Cadence Bank Physician Loan Review (Updated 2024)
In 2024, the mortgage landscape for doctors continues to evolve. Amongst the multitude of financial products available, the physician mortgage loans offered by Cadence Bank have piqued the interest of many in the medical field. This review (updated 2024) provides an in-depth analysis of the bank’s offering so doctors and other medical professionals can choose the loan that’s right for their next home.
What is Cadence Bank?
Cadence Bank is a financial institution with a rich history dating back to 1876. It was started from humble beginnings in the back of a hardware store and has since grown into a major financial player through a series of strategic acquisitions and mergers. Today, Cadence Bank provides a wide array of banking products, with a focus on technology and people. Cadence is known for offering expert financial advice and services through its extensive network of branches.
Cadence Bank Physician Loan Highlights
Cadence Bank provides a specialized mortgage product, known as the physician loan, specifically designed for medical professionals. This loan caters to a variety of medical professions, including doctors, dentists, veterinarians, optometrists, nurse practitioners, and others.
Loan Details
The Cadence Bank physician loan stands out for offering up to 100% financing on homes up to $1.5 million. However, this option is available only to new professionals. Those with five years of experience in the field might need to make a 5% down payment. Those with 10 years of experience are not eligible for this loan program.
Loan Types
Cadence Bank offers both fixed and adjustable-rate mortgages under its physician mortgage program. This allows borrowers to choose the most suitable loan option based on their financial situation and long-term plans.
Advantages of Cadence Bank Physician Loan
There are several pros to opting for a Cadence Bank physician loan:
The bank offers of up to 100% financing is a major draw for medical professionals, especially residents and fellows.
They cater to a variety of medical professions, making it a viable option for more that just physicians.
Cadence doesn’t require the payment of Private Mortgage Insurance – even if the borrower does not make a down payment, resulting in significant savings over the loan term.
Limitations of Cadence Bank Physician Loan
Cadence Bank’s physician loan also has some limitations:
The requirement of a 5% down payment for professionals with five years of experience, and exclusion of those with over 10 years of experience, may deter some potential borrowers.
Their reach is limited to certain states, which restricts its accessibility to medical professionals located outside these areas.
Click here to see doctor home loan programs in your state in less than 2 minutes!
Cadence Bank Physician Loan Alternatives
Doctor home loan programs are growing in popularity. Cadence Bank is an excellent option, but you should know the alternatives:
Flagstar
Flagstar’s physician loan program is available for more medical specialties than other doctor home loan programs. You can get 100% financing up to $1.5MM for primary residences only.
Learn More: Flagstar Physician Mortgage Review
Fulton Mortgage
Fulton Mortgage offers 100% financing up to $1MM for MD, DO, DDS, DMD, OD, DPM, DVM and PharmDs. It’s available for primary residence only and in a few select states.
Learn More: Fulton Mortgage Physician Loan Review
PNC
PNC recently purchased BBVA and now offers a doctor home loan program. In 27 states, you can qualify for 95% financing up to $1MM but must be a MD, DO, DDS or DMD.
Learn More: PNC Physician Mortgage Review
Is a Physician Loan from Cadence Bank Right for you?
The Cadence Bank physician loan can be a viable option for certain medical professionals.Taking a deep dive into your financial health, career phase, and future aspirations is key. Don’t forget to compare what various lenders can provide. By doing this, you’ll be able to secure a loan that not only meets your financial objectives but also suits your way of life.
Key Takeaways
The Cadence Bank Physician Loan Review (Updated 2024) reveals that the bank’s physician loan is a competitive product that can be beneficial for certain medical professions. Yet, it’s crucial for anyone thinking about borrowing to really think about their personal situation and where they are in their career. They should also take the time to look at various loan options before deciding. To see your options from Cadence bank and other lenders that offer physician mortgages, request your rates here.
Cadence Bank FAQ
We answer some common questions regarding Cadence Bank.
1. What are the eligible professions for Cadence Bank’s physician loan?
Cadence Bank’s physician loan is open to a variety of medical professions, including doctors, dentists, veterinarians, optometrists, nurse practitioners, and others.
What is the maximum loan amount for Cadence Bank’s physician loan?
The maximum loan amount is $1.5 million for eligible medical professionals.
Does Cadence Bank require PMI for its physician loan?v
Cadence Bank does not require Private Mortgage Insurance (PMI) for its physician loan.
What are some alternatives to Cadence Bank’s physician loan?
Some alternatives to Cadence Bank’s physician loan include Huntington Bank, Fifth Third Bank, BMO Bank, and Fulton Bank.
