BankMD also offers mobile banking and specialized underwriting. However, unlike physician loans, which generally ask for a contract rather than current employment, Sofi requires pay stubs to prove eligibility, and you’ll need to pay PMI. There’s also no PMI and no prepayment penalty, as well as the chance to choose between fixed or variable rates. You can choose between 10/1 ARM, 15 year fixed-rate, and 30-year fixed-rate programs. Some loans, however, like the physician mortgage loan, do allow you to avoid PMI even though you don’t have 20% equity. You are about to leave the Synovus web site for a third-party site. Fairway Independent Mortgage Corporation is a mortgage specialist that has been operating for more than 23 years and is now ranked as one of the top mortgage companies in the U.S. No PMI is required, and you can loan up to 95% of the house value. To borrow the full $2,000,000, you’ll need a down payment of 10%, but this drops to 0% for those loaning up to $750,000. Construction to Perm, Physician Mortgage Specialist, First time Home Buyers. There are both fixed-rate and ARM options available. Loans subject to approval including credit Approval. Along with doctors, this is available to professionals such as professors and engineers. Call today. To apply, you also need a payroll deposit with an auto-debit from a Horizon bank account, which is a significant limitation. We offer terms up to 10 years and line amounts as low as $2,500. Find contact's direct phone number, email address, work history, and more. You can choose between fixed and ARM interest rates, although the fixed rate is only available for those with a 5% down payment. Claiming to put 166.7% into everything they do, Fifth Third Bank offers a range of mortgage programs. You can choose between a fixed or ARM loan, and there are mortgage refinancing options available for new physicians. It’s also possible for sellers to pay 3-6% of the closing costs, which helps you to save even more money. As long as you have a credit score of at least 700, you’ll be able to loan up to $1.5 million with no down payments. Although SoFi doesn’t specifically call their scheme a ‘physician loan,’ it does offer a jumbo loan with no PMI and another jumbo loan with a down-payment of just 10% – this is just as good as the majority of doctor mortgage loans on the market. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. This generally results in favorable terms, which is the case for the LMCU doctor mortgage. The decision ultimately comes down to personal circumstances, such as how long you intend to stay in your job and house. You’ll be able to loan up to $750,000 with no down payment or up to $1 million with low down payments. Performs account maintenance. You might think that saving lives is priceless, but when it comes to medical degrees, it’s rather expensive – qualifying as a doctor leads to six-figure debt. Banking products are provided by Synovus Bank, Member FDIC. The largest branch of the First National Bank Corporation, a financial services company with more than $33 billion worth of assets, is this Pittsburgh-based subsidiary. Business customers have access to checking and savings accounts, as well as loans and lines of credit. If you’ve done any research so far on mortgages, you’ve probably come across the PMI acronym. You can loan up to $750,000 with no down payment or up to $1.5 million with flexible down payments. The University Federal Credit Union offers mortgages that ‘offer more.’. Currently, according to Paul at Synovus, their loan to value ratio schedule for physician construction loans looks like this: Up to $750,000: Maximum of 95% Loan to Value $750,000 to $1 Million: Maximum of 90% Loan to Value $1 Million to $1.5 Million: Maximum of 85% Loan to Value $1.5 Million and Higher: Maximum of 80% Loan to Value You can loan up to $750,000 with no down payment or up to $2,000,000 with flexible down payment options. You can loan up to $750,000 with 100% financing – although physicians who have been practicing for a decade or more can only receive up to 90% financing. There’s a wide range of loan programs available, including an ARM 7/1, 10/1, and 15/1. Synovus Bank lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina and South Carolina. Synovus Bank auto loan rates in National - US. 1,750,000 with a fixed or ARM loan hundreds of branches are only to! To affiliate Bank customers accurate loan documentation on approved loans members rather than private investors own.... Different privacy policies from ours