BancorpSouth Physician Mortgage Loans

Physician Mortgage Perks—Freedom from Some Mortgage Fees

BancorpSouth Physician Mortgage Loans

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Physician Mortgages Can Save Thousands in Fees

When shopping for physician mortgages, doctors may wonder what kinds of benefits they are receiving from lenders. You may hear a variety of claims, including better rates, higher loan amounts, and flexible underwriting. However, discounts in the form of a reduction—or absence altogether—of common fees associated with home purchasing are worth investigating! After all, you have spent a significant amount of time and money to earn your medical degree, why not get some benefits from it?

When budgeting for a physician mortgage, there is more to the final monthly bill than the cost of the home. Closing costs in excess of 2 – 5% of the mortgage cost (between $6,000 and $15,000 for a $300,000 mortgage), private mortgage insurance of up to 1% of the loan on an annual basis, and escrow fees of up to $1,000, can all add a huge chunk to your mortgage cost. Therefore, any discounts on these fees is certainly a reward for becoming a doctor! Lenders who provide loan services to medial professionals offer varying degrees of allowances for physicians who do business with them.

The Lenders

There are many options when deciding where to obtain your home mortgage. However, a select few lenders truly cater to physicians. These banks and mortgage companies understand what makes doctors great customers: from high income potential to a history of early repayment, medical professionals represent the kind of customer lenders want. In this series, we introduce you to these lenders, giving you a “leg up” in sorting through mortgage providers who can offer you perks based on your medical license.

Established in 1876 inside of a hardware store in Verona, Mississippi, BancorpSouth changed names and locations several times before settling in Tupelo. Since the 1980’s, it has been acquiring other institutions and expanding its presence throughout the Southern United States, with over 300 locations in 9 states.  Small when compared to some of the leading lenders in our nation, BancorpSouth prides itself in remaining devoted to the communities it serves. By offering financial education to citizens, a specialized mortgage program for needy families, and services geared to small businesses, BancorpSouth is driven to improve the lives of the community members.

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What Makes BancorpSouth’s Physician Mortgage Loan Program attractive:

Minimum Credit Score

640

States Available

AL, AR, GA, LA, MS, MO, OK, TN, TX

Loan Amounts For Residents & Fellows

100% financing for loans to $650,000
103% financing for loans to $453,100

Loan Amounts For Practicing Physicians

80% financing for loans over $2 million
85% financing for loans to $2 million
95% financing for loans to $1 million
89.9% financing for loans to $1.5 Million

Eligible borrowers include

Medical Doctor (MD)
Doctor of Osteopathy (DO)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)

Highlights

The service of a community bank
The convenience of a regional bank
Available to residents, fellows and practicing physicians
Available to US citizens and resident and non-resident aliens
Available for single-family homes and condos
No bank closing costs, PMI, reserves or escrow required
Non-occupant co-borrowers and gift funds are allowed

BancorpSouth stands out for offering loans with no closing costs, escrow, or private mortgage insurance (PMI). Combined with generous financing terms and a liberal credit score minimum, this lender may be the right choice for you. To discover if a BancorpSouth branch is located near you or to learn more about other financial services they offer, visit their website. There are other outstanding lenders in our series who also offer attractive terms to physicians looking for a mortgage provider; discover other lenders we have covered here.

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