Physician Loans in 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 it might not be a bad idea to find a couple different lenders in your area that offer Physician/Doctor Loans to compare with one another.

After much research, I found two lenders have the best options for my clients around the Nashville area: (I did not mention the names of the Lenders as I do not know if I need permission to advertise their current rates)

BANK 1 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.

BANK 2 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 BANK 1 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 🙂

If you are looking for a Physician / Doctor Loan in Tennessee, feel free to send me an email and I will give you the Lender information.

Austin Cook

RealtorinTN@gmail.com

SilverPointe Properties

615-771-7877

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