Is a South Carolina physician mortgage loan right for you?
After reviewing all of your options when it comes to physician home loan lenders in South Carolina, you may be asking if one of these loans is right for you. A good rule of thumb is to hold off on a mortgage until you have spent at least a year or two in a job.
You never want to be in a situation where you are unhappy in a position, but now tied to it because of your mortgage. If you know that you will love your job, you might be happy to know that you can get approved for a doctor mortgage off of an offer letter alone, streamlining the approval process.
Run the math on the interest rate you are offered, too. Over the life of your mortgage, a higher interest rate can add up to a tidy sum. If you want to save up and try to qualify for a conventional mortgage, that may save you some money. Keep in mind, however, that doctor mortgages come with no PMI, offering you some savings in that respect.
Examples of doctors who use physician loans in South Carolina
Doctors from all parts of South Carolina are taking out physician loans. Their reasons for doing so may sound familiar to you, and we’ve listed just a few below.
Doctor who wants a bigger home
With a thriving family practice outside Myrtle Beach, Randy is ready to upgrade his family to a larger home. He can certainly afford one, but the limits on conventional mortgages are holding him back. A doctor mortgage features much higher limits, providing him with more leverage on a competitive housing market. He is ready to make an offer on a 5-bedroom home with plenty of acreage thanks to a physician loan.
An anesthesiologist who doesn’t have a big enough down payment
Twenty percent down on a home in Columbia means that Tammy, an anesthesiologist, will need at least 60k on the table for down payment and closing costs. That would mean taking a big portion out of her family’s savings. A doctor mortgage offered by a local lender is extending 100 percent financing to high earners like Tammy, meaning that she can get her first home without compromising her safety net.
Looking for a physician loan in a different state?
If you’re looking to explore the best physician loans in other states, click on your state below.