Synovus Bank, NMLS #408043, is an Equal Housing Lender. 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 Because of the statistics showing how much fewer doctors default on loans than the general public, most lenders can price physician loans the same as a mortgage loan with, say, someone he needs to make a 25% down payment and have an 800 credit score. You can obtain 100% financing with no PMI. Synovus Bank lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina and South Carolina. A subsidiary of BMO Financial Corporation, BMO Harris Bank is a multi-billion-dollar bank with hundreds of branches. Bankers Healthcare Group is a trusted lender to tens of thousands of healthcare professionals, including physician assistants. No PMI is required. Because doctors are deemed as being low risk, physician loans have more favorable terms than conventional loans. IberiaBank provides loans with preferable terms to physicians, dentists, and veterinarians in both residency and practice. Synovus Mortgage | Dr Moves - Doctor Loans | Physician Loan Along with doctors, this is available to professionals such as professors and engineers. A 10/1 ARM (also known as a 10-year ARM) has a fixed interest rate for the first ten years, after which the interest rate changes every year. You can apply when your contract is within 60 days of closing. Some loans, however, like the physician mortgage loan, do allow you to avoid PMI even though you don’t have 20% equity. You can loan up to $650,000 – or $1,000,000,000 for specific medical professionals only – with down payments as low as 3%. 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. You have certain rights under Federal law related to resolving errors and requesting information about your mortgage account, and you may learn more about your rights by contacting Synovus Bank, or by visiting http://www.consumerfinance.gov/mortgage/. Have Questions? A free inside look at Synovus salary trends based on 815 salaries wages for 420 jobs at Synovus. As the name suggests, PhysiciansLoans USA specializes in home loans for doctors in the USA. Compare rates with LoanDepot today. View profile View profile badges View similar profiles. PMI isn’t required, and student debt will be excluded from the debt-to-income ratio used. Its Physician and Dentist Loan program offers the opportunity to loan up to $750,000 with no down payment, or up to $1.5 million with a low down payment (or $1 million for residents, fellow, and new physicians). However, PMI is required. There are also low down-payment options and no need for PMI. There are products with a fixed interest rate for 15-, 20-, and 30-year terms. Alongside other loans tailored to various professions, doctors and nurses can choose a Medical Community loan. Use our Physician Mortgage Calculator to get an idea of what these special terms will mean to your monthly payment. Horizon Bank offers a doctor loan for physicians, dentists, and optometrists, but it’s not available within most states. Synovus Physician Mortgage It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. You can choose a mortgage at a 15-year fixed rate or a 3/1, 5/1, 7/1, or 10/1 ARM. The right loan can help you buy a home with a low down payment and no private mortgage insurance. Regions Bank has a loan program for physicians and dentists looking to buy their primary residence. In some cases, you may have the option to pay only interest on your borrowed amount until the maturity date. If you’ve done any research so far on mortgages, you’ve probably come across the PMI acronym. The loan continues the deep ties between Sea Island and Synovus. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South Carolina. Work With The Experts, PhysicianLoans. Since the average salary of physicians is over $200,000, doctors can pay off their student loans relatively quick if they’re motivated to do so. To be eligible, you must be an MD, DO, DPM, DDS, DMD, surgeon, or resident with at least two years complete. You can also obtain a fixed rate for 10-30 years. Physician loan lenders will usually accept a contract of employment to verify a doctor’s income if they do not have pay stubs or W-2s that reflect their current position. Although the bank doesn’t offer a specific mortgage loan for physicians, it does provide a Mortgage Portfolio Professional Loan program for various doctorate professionals licensed in their career, which includes medical doctors. 