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

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 2022 annual report from South Carolina REALTORS, the median home sales price saw an overall increase of 15.4% last year. Meanwhile, the number of homes available for sale went up by about 67.4% since the prior year.

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 Bank, N.A.

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 Bank, N.A. physician mortgage program. Other low down payments are available to secure a loan for up to $2 million.

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

This program is definitely worth looking into, particularly due to its no PMI requirement and flexible debt-to-income underwriting options.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

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 $1 million with no down payment, up to $1.5 million with 5% down, and up to $2 million with 10% down.

If you’ve been in practice for at least a year, you are going to be more likely to be approved for those loan amounts closer to $2 million and with a low down payment amount. However, fellows, residents and interns are limited to $1 million with a low down payment.

Contact: 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.

First Horizon also has one of the lowest credit score requirements of 670.

They offer H-1B visa non-citizens loans for up to 100% financing as well.

4. First National Bank

First National Bank’s Doctor Loan program is available to eligible MDs (Doctor of Medicine), DOs (Doctor of Osteopathic Medicine), dentists, veterinarians, and podiatrists who are less than 10 years from training.

Those with greater than ten years are still eligible, but are required to put down a minimum of a 10% down payment. H-1B and green card holders are encouraged to apply. To be approved, one must provide his or her signed offer letter or employment contract.

Financing options include:

• 0% down for up to $1.25 million
• 5% down for up to $1.5 million
• 10% down for up to $2 million

You'll be delighted to know that this program has got you covered with cash out refinancing for up to 80% of the loan amount. Plus, you can choose from a variety of mortgage options, including 30 or 15-year fixed-rate mortgages, and 15, 10, 7, and 5-year adjustable-rate mortgages (ARMs).

Contact: Josh Feldman

5. 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.

6. 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.

7. Regions Bank

Regions Bank Medical Professional Loan program is something worth looking into, since no PMI is required and eligibility is not limited to the length of time an eligible medical professional has been practicing. The bank can also exclude some deferred student loan repayments from your DTI ratio, making it easier to qualify for a mortgage.

Eligible applicants include attorneys, pharmacists, nurse anesthetists, nurse practitioners, physician assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs and DDSs. Residents and fellows are also eligible.

A few of the financing perks available include:

• No loan amount limit
• Construction-to-permanent financing
• Closing up to 90 days prior to start date (with employment contract)
• 30- and 15-year fixed-rate loans
• 10-, 7- and 5-year ARMs

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 $2 million are available with a low down payment. However, you could be eligible for up to $1 million with no money down.

Before you apply, make sure you have a FICO score of at least 740.

Contact: 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 $2 million in financing.

Contact: Matt Albert

10. U.S. Bank

U.S. Bank's professional mortgage program is available in all 50 states for medical physicians, including residents, fellows and doctors of osteopathy (DO), as well as lawyers. Dentists and nurses are not eligible at this time.

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.

Financing options include:

• 5% down for up to $1 million
• 10% down for up to $1.5 million
• 15% down for up to $2 million

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 median sales price for a home in Charleston, SC in 2022 was $398,810, according to the South Carolina REALTORS 2022 annual report. A conventional loan limit is capped at the standard $647,200, which means that a conventional loan could be enough for you, depending on how much house you are looking to buy. However, if the housing markets' prices keep rising like they have been for several years now, you might need a jumbo loan to get into this desirable market in 2023.

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 and up 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.