Synovus Bank Physician Loan Review 2024

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Synovus Bank Physician Loan


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Expert Take

Synovus Bank offers a reputable physician loan program with no down payment required on loans up to $1 million with no PMI.


  • No PMI required
  • Open to many types of doctors
  • Allows no down payment up to $1 million


  • Only works on primary residence
  • Doesn’t apply to nurses or pharmacists

Synovus Bank Physician Loan logo

Buying a house as a new doctor can be tricky if you have a lot of student loan debt. Fortunately, many banks offer physician loan programs that make it easier.

In this Synovus Bank physician loan review, I’ll discuss the ins and outs of the Synovus Bank physician loan to help you determine if it’s right for you.

About Synovus Bank

Synovus Bank is a highly rated mid-cap bank with a 130-year history.

  • BBB Score: A+
  • CEO: Kevin Blair
  • Parent company: Columbus Bank & Trust
  • Phone number: 1-888-796-6887
  • Services offered: Personal, small business, and corporate banking

Synovus Bank Physician Loan: Fast Facts

Here are some quick facts about Synovus Bank physician loan products.

  • Financing options: 100% on loans up to $1 million, otherwise small down payment up to $2 million
  • Maximum loan amount: $2 million
  • Qualifying degrees: MD, DO, DMD, DDS, or DPM
  • Private Mortgage Insurance: Not required

Synovus Bank Physician Loan: Qualifications

Most lenders have their own requirements to qualify for physician loans, and Synovus Bank is no exception.

Here are some factors to consider if you want to apply for a Synovus physician loan.

  • Down payment: 0% up to $1 million; otherwise, a small down payment is required
  • Property type: Primary residence
  • Eligible Degree: Medical Doctor, Doctor of Osteopathy, Doctor of Dental Medicine, Doctor of Dental Surgery, or Doctor of Podiatric Medicine
  • Employment: Residents, fellows, interns, and practicing doctors

How to Apply

Knowing how the Synovus Bank physician application process works can help you get approval faster.

Apply for Pre-Qualification

Getting prequalified tells you how much you can afford to borrow. A loan officer at Synovus Bank will discuss your income, assets, debts, and credit scores to help determine how much you can afford.

A pre-qualification isn’t an approval because you don’t provide any documentation to any underwriter for review. However, loan officers can determine how your factors fit into the loan’s guidelines, helping you understand if you might qualify for the loan. This helps when deciding which homes to consider or if you’re ready to purchase one.

Obtain the Necessary Documents

After learning how much you qualify for, but before you sign a sales contract, start gathering the necessary paperwork to get approved for the loan.

Synovus underwriters will need documentation that proves you can afford the loan. These documents include:

  • Income documentation: You must show you have a stable income and can afford the loan payment. To do this, you must provide your last two years of W-2s and most current paystubs if you’re an established doctor. If you haven’t started yet but have an employment contract, you can provide it instead as long as you start within 90 days.
  • Savings: You must prove you have enough money saved to cover any required down payment and closing costs. Some borrowers may also need cash reserves, which you must prove with your last two months of bank or investment statements.
  • Degree: The Synovus physician loan is only for specific doctors, so you must prove that you hold the necessary degree.
  • Employment information: If you’re already employed, you must provide documentation proving your employment and the contact information for the underwriter to confirm.

Apply for Pre-Approval

Once you have your documents in order and are ready to look at homes, apply for pre-approval. This formal process requires you to complete a loan application and provide the lender with the documentation stated above.

The underwriter will do a hard credit pull to check your credit history and evaluate your documentation to ensure you qualify for the loan. The pre-approval is based on your documentation and doesn’t pertain to the house since you haven’t signed a sales contract yet.

The underwriter will provide a pre-approval letter that states how much you qualify for and on what terms. It will also include details about the conditions you must clear to close the loan. These will pertain to the house you find, plus any loose ends you must tie up regarding your income, assets, or credit.

Most pre-approval letters are good for 90 days. If you don’t sign a sales contract before it expires, you can have it extended but must provide new documents to prove you still qualify for the loan.

Clear the Conditions

Once you’ve made an offer and it was accepted, it’s time to clear your conditions. The underwriter will do some of the work, ordering an appraisal and title work on the property.

Your job is to clear any other conditions that pertain to your qualifying factors. This may be as simple as providing another paystub to prove your income or something more complex, such as proving you’ve already paid off a specific debt.

Your loan officer can help you with the details to ensure you close the loan on time.

Close the Loan

After clearing all conditions, you’re ready to close the loan. This is when you’ll pay your down payment and cover any closing costs. You’ll also sign the mortgage, note, and other mortgage documents to receive the funds to buy the house.

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!

Synovus Bank Physician Loan Alternatives

Here are some other great alternatives to Synovus Bank physician loans.

Huntington Bank

Huntington Bank, like Synovus, offers 100% financing for some loan amounts. They offer loans to MDs, DOs, DDSs, DVMMs, and DMDs. Like Synovus, they don’t charge PMI and offer fixed and adjustable-rate loans up to $2 million.

Fifth Third Bank

Fifth Third Bank offers physician loans, like Synovus, for new and existing doctors with loans up to $2 million. You don’t need a down payment on loans up to $1 million, but you need a little money down for higher loan amounts. Fifth Third Bank offers fixed and adjustable-rate loans and doesn’t charge PMI.

BMO Bank

BMO Bank doesn’t have a no down payment option for physicians, but they allow loans up to $2 million with 5% – 10% down on the house. The program is open to residents, fellows, and new doctors and has some of the most flexible underwriting guidelines out of many physician loan lenders.

Fulton Bank

Fulton Bank offers the option for no down payment on physician loans up to $1.5 million. If you need to borrow $2 million, they require 5% down, and you can even borrow as much as $3 million with 10% down on a house. Fulton Bank is flexible in its guidelines and allows gift funds and seller contributions to make home purchases more affordable.

Pros and Cons

Understanding the pros and cons of the Synovus Bank physician loan can help you determine if it’s right for you.


  • No down payment option
  • Open to many types of physicians
  • No PMI


  • Only available on a primary residence
  • Pharmacists, nurses, and medical researchers aren’t eligible

Frequently Asked Questions

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

Every borrower qualifies for a different loan amount. It depends on your income, assets, and credit score. The less debt you have and the more income you can prove, the higher the loan amount you may qualify for from Synovus Bank.

Are only doctors eligible for the Synovus Bank physician loan?

Synovus Bank opens its physician loan program to doctors and dentists. They specifically name MDs, DOs, DPMs, DDSs, and DMDs.

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

It’s best to have a credit score of at least 700 when applying for a physician loan at Synovus Bank. While approval is on a case-by-case basis, the better your credit score, the higher your chances of approval.