South Carolina is a beautiful place to settle with its hot summers and mild winters. It has a population of 5.29 million and almost 14,000 doctors, including specialists.
Whether you’re just finishing your fellowship or starting your residency, there are physician mortgage loans in South Carolina to help you buy the home of your dreams.
13 Best South Carolina Physician Home Loan Lenders
Here are the top physician mortgage loan lenders in SC:
- BMO Bank
- Citizens Bank
- Evolve Bank & Trust
- Fifth Third Bank
- First Horizon Bank
- First National Bank
- Flagstar Bank
- Huntington Bank
- KeyBank
- Regions Bank
- TD Bank
- Truist Bank
- US Bank
Discover The Best Lenders in South Carolina Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
1. BMO Bank
- BBB Grade: A+
- JD Power Score: 805
Residents, fellows, and new doctors can get a physician’s loan in South Carolina at BMO Bank. Most new doctors can get a mortgage with less than a ten percent down payment; however, you may need to put 10% or more down on the property if you have over ten years of service as a doctor.
BMO Bank offers purchase and refinance options for physician mortgage loans in South Carolina, which is nice for doctors who have already bought their homes but need different terms.
BMO offers three financing options in South Carolina:
- 100% financing up to $1 million
- 95% financing for $1 – $1.5 million
- 90% financing for $1.5 – $2 million
You can use the program on most property types, including the following:
- Single-family homes
- Townhomes
- Condos
- 1-2 unit properties
Fellows, residents, and new doctors can borrow up to $1.5 million with a 5% down payment and up to $2 million with a 10% down payment.
Key Features of a BMO Bank Physician Mortgage Loan
As one of the country’s top ten banks, BMO Bank offers various banking services for consumers and businesses, including physician’s loans. With over 140 years in service and 500+ branches across the US, BMO Bank has much to offer.
BMO Bank doesn’t charge PMI on its doctor loans, and they exclude student loan debt from your debt-to-income ratio. You may still be eligible if you haven’t started your job yet but have an employment contract that begins in 90 days.
Eligible Doctors:
BMO Bank offers its program to MDs, DOs, DDSs, and DMDs.
2. Citizens Bank
- BBB Grade: A+
- JD Power Score: 818
Citizens Bank is another large bank in the US. Residents and doctors can apply for a physician loan in South Carolina and have low down payment requirements. However, like BMO Bank, doctors may only apply within the first ten years of their career (after fellowship).
Most doctors in South Carolina can qualify for a physician loan from Citizens Bank with 5% to 10% down on the home.
Key Features of a Citizens Bank Physician Mortgage Loan
Citizen Bank offers 24/7 customer service, which you don’t find at most banks. This makes it easy to get your financial questions answered when most banks are closed. Citizens Bank is a prominent bank in the US with $226+ billion in assets.
Physicians looking for a loan in South Carolina can close on their loan before the employment contract begins (usually within 90 days) and have the option to choose a fixed or adjustable-rate loan.
Eligible Doctors:
Like BMO Bank, Citizens Bank opens its physician loan program to MDs, DOs, DDSs, and DMDs.
3. Evolve Bank & Trust
- BBB Grade: N/A
- JD Power Score: N/A
Evolve Bank & Trust has a physician loan program open to more medical professionals than just doctors. As a result, their underwriting guidelines are also more relaxed than other lenders.
Evolve Bank & Trust provides physician loans in South Carolina on various properties, including 1 to 4-unit properties; however, you may need a high credit score to qualify. Most physicians can borrow up to $2 million on single-family homes.
Key Features of an Evolve Bank & Trust Physician Mortgage Loan
Evolve Bank & Trust isn’t as well known as some other banks on this list, but they’ve been in business since 1925. They offer physician loans in South Carolina to doctors with great credit and don’t require a down payment, and also lend to self-employed doctors if they have at least two years of experience.
Eligible Doctors:
Evolve Bank & Trust is open to many medical professionals, including MDs, DOs, DDS, DMDs, nurses, and pharmacists.
