BB&T Home Mortgage specializes in providing loans that are custom-tailored to a borrower's needs. With that in mind, it is now offering specifically-designed financing for physicians looking to buy a home.
BB&T understands the mortgage needs of local physicians and is making the new loan product available to doctors in all stages of their careers—from medical interns, fellows and residents to licensed physicians who have completed their residency, internship or fellowship within the last 10 years.*
Borrowers who use the Physician's Loan can receive home loans up to $850,000. Depending on market conditions, the maximum loan-to-value ratio varies from 100% for loans up to $650,000 to 95% for loans up to $850,000. (Student loans are excluded from ratios if deferred for 12 months.) Eligible property types include one-unit single-family detached homes, warrantable condos and planned unit developments, but the property being purchased must be used as the borrower's primary residence.
Here is a nice snapshot of all the loan requirements and specifics, provided by BB&T Mortgage Loan Officer Matthew Rexrode:
The minimum down payment is affected by the property location. In DC, Arlington, Alexandria, BB&T can do 100% loans up to $650,000. But, if the appraiser notes that market values are declining, the minimum down payment would be 5%. In Montgomery County, the minimum down payment is usually 5%, but exceptions can be made.
* The BB&T Physician Loan is available to doctors in the following schools of medicine: Medical (MD), Osteopathy (DO), Dental Surgery (DDS), Dental Medicine (DMD), Optometry (OD), Ophthalmology (MD), Podiatric Medicine (DP), Surgery (DCh), and Psychiatric Medicine (DPM).
This article originally published at http://dc.urbanturf.com/articles/blog/sponsored_mortgages_for_doctors/5201
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