I found out SunTrust Mortgage has a great Loan product for Medical Doctors. I interviewed Chris Manning over the phone (he no longer works for Sun Trust – call me to direct you to the current advisor)
Chris Manning with SunTrust Mortgage tells us …….. “It is for the medical doctor looking to minimize the down payment on a new home while at the same time avoiding mortgage insurance to keep the cost down. There are several other groups we get questions about from time to time; dentists and chiropractors for example, that do not meet the medical doctor criteria we’ve targeted so unfortunately can’t participate in this program. It is also helpful for physicians still in residency that would like to buy their first home. The maximum loan amount is smaller, but we can still do 100% financing for them. The allowable seller concessions are 3% with less than 10% down to 6% for 75 to 90% LTV’s. These are portfolio loans for us meaning that we set the underwriting guidelines and service the loans ourselves. Also, since we’ve designed them to stay on our balance sheet, we can consider exceptions on a case by case basis.”……….
If you are a Medical Doctor, Resident or Fellow you might be able to take advantage of this program which lets you buy your primary residence with basically no money down and without having to pay Mortgage Insurance.!!
For any other useful information regarding purchasing a home just give me a call at
If you are looking to sell your Luxury home in Old Town Alexandria and need help selling it faster and for the most return, Give me a call at 202-681-1621.