Cadence Bank Physician Mortgage Loans

Medical Professional Loans—Choosing a Home Style

Cadence Bank Physician Mortgage Loans

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Medical Professional Loans—Choosing the Right Type of Home

It is hard enough to choose to “take the plunge” and invest in a home—and mortgage. Once you decide that it makes financial sense to purchase a home, and establish your first permanent residence as a medical professional, you have really just taken the first step in a rewarding (but complicated) journey to home ownership.  A single-family home comes in a wide variety of styles and sizes, offering you more freedom for landscaping and entertaining options, while multi-units like townhouses and condominiums are popular with medical professionals due to lower maintenance and addition of amenities. Let us look at the pros and cons of these popular housing options:

1. Condominiums (“Condo”): A unit within a larger building, a condominium differs from an apartment in that each unit is individually owned. With only the interior portion of the home to maintain, the owner has little other responsibility. Most other costs are covered – even amenities like trash removal and internet – as part of the required homeowner’s association (HOA) fees which are assessed to condo owners. However, along with community living comes rules, and condominiums usually come with the strictest. This option is a great choice for physicians who don’t have time for maintenance or don’t find working around the house or yard an appealing part of home ownership.

2. Single Family Houses: When you mention that you are “buying a house,” most people will visualize a traditional single-family home, maybe even complete with a white picket fence and manicured backyard. Since they come in many styles and sizes, a house offers the most freedom to decorate, landscape, and even renovate to suit your needs. Since there are fewer rules limiting (some neighborhoods do have rules-call covenants-restricting some aspects of your ownership) what you can (and can’t) change about your house, this may be a great option if you are looking forward to making major changes, especially in the landscaping around your home. However, this freedom comes with a cost—you will be responsible for ALL the maintenance and repairs on your home.

3. Townhouses: A middle ground between a condo and a house, many will state you get the best of both worlds with a townhouse. Usually designed like a house with just a smaller footprint, you may have multiple levels and a basement, along with a small yard or other outdoor space which you can decorate to your liking. On the other hand, a townhouse offers fewer points of maintenance with shared walls and more community spaces. Although often owners have more freedom to customize their home, there is still a HOA which provides guidelines to maintain the cohesiveness of the community.

The Lenders

No matter what type of house you are looking at, there are lenders who offer financing for you. As respected professionals, physicians are eligible for some of the best rates, thanks to their history of high income and stable repayment. Medical professionals have strong reputations for financial responsibility, making them an ideal customer for banks and lenders. Additionally, lenders who specialize in medical professional loans can offer you guidance through the process and show you where your profession helps you obtain perks like low (and no) down payments, no private mortgage insurance, and a wider variety of terms.

Although a newcomer to the banking industry, Cadence Bank has proven its strength and customer commitment in a short period of time. Established in 2009 as Community Bancorp LLC, it quickly raised $1B to become a viable financial institution, taking on the name Cadence Bank after an acquisition in 2011. Several acquisitions and moves (from Mississippi to Alabama, then to Atlanta) later, Cadence now stands as a strong banking contender in the deep South, with 98 branches scattered across 6 states. Cadence Bank has a mortgage program geared towards newly licensed (<5 years) professionals of all types, including doctors, dentists, attorneys, architects, CPAs, engineers, pharmacists, optometrists, ophthalmologists, nurse anesthetists and PhD-level professors.

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What Makes the Cadence Bank Early Professionals Loan Program attractive:

Minimum Credit Score

Not Available

States Available

AL, MS, TX

Loan Amounts For Residents & Fellows

100% financing up to $1,000,000

Loan Amounts For Practicing Physicians

Flexible down payments up to $2,000,000

Eligible borrowers include

Medical Doctor (MD)
Doctor of Osteopathy (DO)
Doctor of Dental Surgery (DDS)
Doctor of Dental Medicine (DMD)
Doctor of Podiatric Medicine (DPM)
Doctor of Optometry (OD)
Doctor of Pharmacy (PharmD)

Highlights

Mortgages can be obtained with up to a 100% loan-to-value (LTV) ratio. This means that early professionals could qualify for a mortgage on a home valued at up to $1 million with no down payment required.
No requirement for early professionals to purchase PMI
A wide range of mortgage options are available, including fixed-rate and adjustable-rate mortgages (or ARMs) and 5/1 ARMs

Cadence Bank has earned a reputation for its dedication to providing financial services to small businesses. It has earned a Greenwich Excellence Award for “Overall Satisfaction” in small business banking in the south. Although new, Cadence Bank has expanded its financial offering to include, along with traditional offerings, SBA and asset-based lending, wealth management, investment, and trust services. With innovative online and mobile solutions, Cadence Bank may be the ideal lender for doctors in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. To learn more about Cadence Bank and their Professional Loan Program, visit their website. You will find many other lending options in our series here.

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