Mortgage Loan Types and Options | SunTrust Mortgage

Mortgage Loan Types

Mortgage Programs & Loan Options

Whether you’re buying your first home, moving up or downsizing, knowledge is power when making important financial decisions. That’s why SunTrust Mortgage wants you to know about all of the mortgage programs and loan options available to you.

We take the stress out of financing your home and paying your mortgage by partnering with you throughout the home-financing process. Learn more about our comprehensive collection of home mortgage loans and financing programs below, and start planning for your dream home today.

Fixed-Rate Mortgage

  • Experience easier budgeting with predictable monthly payments
  • Relax knowing you'll never have to worry about rising interest rates for the life of your loan
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

Adjustable-Rate Mortgage (ARM)

  • Lower interest rates in the early years of your mortgage program, compared to a fixed-rate loan, means more cash on hand each month
  • ARM loan rates and payments may increase after closing
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

Agency Affordable Financing

  • HomeReady®1/Home Possible®2 financing designed for affordable homeownership (maximum income limits may apply)
  • Lower Mortgage Insurance costs for low to moderate income borrowers, or borrowers financing primary residences in low-income, minority, and disaster-impacted communities
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

Agency Plus Financing (High Cost Home Financing)

  • Finance the dream home you’ve always wanted
  • Offers financing for larger loan amounts in high cost areas
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

Federal Housing Administration (FHA) Loans

Jumbo Financing

  • Provides opportunity to access larger loan amounts at competitive interest rates
  • Seller can contribute up to 6%
  • You don't face a penalty for prepaying your Jumbo loan
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

Department of Veterans Affairs (VA) Loans3

  • Available to eligible current or former members of the U.S. Armed Forces and their surviving spouses
  • You can choose 100 percent financing4 for the purchase of a 1-4 unit primary residence with no down payment
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

USDA Rural Development Loans

  • Allows for 100 percent financing4 on homes in eligible areas determined by the U.S. Department of Agriculture Rural Development. Click here for details.
  • Eligible homebuyers can borrow up to the value of their new homes with no down payment required
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more

Doctor Loan Program

  • Designed to meet the unique financial needs of Licensed Residents, Interns, Fellows in MD, DO, and DPM programs and licensed Physicians and Dentists (MD, DO, DPM, DDS, DMD).
  • Features a variety of fixed and adjustable-rate mortgages with up to 100 percent financing4 and no monthly mortgage insurance payments (state restrictions on Loan to Value may apply)
  • Apply online, call 877.907.1043, email us or find a loan officer serving your community to learn more; geographic restrictions apply5

DISCLAIMERS

1 HomeReady is a registered trademark of Fannie Mae.

2 Home Possible is registered trademark of Freddie Mac.

3 Visit www.benefits.va.gov/benefits for VA eligibility requirements.

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.

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, DO and DPM programs and licensed Physicians and Dentists (MD, DO, DPM, DDS, DMD) who have completed their training within the 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. Other program restrictions may apply, please consult your Loan Officer for details.

Home Mortgages Resource Center

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