Suntrust offers all families of domestic infant adoptions Adoption Loans through the Family Builders program. Loan amounts range from $5,000 to $38,500 and must be paid back within 36 months (3 years). The fees and interest rates associated with these loans are low and there is no penalty for early payoff.
Suntrust Adoption Loan Details
Family Builder adoption loan – up to $38,500
36-month repayment term (interest-only payments available)
Zero origination fee
Interest rate begins at 5% APR
Fees include appraisal fee ($75-$250), underwriter’s credit report fee ($30), document prepayment fee ($100) * Most adoptive families qualify.
So how do you get started with a Suntrust adoption loan?
If you are currently working with an adoption agency, make sure your agency participates in the FamilyBuilder loan program. Once they do, you can use their pre-approval letter as a preliminary approval for financing through Suntrust. However, if your family is not yet committed to pursuing adoption and/or has not decided on an agency yet, we will need to review additional information from you before we can provide any type of commitment.
A relatively new option that adoptive families may be interested in is the SunTrust Adoption Loan. This lending product provides eligible adoptions loans of up to $38,500 (up to $50,000 for special needs). While this sounds like a great opportunity for us adoptive parents it’s important to reinforce that this is a loan and it will be a debt.
Is SunTrust a reliable company for adoption loans?
SunTrust has been a trusted company in the financial arena for many years now. While they are well-established as a bank, SunTrust does not offer Adoption Loans through their Children’s Loan Foundation department. This loan is offered through their home mortgage division/branch and it’s actually called an “adoptive parents product.”
The adoptive parent’s loans from SunTrust require that you have already picked an agency, your home study is complete, and that your family is committed to pursuing adoption even though there may still be some time before you find the right match.
While these loans do exist, they are fairly difficult to secure because of the timing requirements presented by this lending institution. Before you can access any funds via this loan option you
What are other people saying about Suntrust adoption loans?
There are a number of reviews in online forums that talk about the pros and cons, some people even went so far as to call their experience “horrible.” That being said most people have had positive experiences with Suntrust. If you’re willing to accept the fact that you will be paying back this loan at a high-interest rate, then it could potentially be a great option for your family.
The following information is intended to give you an overview of SunTrust’s adoption process. They do require that adoptive families be at least 21 years of age, possess the ability to make all loan payments on time, and maintain good credit scores (at minimum 680).
If your family does not meet these criteria they will not be able to move forward with your application. Any additional questions about this process can be directed towards the SunTrust Adoption Loan specialists by calling 1-866-557-4287.
**You can contact Suntrust through their website here. Be sure to select ‘Adoptive Families’ as the customer type when asked who you are applying for or inquiring about loans for.