Are you a doctor who's in the market for a new home?
If so, it's time to find a qualified lender --- preferrably one with a physician mortgage loan program. Doing so can be a bit tricky because not all bank and financial institutions offer this exclusive type of loan.
That's what makes SunTrust Bank (now Truist) a great place to start your search. In this company review, we cover:
- SunTrust Bank's company background and history.
- SunTrust Bank's physician mortgage loan basics.
- The key benefits of home financing with SunTrust Bank.
Ready to get started? Read on to learn more!
About SunTrust Bank
SunTrust Bank is the largest subsidiary of American bank holding company, SunTrust Banks, Inc. The bank operates more than 1,400 brick-and-mortar branch locations and over 2,160 ATMs in Washington D.C. and across eleven southeastern states, including:
- West Virginia.
- South Carolina.
- North Carolina.
SunTrust bank’s main business verticals include credit cards, deposits, lending, mortgage banking, and investment banking. The bank’s most direct corporate parent is headquartered in Atlanta.
As one of America’s largest and strongest banks, SunTrust offers a full suite of services and products that are designed to meet the needs of their individual, business, corporate and institutional clients. Currently, SunTrust and BB&T are in the process of forming a transformational merger to create Truist. The merger of these two iconic financial institutions will create the 6th largest bank in the United States with 275 years of combined history.
SunTrust Bank physician mortgage loan basics
SunTrust Bank's Physician Loan Program is designed to meet the distinct financial needs of licensed physicians. Eligible medical specialities include:
- Medical Doctors (MDs).
- Doctors of Dental Surgery (DDSs).
- Doctors of Dental Medicine (DMDs).
- Doctors of Osteopathy (DOs).
- Doctors of Podiatric Medicine (DPMs).
SunTrust's Doctor Loan Program features a range of fixed and adjustable-rate physician mortgages with up to 100 percent financing and no monthly mortgage insurance payments. For licensed residents, interns and fellows, SunTrust Bank offers 100 percent maximum financing for home loans up to $750K. For practicing physicians and dentists, the bank offers:
- 100 percent maximum financing for home loans up to $750K
- 95 percent maximum financing for home loans up to $1M
- 89.99 percent maximum financing for loans up to $1.5
Physicians and dentists who have at least 15 years of post training (fellowship or residency) experience are limited to 89.99 maximum financing. To be eligible for this loan product, you must also participate in the [SunTrust Private Wealth Management] group. However, this restriction is not applicable to SunTrust’s physician mortgage refinances.
Is a physician loan from SunTrust Bank right for you?
Get a quick, free rate comparison here to find out!
Benefits of home financing with SunTrust Bank
As you can imagine by now, there are a variety of benefits that come with a physician mortgage loan from one of the leaders in this lending niche.
Eligible medical practitioners will qualify for:
- A variety of fixed and adjustable-rate options.
- Up to 100 percent financing on mortgage loans up to $750K.
- Favorable repayment terms for purchases and term/rate refinances
- No monthly private mortgage insurance (PMI) payments required.
When applying for a physician mortgage loan from SunTrust Bank, there are a number of variables you will want to factor into your decision.
For starters, interest rates on adjustable-rate mortgage loans will fluctuate during the life of the home loan. Is this a risk you're willing to take? Or is your current availble rate low enough to lock in for the life of the loan?
Pro tip: Follow the LeverageRx Primary Mortgage Market Update for current mortgage rates and market commentary every Thursday.
Another important aspect to consider is the limitations SunTrust's Physician Mortgage Loan Program enforces by location. In some states, SunTrust's physican loan product requires a preliminary depository affiliation. Furthermore, this loan product isn't even available to homebuyers in Oregon, Hawaii, Arizona and Alaska.
Last but certainly not least, it's important to consider potential pitfalls of electing 100% financing. Unless the property value rises or you make regular payments for the mortgage loan principal, 100 percent mortgage financing will not result in property equity. In the event that the property value declines, you will owe more than your property value. Additional loan-to-value restrictions may apply.
For many medical professionals, a physician mortgage loan is the ideal home financing solution. However, there is not one-size-fits-all product.
To help ease your search, this company review covers:
- The storied history and recent changes being made at SunTrust Bank.
- The basics eligibiltiy requirements for SunTrust's physician loan product.
- The benefits of home financing with Suntrust's Physician Loan Program.
With over 20 physician loan programs at your disposal, comparison shopping is a tough task --- especially for time-strapped doctors. That's why LeverageRx helps you compare rates from the companies you qualify for in just a matter of minutes. Try it for yourself here!