We once had a client who was a new doctor, just starting his career in Alexandria, VA. With students loans to pay off and not a lot of cash on hand, he first contacted us about renting a townhouse in a sought after neighborhood. Unfortunately, rental inventory at the time was extremely low and he became frustrated at his inability to find something to rent. After all the years of hard work and education, he was looking for a home in which to live for years to come, not just something for the short term.
We suggested he talk to one of our preferred loan officers, Kim DeMarco, at Suntrust Mortgage in Alexandria because we had heard something about a special Doctor Loan Program just for licensed medical doctors to help make obtaining a mortgage easier, at a great rate, with no or a low down payment and no monthly mortgage insurance.
Sure enough, Kim was able to help him buy a brand new home that met all of his needs not only then but for the future. With the Suntrust Doctor Loan Program, he was able to borrow up to $650,000 with no money down. And had he wanted to purchase a more expensive property, he would have been eligible for a loan up to $1,000,000 with 5% down. With 10% down, can borrow up to $1.5 million. Any medical doctor who has completed their residency with the past ten years is eligible for these terms.
And, for Residents, Interns and Fellows, Suntrust has a program for them, too – they can borrow up to $417,000 with no money down.
The best part? NO MORTGAGE INSURANCE. Yes, you read that correctly – this product does not require mortgage insurance. Suntrust keeps these loans in house, for greater control over underwriting, which gives them a great deal of flexibility.
So, if you are a medical doctor or O.D. who has completed his or her residency in the last 10 years, or if you are presently a Resident, Intern or Fellow, there is a special mortgage program out there with your name on it – Suntrust Mortgage’s Doctor Loan Program.