You can apply when your contract is within 60 days of closing. No PMI is needed, student loan debt is excluded from debt calculations, and you can receive up to $650 in closing cost credits. This communication is directed to properties in those states. You need to be sure that you’ll still be able to meet your interest rate payments when the variable interest rate is introduced, as you could end up getting hit by rates too high for you to manage. It’s possible to loan up to $1 million with no down payment, which is less than some other providers but still a substantial offer. 3 points on a $200,000 mortgage equals $6,000. There’s no PMI, and you can close the deal 60 days before the employment start date, once you have your contract. The loan continues the deep ties between Sea Island and Synovus. You can choose between a fixed or ARM loan, and there are mortgage refinancing options available for new physicians. Use our Physician Mortgage Calculator to get an idea of what these special terms will mean to your monthly payment. Our personal loans and lines of credit offer a variety of options when you don’t have—or don’t want to tie up—cash on hand or home equity. Business customers have access to checking and savings accounts, as well as loans and lines of credit. According to the Association of American Medical Colleges, the average doctor in the US has a total debt worth an astounding $190,694. You can loan up to $850,000 with no down payments or up to $1.5 million with low down payments. Physician loan lenders will usually accept a contract of employment to verify a doctor’s income if they do not have pay stubs or W-2s that reflect their current position. Horizon Bank offers a doctor loan for physicians, dentists, and optometrists, but it’s not available within most states. The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. Points are expressed in percent and are calculated on the amount borrowed. UMB is a multi-billion-dollar financial services company with over a hundred years of experience in the industry. You can also obtain a fixed rate for 10-30 years. Some loans, however, like the physician mortgage loan, do allow you to avoid PMI even though you don’t have 20% equity. This communication is directed to properties in those states. This stands for Private Mortgage Insurance. Chase doesn’t offer a particular loan for physicians. BBVA offers flexible mortgage options to practicing physicians and medical residents. Construction to Perm, Physician Mortgage Specialist, First time Home Buyers. The doctor loan is available to all medical doctors, dentists, dental surgeons, and veterinarians within ten years of completing their original residency. If you end up moving homes in five years or fewer, you might not be able to build up enough equity to justify a house purchase. A free inside look at Synovus salary trends based on 815 salaries wages for 420 jobs at Synovus. These are mortgage loans with special terms that are only offered to doctors to help them along the path to homeownership. Synovus Bank auto loan rates in National - US. Accurately uploads/books loan to the system. To be eligible for the Synovus Physician Loan, the borrower must either be an MD (Medical Doctor), DO (Doctor of Osteopathy), DMD (Doctor of Dental Medicine), … Claiming to put 166.7% into everything they do, Fifth Third Bank offers a range of mortgage programs. Sign in to your account Welcome back! You can also choose between a 5/1 and 7/1 ARM and a 30-year fixed rate option, and there’s also the chance to obtain a construction loan. Synovus Bank, NMLS #408043, is an Equal Housing Lender. You can choose between 10/1 ARM, 15 year fixed-rate, and 30-year fixed-rate programs. Synovus Bank, Member FDIC, is an Equal Housing Lender and lends in the states of Alabama, Georgia, Florida, Tennessee, North Carolina, There are also low down-payment options and no need for PMI. You’ll need to have a contract with a start date 60 days prior. The term (duration) of the loan is expressed as a number of months. PMI isn’t required, and student debt will be excluded from the debt-to-income ratio used. Because doctors are deemed as being low risk, physician loans have more favorable terms than conventional loans. Mortgage Loan Officer at Synovus. Physician loans, also referred to as doctor loans, present a unique set of circumstances for lenders because new doctors do not have any work history and usually have a significant amount of student loan debt. This communication is directed to properties in those states. Banking products are provided by Synovus Bank, Member FDIC. Insurance products marketed through Synovus and its affiliated companies are underwritten by insurance companies not affiliated with Synovus. If you know you’re going to stay in the same area for a long period, and you have a contract as a doctor, getting a physician loan can seem like a no-brainer. About. Because PhysicianLoans understands your special financing needs, we have made sure our Doctor Loan accommodates those needs. The KeyBank loan is one of the most generous available in terms of the amount of money you can borrow; you can obtain a loan of up to $3.5 million, although this requires a more conventional down payment. Synovus Bank, NMLS #408043. Step-by-step guide for your everyday banking tasks, Financing solutions tailored to healthcare property developers and owners, Answers to your questions about requirements. Otherwise, you can receive 100% financing for up to $750,000, 95% financing for up to $1 million, and 90% financing for up to $1.5 million. 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