If you’re thinking of purchasing a home SC, using a doctor home loan in South Carolina can make your dream of home ownership a reality. A physician home loan can help you join the almost 13,000 physicians that call the Palmetto State home.
South Carolina offers over 5.1M residents a chance to live a high quality, low country lifestyle. Whether it’s your dream to live in the charming city of Charleston, near the energetic vibe of Greenville, or on the beautiful coastal islands – South Carolina has it all. It’s also more than college football and old traditions though, with access to a low cost of living and even lower taxes for its residents. South Carolina has multiple options for healthcare and is working hard to increase the overall quality and affordability of healthcare within the state.
Recommended Lenders for Doctor Home Loans in South Carolina
Mike Fitzmeyer of SunTrust (now Truist) understands the mortgage business. He is a seasoned professional with over 28 years of experience with a specific focus on Doctor Mortgage financing. Mike understands the needs of the Physician community and will tailor a mortgage solution for each client’s individual needs and financial plan. Mike and SunTrust (now Truist) have tremendous Doctor Mortgage experience and have flexibility in dealing with different situations in order to customize a mortgage solution for each client.
Contact Mike today to get the best service for your next home purchase or refinance needs.
For years, Neil has been helping physicians, surgeons, and dentists achieve their dreams of homeownership. From start to finish, he can help guide you through the process. Beginning with our mortgage comparison tool to determine your options, to painlessly uploading your documents digitally, Neil will be there to assist and guide you during the entire process. Whether you’re a first-time homebuyer, looking to purchase a second home or purchase an investment property, TD Bank, N.A. has solutions designed for Doctors and an efficient process that makes getting a mortgage easier.
To learn more about Neil and why we highly recommend him, go here.
Mike began his mortgage career in 2001 and has been working exclusively with doctors for the last 9 years. He takes a consultative approach with his clients in the mortgage planning process. With his team of three assistants, Mike makes the process of buying a new home efficient and stress-free.
Regions offers 100% financing for loans up to $750,000 and 95% financing for loans up to $1,000,000. Medical physicians, such as existing medical doctors and fellows, residents, and designations like DMDs/DDS, and DOs qualify to apply. Mortgages are available for purchase and refinances along with fixed rates or adjustable rates. There is no private mortgage insurance requirement and you can close your loan 60 days before you start your job. If that isn’t enough, consider that they also don’t count your student loan debt towards your DTI.
Connect with a Financial Residency vetted representative at Regions by email here or by phone at 267-295-2753.
Living in South Carolina means you have your choice of lifestyle – in the city, in the country or on the coast. A physician mortgage loan can make your dream of owning a home, no matter which region you choose.
Working with a lender who specializes in physician mortgages can help you throughout your home-buying process in South Carolina. A doctor loan can possibly allow you a mortgage without PMI or a hefty down payment. Getting pre-qualified for a physician mortgage loan gives you the best snapshot of your new mortgage. You’ll know what to expect in a monthly mortgage payment as you narrow down your home choice. When you do make an offer, it’ll show the seller of the property that you are a serious buyer.
If you’re ready to secure a doctor home loan in South Carolina, then you’ll find these qualified and knowledgeable lenders ready to assist you.
The Complete List of Lenders for Doctor Home Loans in South Carolina
SunTrust (now TRUIST) – The doctor home loan program from SunTrust Bank (now Truist) is available to MDs, DOs, DDS’, and DMDs that are currently in residency, and practicing professionals that have completed their training within the last 10 years. Residents and fellows are eligible for a SunTrust physician loan up to $750,000 with no down payment at 100% financing! Meanwhile, those within ten years of residency completion are eligible for higher physician loan amounts up to $1,000,000 with 95% financing and up to $1,500,000 with 89.99% financing! Contact Mike Fitzmeyer today if you have questions specific to your upcoming home purchase!
TD Bank – TD Bank is one of the top 10 largest banks in the Nation. TD Bank has an amazing PHYSICIAN MORTGAGE product offered to the following: MD, DO, DPM, DMD, DDS, medical residents, and medical fellows. The Physician loan allows for 0% down, 100% financing for loans up to $750,000, and 5% down, 95% financing for loans up to $1,250,000. Other loan options are available up to 3 million with 89.99% financing. TD also has a rate float down option if rates go lower after locking. TD Bank’s physician loans have NO MI (mortgage insurance) and NO prepayment penalties! The bank offers financing and refinancing for purchases of single-family homes, condos, and COOPS. TD Bank has over 1,200 branch locations and operates in multiple states on the East Coast. Only someone with a “MEDPRO” designation at TD can offer this program, there are only a select few in the Nation. Contact your MEDPRO and Physician Loan Certified Neil Surgenor for more information!
