Suntrust Bank Mortgage 2021 | US News

Headquartered in Atlanta, SunTrust Bank offers mortgage loans through branches in 12 states the District of Columbia. Purchase loans are available for first-time repeat buyers, with refinance loans available to existing homeowners.

  • FHA, USDA VA loans are available.
  • Special terms are offered to medical professionals.
  • An online application is available.

  • Mortgage loans aren’t available in every state.
  • Interest rates fees aren’t disclosed online.
  • Home equity loans lines of credit are not offered.

SunTrust Bank has a number of mortgage loan options on tap, including:

  • Conventional loans
  • FHA loans
  • USDA loans
  • VA loans
  • Jumbo loans
  • HomeReady HomePossible financing
  • 5/1, 7/1 10/1 ARMs
  • Cash-out refinancing

With the HomeReady program offered through Fannie Mae, borrowers with good credit low to moderate income may qualify for home loans with as little as 3 percent down. Similarly, the HomePossible program through Freddie Mac has down payments as low as 3 percent with no credit score requirement.

SunTrust Bank does not offer:

  • Home equity loans
  • Home equity lines of credit

SunTrust Bank’s Doctor Loan Program offers up to 100 percent financing with no monthly mortgage insurance payments for qualifying doctors.

A 620 minimum FICO score is required to be eligible for a mortgage from SunTrust. Additionally, applicants must live in one of these states:

  • Alabama
  • Arkansas
  • Delaware
  • District of Columbia
  • Florida
  • Georgia
  • Maryland
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia
  • West Virginia

SunTrust Bank looks for a debt-to-income ratio of no more than 43 percent for borrowers with a 620 credit score. The DTI ratio may increase up to 50 percent for borrowers with higher credit scores. The minimum down payment for loans is 3.5 percent, available with FHA loans.

SunTrust doesn’t disclose its mortgage fees or interest rates on its website. Borrowers can begin the application process online to get a rate quote fee estimate for mortgage loans.

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SunTrust Bank has an A+ rating with the Better Business Bureau is BBB-accredited. The BBB says its accreditation standards include “a commitment to make a good faith effort to resolve any consumer complaints. BBB accredited businesses pay a fee for accreditation review monitoring for continued compliance for support of BBB services to the public.”

In 2017, the Consumer Financial Protection Bureau received 244 mortgage-related complaints for SunTrust. The most common complaints involved:

  • Trouble during the payment process.
  • Loan servicing, payments or escrow accounts.
  • Struggling to pay mortgage.

SunTrust Bank provided a response for all but one of those complaints. Of the total, 199 were closed with explanation, 27 with nonmonetary relief 18 with monetary relief.

SunTrust offers an online portal for borrowers to start a mortgage application. There’s also a Spanish version.

  • People who live in a state where SunTrust Bank operates.
  • Existing homeowners seeking a cash-out refinance for home improvement.
  • People who want to apply for a mortgage online.

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