Truist Physician Mortgage Loan Review (2024) (2024)

If you’re a doctor or dentist, you’ve likely taken out medical student loansto fund your education. You might earn a good incomenow, but six-figure student loan debtmight plague your ability to secure financing for your next home.

What’s not advertised very often is that many financial institutions have physician mortgage loan programswith attractive terms and zero or low down paymentrequirements.One lenderon the market is Truist Bank, which is the new entity after SunTrustand BB&Tmerged. Read on for Student LoanPlanner’s full Truistphysician loanreview.

Truistphysician mortgage details

Truistis a financial institution that offers a physician mortgage loanto qualified medical professionals. You can bypass some traditional lending requirements and get attractive terms. Here are the basic details of a Truistphysician loan.

Truistphysician mortgage loan: pros and cons

Getting a doctor mortgage loancan be a good option for doctors and dentistswho want to pursue homeownership. Although medical doctorscan get a piece of real estatedespite high student loan debtthrough this loan, it’s still a form of debt.

Consider your monthly payment, debt-to-income ratio(DTI) and repayment termsbefore proceeding.

Truistphysician mortgage loanpros

High maximum loan amount

With a maximum loan amountof $2 million, you can get approved for a large amount of financing to buy your dream home. Of course, be financially responsible and only borrow what you can afford. But if you live in a higher cost of living city, this high maximum loan amountcan be helpful. They also allow a debt-to-income ratio up to 45%, and will consider 50% in certain situations.

Available in many states

If you’re looking for a doctor home loan, you have to find a mortgage lenderthat works with borrowersin your state. The good news is that Truistis availablein 22 states for a physician mortgage loan. For Truistaccount holders, 25 more states open up and can qualify for this type of home loan. That’s 47 states, which covers a large population of doctors.

Possible to get a cash-out refinance

A cash-out refinanceis when you refinanceyour mortgage and tap the equity in your home. You can get approved for a larger amount and use the remaining funds to pay off debt. Truistallows you to refinanceup to 80% of your appraisal value.

Borrowerscantake up to $50,000 in cash, with all other money going toward debt. This is a unique financial tool that could potentially help you if you need it.

For example, you could use this tool if you wanted to streamline payments and consolidate debt. Just be aware of missing out on federal loan forgiveness options if you take on any refinancing.

Truistphysician mortgage loancons

Timeframe from training

The Truistphysician loanis geared toward new doctors or who completed their training within the past 10 to 15 years. The bank offers up to 100% financing if you’re within a decade of completing your training. It offers 89.99% of financing if it’s been 10 to 15 years since you’ve completed training.

Beyond that, check eligibilityand financing requirements. This may be a downside and can affect your required down paymentand if you qualify.

Doesn’t cover other medical professionals

Generally, the Truistphysician loanis designed fordoctors and dentists. Unfortunately, optometrists and other medical professionals, such as nurses and physician assistants, are left out. If you fall into those categories, you won’t qualify.

Potential for borrowingtoo much

On one hand, being able to take on a Truistphysician loanof up to $2 million can give you more options in your home buyingjourney. On the other hand, with little-to-no money down, plus a large mortgage payment, you could take on too much debt.

That means higher monthly payments. It’s important to practice financial wellness and find balance between income, savings, investing and debt reduction. Taking on too much can throw off the balance and make day-to-day life more difficult.

How to apply for a Truistphysician loan

If you want to move forward with a Truistphysician loan, here are next steps to apply.

Step 1: Contact Truist

Knowing someone who can help you is key when applying for a Truistphysician loan. You can contact Matt Albert at Truist. Matt can get you started with the process and offer answers about what documentation might be required.

Step 2: Prepare your paperwork

After taking the initial step to get a Truistphysician loan, prepare your paperwork for the mortgage application. This can include important financial documents such as pay stubs, tax returns and any employment contracts. Infact, it’s possible to get a mortgage with Truistwithin 90 days from starting a new job with proof of contract and official start date.

If you have a visa, include that too. Green card holders can apply for maximum loan-to-value (LTV), while H-1B visa holders can apply for up to 85% LTV. You might also need to provide your degrees, medical licenses, and any relevant paperwork.

Be aware of the terms and interest ratesyou want. For example, Truistoffers 30-year fixed ratemortgages, 15-year fixed ratemortgages, and 10-, 7-, and 5-year ARM mortgage products. You can set up biweekly payments and take advantage of no prepayment penalties.

Step 3: Apply for the Truistphysician loan program

After contacting Matt and preparing the required paperwork, submit all of your documents and apply for a Truistphysician loan. Read through everything with a fine-toothed comb and understand the total costs (including closing costs) over the life of the loan.

Sign and review disclosuresand get ready to buy your home.

Should you apply for a physician mortgage with Truist?

The Truistphysician loanis available to doctors and dentistsin many different states. That access alone can make it an appealing option. Plus, its unique cash-out refinancefeatureand high borrowinglimit can help you get into the home you want.

Always check rates and options with other mortgage lendersas well before taking on this type of financial commitment. You can compare other physician loanlendersand fill out the mortgage form below to get started.