Nicholas Lay, Doctor Loan Specialist, Loan Officer

SunTrust Mortgage, Inc

Nicholas Lay Photo
Nicholas Lay, Doctor Loan Specialist, Loan Officer

SunTrust Mortgage, Inc

NMLSR#:1482210
Phone Number
Phone

844.278.7254

Mobile Number
Cell

910.622.8442

Fax Number
Fax

910.509.9336

Advisor facebook page
Visit On

Facebook

-Hide Locations

1979 Eastwood Rd. Suite 100

Wilmington, NC 28403

About

Nicholas Lay specializes in the mortgage needs for licensed medical physicians, residents, interns and fellows, which include MDs (Medical Doctors) and DOs (Doctors of Osteopathy) along with DMDs and DDS (including Dental Surgeons, Orthodontist and General Dentists). While Nicholas has experience in all loan products he focuses on doctors and their specific situations and understands the process and transition period doctors go through from medical school, to training, to attending positions.

For more information on the best Doctor Loan Program available or the many other portfolio programs we offer, please call 910.622.8442.

Advantages of Doctor Loans:

  • Fixed or adjustable-rate options
  • Up to 100% financing and no monthly mortgage insurance payments
  • Competitive Pricing

For Licensed Residents/Interns/Fellows in MD and DO programs, we offer:

  • Maximum of 100% financing for purchases and rate/term refinances
  • There is a maximum loan amount of $750,000

For practicing doctors (MD, DO, DDS, DMD), we offer:

  • 100% financing for loans up to $750,000
  • 95% financing for loans up to $1 Million
  • 89.99% financing for loans up to $1.5 Million
  • Please note: Doctors with over ten years post training experience are limited to maximum 89.99% 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% 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 select counties in Pennsylvania; unless you have a 12 month deposit relationship prior to application for mortgage in which case other states may be considered.

Continue Reading