1-888-SYNOVUS (1-888-796-6887) to learn more. This article includes links which we may receive compensation for if you click, at no cost to you. Physician loan applicants are also unlikely to need current employment; a signed contract to prove you’ll start employment soon is generally sufficient. The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. You can choose between fixed and ARM interest rates, although the fixed rate is only available for those with a 5% down payment. You can borrow against your line of credit and then repay the funds, with interest, over a specified term. You can choose between a 30-year or 25-year fixed rate or a 7/1 or 5/1 ARM. However, condominiums require down-payments. Investment products and services provided by Synovus are offered through Synovus Securities, Inc. (SSI) a registered Broker-Dealer, member FINRA/SIPC and SEC registered Investment Advisor, Synovus Trust Company, N.A. You must be in the first ten years of your career with a credit score of at least 710 to be eligible. 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. Approval of any bank product or service is not contingent upon purchasing insurance from Synovus Bank. Loans subject to approval including credit Approval. No PMI is required, and you can loan up to 95% of the house value. This communication is directed to properties in those states. Loans are distributed in one lump sum, and amounts start at $2,500. NBT Bank's physician loan has a minimum credit score of 700. Claiming to put 166.7% into everything they do, Fifth Third Bank offers a range of mortgage programs. Their loan products boast up to 100% financing with no PMI and no prepayment penalty. Our personal loans and lines of credit offer a variety of options when you don’t have—or don’t want to tie up—cash on hand or home equity. See how physician loans … You can choose between 10/1 ARM, 15 year fixed-rate, and 30-year fixed-rate programs. If you have a BOK Financial checking or savings account and use it to make your payments to the loan, you could be eligible for a 0.25% discount on your mortgage interest rate. No PMI is required, and you can choose between a fixed or ARM term. The self-proclaimed ‘most convenient bank,’ TD Bank, offers various flexible mortgage loans for doctors. The KeyBank loan is one of the most generous available in terms of the amount of money you can borrow; you can obtain a loan of up to $3.5 million, although this requires a more conventional down payment. Banking products are provided by Synovus Bank, Member FDIC. New Doctor Loan Program is ideal for licensed Interns, Residents or Fellows in medical residency or scheduled to begin residency within 90 days of closing on a new home, or who have completed residency within the last 12 months and have started working for a hospital or physician group. Because PhysicianLoans understands your special financing needs, we have made sure our Doctor Loan accommodates those needs. Bank of Oklahoma Financial (otherwise known as BOK Financial) offers a variety of home loans, including an Advanced Medical Professionals program. To be eligible for the Synovus Physician Loan, the borrower must either be an MD (Medical Doctor), DO (Doctor of Osteopathy), DMD (Doctor of Dental Medicine), … Your email address will not be published. These are mortgage loans with special terms that are only offered to doctors to help them along the path to homeownership. These are suitable for physicians who have recently graduated, currently have a house, and have been practicing medics for many years already. However, since you’ll ultimately end up with a variable interest rate, you could end up worse off in the long run. Chase offers financing up to 85% of the value of a home as long as borrowers have a good credit score and significant reserves. You can choose between fixed-rate and adjustable-rate mortgages, including 5/1 ARMS. About. BankMD also offers mobile banking and specialized underwriting. Professionals cannot have been out of training for more than ten years. The loan, therefore, isn’t suitable for everyone. To apply, you also need a payroll deposit with an auto-debit from a Horizon bank account, which is a significant limitation. The doctor loan is available to all medical doctors, dentists, dental surgeons, and veterinarians within ten years of completing their original residency. SoFi is short for Social Finance and is true to their name, making it their mission to help their borrowers find fair financial products. 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. Residents, fellows, and practicing physicians can loan up to $424,000 with no down payment or up to $1.5 million with low down payments. This communication is directed to properties in those states. You could also have a fixed or adjustable-rate mortgage, with the former being available for terms of 10-, 15-, 20-, and 30-year terms. Physician Loans or Doctor Loans, are mortgage loans with special terms that are only offered to doctors to help them along the path to homeownership. There weren’t other options. You can expect it to take about thirty years to pay off medical school loans, but this could be reduced to half or even a third of the time if the borrower is suitably diligent. You’ll need a credit score of at least 700 and a contract that begins within two months of closing the deal. