Monday, December 07, 2009
Obtaining a traditional mortgage loan can be tough for new doctors. MDs that are Residents and Fellows don’t have the salary they will when they are a full blown Doctor. Combine an entry level salary with large medical school bills and many young MDs simply don’t have the income – or the savings – to qualify for the home they want. Howard Stanton of SunTrust reports that “with high debt loads and relatively low income, many new doctors cannot obtain the loan they need. If they have only a small amount for a down payment, the high cost of traditional monthly mortgage insurance – PMI – may keep them from getting a home.” SunTrust’s 100% Doctor Loan Program, with no PMI, is often ….just what the doctor ordered. Combining no down payment and a lower-than-normal monthly payment due to the absence of PMI makes buying a home a reality for many newer doctors. For more information contact Howard Stanton at 919-918-2468 or visit www.suntrustmortgage.com/hstanton