If you’ve been considering a doctor home loan in Louisiana, getting connected with an experienced lender can help you through the entire physician loan process. With almost 14,000 physicians who call The Pelican State their home, your dream of homeownership is possible with a physician home loan.
Louisiana offers its 4.6 million residents many different lifestyles – from life on the coast, or the cities of New Orleans and Shreveport and lots of places in between. Louisiana is known for being a Sportsman’s paradise, tons of outdoor activities and a beautiful place to enjoy Mother Nature.
Recommended Lenders for Doctor Home Loans in Louisiana
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.
Louisiana is more than Mardi Gras and life on the bayou though. It’s also home to a changing healthcare landscape, even in the midst of the healthcare challenges that face the state. Whether it’s your residency program, your career as an attending or simply moving back home that brings you to Louisiana, a doctor home loan can make it possible.
Working with a lender who specializes in doctor home loans in Louisiana can be a great asset throughout the home-buying process. Getting pre-qualified for a doctor home loan in Louisiana will give you the right numbers to work with as you begin your house-hunting journey. You’ll know what to expect with your monthly mortgage payment as you navigate through your housing options. When you do make an offer, being pre-qualified helps show the seller you’re a serious buyer.
If you’re ready to discover the best doctor home loan in Louisiana, then you’ll find these lenders ready to help you with your new loan.
The Complete List of Lenders for Doctor Home Loans in Louisiana
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!
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.
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.
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.
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.
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.
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.
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.
Willow Bend Mortgage – Willow Bend Mortgage 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.
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.
Citizens Bank – Citizens Bank 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.
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.
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.
Recommended Real Estate Agents In Louisiana
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in Louisiana.
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