If you’re purchasing a home in Alabama or considering a refinancing option, using a doctor home loan can help your housing goals become a reality. Over 12,700 physicians call Alabama home.
If it’s your residency program or your brand new private practice which brings you to Alabama, you’ll be one of the almost 5 million residents who call the state home.
Alabama is a state steeped rich in history and offers its residents many unique opportunities for a great quality of life.
Whether you choose the big city of Birmingham, the bustling college towns, or the quiet life on the coast, Alabama has something to offer for everyone.
4 Best Alabama Physician Home Loan Lenders
Here are the top physician mortgage loan lenders in AL:
Discover The Best Lenders in Alabama Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
Discover The Best Lenders in Alabama
Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
1. U.S. Bank
U.S. Bank is a leader in the mortgage industry. Many of their customers have said they would recommend them in the future. They offer loans that meet almost every mortgage need.
You may be eligible for the U.S. Bank Customer Credit with a new or existing Personal Checking Package, or with an existing first mortgage with U.S. Bank.
Take 0.25% of the loan amount and deduct it from the closing costs, up to a maximum of $1,000.
At U.S. Bank, they know that your home is one of the biggest investments you’ll ever make. And whether you’re looking for a new mortgage loan, a mortgage refinance or a home equity loan, you want a partner you can trust.
The doctor home loan program from Truist Bank (formerly SunTrust) is available to MDs, DOs, DDSs, and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years.
Residents and fellows are eligible for a SunTrust physician loan up to $1M with no down payment.
Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts of up to $1,500,000 with down payment options based on loan size.
LTV for $1.5M is 95%. LTV for $2M is 89.9%!
3. BMO Harris
BMO Harris offers several mortgage options for physicians. Physicians can borrow up to 100% on mortgages up to $1M, 95% on mortgages up to $1.5M, and 90% on mortgages up to $2M.
There is no PMI on physician mortgage loans through BMO Harris. The loan programs are available with either fixed or adjustable rates and without any special fees.
BMO Harris is headquartered in Chicago, IL, and also operates in the states of AZ, FL, IN, KS, MN, MO, and WI – excludes NY.
4. Citizens Bank
Citizens offer a special mortgage program for physicians and dentists through their doctor loan program.
The Citizens Bank Doctor Loan is available for purchases and limited cash‑out refinances of primary residence
A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage.
Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
Moving to a Different State?
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Learn more about physician home loans.