Doctors, dentists, and other medical personnel face some unique challenges when it comes to buying a home after medical school. They rarely have a work history as they have been in school for an extended period of time, and are typically coming from a low or no income situation to a much larger income they expect when they start their new position. Along with all of that they have large school loans which can be a problem with debt to income ratios when trying to qualify for a loan.
Susan DeMello with Suntrust Bank (NMLSR #1491977) joined me to discuss their Doctor loan programs that are perfect for our Valley Health and other local medical institutions medical personnel. The basic information is below after the video, and feel free to reach out for more details!
Who Is Eligible?
Dentists (DDS and DMD)
Physicians (MD, DO and DPM)
Fellows in MD, DO and DPM programs
What are the benefits?
Requires very little down payment (0-5 percent).
No private mortgage insurance (PMI), even if less than 20 percent down payment
Will accept a contract as evidence of future earnings—in lieu of pay stubs or W-2s, which don’t yet exist (must start job within 2 months)
For Licensed Residents/Interns/Fellows in MD, DO and DPM programs
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, DPM, DDS, DMD)
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 Doctor loan refinances.