4. Fifth Third Bank
- BBB Grade: A+
- JD Power Score: 815
Fifth Third Bank offers physicians in South Carolina the chance to buy a home with no down payment. They offer competitive interest rates, but their program is only eligible for primary residences.
Fifth Third works a little differently than other banks offering physician loans. First, they have a program for new and established doctors.
The New Doctor Loan Program provides financing for interns, residents, fellows, and doctors who have just finished their residency.
The Established Doctor Program is for doctors who work for a practice or who have opened their own practice and have been at it for at least one year.
They offer loans up to $1 million with no down payment and up to $2 million with a low down payment.
Key Features of a Fifth Third Bank Physician Mortgage Loan
Fifth Third Bank has been around for a century and employs 20,000+ employees. They offer physicians many options, including no PMI on loans even with no down payment, competitive interest rates, and the option for a fixed or adjustable-rate loan.
Eligible Doctors:
Fifth Third offers its physician loan program to MDs, DOs, DPMs, DDSs, DMDs, DVMs, and ODs.
5. First Horizon Bank
- BBB Grade: A+
- JD Power Score: 825
First Horizon Bank offers physicians with a First Horizon Bank account the option to get 100% financing on a doctor loan with low loan amounts or make a low down payment on higher loan amounts.
It’s a simple program with competitive interest rates, making it easier for doctors to secure financing early in their careers.
Doctors who want to buy a home for as much as $2.5 million will need a 10% down payment.
Their underwriting guidelines are stricter than other banks, but it prevents you from getting in over your head in debt.
Key Features of a First Horizon Bank Physician Mortgage Loan
First Horizon has been in business since 1864, providing doctors with affordable loan options with low down payments. Their underwriting guidelines are somewhat stricter than other lenders, but they don’t require an income history to qualify – just an employment contract.
One thing that sets First Horizon apart is allowing new and established physicians loans.
Eligible Doctors:
First Horizon offers doctor loans to MDs, DOs, DDSs, and DMDs.
6. First National Bank
- BBB Grade: A+
- JD Power Score: 801
First National Bank offers low down payment options for physicians in South Carolina to buy their dream homes. It’s not open to all doctors, but you can use the loan to buy a primary or secondary home and use it on up to 2-unit properties.
Each doctor will have different qualifying factors, but at First National Bank, doctors can generally borrow 90% to 100% of the cost of a primary residence and up to 80% of the cost of a second home. However, you don’t need a down payment if you borrow less than $1 million.
Key Features of a First National Bank Physician Mortgage Loan
First National Bank has been in business for over 150 years, offering many banking products, including physician loans. They are highly regarded for customer service and don’t charge PMI on physician loans.
First National Bank also offers physicians fixed and adjustable-rate loan options.
Eligible Doctors:
The First National Bank physician program is open to MDs, DOs, DDSs, DVMs, and DMDs.
7. Flagstar Bank
- BBB Grade: A+
- JD Power Score: 781
Flagstar Bank offers a physician’s loan program for most medical professionals, not just doctors. It’s open to medical professionals within the first ten years of their careers; however, you’re only eligible if you have never owned a home.
Flagstar Bank’s physician loan program is called the Professional Loan Program because it’s open to people in other professions. You can use the program on various property types, but only if you live in the property.
You won’t need a down payment if you borrow up to $1 million and have a credit score of at least 720, but you’ll need a low down payment if you borrow over $1 million but less than $1.5 million.
Key Features of a Flagstar Bank Physician Mortgage Loan
Flagstar Bank is a newer bank than others on the list, but they have $90+ billion in assets and almost 400 branches around the US.
Medical professionals who borrow money to buy a home from Flagstar may only secure an adjustable-rate loan, but the rates are competitive, and Flagstar allows interested party contributions to help with the costs.
Eligible Doctors:
Flagstar’s list of medical professionals is long. Most doctors, pharmacists, nurses, and veterinarians qualify for the Flagstar Bank Professional Loan Program.
