Tuesday, December 08, 2009
SunTrust’s Doctor Loan Program (100% financing with NO monthly mortgage insurance aka PMI) has recently been modified. The program is now geared specifically for doctors who are relatively new in their field. The 100% program is available to current Residents and Fellows and any MD who has been out of a residency or fellowship for less than six years. What is the reason for this six-year restriction? SunTrust feels that doctors who have been out of a residency or fellowship for over six years generally have much higher salaries, and should not need to borrow 100%. Their higher earnings over time should have allowed commensurate savings for a downpayment. SunTrust does have other special programs for these more-established doctors, depending on their total income, which can include a spouse’s income. Contact [email protected] for more details. See also, my related post on the benefits of getting a doctor loan.