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
- 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.
- 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