Every year 16,000 new doctors graduate from medical school and about the same number graduate from residency. Often these people have little money, have vast sums of future earnings potential but they will have a difficult time qualifying for a home loan. They usually haven’t even started their new job yet but are looking to buy a home in a new city. The same can often be said of established doctors as they are still paying off student loans and/or are investing in their practice with few options to secure a home mortgage.
The Doctor Loan Program is a residential mortgage loan offered by SunTrust Bank in Columbia, SC that has been specifically created for licensed medical professionals to help make obtaining mortgage financing easier and more hassle-free.
Advantages of Doctor Loans:
Fixed or adjustable rate options
Up to 100% financing and no monthly mortgage insurance payments
Favorable repayment terms provide flexibility to meet your financial reality
For Licensed Residents/Interns/Fellows in MD and DO 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, DDS, DMD) who have completed their residency within the last ten years:
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
• Licensed Residents/Interns/Fellows in MD and DO programs
• Medical Doctors (MD)
• Doctors of Osteopathy (DO)
• Doctors of Dental Medicine – Dental Surgeons, Orthodontists, General Dentists (DMD/DDS)
• Psychiatrists licensed as a Medical Doctor
• 15 and 30 year Fixed Rate Mortgage
• Adjustable rate mortgage programs in various terms
• Rate/Term Refinances
• Cash Out Transactions
• Primary residence
• One unit properties
• Attached or detached properties (including Row Houses)
• Leasehold properties
• Condos and PUDs (Warrantable Condos only, additional 5% down payment/equity required for condos)
Call for details on programs if you are over 10 years removed from completing your residency. There are many very favorable home loan programs for you too.
For more details or to get started, call Adrian La Fosse of the Columbia New Home Buyer Team at (803) 622-9731. You can fill the form below as well.