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 12,000 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
Tony Umholtz and his team at IBERIABANK/First Horizon Mortgage have helped many people achieve their goal of homeownership over the years and do that by offering 100% financing with no PMI to licensed physicians. Whether you are a first-time homebuyer, refinancing or building your dream home, Tony has the expertise to help navigate you through this ever-changing mortgage environment. In addition to traditional mortgage financing solutions, IBERIABANK/First Horizon Mortgage is pleased to offer specialty financing programs for clients with unique borrowing needs. Tony specializes in the: The Medical Professional Loan Program: financing designed to meet the needs of licensed medical physicians.
Reach Tony at Iberia Bank by visiting this link or by calling (813) 603-4255.
Mike Fitzmeyer of SunTrust (now Truist) understands the mortgage business. He is a seasoned professional with over 28 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
Regions offers 100% financing for loans up to $750,000 and 95% financing for loans up to $1,000,000. Medical physicians, such as existing medical doctors and fellows, residents, and designations like DMDs/DDS, and DOs qualify to apply. Mortgages are available for purchase and refinances along with fixed rates or adjustable rates. There is no private mortgage insurance requirement and you can close your loan 60 days before you start your job. If that isn’t enough, consider that they also don’t count your student loan debt towards your DTI.
Connect with a Financial Residency vetted representative at Regions by email here or by phone at 267-295-2753.
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.
SunTrust (now TRUIST) – The doctor home loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDS’, 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 at 100% financing! Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,000,000 with 95% financing and up to $1,500,000 with 89.99% financing! Contact Mike Fitzmeyer today if you have questions specific to your upcoming home purchase!
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.
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 interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Their product features up to 95% financing for loans up to $750,000 (for primary residences). Physician loans have fewer restrictions than conventional mortgages and bases the lending decision on creditworthiness 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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