Cadence Bank Physician Loan Review 2024

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Cadence Bank Physician Loan


Financial Residency rating

Expert Take

Cadence Bank keeps their details under wraps, but they have local loan officers in the 350 areas they operate to help you learn more about their program and how you fit into it.


  • Competitive rates offered
  • Fixed and adjustable-rate loans available
  • Local loan officers help doctors get customized support


  • No loan details are available unless you apply
  • You must work with a loan officer
  • No online application is available

Cadence Bank Physician Loan logo

Learn More

at Cadence Bank Physician Loan

Cadence Bank offers a wide range of banking products that are helpful and innovative. They have 350+ branches to serve you and help you secure the financing you need to purchase your dream home, including a Cadence Bank physician loan program.

About Cadence Bank

Cadence Bank has a long history, beginning in 1876 when it started in the back of a hardware store.

Fast forward to today, and Cadence Bank has merged with its parent company to provide a banking experience that focuses on technology and people, providing expert financial advice and services at 415 branches.

  • BBB Score: B-
  • CEO: James D. Rollins III
  • Parent company: Cadence Bancorporation
  • Phone number: 888-797-7711
  • Services offered: Personal, business, and commercial banking, as well as insurance services

Cadence Bank Physician Loan: Fast Facts

Here are some quick facts about the Cadence Bank physician loan products.

  • Financing options: Varies by borrower
  • Physician loan products: Fixed and adjustable-rate loans
  • Maximum loan amount: Varies
  • Private Mortgage Insurance: Not required

Cadence Bank Physician Loan: Qualifications

Cadence Bank isn’t transparent about its loan qualifications. But they work with medical professionals who have student debt, helping them qualify with deferred loans.

They offer competitive rates, and you’ll work with a local loan officer to determine your specific loan rate, term, and approval amount.

How to Apply

Like all physician mortgage lenders, there are many steps to applying for a physician loan. Here’s how the Cadence Bank physician mortgage loan process works.

1. Apply for Prequalification

Start by talking to a loan officer in your area to determine your eligibility for the program. They can discuss the eligible degrees, positions, and how your student loans affect your eligibility.

To get prequalified, you simply tell the loan officer about your position, when you started, how much you make, and how much you have saved for a down payment and closing costs.

Cadence Bank may do a soft credit pull to check your eligibility, but this doesn’t affect your credit score. After evaluating the information provided, the loan officer will inform you if you prequalify and tell you what you must do to complete the process.

2. Provide the Necessary Documents

If you prequalify for a Cadence Bank physician loan, you must gather the necessary documents to prove you qualify.

The documents include:

  • Income documentation: These documents prove you make enough money to afford the loan. You must provide W-2s, pay stubs, and/or an employment contract, depending on your current employment status.
  • Savings: You must prove you have the funds necessary for the down payment or to cover closing costs. This can be as much as 6% of the loan amount, so be sure you have bank or investment statements proving the amount needed.
  • Degree: Cadence Bank works with medical professionals in many areas; provide proof of your degree to see if it meets Cadence Bank’s requirements.
  • Employment information: Whether you’re already working or have an executed employment contract, you must prove your current and/or future employment.

3. Get Pre-Approved

The documents you gathered above will help you in the pre-approval process. It starts with a loan application that requires you to provide information about your income, assets, employment, and current liabilities.

The underwriter will review your gathered documentation and do a hard credit pull. This allows them to determine if you meet the loan requirements.

If you’re pre-approved, they will issue a pre-approval letter that shows sellers you qualify for financing and at what rates and terms. The letter will also state what conditions you must satisfy to close the loan. Two common conditions are a home appraisal and title search, but there may be some additional conditions regarding your personal qualifying factors you must clear.

4. Clear Conditions

While you look for your dream home, you can clear the conditions the underwriter stated. The underwriter will also order a home appraisal and title search when you sign a sales contract and provide it to the underwriter.

5. Close the Loan

The final step is to close your loan. You do this when you’ve cleared all conditions and Cadence Bank is ready to issue the financing so you can pay the seller and become the owner of your dream home.

Cadence Bank Physician Loan: Alternatives

Cadence Bank isn’t operable in all states, and not every medical professional qualifies. Here are some alternatives.

Huntington Bank

Huntington Bank offers physician loans up to $2,000,000 with low and no down payment options. They don’t require Private Mortgage Insurance, and the loans are available as fixed or adjustable-rate loans. The loan program is open to doctors, dentists, and veterinarians.

Fifth Third Bank

Fifth Third Bank also offers physician loans up to $2 million, but only loans up to $1 million are available with no down payment. Like most lenders, they offer fixed and adjustable-rate loans, but they offer their program to established doctors, not just new doctors, which is unusual for most physician loan lenders.

BMO Bank

BMO Bank doesn’t offer a no-down payment option, but physicians can borrow up to $1.5 million with 5% down and 10% down on loans up to $2 million. The program is open to residents, fellows, and newly practicing doctors, and BMO Bank is flexible with your debt-to-income ratio regarding student loans.

Fulton Bank

Fulton Bank is another physician loan lender that offers loans up to $1.5 million with no money down. You can also secure a $2 million loan with 5% down and a $3 million loan with 10% down. Fulton Bank has relaxed guidelines, including allowing seller concessions and gift funds. They also offer fixed and adjustable-rate loans like most physician loan lenders.

Discover The Best Lenders

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!

Pros and Cons

Understanding the pros and cons of a Cadence Bank physician loan is important to determine if it’s right for you.


  • Offers fixed and adjustable-rate loans
  • Offers competitive rates
  • Has loan officers in all areas where they serve to provide customized support


  • Doesn’t disclose their loan details
  • You must speak to a loan officer to get details and get pre-approved

Frequently Asked Questions

Are physician mortgage rates lower?

Doctors often pay higher interest rates than people in other professions because they can access much higher loan amounts with little to no money down. Lenders base their interest rates on the risk a borrower poses, and borrowing large sums of money with no money down is risky for lenders.

How much money can I borrow with a Cadence Bank physician loan?

Every borrower will be eligible for a different loan amount. The difference depends on your qualifying factors, including income, position, and other debts. Cadence Bank will also consider your credit score and history to determine how much you can afford.

What are the benefits of a physician loan?

Physician loans have more lenient guidelines than traditional loans, especially regarding consumer debt. Because doctors often have such high amounts of student debt, physician loans offer a better option because lenders can exclude the student debt, allowing doctors to qualify for financing on their dream home.

Physician loans also often have low down payment requirements, and they don’t require Private Mortgage Insurance even with no money down on the house.

What credit score do you need for a Cadence Bank physician loan?

Cadence Bank doesn’t disclose the minimum required credit score for a physician loan. Like any financing, though, the higher your credit score, the better. Having a credit score as high as 700+ may improve your chances of approval.