Physician Perks:Doctor Loans and How They Work
Anyone who decides to begin the journey towards practicing in the medical profession knows it is a long road. First, get the grades and resume needed to simply gain admittance to medical school. Next, buckle down for the grueling hours of schooling and internship. And, finally, commit to a lifetime of service that includes long hours and challenging situations. Some people may think that getting a mortgage would be impossible with all of the school debt incurred by medical students. There’s good news: Doctors (DO, MD) and Dentists (DMD, DDS) qualify for a specific type of loan that takes into consideration all of the aspects of the profession and what it takes to get there.
I sat down recently with Bryan Baldwin, Jumbo and Doctor Loan Specialist for SunTrust Mortgage. He explained some of the perks offered to Doctors and Dentists:
- Doctors may be in Residency, Fellowship, or within the first 10 years of practice to qualify for these special loans
- Dentists may be within the first 10 years of practice
- The maximum loan amount is $1,500,000
- Doctors and Dentist who qualify can receive up to 100% financing
- Mortgage Insurance is waived
- Qualified applicants may select a fixed or adjustable rate mortgage
- Doctors-in-practice may also qualify for the Physician Line of Credit from $25,000 to $100,000 to grow their practice.
McLeod Health has already closed the deal on the land where it will build a multi-million dollar medical office on 42.5 acres in Carolina Forest. A new Veteran’s Affairs building is also scheduled to be built within the next 3 years. Opportunities for medical professional are abundant in our area. Thanks to these enticing loan options, we can welcome many gifted and caring professionals to the Grand Strand!
For more information on Doctor Loans, Jumbo Loans, and Private wealth Management, you can reach out to:
Loan Officer, Jumbo & Doctor Loan Specialist
SunTrust Mortgage, Inc.