If you’re considering purchasing a new home or refinancing with a doctor home loan in Tennessee, then using an experienced loan officer can help make the transition as smooth as possible. Tennessee has almost 19,000 physicians practicing medicine and calling the Volunteer State home – and you can join them too with the help of a physician home loan.
When you’re in Tennessee, you quickly realize why over 6.8 million residents call it home. From Graceland to Nashville, to the Smoky Mountains and the Mississippi River, Tennessee offers endless options for settling down and establishing your roots. You’ll also find access to amazing hospitals and universities, along with a growing healthcare community.
Recommended Lenders for Doctor Home Loans in Tennessee
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 by visiting this link to get the best service for your next home purchase or refinance need.
Mike began his mortgage career in 2001 and has been working exclusively with doctors for the last 9 years. He takes a consultative approach with his clients in the mortgage planning process. With his team of three assistants, Mike makes the process of buying a new home efficient and stress-free.
If you’re looking for personable service and a keen eye for detail, Tony Lupescu at Fifth Third Bank has got you covered. He’s a trusted advisor for many physicians looking for a doctor home loan with great loan terms.
To learn more about Tony, connect with him at 708-351-6416 or here.
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 Tennessee offers you the chance to sing Rocky Top from a home in the suburbs, the big city, the mountains or the valley. Using a physician mortgage loan can make your housing dream a reality, no matter where you choose to call home.
A lender who specializes in physician mortgages can not only help you throughout your home-buying process, but is someone who understands the demands on your time and schedule. You’ll save more time by getting pre-qualified for a physician mortgage loan up front, as you begin your house-hunting adventure in Tennessee. Pre-qualification helps you understand your budget and where your monthly payment will land. It also sets you up for a smoother negotiation process as you narrow down your choice of home by showing the sellers you’ve done your homework.
If you’re ready to get started on your doctor home loan in Tennessee, then you’ll find these recommended lenders ready to help you get started.
The Complete List of Lenders for Doctor Home Loans in Tennessee
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!
KeyBank Mortgage – KeyBank Mortgage offers several options for your unique physician mortgage needs. Whether you are purchasing your first home or looking for cash-out or rate/term refinance, KeyBank can personalize a program for you. They offer up to 5% down up to $1,000,000; 10% down payment up to $1,500,000. 15% down up to $2,000,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. Physician mortgage loans are available for both your primary residence and second homes, as well as single-family houses and condos. KeyBank has branches in numerous states, with over 17,000 employees throughout the 1000+ branches. Contact Mike DeRaspe today!
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 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!
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 home ownership. 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.
Fifth Third Bank – The doctor and dentist loan programs at Fifth Third Bank offer medical practitioners with simple solutions to meet their home financing needs. Both new and established doctors can get fixed and adjustable rate mortgage loans to purchase or refinance. What’s more is that no private mortgage insurance is required. Eligible borrowers include: Medical Doctors (MDs), Doctors of Osteopathy (DOs), Doctors of Dental Medicine (DMDs), Doctors of Dental Surgery (DDSs), and Doctors of Podiatric Medicine (DPMs). New physicians, interns, residents and fellows (those who have practiced in less than 1 year) can get up to $1 million with a low down payment, or $750,000 with no down payment.
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.
Simmons Bank – Simmons Bank offers multiple loan products, along with flexible terms and down options to the medical community. Simmons Bank has a Professional Provider Mortgage program specifically for an MD, Oral Surgeon, or Dentist who has completed medical school or dental school and is in residency, fellowship or in practice. The mortgage program allows the borrower to leverage future income for present-day home purchases. Simmons Bank is headquartered in Arkansas with additional locations in TX, TN, IL, MO, NE, KS and OK.
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.
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.
First National Bank of Pennsylvania – Most physicians have unique banking needs. That’s why First National Bank of Pennsylvania has developed a mortgage program especially for physicians. FNB currently offers up to 100% financing with no PMI. Fixed and adjustable rate products are also available. In order to apply, you must hold an M.D., D.O., D.D.S., D.V.M. or D.M.D degree, but interns, fellows and residents are eligible. They operate in several states, including Washington D.C.
First Horizon Bank – If you are a current First Horizon account holder and you are an M.D., D.O., O.M.S., or D.P.M., you could be eligible for a mortgage loan that offers 100% financing. First Horizon Bank was founded in Memphis, Tennessee and has now expanded into several Southeastern states – including Texas. There are over 5,500 employees and over 270 First Horizon locations.
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.
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.
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.
First Citizens Bank – First Citizens Bank is headquartered in Raleigh, NC and operates in several states throughout the country. Physician mortgages are available to medical residents, interns, fellows, and practicing physicians. There is no limit on years in practice for established physicians. Private Mortgage Insurance is not required for physician loans. There are several options available including fixed-rate and ARMs. You may be eligible for 100% financing up to $750,000; 95% up to $1M; 90% up to $1,250,000, and 85% up to $1.5M. There are also options for second homes, construction (permanent and renovation) loans.
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.
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.
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 Tennessee
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in Tennessee.
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