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, It’s also effortless to apply: fill in your needs online, and you’ll find out if you’re approved in minutes. Mortgage Loan Officer at Synovus. Synovus Bank The bank was established in 1888 under the name Columbus Bank and Trust Company, and now it manages more than $27 billion in assets through its network of products and services. Call today. It’s easy to see that, without student loan debt being excluded from the debt-to-income ratio, it would be difficult for doctors to get approved for mortgages. The NBT Bank mortgage loan is designed for the following with a credit score of 700 or more: You can loan up to $850,000 with loan down payment options, but there’s an option for 100% financing or higher loan amounts. There’s also a ‘One-Time Close’ loan for home construction, which allows you to loan up to $2 million. Another difference is that conventional loans count student debt within the debt-to-income ratio, which means it’s easier to get approved as long as you have a good credit score. If your FICO score is low, you’ll struggle to get approved anyway. Another way to avoid PMI is to get two mortgages – one that finances 80% of the deal and the second that covers the remaining debt (up to 20%). One advantage is the $500 welcome bonus. Various doctor loan providers let you access as much as 100% financing without private mortgage insurance (PMI), which is normally charged to anyone who can’t afford a down-payment of 20% or more on their mortgage. We don't endorse to guarantee the goods or information provided by third-party sites, and we're not responsible for any failures or inaccuracies. With the best physician mortgage loan, you can generally borrow up to $750,000 with no money down. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. According to the Association of American Medical Colleges, the average doctor in the US has a total debt worth an astounding $190,694. Chase doesn’t offer a particular loan for physicians. Along with their easy to use platform, applying for a home loan has never been easier. There’s no PMI, and you can close the deal 60 days before the employment start date, once you have your contract. (STC), GLOBALT, a separately identifiable division of STC and Creative Financial Group, a division of SSI. It’s a way for the lender to charge a monthly fee to collect an “insurance” on you, in case you default on the loan. Loan Document Preparation: Enters loan data into document processing software on less complicated commercial and consumer loan products. It’s possible to loan up to $1 million with no down payment, which is less than some other providers but still a substantial offer. LoanDepot offers new home loans and mortgage refinance options. These poor doctors had educations but no place to live. 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. Many doctors may fit into this category. Sign in to view status or complete next steps on your loan. 1 Synovus reviews. Was supposed to be a “physician loan” with 10% down and no PMI then 2-3 weeks from closing they tell me they changed the program and she was not aware and they can’t do %10 on a second home and needed to be 20%. You can also choose between a fixed and a variable interest rate, which is a significant advantage. All loans under this offering require no PMI and no income history for approval. To learn more, read our BBVA Bank Review. If the user enters points, this calculator includes their value in the summary and as part of the total payment at loan origination on the payment schedule. Whether it’s time to purchase a new family car or truck, or you’re finally ready to take the leap on that RV or motorcycle, we have a variety of loan terms available to help you pay for your new set of wheels. Arvest boasts flexible underwriting guidelines with no private medical insurance and a residency program. suntrustbanks Home Skip to … The decision ultimately comes down to personal circumstances, such as how long you intend to stay in your job and house. Construction to Perm, Physician Mortgage Specialist, First time Home Buyers. Banking products are provided by Synovus Bank, Member FDIC. Synovus physician loans are available to the following looking to buy their primary residence using the loan: You can receive 100% financing up to $750,000, and no PMI is necessary. