We
understand the unique financial needs of doctors. Whether you’re still
finishing residency or are a successful partner in a fast-growing practice,
doctor loans provide multiple financing options to help
you manage your personal and professional expenses.
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 loan amount of $650,000
For Practicing Doctors (MD, DO, DDS, DMD), we offer:
·
100% financing for loans up to $650,000
·
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 residency
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.
Subsequent time spent as a teaching attending or in a fellowship program
doesn’t count in this ten year period.
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)
·
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
Source: Suntrust Bank
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