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SunTrust mortgage review: Mortgages for doctors and borrowers with no credit scores

SunTrust Banks logo on Personal Finance pattern backgroundSunTrust; Alyssa Powell/Insider

 Summary List PlacementTable of Contents: Masthead Sticky

The bottom line: SunTrust Mortgage is an especially strong option for homebuyers with no credit score, because you can apply with alternative data. Its Doctor Loan makes it a good lender for doctors who want to buy a home with no down payment.

suntrust bank logoSunTrust Bank
Editor's rating4.75 / 5
Minimum credit score620
Minimum down payment3%
Mortgage typesConforming, jumbo, FHA, VA, USDA, CHIP, Doctor Loan Program, HELOC, home improvement, refinancing
SunTrust Mortgage

Minimum credit score and down payment are for conforming mortgages.

Overall lender rating
FeatureInsider rating (out of 5)
Types of loans5
Affordability5
Customer satisfaction4
Trustworthiness5
Total4.75
Pros and cons
ProsCons
  • No reverse mortgages, construction loans, or home equity loans
  • There are sample interest rates on its website, but you can't see customized rates online
  • Not available to residents of Alaska, Arizona, Hawaii, or Oregon
SunTrust mortgage rates

SunTrust provides sample mortgage rates on its website. Keep in mind that these rates come with certain assumptions, such as that the loan is for $200,000 with a borrower who has a 740 credit score. SunTrust does not have tools to customize your mortgage rate based on purchase price, credit score, or zip code. 

SunTrust's rates are comparable to the national average rates provided by Freddie Mac, so you may get a competitive rate from this lender.

How SunTrust mortgages compare

We've compared SunTrust mortgages to loans at other banks: Bank of America and Chase.

suntrust bank logoBank of AmericaBank of AmericaChasechase bank logo

Home loan types

Conforming, jumbo, FHA, VA, USDA, CHIP, Doctor Loan Program, HELOC, home improvement

Home loan types

Conforming, jumbo, FHA, VA, HELOC

Home loan types

Conforming, jumbo, FHA, VA, HELOC, Chase DreaMaker

Alternative credit data?

Yes

Alternative credit data?

No

Alternative credit data?

No

SunTrust MortgageBank of America MortgageChase Mortgage

If you live in Alaska, Arizona, Hawaii, or Oregon, you can't get a mortgage through SunTrust. Bank of America and Chase offer mortgages in all 50 US states.

SunTrust is a good option for people with no credit score. The other two lenders require a credit pull when you apply for preapproval. SunTrust lets you apply with alternative credit data, such as proof that you pay bills, if you don't have a score.

Your choice could also come down to which type of mortgage you want. SunTrust has a mortgage with no down payment specifically for doctors, while the Chase DreaMaker loan provides a grant of up to $5,500 for qualifying borrowers.

  How SunTrust mortgages work

SunTrust Mortgage offers mortgages in every US state except Alaska, Arizona, Hawaii, and Oregon. You can get the following types of home loans with SunTrust:

  • Conforming
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Renovation
  • Home equity line of credit (HELOC)
  • Doctor Loan: This is a mortgage specifically for doctors that doesn't require a down payment. Your terms and borrowing limits depend on whether or not you are already a practicing doctor; there are also options for residents, interns, and fellows.
  • Community Homeownership Incentive Program (CHIP): Borrow up to 97% of the home purchase price, and you don't need mortgage insurance. You will have to complete a homebuyer education course to qualify for CHIP.

SunTrust does not provide home equity loans, reverse mortgages, or construction loans.

You can choose between a regular rate-and-term refinance or a cash-out refinance. You can streamline refinance your VA mortgage. You may also streamline refinance your FHA mortgage, but your original loan must already be with SunTrust. You can't refinance your USDA mortgage into another USDA loan with SunTrust, but you can refinance it into a conforming mortgage.

If you don't have a credit score, you can apply for a mortgage with alternative credit data, such as proof that you pay bills on time. SunTrust will pull your score when considering your application if you do have a credit score.

Is SunTrust trustworthy?

SunTrust does not have any recent public controversies.

The Better Business Bureau gives SunTrust an A+ in trustworthiness. A strong BBB grade indicates that a company responds effectively to customer complaints, is transparent about business practices, and advertises honestly.

A good BBB grade doesn't guarantee that you'll have a smooth relationship with a mortgage lender, though. You still may want to read online customer reviews or ask friends and family about their experiences with SunTrust.

Mortgage and refinance rates by state

Check the latest rates in your state at the links below. 

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming

Related Content Module: More Mortgage Coverage

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