partner with someone who is well-versed in this area.
LeverageRx can help you begin the process of comparing rates and terms from lenders in Tennessee. Our team has already assisted over 50,000 physicians and healthcare providers in finding the right banks and mortgage lenders for their next home purchase.
Once you’ve seen your options and selected a lender, the next step is to complete and submit a loan application. You should also prepare to provide supporting documents, such as proof of employment, educational qualifications, certifications, or healthcare professional licensing.
Where to Find a Physician Mortgage in Tennessee
It’s vital to concentrate on lenders and programs operating within Tennessee when seeking a physician mortgage. This ensures that you’re working with a lender who comprehends the local market and adheres to state-specific rules. As loan programs can vary from state to state, identifying the options accessible within Tennessee is critical.
Here are 9 trusted physician mortgage loan providers who cater to physicians in Tennessee:
BMO
BMO’s physician loan program is designed to overcome the financial obstacles that medical professionals in Tennessee often encounter. This program removes barriers such as high student loan debt and limited savings for a conventional 20% down payment.
Here’s an overview of the BMO physician loans in Tennessee:
- Designations eligible: MD, DDS, DMD, DO
- Financing up to 95% for loans up to $1.5 million
- Financing up to 90% for loans up to $2 million
- Only applicable to primary residences
- Applicable to both home purchase and refinance
- Options for construction financing
BMO physician loans are available to licensed medical doctors, residents, and fellows in all states except New York. For further information about this program, please read our comprehensive BMO Physician Loan Review.
Evolve
Evolve Bank & Trust presents a solution for physicians in Tennessee who find it hard to qualify for traditional loans due to considerable student loan debt. Their physician loans provide an opportunity for immediate homeownership without a down payment.
Key aspects of Evolve physician loans in Tennessee:
- Designations eligible: MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
- 100% financing up to $1,000,000
- 95% financing up to $1,250,000
- 90% financing up to $1,500,000
- 85% financing for loans over $2,000,000
- Applicable for primary residences, co-ops, condos, land purchases, and construction financing
These loans are designed to facilitate homeownership without the traditional waiting period. Physicians who have been in practice for over ten years are not eligible for this program. To explore your options, you can connect with an Evolve lender in Tennessee through LeverageRx.
Fifth Third
Recognizing the distinct financial needs of medical residents, new physicians, and seasoned doctors in Tennessee, Fifth Third Bank offers a specialized physician mortgage loan program with attractive options.
Let’s look at the distinguishing features of Fifth Third’s physician mortgage offerings:
- Qualifications: MD, DDS, DMD, DO, DPM.
- Complete funding for loans up to $750,000.
- Financing of 95% for loans of $1 million.
- No need for private mortgage insurance (PMI).
- Selection between fixed or adjustable-rate loans.
- Applicable for both home purchase and refinancing.
- Home construction loan options.
Fifth Third Bank’s doctor mortgages are designed to cater to the financial needs of trainees, fellows, and practicing doctors in Tennessee. To delve deeper into this program, we recommend reading our thorough review Fifth Third Physician Mortgages.
First Horizon
First Horizon offers mortgage loans tailored for medical experts in Tennessee and other states within the southern United States. Key characteristics of their initiative include:
- Qualifications: MD, DO, and DPM.
- Full financing for loans up to $1.5 million.
- 95% financing for loans up to $2 million.
- 90% financing for loans up to $2.5 million.
- Closing can be scheduled up to 6 months before employment start date.
- No need for private mortgage insurance (PMI).
To explore your options and identify a suitable lender from First Horizon, you can request your mortgage rates through LeverageRx.
First National Bank of Pennsylvania
First National Bank’s physician mortgage caters to medical professionals, from those in training to those already practicing in Tennessee. The degrees considered eligible include MD, DO, DDS, DMD, DVM, and PharmD.
Significant characteristics of First National Bank’s physician loan are:
- Full financing for loans up to $1 million.
- 90% financing for loans up to $1.5 million.
- Available for home purchase and refinancing.
- Primary or secondary residences.
- Home construction loan options available.
For a comprehensive exploration of the First National Bank’s physician loan, take a look at our detailed First National Bank Physician Loan Review.
Huntington Bank
Huntington Bank’s physician loan program in Tennessee serves an array of medical disciplines including MD, DO, DDS, DMD, DPM, and DVM. Their program offers several key benefits for physicians looking to finance their primary residences:
- 100% financing available for loans up to $1 million.
- 95% financing for loans up to $1.25 million.
- 90% financing for loans up to $2 million.
- Exclusively available for primary residences.
- Applicable for both home purchase and refinancing.
For loans over $1.25 million, Huntington Bank requires at least one year of attending status, which excludes residents. However, loans under $1.25 million are open to both residents and attending physicians.
For a more comprehensive understanding of Huntington Bank’s physician loans in Tennessee, you can refer to our thorough Huntington Bank Physician Loan Review.
Truist
In Tennessee, Truist’s physician loans are designed for individuals holding professional designations such as MD, DO, DPM, DDS, and DMD. Whether a practicing doctor, dentist, oral surgeon, resident, or fellow, Truist provides financial options to fulfill your needs. Importantly, Truist does not qualify physicians and dentists with over a decade of experience.
Here’s an overview of Truist’s physician loan initiative in Tennessee:
- Restricted to primary residences.
- Covers both home purchase and refinancing.
- Full financing available for loan amounts up to $1 million.
- 95% financing for loans up to $1.5 million.
- 90% financing for loan amounts up to $2 million.
- Choice between adjustable-rate mortgages (ARMs) and fixed-rate alternatives.
- Flexible debt-to-income requirement.
- No private mortgage insurance (PMI) necessity.
If you’re a healthcare professional in Tennessee, Truist’s physician loan initiative is worth considering. For a comprehensive understanding of their offerings and to make a well-informed decision, please consult our detailed Truist Physician Loan Review.
US Bank
US Bank offers physician mortgage loans to healthcare professionals in Tennessee, providing financial solutions for individuals with the designations MD and DO. Whether you’re concluding your residency or have a decade’s worth of practice under your belt, US Bank presents financing options for your new home. Here are the key aspects of US Bank’s physician mortgage loans in Tennessee:
- Limited to primary residences.
- 90% financing available for loan amounts up to $1.25 million.
- 85% financing for loans up to $1.5 million.
- 80% financing for loan amounts up to $2 million.
One critical point to note is that US Bank’s physician loan is offered to a restricted group of professionals, considering only MD and DO designations. Compared to other physician home loan initiatives, US Bank has a more discerning approach in determining eligibility. It’s also important to highlight that US Bank doesn’t provide a 100% financing loan option. To gain more insights into their program and to make a sound decision, you’re encouraged to read our comprehensive US Bank Physician Loan Review.
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