getting 100% financed loan w/Sun Trust

We are mortgage shopping, and Sun Trust is the only place we found to have 100% financing anymore. Well apparently you HAVE to have a bank account with them for 12 months to even apply for it. We have a loan with them, but apparently this is not enough. So if you are looking to buy a house next year, you might want to get a bank account with them, or expect to have 5-20% down for a down payment for a mortgage. The best we can find thus far is 5%, and few are offering even that.

Just thought I'd pass this on.

I've written on here MANY times about how many times they screwed up my payments. I've never, ever had so many mis-applied payments, lost payments -- never. Actually, I've never had it happen anywhere else, and I can think off-hand of 4 times that it happened in an 18 month period.

I'd avoid them.

[alison]

I've written on here MANY times about how many times they screwed up my payments. I've never, ever had so many mis-applied payments, lost payments -- never. Actually, I've never had it happen anywhere else, and I can think off-hand of 4 times that it happened in an 18 month period.

I'd avoid them.

Whoa.

Jen I know you had a crappy experience. FWIW we haven't had any issues. Perhaps it depends on the location you opened the loan???

Jen I know you had a crappy experience. FWIW we haven't had any issues. Perhaps it depends on the location you opened the loan???

Or maybe where the payments get sent? I don't know. I just know it was a nightmare.

[moonlight]

Or maybe where the payments get sent? I don't know. I just know it was a nightmare.

Remind me. Do you mail in payments?

No. I did it thru my bank's billpay, but yes, they had to cut a check and mail it b/c they didn't have an electronic payment set up w/SunTrust. If I'd been writing out a check and mailing it myself, I could see the issue possibly being my handwriting or something (still a HUGE stretch).

[moonlight]

Julie-
If you can't work something out I can send you our lender information. I just emailed my banker to find out if he only works with residents or if he'll work with people just out of residency. BTW, are you looking to buy now or after he is done with residency???

I don't know if some of you remember the nightmare we had buying our home. We were jerked around by the worst agent ever. Then we were mixed up with some incompetent loan officer (guess who reffered us to him?? grr) that kept promising to process our paperwork month after month but never would. We moved here in June and closed on the house December 31st. Nothing but a total nightmare.

Anyways, the banker we ended up finding was Wonderful! It wasn't 100% financing tho.

[OrionGrad]

DH and I are thinking about buying a home next year, depending on where he matches for residency in March.

As home buying newbies, I'm just wondering all of your thoughts on where to begin... do you start with finding the loan officer or the realtor?

Either or - but the realtor won't give you their time really without prequalification. That way they know they aren't wasting their time with you. I have mortgage interveiw questionaire on this forum. It may help. At this time I think it's pretty certain we aren't going to buy right now. We just don't have enough cash for a down payment. So it looks like we'll be renting for 3 months to a year. Oh - and not to scare you but several loan officers said next year the down payment limit may increase. . .

[OrionGrad]

Either or - but the realtor won't give you their time really without prequalification. That way they know they aren't wasting their time with you. I have mortgage interveiw questionaire on this forum. It may help. At this time I think it's pretty certain we aren't going to buy right now. We just don't have enough cash for a down payment. So it looks like we'll be renting for 3 months to a year. Oh - and not to scare you but several loan officers said next year the down payment limit may increase. . .

We have the money for a down payment, but the biggest hurdle that I was thinking we'd have is qualifying for a loan with so much student debt from medical school. Is that a problem, or are the banks willing to look past the student loan debt with the physician mortgages? Would we need to get deferment or forbearance set up before going starting with the mortgage process?

I'm clicking over to check out your mortgage interview questionnaire right now--thanks again!

[MarissaNicole]

We have the money for a down payment, but the biggest hurdle that I was thinking we'd have is qualifying for a loan with so much student debt from medical school. Is that a problem, or are the banks willing to look past the student loan debt with the physician mortgages? Would we need to get deferment or forbearance set up before going starting with the mortgage process?

I'm clicking over to check out your mortgage interview questionnaire right now--thanks again!

I was told that your medical school debt will not show up on your debt to income ratio until it enters repayment - but I have no idea if that statement is accurate.

[OrionGrad]

I was told that your medical school debt will not show up on your debt to income ratio until it enters repayment - but I have no idea if that statement is accurate.

So then does that mean that if you go into IBR (which I think you wrote about elsewhere in the forums, right?) then your med school debt will be included in your debt to income ratio--and thus you won't be able to qualify for a mortgage?

We're obviously more interested in entering into deferment or forbearance, but are those necessarily guaranteed options for grads these days?

[oceanchild]

We used the physician loan program specifically so they would overlook the student loan debt. I don't know if we could have gotten a mortgage without it, though, because we didn't try. We did have down payment money.

[MarissaNicole]

So then does that mean that if you go into IBR (which I think you wrote about elsewhere in the forums, right?) then your med school debt will be included in your debt to income ratio--and thus you won't be able to qualify for a mortgage?

We're obviously more interested in entering into deferment or forbearance, but are those necessarily guaranteed options for grads these days?

I would think that IBR would mean it WOULD be factored into your debt/income ratio. But everyone has a 6 month grace period after graduation anyways, which keeps you out of any repayment. Again I'm not an expert but that is my interpretation based on what I've heard.

We are leaning toward deferrment anyway. And IF we buy it will be this April before we would be in repayment.