Bank and lender series: Doctor mortgage loans

Read our series on banks and lenders that offer medical professional home loans.

Regions Bank Physician Mortgage Loans

Getting a Doctor Mortgage—Medical School Debt Forgiveness Options

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Regions Bank Physician Mortgage Loans

Bank and lender series: Doctor mortgage loans

Check out our series about all the banks and lenders that offer home loans for medical professionals.

Regions Bank Physician Mortgage Loans

Getting a Doctor Mortgage—Medical School Debt Forgiveness Options

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Regions Bank Physician Mortgage Loans
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Regions Bank Physician Mortgage Loans

Balancing your debt—take advantage of debt forgiveness programs

Graduating from medical school and finishing your residency are gigantic steps in your adult life. You are walking away from an exceptional (and exceptionally hard) experience, and likely have a sizeable debt to show for it. In fact, the median medical school debt was slightly more than $195,000 for graduates in 2018, according to the Association of American Medical Colleges. Since many doctors enter the workforce older than their non-medical counterparts, its logical that home ownership is on the “to do” list. However, it can be a daunting task to balance your student loan debt with the cost of a home mortgage. Additionally, part of the allure of a medical career is the desire to make an impact on the world and on humanity. When you look at your potential future in medicine, why not some type of community service which could also help reduce your medical school debt? Debt forgiveness programs could be the answer. If you are interested in working in the public or nonprofit sector, or practice in underserved communities, you can accomplish your goal of giving back to a community AND reduce your debt. Here are a few of the most common debt forgiveness programs in the United States:

National Health Service Corps (NHSC). This national program offers some options for service commitment—with as little as 2 years—for doctors willing to offer primary care service. Repayment assistance can be as much as $125,000, depending on your length of service and qualifying debt

Public Service Loan Forgiveness (PSLF). For physicians who are already interested in public service, this program requires a 10 year commitment. With strict guidelines for qualifying loans and employers, you need to be sure you meet the requirements. However, the benefits are good, and you can see a lot of debt simply wiped away.

AAMC State Loan Repayment Options (AAMC). Managing their own underserved and low-income communities, many states administer loan forgiveness programs. AAMC has structured a list of 73 programs to consider. If you already plan on working in a specific state, you may find employment and a debt forgiveness program there.

National Institutes of Health Loan Repayment Programs (LRPs). Established by Congress, these programs are designed to attract qualified medical professionals into biomedical and biobehavioral research. There is opportunity in both government and non-government employers, and you can include loans outside of the federal loan program.

Military Medical Loan Repayment. Perhaps the most well-known loan forgiveness program is administered by the U.S. military. Physicians who serve in the nation’s forces can receive loan repayment of up to $40,000 per year for up to three years of service.

The lenders

In an industry where training can cost hundreds of thousands of dollars, medical professionals are recognized for their commitment to training and serving their communities. That’s why there are lenders who offer preferential mortgage rates and features to physicians through dedicated programs. Through its Doctor Mortgage Program, Regions Financial Corporation acknowledges the specific financial needs of doctors and has designed a mortgage product to meet those needs. Born from a merger of three Alabama banks in 1971, Regions (bearing this name is 1994) remained primarily in Alabama until the law changed allowing interstate banking in 1986. It added branches throughout the southern part of the U.S., continuing its growth with mergers and acquisitions throughout the 1990’s and 2000’s. The 2008 financial crisis hurt Regions, like many other financial institutions, but the bank bounced back quickly. Now boasting an accolade for having the best reputation among customers in both 2015 and 2016 from American Banker Magazine, Regions has built on this distinction to focus on ethics and honesty in the financial sector. The Regions Doctor Mortgage Program is just one program Regions offers to customers. More details about the Regions Doctor Mortgage Program include:

Regions doctor mortgage program includes the following features:

Minimum credit score

  • 700

States available

Loan amounts for residents and fellows

  • 0% down payment < $750,000
  • 5% down payment >$750,000 <$1,000,000

Loan amounts for practicing physicians

  • 0% down payment < $750,000
  • 5% down payment >$750,000 <$1,000,000

Eligible borrowers

Highlights

  • Self-employed doctors eligibile after 2 years
  • Purchase-refinance loans
  • ARM and fixed mortgage products
  • No private mortgage insurance (PMI)
  • Student loans not included in debt to income ratios
  • Primary residence, single family home, townhomes
  • 720 FICO required > $484,350, 700 FICO required < $484,350
  • Close during residency with contract
Regions Bank’s doctor mortgage program offers a full slate of benefits for doctors looking for a home. In addition, Regions offers financial services not commonly seen in banks of this size, including payroll solutions, real estate banking, and investing services. If you are looking for an outstanding mid-size bank, Regions has proven its standing most recently through the receipt of 13 Greenwich Awards for trust, customer service and satisfaction, to name a few. With a solid emphasis on community, investing billions in community development and over $17 million in philanthropic and community giving, Regions Bank is a community leader everywhere branches are located. Physicians who feel strongly about community service can find a partner in Regions Bank. Look to the Regions Bank website to learn more about their physician mortgage program. To discover others in our lender list, visit our site.

