Physician Loans in South Carolina


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15 Best Hidden Doctor Mortgage Loans in South Carolina

Key Terms

  • A South Carolina physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

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.

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Pros/Cons of South Carolina physician mortgage loans

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:

  1. You can enjoy higher limits on these loans when compared to conventional loans or FHA loans
  2. You do not have to take out Private Mortgage Insurance (PMI)
  3. Your student debt will receive special consideration by these lenders
  4. You can receive 100 percent financing in some cases

Cons associated with South Carolina physician mortgages:

  1. Higher limits can cause you to buy more house than you can afford
  2. You may have to pay a higher interest rate

Get Quotes for Your Physician Loan

15 Top South Carolina physician home loan lenders

Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Fellows, Residents

TD Bank

(CT, DE, DC, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VT, VA)

$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 ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% $1.5+ million
  • Minimum credit score: 720
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Debt ratio allowed: 43%
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Veterinarians (DVM)

Alerus

(AL, AZ, CA, CO, CT, DC, FL, ID, IN, IA, KS, KY, MD, MA, MI, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, WA, WI, WY)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: Not disclosed
  • Maximum loan: $1.5 million
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not disclosed
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Oral Surgeons (OMS), Podiatrist (DPM)

First Horizon Bank

(AL, AR, CT, GA, FL, LA, MS, NC, NJ, NY, SC, TN, TX, VA)

$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 ]

Eligible degrees & accreditations:

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
  • Minimum credit score: 680
  • Maximum loan: $2.5 million
  • Residents / fellows accepted: No
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Huntington Bank

(CO, IL, IN, KY, MI, MN, ND, OH, PA, SD, WI, WV)

$500M+ Closed Loans

Huntington Bank operates primarily out of the Midwest.

Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.25 million
10% $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 2 months
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Citizens Bank

(CA, CT, DC, DE, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV)

$500M+ Closed Loans

Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered 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. New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible. No more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
5% up to $850 thousand
10% up to $1 million
15% up to $1.5 million
  • Minimum credit score: Not reported
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: None
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents

Fifth Third

(FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV)

$50M+ Closed Loans

Fifth Third is a large bank with an established doctor mortgage loan program that is available to doctors, dentists, optometrists and veterinarians.

The Fifth Third physician mortgage program is also available for innterns, residents or fellows that are starting their residency within 90 days of closing on a new home. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Veterinarians (DVM), CRNA, Fellows, Residents

First National Bank of Pennsylvania

(DE, FL, GA, MD, NJ, NC, NY, OH, PA, SC, TN, VA, DC, WV)

$50M+ Closed Loans

First National Bank of Pennsylvania is the second largest bank based in Pennsylvania and has an aggressive doctor mortgage program with 0% financing up to $1.25 million.

The First National Bank of Pennsylvania physician mortgage program is open to most medical professionals and has a construction to permanent loan option available for medical professionals that want to combine the benefits of a doctor mortgage with a new construction custom build home. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Veterinarians (DVM), CRNA, Fellows, Residents

Down payment Financing
0% up to $1.25 million
10% up to $1.5 million
  • Minimum credit score: 700
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Truist

(AL, AR, CA, CT, DC, DE, FL, GA, IN, KY, MA, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV)

$500M+ Closed Loans

Truist was formerly known as SunTrust and has historically been a strong player in the doctor mortgage world, thanks to a strong physician home loan program.

Medical professionals with a job offer can close up to 90 days prior to the start date. For doctors and dentists with 10 to 15 years post-training experience, 89.99% financing is available for up to $1.5 million. Truist won’t let you borrow outside of your debt-to-income ratio of 43%, but your student loan payment can be excluded from the debt component if the student loans are deferred for at least 12 months at the time of closing. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Podiatrist (DPM), Fellow, Resident

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$500M+ Closed Loans

US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.

US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows

Down payment Financing
5% up to $1 million
10% up to $1.5 million
15% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents

Bank of America

(All 50 States)

$500M+ Closed Loans

Bank of America is one of the original lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company.

The Bank of America physician mortgage program is available for residents and fellows with a job lined up. They can close on a home 90 days before they start. You can often exclude your student debt from your total debt when you apply for a mortgage. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents

Down payment Financing
5% up to $1 million
10% up to $1.5 million
20% up to limit
  • Minimum credit score: Not reported
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 4–6 months
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Laurel Road

(All 50 States)

$10M+ Closed Loans

Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.

Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Fellows, Residents

Synovus

(AL, FL, GA, SC, TN)

$50M+ Closed Loans

Synovus Bank is headquartered in Columbus, Georgia and offers a doctor mortgage program to people in the medical field.

Synovus Bank's doctor mortgage program is specifically designed to cater to the unique financial needs of medical professionals. This program offers specialized mortgage options that include low down payments and flexible terms, tailored for doctors at different stages of their careers. Synovus focuses on providing customized financial solutions to assist medical professionals in buying or refinancing their homes. [Read Review]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
0% up to $1 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

The Federal Savings Bank

(CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, ME, MD, MA, MI, MN, MS, MO, MT, NJ, NY, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY)

$50M+ Closed Loans

The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.

The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]

Eligible Professions:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

Down payment Financing
0% down up to $1 million
5% down up to $1.25 million
10% down up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed

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.

Find a Physician Loan Specialist

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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