Doctor Home Loans in Alabama

Doctor Home Loans AlabamaIf 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 12,000 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.

Recommended Lenders for Doctor Home Loans in Alabama

 

US Bank physician loanJonathan Brozek, Mortgage Loan Officer | U.S. Bank

“Pinch me. I must be dreaming!” is what one of Jonathan’s physician endorsers expressed after reflecting on his mortgage experience. Others state their experience allowed them to enjoy the process of buying a home. We’re optimistic you’d experience the same. But, there’s only one way to find out.

Contact Jonathan by visiting this link or call (916) 788-7982

 

Mike Fitzmeyer - SunTrust (Truist)Mike Fitzmeyer, Sales Manager/V.P. | SunTrust (now Truist) | NMLSR #93716

States: AR, MS, AL, GA, FL, SC, NC, TN, KY, IN, OH, WV, VA, MD, DC, DE, PA, NJ, TX

Mike Fitzmeyer of SunTrust (now Truist) understands the mortgage business. He is a seasoned professional with over 27 years of experience with a specific focus on Doctor Mortgage financing.  Mike understands the needs of the Physician community and will tailor a mortgage solution for each client’s individual needs and financial plan. Mike and SunTrust (now Truist) have tremendous Doctor Mortgage experience and have flexibility in dealing with different situations in order to customize a mortgage solution for each client.

Contact Mike today to get the best service for your next home purchase or refinance needs at financialresidency.com/truist

 

Doctor Home Loan in TennesseePaul Rainer, Mortgage Loan Originator | Synovus Bank (NMLS #116670)

Paul has originated just under $2 billion in first mortgages in his 28-year career.  He specializes in Physician and Physician One-Time-Close Construction loans. He takes great care in providing options and explaining the whole process from first contact to closing. He has a highly trained support staff to assure each loan gets handled efficiently. He lives near Athens, Georgia with his wife, Jennifer, and their 15 year old K9 rescue named Ginger. He also serves as an Executive Board Member for Safehouse Ministries which is a faith-based safe house that provides food, clothing, and shelter to abused women and children. 

Contact Paul by visiting this link or call (706) 410-6434 

 

Living in Alabama means first you’ll have to choose Roll Tide or War Eagle. Once you decide which college football team you cheer for, then you can choose a place to call home. A doctor home loan can make it possible to own a home, no matter which team you choose.

To begin your home buying journey in Alabama, start by choosing a lender who specializes in physician home loans. A lender can walk you through the unique qualities of a doctor loan, and help you get prequalified. Getting prequalified will help you prepare your finances so you’ll understand what to expect throughout the process. Whether you need a loan with no down payment or PMI, or a way to finance your dream home, a lender who specializes in physician mortgages will make the process easier for you.

If you’re ready to get started on your doctor home loan in Alabama, then you’ll find these qualified lenders ready to get you started.

The Complete List of Lenders for Doctor Home Loans in Alabama

US 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 U.S. Bank 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. Contact who we trust, Jonathan C. Brozek today!

SunTrust (now Truist) – The doctor home loan program from SunTrust Bank (now Truist) 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 $750,000 with no down payment. Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,500,000 with down payment options based on loan size. Contact Mike Fitzmeyer today!

Synovus Bank – If you can make monthly mortgage payments but need 100% financing or perhaps assistance with the down payment, Synovus’ suite of first-time homebuyer products may help you on the path to homeownership. From state bond programs and federal agency assistance to their own Affordable Mortgage Program, financing up to 100% and fixed interest rates on loans up to $510,400 may be available—and with no mortgage insurance required. Contact Paul Rainer for more info!

Union Bank – Union Bank has a fantastic physician home loan that includes some of the best rates in the nation. Key features include: 10% down to $1.25MM loan amount, they can close up to 6 months from start date of new contract (if exiting residency or fellowship). Your down payment, reserves, and closing costs can be gifted from family with no seasoning requirements (a HUGE benefit). There is no Mortgage Insurance or PMI and you can receive a lender credit for 0.25% of the loan amount up to $1,000 for opening a platinum checking account.

Bank of America – Get started with the Digital Mortgage Experience with Bank of America. Preferred Rewards clients may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application). Some of the home loan products they offer include fixed-rate mortgages, adjustable-rate mortgages, FHAs, and VA loans. Already pre-approved with Bank of America? View your pre qualification letter, or contact a lending officer about taking the next steps towards home financing.

SoFi – SoFi is known for refinancing choices, but physicians might not be aware of the mortgage options available. Although the mortgage option isn’t limited to only physicians, it is targeted towards highly-educated individuals. One alternative mortgage to consider includes a 10% down for up to $3M in financing. There are also fixed rate and ARM options, without any hidden fees for prepayment penalties.