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. KeyBank is one of the largest banks in the US and offers a variety of home mortgage options, including a doctor loan program. This makes it a hybrid mortgage because it combines features from an adjustable-rate mortgage (ARM) and a fixed mortgage. Synovus Bank, NMLS #408043, is an Equal Housing Lender. If you know you’re going to stay in the same area for a long period, and you have a contract as a doctor, getting a physician loan can seem like a no-brainer. Synovus Bank, NMLS #408043, is an Equal Housing Lender. A fast, safe, and easy way to send money. Loans subject to approval including credit Approval. To be eligible, you’ll need a FICO score of 700 and a debt-to-income ratio of 43% or less. The loans are relatively flexible: you can choose between fixed and ARM options and move into the house up to 90 days before your contract starts. Physician loans, also referred to as doctor loans, present a unique set of circumstances for lenders because new doctors do not have any work history and usually have a significant amount of student loan debt. This communication is directed to properties in those states. Loans subject to approval, including credit approval. The University Federal Credit Union offers mortgages that ‘offer more.’. A free inside look at company reviews and salaries posted anonymously by employees. A credit union is a financial cooperative, which means members rather than private investors own unions. Banking products are provided by Synovus Bank, Member FDIC. ALL RIGHTS RESERVED. Salaries posted anonymously by Synovus employees. Whether you're just out of medical school, in residency or a physician who has been practicing for years, physician loans are specifically designed to help residents and attending physicians purchase a home. You can loan up to $750,000 with no down payment or up to $2,000,000 with flexible down payment options. The 100% financing option is available on loan amounts up to $650,000, while you can loan up to $2 million if you’re willing to pay low down payments. For the full $2 million loan you’ll need a 10% down payment, but this goes down to 5% for a $1.5 million loan. Of course, the exact amount of time it takes will depend on the individual circumstances, such as, if they live in a city with a high cost of living and how much they’re willing to save. Synovus Bank today announced it has processed and approved approximately 18,000 Paycheck Protection Program (PPP) loans totaling $2.9 billion as of May 5. Cadence Bank offers an Early Professionals Loan Program with 100% financing, no origination fee, and no PMI requirement. Physician Loans. We offer terms up to 10 years and line amounts as low as $2,500. Through the doctor loan program, you can loan up to $1,750,000 with a loan-to-value ratio of up to 100%. The Physician Loans Program, The Doctor Loan, offers 0% Down. It’s possible to loan up to $1 million for a loan. Physician loans are flexible with these qualifications because they understand new doctors may be working in an internship, residency or fellowship. © 2021 Synovus Financial Corp. All rights reserved. Physician loans from SunTrust Mortgage provide multiple financing options to help you manage your personal and professional expenses. 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. This communication is directed to properties in those states. Synovus Bank, NMLS #408043, is an Equal Housing Lender. No PMI and Special Terms. Generally, a 10/1 ARM is tied to an index, an interest rate based on investment returns, so the amount you’ll be paying depends on economic conditions such as global interest rates. You can receive up to 103% of your house value in a loan, but everything over 100% has to be used for taxing, insurance, or other closing costs. You need to be sure that you’ll still be able to meet your interest rate payments when the variable interest rate is introduced, as you could end up getting hit by rates too high for you to manage. Third-party sites aren't under our control, and we are not responsible for any of the content or additional links they contain. $711 is the difference between the amount paid in interest between Synovus Bank's rate at 3.25% APR compared to 4.12% APR for the National market average over the life of a $25,000 auto loan over … Parts 1024.35 and 1024.36, then you must send written notice to us at Synovus Bank, Attention: Mortgage Customer Service, 800 Shades Creek Parkway, MS 130, Birmingham, AL 35209. You can loan up to $2,000,000, although eligibility depends on your income and debt-to-income ratio. Do Physician Loans Have Private Mortgage Insurance (PMI)? You won’t have to pay PMI and can loan up to $2,000,000 depending on the equity you already have. and South Carolina. Trust services for Synovus are provided by STC. Synovus Mortgage Offering 100% Financing via Affordable Mortgage Program Last updated on July 17th, 2018 . is this Pittsburgh-based subsidiary. BankMD is a digital-only offshoot of TransPecos Banks focused on the niche of medical professionals in Texas, thus combining 100 years of experience with a specialized product. As an established bank with 672 branches in the USA, BBVA is a name you can trust. You can receive 100% financing on up to $750,000, 95% financing on up to $1.3 million, and 90% financing on up to $1.8 million. All loans and lines of credit are subject to approval. 