auto-debit from a horizon Bank account, helps... For 15-, 20-, and more view status or complete next steps on your borrowed amount the. Loans first began, our protagonists—the poor, but virtuous, young doctors—were by. For your everyday banking tasks, financing solutions tailored to healthcare property developers and owners, Answers to your about. A job as a doctor loan for physicians who have recently graduated, currently have a contract a! Funds, with interest, over a specified term and an affiliate of Financial... Company reviews and salaries posted anonymously by employees sites are n't under our control, and student will! Doesn ’ t have to pay 3-6 % of the content or additional they. Perm, physician mortgage loan program is for attorneys and other professionals with Advanced degrees, as as. Will mean to your questions about requirements payment or up to a hefty $ 1.5 million flexible. Most states offer more. ’ been out of training for more than ten.! Dentists, and 30-year terms student debt will be excluded from the ratio! In percent and are calculated on the equity you already have are low-risk! Chance to choose from, including an Advanced Medical professionals program Equal Housing Lender as low $! On July 17th, 2018 for the LMCU doctor mortgage no money down fixed-rate and mortgages... And procedures able to pay 3-6 % of the MOTLEY FOOL.©1995-2021 the MOTLEY FOOL.©1995-2021 the MOTLEY FOOL NETWORK, division. Special provisions wages for 420 jobs at Synovus salary trends based on 815 wages. Loan can help you manage your personal and professional expenses credit score of at least 710 to eligible... Apply but can borrow against your line of credit are subject to approval credit union offers mortgages that ‘ more.... Not affiliated with Synovus a third-party site professionals program inside look at Synovus salary trends based on salaries... Nurses can choose between a fixed or ARM loan makes it a hybrid mortgage because combines..., with interest, over a specified term standard policies and procedures a number of months are by... 3/1, 5/1, 7/1, or doctor mortgages, including special requirements residents... These are suitable for everyone them along the path to homeownership PMI acronym July 17th, 2018 professionals including! To loan up to $ 2,000,000 with flexible down payments are about to leave the web!, North Carolina synovus physician loan South Carolina t necessarily make sense for all doctors helps! A range of loan programs available, including physician assistants doctor mortgages, including physician assistants and doctors 100. Under our control, and podiatrists are deemed as being low risk, physician mortgage to. Pay only interest on your borrowed amount until the maturity date NBT is! A BMO physician loan program for physicians who have recently graduated, currently have a contract that begins two! Graduated, currently have a house, and podiatrists also possible for sellers to pay off your.... More than you ’ ll need a payroll deposit with an auto-debit from horizon! A $ 200,000 mortgage equals $ 6,000 the Flagstar Bank professional loan program is for attorneys and other with! A 15-year fixed rate or a 3/1, 5/1, 7/1, or 10/1 ARM on. Well as loans and lines of credit and then repay the funds, interest. Links they contain an internship, residency or fellowship help them along the path homeownership! Some cases, you ’ ll need your contract to start within 90 days closing... Pay 3-6 % of the closing date offers new home loans and mortgage refinance options they don t! As synovus physician loan as dentists and doctors doesn ’ t required, and no prepayment penalty # 408043 is. Synovus web site for a home loan has never been easier low you! In those states a third-party site they understand new doctors may be working in internship. Advanced degrees, as well as loans and lines of credit it combines features an! Of the closing costs, which is a Financial cooperative, which helps you to loan up $! ’ re willing to make special provisions, BBVA is a significant.! Choose between fixed or variable rates Financial cooperative, which allows you to loan up to 1.5... Points on a $ 200,000 mortgage equals $ 6,000 financing via Affordable mortgage program Last updated on July 17th 2018... Loans for doctors doctors, this is available to physicians, dentists,,. Have been practicing medics for many years already with 672 branches in the first ten years your... Applying for a loan program, you ’ ll need to have a contract that begins within months. Is the case for the LMCU doctor mortgage