Sun Trust Bank physician mortgage loan products are available in 11 states.
South Carolina, West Virginia, Virginia, Tennessee, North Carolina, Mississippi, Maryland, Georgia, Florida, Arkansas, Alabama.
Advantages of Doctor Loans:
- Fixed or adjustable-rate options
- Up to 100% financing and no monthly mortgage insurance payments
- Favorable repayment terms provide flexibility to meet your financial reality
For Licensed Residents/Interns/Fellows in MD and DO programs, we offer:
- Maximum of 100 percent financing for purchases and rate/term refinances
- There is a maximum home loan amount of $750,000
For Practicing Doctors (MD, DO, DDS, DMD), we offer:
- 100% financing for loans up to $750,000
- 95% financing for loans up to $1 Million
- 90% financing for loans up to $1.5 Million
- Please note: Doctors with over ten years post training (Residency or Fellowship) experience are limited to maximum 90 percent financing. These Doctors need to be members of SunTrust Private Wealth Management or belong to a practice that is part of SunTrust Private Wealth Management to be eligible for this product. This restriction does not apply to SunTrust Mortgage to SunTrust Mortgage Doctor loan refinances.
What you’ll need to consider:
- Loans are available in select states (AL, AR, DE, FL, GA, MD, MS, NC, SC, TN, VA, WV, DC and select counties in PA). Other program and geographic restrictions may apply, please consult your loan officer for details.
- State law may put further restrictions on maximum loan-to-value ratio
- Adjustable-rate mortgages have interest rates that may increase during the life of the loan
- 100 percent mortgage financing will result in no property equity until the borrower pays down the loan principal through regular mortgage payments and/or the property value appreciates
- A down payment may be required if the property is located in a declining market. If property values decline, you could owe more than your property’s value.