8. Huntington Bank
- BBB Grade: A+
- JD Power Score: 821
Huntington Bank offers a doctor loan program for purchases and refinances and has many down payment options. However, one thing that sets Huntington Bank apart from others on this list is the requirement for cash reserves to qualify for the loan.
The Huntington Bank physician loan program works for purchases and refinances, but only on a physician’s primary residence. Physicians can borrow up to $1 million with no down payment, up to $1.25 million with a 5% down payment, and up to $2 million with a 10% down payment.
Key Features of a Huntington Bank Physician Mortgage Loan
Huntington Bank has been around for over 150 years and offers various banking products in addition to physician loans. Huntington Bank is known for its top-notch customer service, and their physician loans in South Carolina offer no PMI, the choice of fixed or adjustable-rate loans, and the ability to close with an employment letter.
Eligible Doctors:
The Huntington Bank physician loan program is open to MDs, DOs, DMDs, DVMs, and DDSs.
9. KeyBank
- BBB Grade: A+
- JD Power Score: 794
KeyBank has more flexible guidelines for its physician loans in South Carolina. For example, they offer the program on primary residences and second and investment homes. They also offer higher loan limits than most banks, and you can use the program for a purchase or refinance.
Physicians can borrow up to $3.5 million, but it depends on your qualifying factors. You can borrow the loan to buy various home types, including PUDs and condos.
Key Features of a KeyBank Physician Mortgage Loan
KeyBank is one of the oldest and largest banks. They help physicians with various aspects of their finances, including a physician’s loan with 100% financing. Doctors can choose from fixed or adjustable-rate loans; no doctor pays PMI.
Eligible Doctors:
KeyBank offers its loan program to MDs, DOs, DPMs, DDSs, and DMDs.
10. Regions Bank
Regions Bank has lower loan limits than other lenders, but they offer their program to new and established doctors. In addition, you can use the loan on your primary residence, and some doctors don’t need a down payment.
Physicians can borrow up to $750,000 with no down payment and up to $1 million with a 5% down payment.
Key Features of a Regions Bank Physician Mortgage Loan
Despite Regions Bank’s stricter guidelines, they don’t charge PMI on physician loans, and you can close your loan with an employment contract before starting work. In addition, Regions Bank has a large reach with over 9 million customers, and they offer excellent customer service.
Eligible Doctors:
Regions Bank limits its physician loan program to MDs, DOs, DMDs, and DDSs.
11. TD Bank
- BBB Grade: N/A
- JD Power Score: 837
The TD Bank Medical Professional Mortgage offers loan options with no or low down payments and flexible guidelines. Like most lenders on this list, they don’t require an income history and don’t charge PMI.
Physicians eligible for the TD Bank Medical Professional Mortgage can borrow up to $750,000 with no down payment, $1,250,000 with a 5% down payment, and $1,500,000 with a 10.01% down payment.
Doctors can purchase single-family homes, townhomes, PUDS, condos, and co-ops.
Key Features of a TD Bank Physician Mortgage Loan
TD Bank has been in business since 1955 and is a leading financial institution in the US. TD
Bank doesn’t include student loans in your debt-to-income ratio nor charge PMI on doctor loans. Most physicians can also qualify with an employment contract before starting their career.
Eligible Doctors:
To qualify for the TD Bank physician loan, you must be an MD, DO, DPM, DDS, or DMD. The program is open to residents and fellows too.
12. Truist Bank
- BBB Grade: A+
- JD Power Score: 650
Truist Bank offers 100% financing for physicians in South Carolina and favorable loan terms.
Unfortunately, they only offer loans on primary residences, but you won’t pay PMI, which is a nice feature.
Borrowers need a down payment for the Truist physician loan program, including 5% down on up to $1.5 million and 10% down on up to $2 million.
Key Features of a Truist Bank Physician Mortgage Loan
Truist works hard to make its communities better. It’s a top 10 bank in the country, and its physician loan program in South Carolina offers doctors loans with no PMI, and they’ll overlook your student loan debt to qualify you for the loan.
Eligible Doctors:
Truist Bank offers its loan program to doctors, including MDs, DOs, DPMs, DDSs, and DMDs.
