As a former hospital administrator I am very aware of the challenges licensed medical professionals have in financing their home. Many physicians and dentists graduate with several thousands (hundreds of thousands sometimes!) of debt and find it difficult to raise the down payment needed in order to both grown their practice and purchase a home. That’s why I was so excited to be able to partner with Sun Trust Mortgage.
Sun Trust Mortgage provides a fantastic option – financing up to 100% with no mortgage insurance on primary home loan amounts up to $750,000 for physicians who are still in their internship, residency, and fellowship programs in MD and DO programs or for physicians who are within ten years of completion of their residency or fellowship training. Interested in a larger loan? They have financing of up to 95% up to $1,000,000 and 89.99% on loans up to $1,500,000.
Because it is common in our Charleston market for sellers to assist with closing costs, it may be possible for a doctor to purchase a home with no money out of pocket, and to wind up paying less on your mortgage payment than you do for rent.
Just like any mortgage loan, you will be asked to prove your income, assets, and creditworthiness.
Contact me today at 843-471-7315 or Shawn.Phillips@kw.com and I’ll work with you and a doctor-loan specialist to get you pre-approved. It is possible to close on your house up to two months before starting your position – so if you begin July 1, you may close in either May or June.
Curious about homes in this Charleston area? Find Homes
I look forward to earning your business!
p.s. Not buying in the Charleston area? This program is available in a number of southeastern states and I can help you find an excellent Realtor.