Loan Officer, SunTrust Mortgage, Inc
Stephanie Arcelay specializes in serving the mortgage financing needs of licensed medical physicians or dentists.
Advantages of Doctor Loans:
For Licensed Residents/Interns/Fellows in MD and DO programs, we offer:
- 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 Practicing Doctors (MD, DO, DDS, DMD), we offer:
- Maximum of 100 percent financing for purchases and rate/term refinances
- There is a maximum loan amount of $750,000
- 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
- Please note: Doctors with over ten years post residency experience are limited to maximum 90 percent financing. These Doctors need to be members of SunTrust Private Wealth Management or belong to a practice that is part of SunTrust Private Wealth Management to be eligible for this product. Subsequent time spent as a teaching attending or in a fellowship program doesn't count in this ten year period.
What you'll need to consider:
- Loans are available in select states (AL, AR, DE, FL, GA, MD, MS, NC, SC, TN, VA, WV, DC and select counties in PA)
- State law may put further restrictions on maximum loan-to-value ratio
- Adjustable-rate mortgages have interest rates that may increase during the life of the loan
- 100 percent mortgage financing will result in no property equity until the borrower pays down the loan principal through regular mortgage payments and/or the property value appreciates
- A down payment may be required if the property is located in a declining market
The Doctor Loan program is available only in Alabama (AL), Arkansas (AR), Delaware (DE), Florida (FL), Georgia (GA), Maryland (MD) , Mississippi (MS), North Carolina (NC), South Carolina (SC), Tennessee (TN), Virginia (VA), Washington, D.C., West Virginia (WV); and the following counties in Pennsylvania: Pike, York, Dauphin, Cumberland, and Perry.
* The Doctor Loan Program features a variety of fixed and adjustable-rate mortgages with up to 100 percent financing and no monthly mortgage insurance payments (state restrictions on Loan to Value may apply). Available only in AL, AR, DE, FL, GA, MD, MS, NC, SC, TN, VA, WV, DC and select counties in PA to licensed Residents, Interns, Fellows in MD and DO programs and licensed Physicians and Dentists (MD, DO, DDS, DMD) who have completed their training within last ten years. Doctors with over ten years post training need to be members of SunTrust Private Wealth Management or belong to a practice that is part of Private Wealth Management to be eligible for this product. Ten year restriction does not apply when refinancing an existing SunTrust Doctor Loan. Borrowers should note that 100% mortgage financing will result in no property equity until such time as the loan principal is paid down through regular mortgage payments and/or the property value appreciates. Additionally, if property values decline you could owe more than your property's value. Some equity may be required if the property is located in a declining market or if required by state regulations. Other restrictions may apply, please consult your loan officer for details.
To access the Nationwide Mortgage Licensing System and Registration (NMLSR) database and confirm my registration, or that of any other mortgage lending professional, visit http://www.nmlsconsumeraccess.org/, enter the unique NMLSR identification number, and click Search.
Investment and Insurance Products:
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