Wednesday, December 02, 2009
In a mortgage environment where 100% financing is next-to-impossible to obtain, there is one bright spot. SunTrust Mortgage offers 100% financing for doctors- AND the program has NO monthly mortgage insurance (no PMI)!! Borrowers must be an MD, with Residents, Fellows, and practicing doctors 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 downpayment 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 downpayment. Note: the program is for MDs only – dentists, psychologists, chiropractors, etc. unfortunately do not qualify. For more information contact my lender partner, Howard Stanton, at 919-918-2468 or at www.suntrustmortgage.com/hstanton.