Cadence Bank is another option when trying to secure financing as a doctor. We'll answer some common questions people have about their physician loan program in this review.
Dr. Tammy Crouse
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Cadence Bank keeps their details under wraps, but they have local loan officers in the 350 areas they operate to help you learn more about their program and how you fit into it.
at Cadence Bank Physician Loan
Cadence Bank offers a wide range of banking products that are helpful and innovative. They have 350+ branches to serve you and help you secure the financing you need to purchase your dream home, including a Cadence Bank physician loan program. In This Article
Cadence Bank has a long history, beginning in 1876 when it started in the back of a hardware store.
Fast forward to today, and Cadence Bank has merged with its parent company to provide a banking experience that focuses on technology and people, providing expert financial advice and services at 415 branches.
Here are some quick facts about the Cadence Bank physician loan products.
Cadence Bank isn’t transparent about its loan qualifications. But they work with medical professionals who have student debt, helping them qualify with deferred loans.
They offer competitive rates, and you’ll work with a local loan officer to determine your specific loan rate, term, and approval amount.
Like all physician mortgage lenders, there are many steps to applying for a physician loan. Here’s how the Cadence Bank physician mortgage loan process works.
Start by talking to a loan officer in your area to determine your eligibility for the program. They can discuss the eligible degrees, positions, and how your student loans affect your eligibility.
To get prequalified, you simply tell the loan officer about your position, when you started, how much you make, and how much you have saved for a down payment and closing costs.
Cadence Bank may do a soft credit pull to check your eligibility, but this doesn’t affect your credit score. After evaluating the information provided, the loan officer will inform you if you prequalify and tell you what you must do to complete the process.
If you prequalify for a Cadence Bank physician loan, you must gather the necessary documents to prove you qualify.
The documents include:
The documents you gathered above will help you in the pre-approval process. It starts with a loan application that requires you to provide information about your income, assets, employment, and current liabilities.
The underwriter will review your gathered documentation and do a hard credit pull. This allows them to determine if you meet the loan requirements.
If you’re pre-approved, they will issue a pre-approval letter that shows sellers you qualify for financing and at what rates and terms. The letter will also state what conditions you must satisfy to close the loan. Two common conditions are a home appraisal and title search, but there may be some additional conditions regarding your personal qualifying factors you must clear.
While you look for your dream home, you can clear the conditions the underwriter stated. The underwriter will also order a home appraisal and title search when you sign a sales contract and provide it to the underwriter.
The final step is to close your loan. You do this when you’ve cleared all conditions and Cadence Bank is ready to issue the financing so you can pay the seller and become the owner of your dream home.
Cadence Bank isn’t operable in all states, and not every medical professional qualifies. Here are some alternatives.
Huntington Bank offers physician loans up to $2,000,000 with low and no down payment options. They don’t require Private Mortgage Insurance, and the loans are available as fixed or adjustable-rate loans. The loan program is open to doctors, dentists, and veterinarians.
Fifth Third Bank also offers physician loans up to $2 million, but only loans up to $1 million are available with no down payment. Like most lenders, they offer fixed and adjustable-rate loans, but they offer their program to established doctors, not just new doctors, which is unusual for most physician loan lenders.
BMO Bank doesn’t offer a no-down payment option, but physicians can borrow up to $1.5 million with 5% down and 10% down on loans up to $2 million. The program is open to residents, fellows, and newly practicing doctors, and BMO Bank is flexible with your debt-to-income ratio regarding student loans.
Fulton Bank is another physician loan lender that offers loans up to $1.5 million with no money down. You can also secure a $2 million loan with 5% down and a $3 million loan with 10% down. Fulton Bank has relaxed guidelines, including allowing seller concessions and gift funds. They also offer fixed and adjustable-rate loans like most physician loan lenders.
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Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
Understanding the pros and cons of a Cadence Bank physician loan is important to determine if it’s right for you.
Doctors often pay higher interest rates than people in other professions because they can access much higher loan amounts with little to no money down. Lenders base their interest rates on the risk a borrower poses, and borrowing large sums of money with no money down is risky for lenders.
Every borrower will be eligible for a different loan amount. The difference depends on your qualifying factors, including income, position, and other debts. Cadence Bank will also consider your credit score and history to determine how much you can afford.
Physician loans have more lenient guidelines than traditional loans, especially regarding consumer debt. Because doctors often have such high amounts of student debt, physician loans offer a better option because lenders can exclude the student debt, allowing doctors to qualify for financing on their dream home.
Physician loans also often have low down payment requirements, and they don’t require Private Mortgage Insurance even with no money down on the house.
Cadence Bank doesn’t disclose the minimum required credit score for a physician loan. Like any financing, though, the higher your credit score, the better. Having a credit score as high as 700+ may improve your chances of approval.
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