Balancing your debt—take advantage of debt forgiveness programs

Graduating from medical school and finishing your residency are gigantic steps in your adult life. You are walking away from an exceptional (and exceptionally hard) experience, and likely have a sizeable debt to show for it. In fact, the median medical school debt was slightly more than $195,000 for graduates in 2018, according to the Association of American Medical Colleges. Since many doctors enter the workforce older than their non-medical counterparts, its logical that home ownership is on the “to do” list. However, it can be a daunting task to balance your student loan debt with the cost of a home mortgage. Additionally, part of the allure of a medical career is the desire to make an impact on the world and on humanity. When you look at your potential future in medicine, why not some type of community service which could also help reduce your medical school debt? Debt forgiveness programs could be the answer. If you are interested in working in the public or nonprofit sector, or practice in underserved communities, you can accomplish your goal of giving back to a community AND reduce your debt. Here are a few of the most common debt forgiveness programs in the United States:

National Health Service Corps (NHSC). This national program offers some options for service commitment—with as little as 2 years—for doctors willing to offer primary care service. Repayment assistance can be as much as $125,000, depending on your length of service and qualifying debt

Public Service Loan Forgiveness (PSLF). For physicians who are already interested in public service, this program requires a 10 year commitment. With strict guidelines for qualifying loans and employers, you need to be sure you meet the requirements. However, the benefits are good, and you can see a lot of debt simply wiped away.

AAMC State Loan Repayment Options (AAMC). Managing their own underserved and low-income communities, many states administer loan forgiveness programs. AAMC has structured a list of 73 programs to consider. If you already plan on working in a specific state, you may find employment and a debt forgiveness program there.

National Institutes of Health Loan Repayment Programs (LRPs). Established by Congress, these programs are designed to attract qualified medical professionals into biomedical and biobehavioral research. There is opportunity in both government and non-government employers, and you can include loans outside of the federal loan program.

Military Medical Loan Repayment. Perhaps the most well-known loan forgiveness program is administered by the U.S. military. Physicians who serve in the nation’s forces can receive loan repayment of up to $40,000 per year for up to three years of service.

The lenders

In an industry where training can cost hundreds of thousands of dollars, medical professionals are recognized for their commitment to training and serving their communities. That’s why there are lenders who offer preferential mortgage rates and features to physicians through dedicated programs. Through its Doctor Mortgage Program, Regions Financial Corporation acknowledges the specific financial needs of doctors and has designed a mortgage product to meet those needs. Born from a merger of three Alabama banks in 1971, Regions (bearing this name is 1994) remained primarily in Alabama until the law changed allowing interstate banking in 1986. It added branches throughout the southern part of the U.S., continuing its growth with mergers and acquisitions throughout the 1990’s and 2000’s. The 2008 financial crisis hurt Regions, like many other financial institutions, but the bank bounced back quickly. Now boasting an accolade for having the best reputation among customers in both 2015 and 2016 from American Banker Magazine, Regions has built on this distinction to focus on ethics and honesty in the financial sector. The Regions Doctor Mortgage Program is just one program Regions offers to customers. More details about the Regions Doctor Mortgage Program include:

Regions doctor mortgage program includes the following features:

Minimum credit score

  • 700

States available

Loan amounts for residents and fellows

  • 0% down payment < $750,000
  • 5% down payment >$750,000 <$1,000,000

Loan amounts for practicing physicians

  • 0% down payment < $750,000
  • 5% down payment >$750,000 <$1,000,000

Eligible borrowers

Highlights

  • Self-employed doctors eligibile after 2 years
  • Purchase-refinance loans
  • ARM and fixed mortgage products
  • No private mortgage insurance (PMI)
  • Student loans not included in debt to income ratios
  • Primary residence, single family home, townhomes
  • 720 FICO required > $484,350, 700 FICO required < $484,350
  • Close during residency with contract
Regions Bank’s doctor mortgage program offers a full slate of benefits for doctors looking for a home. In addition, Regions offers financial services not commonly seen in banks of this size, including payroll solutions, real estate banking, and investing services. If you are looking for an outstanding mid-size bank, Regions has proven its standing most recently through the receipt of 13 Greenwich Awards for trust, customer service and satisfaction, to name a few. With a solid emphasis on community, investing billions in community development and over $17 million in philanthropic and community giving, Regions Bank is a community leader everywhere branches are located. Physicians who feel strongly about community service can find a partner in Regions Bank. Look to the Regions Bank website to learn more about their physician mortgage program. To discover others in our lender list, visit our site.
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Get started with a purchase or refinance physician mortgage loan today!

Get started with a purchase or refinance physician mortgage loan today!

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