Laurel Road – Laurel Road is a digital lender that is owned by KeyBank who uses innovative technological and digital strategies to help you secure lending. The physician mortgage program with Laurel Road is a home loan tailored specifically to doctors, dentists and veterinarians featuring up to 100% financing for loans up to $750,000 (for primary residences). The physician loans have fewer restrictions than conventional mortgages and bases the lending decision on credit worthiness and future income potential.

TIAA Bank – TIAA Bank is a large,national bank headquartered in Jacksonville, FL. TIAA Bank operates in all 50 states and offers a variety of physician mortgage loan products. TIAA Bank’s doctor loan mortgage program is only available to existing medical doctors (and DO’s, veterinarians, dentists and dental surgeons) who are actively practicing and have completed residency in the past 10 years. TIAA Bank offers loan amounts up to $2M and without any PMI. A down payment is required and you must start employment within 60 days of the loan closing.

Willow Bend Mortgage – Willow Bend has multiple loan options to suit your financial needs. Designed for physicians, dentists, and veterinarians, there are many benefits to the medical loan program. You can utilize terms such as a 5% down payment for loans up to $1M, 10% down up to $1.5M, or 15% down up to $2M – all without PMI. There is also a 0% VA loan program for vets and active military personnel. You can inquire about the 3% down option (but with PMI) for smaller loans. The loans can include either a fixed or adjustable rate.

BancorpSouth – If you are interested in purchasing, refinancing or refinancing with cash-out, then BancorpSouth could have the options you’re looking for. For physicians, they offer loan programs without PMI and loans up to $2M. If you have a credit score of at least 640, then you can be considered for a physician loan. The options for physician loans through BancorpSouth are for adjustable rates only. BancorpSouth is headquartered in Mississippi and has locations throughout the South and Southeast.

Fairway Independent Mortgage – Fairway offers borrowers the options of fixed-rate conventional loans and adjustable-rate mortgages. Prospective borrowers can apply for a loan with Fairway Independent Mortgage online, with the closing process taking place in person. Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches.

BBVA Compass – BBVA operates in 9 states and is headquartered in Birmingham, AL. The BBVA physician mortgage program offers benefits such as low down-payment options, expanded loan-to-value ratios, programs with up to 100% loan financing and loan amounts available up to $1,750,00. There is also no requirement for PMI. BBVA offers physician mortgages to medical residents and practicing physicians.

Citizens Bank – Citizens offers 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.

Flagstar Bank – Flagstar bank offers a Professional Loan series available to physicians, dentists, attorneys and other high-income professionals. Features of the Flagstar Bank Professional Loan includes financing for loan amounts up to $1.5M. There are also low or no down payment options with adjustable rates. You will not have to pay PMI for the loans. You can also use these benefits for a purchase or refinance for your primary residence only.

IberiaBank – IberiaBank offers several mortgage solutions for borrowers. Physician loans are offered to those both residents, fellows and practicing physicians. Doctors are eligible to borrow up to $1M with no money down. Mortgage loans are offered with options including 5/1 ARM, 7/1 ARM and 30 year fixed – all with no mortgage insurance. Iberia Bank is headquartered in Louisiana and is available in several states.

Regions Bank – Regions Bank can help borrowers finance a loan with no down payment options for loans up to $750,000 or a 5% down option for those who need up to $1M. In addition, PMI will be excluded. Regions bank will also exclude certain student loan debt when calculating your debt-to-income ratio.

Synovus – Synovus Bank was founded in Georgia and now operates across the Southeast. There are several locations throughout Georgia, Florida, Tennessee, South Carolina and Alabama. The physician loan program at Synovus is for licensed physicians, residents, fellows and interns. You must be an M.D., D.O., D.M.D., D.D.S., or D.P.M. to qualify. With Synovus, you can receive 100% financing for loans up to $750,000, and no PMI is necessary. There are both fixed-rate and ARM options products available for your unique financial needs.

CenterState Bank – CenterState Bank offers multiple solutions to physician’s financing needs. For primary residences only, you can enjoy benefits such as loans up to $417,000 with 100% financing. Loans from $417,001 to $1M will have up to 95% financing and loans from $1,000,001 to $2,500,000 will need 90% Financing. CenterState Bank is based out of central Florida and has 39 branches throughout Florida for your banking needs but is licensed for mortgages in Alabama, Georgia and Florida.

Midland States Bank – Midland States offers a comprehensive program for physician loans. Midland States Bank offers maximum loans up to $1.5M without any money down. You won’t have to pay any PMI either. There are traditional and adjustable rates and terms for your consideration. If you have a minimum credit score of 720, then you can begin the qualification process for a physician loan with Midland Bank.

Recommended Real Estate Agents In Alabama

Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in Alabama.

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