Physician Loans in Middle Tennessee

Physician Loans are a great resource for Doctors but they can also be a bit confusing. Here’s my experience, as a Realtor, with the Physician Loans in Middle Tennessee.

Not every bank/mortgage lender has a Physician Loan program and each lender has different requirements so find a couple different lenders in your area that offer Physician/Doctor Loans and compare.

After much research, I found that these lenders have the best options for my clients around the Nashville area:

Synovus Bank offers 100% financing up to $750,000 with no PMI (Primary Mortgage Insurance) with a 3.25 interest rate (at the time i’m writing this article). They seem to update their rates daily to lock in the best rates for their Clients/Physicians. If the loan is over $750,000 the Physician is required to put 5% down, or put down enough to get down to $750,000.

First Horizon Bank offers 100% financing up to $1,000,000 with no PMI (Primary Mortgage Insurance) with a 3.75 interest rate (at the time i’m writing this article). A financial advisor let us know that they lock in their rates quarterly so it’s hit or miss. It could be higher than the daily fluctuation or lower.

Both banks have great programs so it all depends on what the client prefers. For instance, I was putting in an offer for a client this week and the purchase price was more than $750,000. My client decided to put down 5% so they could get the lower interest rate with Synovous and in doing so (putting down money and getting the lower interest rate) their mortgage payment is around $400 less a month. Which made for a very happy Client 🙂

Looking to Buy or Sell in Middle Tennessee? I’d love to work with you! You can reach me at:

Austin@SilverPointe.com

SilverPointe Properties

615-771-7877

 

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