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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. In some cases, you may have the option to pay only interest on your borrowed amount until the maturity date. There are both fixed-rate and ARM options available. 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), … Synovus Bank auto loan rates in National - US. You can also choose between a 5/1 and 7/1 ARM and a 30-year fixed rate option, and there’s also the chance to obtain a construction loan. Banking products are provided by Synovus Bank, Member FDIC. You can also choose between a fixed and a variable interest rate, which is a significant advantage. Alongside other loans tailored to various professions, doctors and nurses can choose a Medical Community loan. 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. SSI is a subsidiary of Synovus Financial Corp. and an affiliate of Synovus Bank, and STC is a subsidiary of Synovus Bank. 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. No PMI is required. Exclusively for medical doctors (with an MD, DO, DDS, DVMM, or DMD), the Physicians Only Loan Program from Huntington Bank has all the benefits you’d expect. You can also obtain a fixed rate for 10-30 years. 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. 1-888-SYNOVUS (1-888-796-6887) to learn more. 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. Performs account maintenance. To borrow the full $1.5 million, you’ll need a combined loan-to-value ratio of 89.99% or less, but for a loan of $750,000 or less, this goes down to 95%. You can loan up to $750,000 with no down payment or up to $2,000,000 with flexible down payment options. A credit union is a financial cooperative, which means members rather than private investors own unions. 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. Jumbo mortgages share similarities with physician loans because you can borrow more than you’d normally be able to. 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. Bankers Healthcare Group is a trusted lender to tens of thousands of healthcare professionals, including physician assistants. BankMD also offers mobile banking and specialized underwriting. 1 Synovus reviews. 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, for doctors who are confident they’re ready to settle down in an area, a physician loan is certainly preferable to a conventional mortgage. 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%). 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. 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. This communication is directed to properties in those states. Required fields are marked *. Sign in to view status or complete next steps on your loan. It’s possible to loan up to $1 million for a loan. Call today. 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 are about to leave the Synovus web site for a third-party site. Construction loans are also available. 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 a mortgage at a 15-year fixed rate or a 3/1, 5/1, 7/1, or 10/1 ARM. That’s where physician loans, or doctor mortgages, come in. You must be in the first ten years of your career with a credit score of at least 710 to be eligible. Your email address will not be published. is this Pittsburgh-based subsidiary. 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. This communication is directed to properties in those states. You can receive up to 100% financing on loans of up to $1.5 million, although larger amounts require down payments up to 5%. The benefits of physician loans are certainly appealing, but they don’t necessarily make sense for all doctors. You need a minimum credit score of 700 and a debt-to-income ratio of 43% or less to apply but can borrow up to a hefty $1.5 million. SoFi is short for Social Finance and is true to their name, making it their mission to help their borrowers find fair financial products. No PMI is required, and you can choose between a fixed or ARM term. 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 can loan up to $850,000 with no down payments or up to $1.5 million with low down payments. It’s also necessary to have a contract that starts within 60 days of the deal closing. Chase doesn’t offer a particular loan for physicians. $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 … 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. Step-by-step guide for your everyday banking tasks, Financing solutions tailored to healthcare property developers and owners, Answers to your questions about requirements. We reviewed the best physician mortgage loans. 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. You can borrow against your line of credit and then repay the funds, with interest, over a specified term. If you’ve done any research so far on mortgages, you’ve probably come across the PMI acronym. Visit your local branch or call us at Accurately uploads/books loan to the system. 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. We offer terms up to 10 years and line amounts as low as $2,500. The loan continues the deep ties between Sea Island and Synovus. Find contact's direct phone number, email address, work history, and more. All loans and lines of credit are subject to approval. 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. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, and South Carolina. It is Synovus’ largest loan, representing 5 percent of the bank’s total capital and 15 percent of all of its nonperforming loans. 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. 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. The major benefit is that you’ll initially start with a low fixed interest rate, which is almost always preferable over a variable interest rate. To be eligible, you’ll need a FICO score of 700 and a debt-to-income ratio of 43% or less. A fast, safe, and easy way to send money. 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. Construction to Perm, Physician Mortgage Specialist, First time Home Buyers. 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. This stands for Private Mortgage Insurance. It’s also possible for sellers to pay 3-6% of the closing costs, which helps you to save even more money. 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. Use our Physician Mortgage Calculator to get an idea of what these special terms will mean to your monthly payment. Do Physician Loans Have Private Mortgage Insurance (PMI)? Physician loans are flexible with these qualifications because they understand new doctors may be working in an internship, residency or fellowship. 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. The Physician Loans Program, The Doctor Loan, offers 0% Down. 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. Prepares and distributes to affiliate bank customers accurate loan documentation on approved loans. Banking products are provided by Synovus Bank, Member FDIC. Professionals cannot have been out of training for more than ten years. If your FICO score is low, you’ll struggle to get approved anyway. 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. View profile View profile badges View similar profiles. 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. Horizon Bank offers a doctor loan for physicians, dentists, and optometrists, but it’s not available within most states. A debt-to-income ratio of 45% or less (excluding student loan). However, condominiums require down-payments. 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