13. US Bank
- BBB Grade: B+
- JD Power Score: 807
US Bank is a well-known bank throughout the country. It offers a great physician loan program in South Carolina, but dentists don’t qualify. All doctors who qualify will need a down payment, but they offer competitive terms.
US Bank requires a 5% down payment on loans up to $1 million, 10% down on loans up to $1.5 million, and 15% down on loans up to $2 million.
Key Features of a US Bank Physician Mortgage Loan
US Bank is an established bank that’s been around since 1863. They have many banking products for consumers and businesses and are known for their excellent customer service.
Their doctor loan program is open to residents, fellows, and new doctors, and the loans don’t require PMI.
Eligible Doctors:
US Bank has a short list of doctors eligible for its physician loan program, as it’s only open to MDs and DOs.
Pros and Cons
Doctor loans in South Carolina have pros and cons; consider both sides when deciding if it’s right for you.
Pros
- Zero Down Payment: Many lenders offer 100% financing, allowing you to buy a home much sooner than if you need a 20%+ down payment.
- No PMI: All lenders on this list don’t charge PMI for physician loans. This can save you thousands of dollars a year.
- Student Loans Excluded: Physician loans make qualifying easier by not including student loans in your debt. Conventional loans require student loans in the DTI, making it much harder to qualify.
- Purchase Home Before Job: Most lenders allow you to close your loan with an employment contract as long as the job is due to start in 90 days.
Cons
- Interest Rates: Doctor loans have higher interest rates to compensate for the risk they pose to lenders.
- Residence Requirements: Many physician loans are only for primary residences. This eliminates the chance to buy a second or investment home.
- Unrealistic Expectations: Getting in over your head with a doctor’s loan is easy. No down payment and borrowing more than you might be able to afford can make you have buyer’s remorse.
Frequently Asked Questions
Learn more about physician Mortgage loans in South Carolina below.
What is the difference between a physician loan and a conventional loan in SC?
A physician loan is a loan specifically for medical professionals. It has more flexible guidelines, such as low or no down payments and the exclusion of student loan debt in the debt-to-income ratio, but only certain medical professionals qualify.
Anyone can qualify for a conventional loan, but they have stricter requirements, including down payments and lower debt-to-income ratios, making it harder for doctors to qualify right out of school.
What is the best mortgage loan in this economy?
The best mortgage loan is the one you can afford. No two borrowers will have the same financing needs. For example, some prefer an adjustable-rate loan to get the lower interest rate initially, and others prefer a fixed-rate loan.
Consider how much you have to put down on a home, your credit score, and what your debt-to-income ratio allows you to qualify for.
How do physician loan rates vary from state to state?
Physician loan rates may vary by state, depending on the market trends, loan demand, and other micro and macro data affecting interest rates. The key is to shop around to get the most attractive rate for your loan.
Who Is the Best Candidate for a Physician Loan in South Carolina?
Choosing a physician loan is a personal decision, but some factors must be considered.
Medical Professionals Early in Their Career
If you’ve recently left medical school and have a lot of student debt, a physician loan can help you secure financing faster. Most lenders exclude student debt from your DTI and don’t require a large down payment, making it easier to buy a home.
Doctors Looking To Refinance
If you need to refinance but have a lot of student debt, a physician loan makes qualifying easier. Just make sure it makes sense to refinance and pay the closing costs on a new loan.
Doctors Who Want a Bigger Home
If you’re ready to invest in a larger home but need to focus on paying down your student debt or investing in your retirement, a physician loan helps you have the best of both worlds. You can buy your home with little to no down payment and keep your funds liquid for things like paying down your student debt.
Medical Residents With a Lot of Student Debt
Most conventional loans aren’t an option for physicians with a lot of student debt. The lower DTI requirements make it impossible to qualify, but physician loans exclude student debt, making buying the home of your dreams easier.
Moving to a Different State?
Click on the state you are moving to and get the best physician mortgage loan lenders in that state:
Learn more about physician home loans.
