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SunTrust Bank Physician Mortgage Loans

Truist Physician Mortgage Loan—Lending Especially for Doctors and Dentists

Lynne Cody
January 24, 2020
9:32 am

3 min read

Medical School Debt Doesn’t Stop You from Obtaining A Mortgage Loan

You have finished medical school or residency, and you are looking forward to your first job as a full-fledged practicing physician. Although this is an exciting time in your life, it also comes with uncertainty. You may be thinking:

How can I buy a home with medical school debt?
How can I come up with a down payment without a lot of money saved?
Due to years of debt, my credit score is low; how can I purchase a house?
How can I build equity in a home and avoid renting with no work history?

Before you begrudgingly accept a near-future renting and having nothing to show for your monthly home expenses, consider a Physician Mortgage Loan. Lenders who specialize in this lending service understand the unique position doctors are in and recognize the years of training you have as well as the reputation of your profession. Let’s continue our investigation into some of the leading physician mortgage lenders in the industry and why you should not discount the opportunity for home ownership.

The Lenders

In this series, we are reviewing some of the top lenders in this financial arena which offer physician mortgage loans. These lending institutions have a history of catering to doctors and dentists, understand their challenging occupations, and appreciate the long-term stability which comes along with the medical industry.

Headquartered in Atlanta, and well established in the Southeast region of the U.S., SunTrust Bank offers a full slate of financial products for its customers, both commercial and individual account holders. SunTrust’s Doctor Loan Program is quite expansive, catering to doctors and dentists as well as licensed Residents, Interns and Fellows currently in medical programs. With locations in 11 states and the District of Columbia, there are some variations among branches, but all offer competitive lending options for physicians.

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What Makes Suntrust Banks (Now Truist) Doctor Loan Porgram Special?

Minimum Credit Score

Not Available

States Available

AL, AR, CA, CT, DE, DC, FL, GA, IN, KY, MD, MA, MS, NC, OH, PA, SC, TN, TX, VA, WV

Loan Amounts For Residents & Fellows

Maximum home loan amount $750,000, 95% maximum financing, MD, DO, DPM

Maximum loan amount of $750,000

Loan Amounts For Practicing Physicians

100% maximum financing for home loans up to $750,000, MD, DO, DPM, DDS, DMD

95% maximum financing for home loans up to $1 Million

89.99% maximum financing for loans up to $1.5 Million

Doctors post 15 years of Residency or Fellowhip limited to 89.99% maximum financing

Eligible borrowers include

Medical Doctors (MD’s)

Doctors of Dental Surgery (DDS)

Doctors of Dental Medicine (DMD)

Doctors of Osteopathy (DO)

Doctors of Podiatric Medicine (DPM)

Highlights

Banking relationship with private wealth management may be required. If you are considering SunTrust Bank now Truist, opening an account may be the first step

Doctors post 15 years of Residency or Fellowship are limited to 89.9% financing or 90% loan-to-value

Loan amount up to $1.5 Million or limited to 89% financing

Adjustable and fixed rates avilable

No monthly mortgage insurance is required (PMI)

Purchase and rate/term refinance options

Thanks to these features (and other options—see a SunTrust Bank representative), SunTrust Bank may be a good fit for your doctor mortgage needs. We will cover more physician mortgage lenders in the next article in this series.

We do our best to provide program details accurately. Please report any errors to us here.

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