Synovus Bank Physician Loan Review: 0% Down Financing for Southeastern Homebuyers

Saving up for a large down payment can take years if you’re also juggling six-figure student debt. Fortunately, physicians can access special financing that allows for as low as $0 down with no private mortgage insurance (PMI) requirement. 

These physician mortgage programs make buying a new home easier. But not all lenders offer this type of loan and those that do have varying eligibility requirements and limitations.

In this Synovus Bank physician loan review, we break down the benefits and potential drawbacks of this exclusive program. 

What sets Synovus Bank’s physician loan apart?

Synovus Bank has an interesting background, dating back to a Georgia textile mill where they secured their workers’ savings in the company vault. Fast forward more than 130 years, Synovus Bank is now a midcap bank with over $61 billion in assets, with locations throughout the southeastern region.

As part of its home mortgage solutions, Synovus Bank offers residential mortgages for licensed medical physicians, residents, fellows and interns. Here’s a quick overview of the Synovus physician loan program.

Minimum down payment	0% down for up $1 million
Residents or fellows allowed	Yes
Maximum loan amount	$2 million
Degrees that qualify	MD, DO, DDS, DMD, DPM
Eligible states	AL, FL, GA, SC, TN

Pros and cons: The good and bad about Synovus Bank physician home loans

Physician mortgage programs generally allow for low down payments and flexible underwriting guidelines. This includes favorable treatment of student loan debt and alternative proof of income for physicians who are finishing training. 

But each program has its pros and cons. Here are a few major considerations for the Synovus Bank physician loan.

Pro: No PMI regardless of down payment

The Synovus Bank physician loan offers generous financing, including 0% down for up to $1 million and other low down payment options for loan amounts up to $2 million. The best part is that, regardless of your down payment amount (or lack thereof), you won’t have to pay PMI.

PMI can cost you thousands of dollars each year if you don’t provide a 20% down payment with a conventional loan. Having access to a loan product with no PMI can result in savings that can be put toward other financial goals — or funneled to other housing costs, such as furnishings or updates.

Pro: Allows purchases and refinances for secondary residences

Most lenders restrict their doctor loan program to only primary residences. But the Synovus Bank physician loan can be used for purchasing or refinancing primary and secondary homes.

Note that eligibility requirements and financing options might differ depending on its use.

Pro: Special opportunity for residents, fellows and interns

If you’re finishing up training, you don’t have to wait for your new job to start to buy a home. With the Synovus Bank physician loan, future income can be used if you plan to start new employment within 90 days of closing.

Keep in mind that you’ll need an executed employment contract as proof of income.

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Con: Limited to Southeastern market

Unlike other physician mortgage programs that are nationwide, Synovus Bank only serves physicians in Alabama, Florida, Georgia, South Carolina and Tennessee.

Con: Excludes other high-income medical professions

The lender also has profession-based restrictions for its physician loan. The Synovus Bank physician loan is only available to physicians with an MD, DO, DMD, DDS or DPM.

If you have a different background (e.g., pharmacists, lawyers, chiropractors), there might be other professional mortgage programs available.

Con: Designed for early-to-mid-career physicians

The Synovus physician loan is meant for physicians in their first 10 years of practice.

If you’ve been a practicing physician for more than a decade, your options will be more limited than those fresh out of residency, as this type of special financing is designed for borrowers who haven’t hit their full earning potential yet.

Your roadmap to navigating a Synovus Bank physician mortgage with confidence

There are many physician mortgage programs to choose from. But if you live in the Southeast, Synovus Bank might be able to provide you with a more hands-on experience since its mortgage lenders specifically work with local clients. In which case, here’s where to start.

Step 1: Prepare your finances before calling Synovus Bank

The underwriting process looks at all aspects of your finances to ensure you’re a solid candidate for paying back your home loan. You can speed up the process by:

• Looking at your credit score and addressing discrepancies on your credit report in advance.
• Gathering financial paperwork, such as recent tax returns, W-2s, pay stubs and bank account statements.
• Researching fixed-rate versus adjustable-rate mortgage (ARM) options to better understand how ARMs work over time.

By taking care of some of the basics ahead of time, you can feel more prepared and fast-track the application process.

Step 2: Have your first chat with a Synovus Bank mortgage loan officer

You’ll need to speak directly with a loan officer at Synovus Bank to determine if you qualify for its physician loan program. From there, you can get prequalified for a mortgage to give you a starting point for how much you’ll be able to borrow. 

Remember that just because you might get approved for a high loan amount doesn’t mean you should immediately accept that amount. Physician mortgage loans have more generous underwriting guidelines, which means you’ll likely qualify for a higher amount than you would with a conventional loan.

Step 3: Tackle closing costs and financial paperwork like a pro

When you get ready to close on a home, expect a lot of paperwork to review and details to note. This includes closing costs, which are various fees that are paid to the lender, legal, and third-party service providers. Some closing costs are negotiable. 

Plus, you can shop around for different service providers, such as for inspections and surveying, to lower your closing costs. 

Once you’re ready to close, thoroughly review all loan documents for accuracy. And for extra precaution, hold off on making any big purchases (including furnishing your home) until after closing is complete so you don’t accidentally delay the process.

Is Synovus Bank’s physician mortgage trap or treasure?

Physicians can access home financing offers that the general public can’t. Instead of waiting until you have a 20% down payment for a conventional loan — which could easily equate to $100,000 or more — you can find physician mortgage programs in your area.

Synovus Bank is one of a handful of lenders that offers 0% down for up to $1 million. Its biggest selling point is probably having the ability to meet face-to-face and have a more personal lending experience compared to other lenders that have a nationwide presence.

Even if you value that level of customer service, it’s important to shop around to compare offers and interest rates. Fill out the form below to receive custom physician mortgage quotes for your next purchase or refinance.