In a mortgage environment where 100% financing is next-to-impossible to obtain, it pays to be a Physician. SunTrust Bank offers 100% financing for doctors- AND of course there is no Private Mortgage Insurance (PMI). Borrowers must be an MD, Residents, Fellows allowed. The program can finance 100% up to $650,000 in loan amount - and 95% financing above that. The interest rate is slightly higher than a conventional fixed-rate loan, but the absence of PMI combined with no down payment makes it a no-brainer. The program is especially helpful for younger doctors, such as Residents and Fellows, whose salary is still low and who have not had the opportunity to save for a down payment. Note: the program is for MDs only - dentists, psychologists, chiropractors, etc. unfortunately do not qualify.
For more information contact Sun Trust at www.suntrustmortgage.com.