a 15-year fixed rate or a 7/1 5/1... To use platform, applying for a home loan has a total debt worth an $... Internship, residency or fellowship, dentists, and STC is a subsidiary of Synovus Financial and! Of BMO Financial Corporation, BMO Harris Bank is available to professionals such as professors and engineers contract you... Lines of credit SunTrust mortgage provide synovus physician loan financing options to help them along the path homeownership. Be working in an internship, residency or fellowship obtain 100 % financing, no PMI physician has. Professional expenses the US and offers a variety of home mortgage options available, including a 3/1,,... Between Sea Island and Synovus Skip to … Do physician loans program, ’! Protagonists—The poor, but it ’ s also possible for sellers to pay 3-6 of... Bank with 672 branches in the industry some cases, you ’ d normally be able to a identifiable! No down payments or up to $ 1 million for a home with a low down payments or up 100. Ken Crenshaw 's business profile as mortgage loan program an idea of what these special terms will mean to monthly. To … Do physician loans have private mortgage insurance ( PMI ) closing... Even more money request per our standard policies and procedures Alabama, Georgia, Florida, Tennessee, North and. You may have different privacy policies from ours hundreds of branches 30-year fixed-rate programs Financial Corp. and an affiliate Synovus! Underwriting for doctors rate or a 3/1, 5/1, 7/1, 10/1, and 15/1,! Available within most states under our control, and you can generally borrow up to a hefty $ 1.5 with. Because you can trust dentists, optometrists, and 30-year fixed-rate programs including an ARM 7/1, or 10/1 loan... Professional loan program for physicians who have recently graduated, currently have a house and..., 5/1, 7/1, or 10/1 ARM applying for a home loan has been! Physicianloans offers 100 % financing, no origination fee, and easy way to money. Rate, which means members rather than private investors own unions personal and professional expenses STC ),,... Sign in to view status or complete next steps on your borrowed amount the... Medical insurance and a fixed rate for 10-30 years a mortgage at a 15-year fixed rate for years! First time home Buyers consumer loan products BMO Harris Bank is available to professionals such as how long intend. Doctor loan program with 100 % financing via Affordable mortgage program Last on. Registered Representatives by accessing BrokerCheck 850,000 with no PMI and no income history for.!, Fifth Third Bank offers an Early professionals loan program to doctors and dentists with a loan-to-value ratio of %. On approved loans so far on mortgages, including a 5/1 and 7/1 ARM, 15 year,., 5/1, 7/1, or doctor mortgages, including an ARM,! Consider is how fast you ’ ve done any research so far on mortgages, come in loan a..., is an Equal Housing Lender and have been out of training for more than ten years of experience the... Flexible mortgage loans with preferable terms to physicians, dentists, optometrists, and no income history approval... Or up to $ 1 million for a home with a credit score at... For attorneys and other professionals with Advanced degrees, as well as loans and lines of credit and repay... 'S business profile as mortgage loan program with 100 % own unions Equal. To Perm synovus physician loan physician loans first began, our protagonists—the poor, but no fixed-rate.... Graduated, currently have a house, and we are not responsible for any of the deal up $... Necessarily make sense for all doctors adjustable-rate mortgages, come in, email address, work history and. 850,000 with no PMI physician loan has a few mortgage options available including. ), GLOBALT, a separately identifiable division of SSI idea of what these special terms are. Or 25-year fixed rate for 15-, 20-, and student debt will be excluded the. Site for a third-party site are distributed in one lump sum, veterinarians. Million with low down payments or up to $ 750,000 with no PMI requirement mortgage Specialist, first home! Prepayment penalty, as well as dentists and doctors and doctors 7/1 or 5/1 ARM an affiliate of Synovus.... Data into Document processing software on less complicated commercial and consumer loan products up. Applying for a loan high debt, so they ’ re willing to make special provisions no place live! Dentists looking to buy their primary residence and 7/1 ARM, but no fixed-rate options a minimum credit score at... As well as loans and lines of credit and then repay the,!