Suntrust Mortgage & Home Loans

The Good

• • Fixed adjustable-rate purchase and refinance loans, FHA, VA and USDA loans, and jumbo loans.
  • 7, 10 and 15 years terms
  • Highly rated customer service department
  • Downpayment as low as 3%. Doctor Loan Program allows medical professionals to put 0% down while also avoiding Private Mortgage Insurance (PMI)

  SunTrust Banks Inc. is a bank holding company in the United States which is headquartered in Atlanta. SunTrust has been operating and lending its services for a very long time now. The most direct corporate parent of SunTrust Banks was established in 1891. As of March 2018, the company has $199 billion in assets.. As of right now, SunTrust has 1400 local branches and operates 2,1760 ATMs across the southeastern state of the country. It also has a presence in Washington D.C.

  SunTrust offers ‘Fixed rate’ and ‘Adjustable rate’ mortgages. It also provides Jumbo financing and Agency Plus Financing (High-Cost Home Financing) which gives the customer a range of options to choose from, depending on their requirements. For borrowers who don’t have funds for a traditional 20% down payment or may have a credit score below 700, SunTrust offers additional options. It provides financing for government-insured mortgages such as FHA loans, VA loans and USDA loans as long as borrowers meet the eligibility requirements of the program they’re applying for.  According to the Suntrust website, its Agency Affordable Financing program also lets borrowers put as little as 3% down.  In addition, SunTrust has a program specifically for licensed medical professionals called the Doctor Loan Program. Designed for those with high earning potential but not a lot of cash today, it offers up to 100% financing and no monthly mortgage insurance payments.

  The personal assistance that SunTrust provides to its customers has been lauded within the industry. Suntrust seems to be a local bank that has grown and retained its sense of community. Through its Home Affordable Refinance Program, Suntrust helps its customers save  mortgage payments and also improve their financial health. Its main aim is to protect their clients in debilitating financial conditions and to help in their mortgages payments by avoiding foreclosure. The bank offers mainly three types of loan repayment terms, which are seven, ten and fifteen years. It also provides one of the longest periods of forbearance.

The Bad

• One cannot consolidate their mortgage and home loans with other federal loans or private loans
• The physical branches are limited to 11 south-eastern states and Washington D.C.
• Stringent rules and policies of lending.

Though SunTrust provides a complete online suite of mortgage tools and online tracking of the loan, it has rigid underwriting policies. For instance, you cannot use alternative scoring data in standard writing, which includes rent or utility payments, etc.

The Summary

For borrowers who reside within one of the 11 states where Suntrust operates, the bank is going to most attractive to those  looking for a higher level of hands-on guidance and possibly a lower percentage down-payment.  These appear to be two of Suntrust’s greatest strengths through their customer service and customized programs for unique borrower situations.