Physician mortgage loans in South Carolina are available to medical doctors, dentists and other professionals depending on the specific loan program of the lender.
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With about 60 miles of beachfront resorts in the Grand Strand and the historically charming Coastal Charleston, South Carolina brings with it a lot of character. This state has some of the best beaches in the country, beautiful open farmlands, and it also happens to be the golf capital of the country with numerous courses in cities like Myrtle Beach. It certainly has a lot to offer to its residents, including some 12,000+ doctors.
The South Carolina Realtors Association lists the median home price in the state at $326,000, which is over 20% higher than the same time last. There is no doubt that home values are on the rise here and that’s not even taking into account the price increases in the urban areas that are desirable to most medical doctors.
For doctors and physicians thinking about buying or refinancing a home here, doing so with the South Carolina doctor loan program may help make it a bit easier to do so. For qualified professionals, this loan program allows buyers to purchase or refinance with a low down payment or, in some cases, none at all.
Are there both pros and cons that come with entering into a South Carolina physician loan? Of course. Anyone doing their due diligence will want to look at both sides, as well.
Pros associated with South Carolina physician mortgage products:
Cons associated with South Carolina physician mortgages:
Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.
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Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents
$500M+ Closed Loans
TD Bank is one of our top professional mortgage lenders.
Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $750 thousand |
| 5% | up to $1.25 million |
| 10% | $1.25+ million |
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Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$10M+ Closed Loans
Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.
The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 15% | above $2 million |
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Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)
$10M+ Closed Loans
Alerus is a national bank but one that you might not know. They are headquartered in North Dakota but provide mortgage across the country.
Alerus has some other interesting features, including a $20,000 closing guarantee. It's a benefit paid to the seller if the loan doesn't close per the terms of the pre-approval letter. In other words, it's something you can use to make your offer look more attractive in a competitive market. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)
| Down payment | Financing |
|---|---|
| 0% | up to $750 thousand |
| 5% | up to $1 million |
| 10% | above $1.5 million |
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Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA
$500M+ Closed Loans
Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.
The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]
Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 20% | up to $2 million |
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Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
$500M+ Closed Loans
First Horizon Bank has one of the hottest doctor mortgages available as they can lend up to $1.5 million at 0% down.
Being able to lend such a large amount at 0% down is particularly helpful in states like New Jersey, New York and Texas where home prices have risen sharply in the past decade. The only downside is that the program has strict eligibility requirements and folks like dentists and lawyers aren't eligible. [ Read Review ]
Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1.5 million |
| 5% | up to $2 million |
| 10% | up to $2.5 million |
Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.
We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:
When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.
Citizens Bank is one of the largest banks in the United States. I bet you didn’t know that it’s headquartered in the smallest state: Rhode Island. With over $160 billion in assets, it’s no surprise that Citizens offers a full range of financial products, including a physician loan.
We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:
When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.
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.
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.
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.
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.
If you’re looking to explore the best physician loans in other states, click on your state below.
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
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