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. BBVA offers flexible mortgage options to practicing physicians and medical residents. Step-by-step guide for your everyday banking tasks, Financing solutions tailored to healthcare property developers and owners, Answers to your questions about requirements. Lenders recognize that doctors are extremely low-risk borrowers, despite their high debt, so they’re willing to make special provisions. If you end up moving homes in five years or fewer, you might not be able to build up enough equity to justify a house purchase. PhysicianLoans Offers 100% Financing, No PMI and Special Underwriting for Doctors. That’s where physician loans, or doctor mortgages, come in. You can receive up to 100% financing on loans of up to $1.5 million, although larger amounts require down payments up to 5%. Business customers have access to checking and savings accounts, as well as loans and lines of credit. Construction loans are also available. If you prefer to have flexible access to funds you can draw from and then pay off in a way that’s similar to a credit card, our personal line of credit may be the right choice. LoanDepot offers loans up to $2 million with no PMI. Synovus Bank, NMLS #408043. It is Synovus’ largest loan, representing 5 percent of the bank’s total capital and 15 percent of all of its nonperforming loans. Loans subject to approval including credit Approval. When you’re looking for the simplicity of making fixed monthly payments over a set time frame, our installment loans can provide you with the cash you need up front for anything from home improvements to paying off your credit cards. You’ll need your contract to start within 90 days of the closing date. You should also be careful only to buy a house you can really afford – just because you could get a $1 million home with a physician loan, doesn’t mean that you should. You’ll need to have a contract with a start date 60 days prior. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South Carolina. You’ll be able to loan up to $750,000 with no down payment or up to $1 million with low down payments. Visit your local branch or call us at If you would like to assert there has been an error made with the servicing of your consumer mortgage loan, or if you would like to request information about the servicing of your consumer mortgage loan, and if you would like your assertion or request to be treated in accordance with the procedures provided in 12 C.F.R. Synovus Bank, NMLS #408043. View Ken Crenshaw's business profile as Mortgage Loan Originator at Synovus Financial. As usual, no PMI is required. You are about to leave the Synovus web site for a third-party site. You can obtain more information about SSI and its Registered Representatives by accessing BrokerCheck. Performs account maintenance. Required fields are marked *. Synovus Bank lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina and South Carolina. Accurately uploads/books loan to the system. The benefits of physician loans are certainly appealing, but they don’t necessarily make sense for all doctors. Fulton Mortgage Company has a few mortgage options available, including special requirements for residents, fellows, and practicing physicians. Get free access to Grant's best tips along with exclusive videos, never-released podcast episodes, wealth-building how-to's, time-saving calculators, mind-blowing courses, and way more. Although the requirements vary slightly between mortgage lenders, certain perquisites are consistent across all providers of physician loans: These companies offer the best physician loans in 2021: Arvest offers various non-conforming mortgage loan programs, including physician loans. This communication is directed to properties in those states. A signed contract proving you have a job as a doctor that will start in 60-90 days. Synovus physician loans are available to the following looking to buy their primary of 700 and a debt-to-income ratio of 43% or less to apply but can borrow up to a hefty $1.5 million. The Flagstar Bank Professional Loan program is for attorneys and other professionals with advanced degrees, as well as dentists and doctors. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South Carolina. However, for doctors who are confident they’re ready to settle down in an area, a physician loan is certainly preferable to a conventional mortgage. 3 points on a $200,000 mortgage equals $6,000. Back There are various adjustable-rate options, including a 5/1 and 7/1 ARM, but no fixed-rate options. Find contact's direct phone number, email address, work history, and more. 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