Top 10 Physician Mortgage Loans in South Carolina: Strategic $0 Down Financing

What you need to know:

• A physician mortgage loan in South Carolina can help doctors and other medical professionals buy a new home, often with no down payment.
• Physician home loans don’t require private mortgage insurance, potentially saving you thousands each year.
• Eligible borrowers can close on their dream home before starting their new position or residency with an acceptable employment contract.

If a slower pace of life draws you in — think front porch sitting and miles of seashore — then South Carolina is a great place to raise a family and enjoy the comforts of true Southern hospitality.

But it’s becoming more challenging to put down roots in this popular state. According to the 2021 annual report from South Carolina REALTORS, the median home sales price saw an overall increase of 13.8% last year. Meanwhile, the number of homes available for sale decreased by almost one-third.

In a competitive housing market, you need to use the resources available to you. For South Carolina doctors and dentists (and other select medical professions) this means taking advantage of a physician mortgage loan.

Here’s how you could benefit from a physician mortgage loan in South Carolina.

Physician mortgage loan: What is it and how does it work?

With a physician mortgage, doctors, dentists and some other high-income professions can access home financing with low down payment options and no private mortgage insurance (PMI) requirement.

Generally, you must have an MD, DO, DDS or DMD to qualify. However, many physician mortgage programs are now open to veterinarians, podiatrists and more.

Besides the potential for no down payment and no PMI, physician mortgage programs can help young professionals secure a home thanks to more lenient underwriting.

Student loan debt, a major hurdle for many high-earning professions, is treated more favorably when calculating your debt-to-income ratio (DTI). Plus, you don’t necessarily have to show a solid income history to qualify like you do with a conventional loan. For example, many physician mortgage programs only require proof of an employment contract with a start date within 90 days (or another set amount) of closing.

This can be a huge benefit for new physicians, residents, fellows and interns who are beginning to build their careers.

Top 10 Physician mortgage loans in South Carolina

If you’re hoping to purchase a home in the Palmetto State this year, take a look at these top South Carolina physician mortgage lenders, listed from A-to-Z. Direct contact information has been linked for loan officers who specialize in physician mortgage loans.

1. BMO Harris

South Carolina medical doctors, dentists, residents and fellows might be eligible for up to $1 million in home financing with $0 down when using the BMO Harris physician mortgage program. Other low down payments are available to secure a loan up to $2 million.

If you have more than 10 years of post-residency experience, a minimum 10% down payment is required.

2. Fifth Third Bank

The Fifth Third Bank physician mortgage loan is available to South Carolina doctors, dentists, veterinarians, podiatrists and optometrists (MD, DO, DPM, DDS, DMD, DVM and OD). This program provides loan amounts up to $750,000 with no down payment.

If you’ve been in practice for at least a year, you can access loan amounts up to $2 million with a low down payment. However, fellows, residents and interns are limited to $1 million with a low down payment.

For more information, email Sandy Salas

3. First Horizon Bank

First Horizon Bank’s physician home loan doesn’t limit their program based on how long you’ve been practicing, so physicians of all stages can benefit.

If you have an MD, DO, OMS or DPM, you could get up to 100% financing for up to $1.5 million. However, with a low down payment of 5% to 10%, you could be eligible for loan amounts up to $2.5 million.

For more information, email Brent Eckhardt.

4. First National Bank

If you want to build a new home or buy a second home, First National Bank’s physician mortgage could be a great solution. To qualify, you’ll need to be a resident, fellow, MD, DO, DDS, DMD, DPM or DVM.

Loan amounts up to $750,000 are available with 0% down. For those seeking up to $1.5 million, a low down payment of 10.01% is required.

For more information, email Josh Feldman.

5. Flagstaff Bank

Flagstar Bank’s physician mortgage program serves professionals with an MD, DDS, DMD, DO or DPM designation. But it’s also open to ATP pilots, certified public accountants, attorneys, physician assistants, registered nurses and veterinarians.

Loan amounts up to $1.5 million are available with a low down payment.

6. Huntington National Bank

A physician mortgage with Huntington Bank offers up to $1 million in home financing with $0 down for qualified doctors, dentists, veterinarians, podiatrists and ophthalmologists. With a low down payment, you can reach up to $2 million in financing.

Most physician mortgage loans are limited to one-unit primary residences. But Huntington allows two-unit properties if you plan to live in one of the units.

For more information, email Bill Kekatos, NMLS #216590.

7. KeyBank

Medical doctors and dentists in South Carolina might be eligible for the KeyBank medical professional mortgage loan.

This program provides up to 100% home financing for up to $1 million. However, other low down payment options are available with loan amounts capping out at $3.5 million.

Note that second homes are eligible for this physician mortgage loan.

For more information, email J Mansisidor, NMLS #354606.

8. TD Bank

The TD Bank medical professional mortgage is available for professionals with an MD, DO, DPM, DDS or DMD, as well as medical and dental residents.

Loan amounts up to $1.5 million are available with a low down payment. However, you could be eligible for up to $750,000 with no money down.

For more information, email Neil Surgenor.

9. Truist

The Truist doctor loan program is available for physicians with an MD, DO, DPM, DDS or DMD designation.

Residents, fellows and interns can qualify for up to $750,000 with no money down. But physicians that have been out of residency for less than 10 years have additional low down payment options available for up to $1.5 million in financing.

For more information, email Matt Albert.

10. U.S. Bank

With down payment options ranging from 5% to 25% of your home purchase price, the U.S. Bank doctor mortgage program provides financing for up to $2.5 million.

You must be an MD, DO, resident or fellow to qualify. Additionally, you’ll need a minimum credit score of 710 and be able to show three to 12 months’ worth of cash reserves, depending on your loan amount.

For more information, email Jonathan Brozek.

Is a South Carolina physician mortgage right for you?

A physician mortgage offers exclusive features, like zero down payment options, no PMI and more flexibility when considering your South Carolina student debt and income history. But it also provides the opportunity for larger loan amounts, which could come in handy in more expensive areas of South Carolina.

For example, the average sales price for a home in Charleston County is $838,780, according to March 2022 data. But the conventional loan limit is capped at the standard $647,200, which means you’d likely need a jumbo loan to get into this desirable market.

A physician mortgage can help you avoid the interest rate hike that generally comes with a jumbo loan while giving you access to large loan amounts in the $1 million plus range.

Just remember to be diligent about your budget throughout the home buying process as these large loans can be tempting for some. You’ll likely qualify for a lot more than you think given the more lenient underwriting guidelines.

If you’re ready to explore physician mortgage options in South Carolina, fill out the form below for a free quote or reach out to the loan officers listed above.