KeyBank Mortgage – KeyBank Mortgage offers several options for your unique physician mortgage needs. Whether you are purchasing your first home or looking for cash-out or rate/term refinance, KeyBank can personalize a program for you. They offer up to 5% down up to $1,000,000; 10% down payment up to $1,500,000. 15% down up to $2,000,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. Physician mortgage loans are available for both your primary residence and second homes, as well as single-family houses and condos. KeyBank has branches in numerous states, with over 17,000 employees throughout the 1000+ branches.
Laurel Road – Laurel Road is a digital lender that is owned by KeyBank who uses innovative technological and digital strategies to help you secure lending. The physician mortgage program with Laurel Road is a home loan tailored specifically to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Their product features up to 95% financing for loans up to $750,000 (for primary residences). Physician loans have fewer restrictions than conventional mortgages and bases the lending decision on creditworthiness and future income potential.
US Bank – U.S. Bank is a leader in the mortgage industry. Many of their customers have said they would recommend them in the future. They offer loans that meet almost every mortgage need. You may be eligible for the U.S. Bank Customer Credit with a new or existing U.S. Bank Personal Checking Package, or with an existing first mortgage with U.S. Bank. Take 0.25% of the loan amount and deduct it from the closing costs, up to a maximum of $1,000. At U.S. Bank, they know that your home is one of the biggest investments you’ll ever make. And whether you’re looking for a new mortgage loan, a mortgage refinance or a home equity loan, you want a partner you can trust. Contact Jonathan C. Brozek today!
Synovus Bank – If you can make monthly mortgage payments but need 100% financing or perhaps assistance with the down payment, Synovus’ suite of first-time homebuyer products may help you on the path to home ownership. From state bond programs and federal agency assistance to their own Affordable Mortgage Program, financing up to 100% and fixed interest rates on loans up to $510,400 may be available—and with no mortgage insurance required.
First Citizens Bank – First Citizens Bank is headquartered in Raleigh, NC and operates in several states throughout the country. Physician mortgages are available to medical residents, interns, fellows, and practicing physicians. There is no limit on years in practice for established physicians. Private Mortgage Insurance is not required for physician loans. There are several options available including fixed-rate and ARMs. You may be eligible for 100% financing up to $750,000; 95% up to $1M; 90% up to $1,250,000, and 85% up to $1.5M. There are also options for second homes, construction (permanent and renovation) loans.
Fifth Third Bank – The doctor and dentist loan programs at Fifth Third Bank offer medical practitioners with simple solutions to meet their home financing needs. Both new and established doctors can get fixed and adjustable rate mortgage loans to purchase or refinance. What’s more is that no private mortgage insurance is required. Eligible borrowers include: Medical Doctors (MDs), Doctors of Osteopathy (DOs), Doctors of Dental Medicine (DMDs), Doctors of Dental Surgery (DDSs), and Doctors of Podiatric Medicine (DPMs). New physicians, interns, residents and fellows (those who have practiced in less than 1 year) can get up to $1 million with a low down payment, or $750,000 with no down payment.
Willow Bend Mortgage – Willow Bend Mortgage has multiple loan options to suit your financial needs. Designed for physicians, dentists, and veterinarians, there are many benefits to the medical loan program. You can utilize terms such as a 5% down payment for loans up to $1M, 10% down up to $1.5M, or 15% down up to $2M – all without PMI. There is also a 0% VA loan program for vets and active military personnel. You can inquire about the 3% down option (but with PMI) for smaller loans. The loans can include either a fixed or adjustable rate.
Union Bank – Union Bank has a fantastic physician home loan that includes some of the best rates in the nation. Key features include: 10% down to $1.25MM loan amount, they can close up to 6 months from start date of new contract (if exiting residency or fellowship). Your down payment, reserves, and closing costs can be gifted from family with no seasoning requirements (a HUGE benefit). There is no Mortgage Insurance or PMI and you can receive a lender credit for 0.25% of the loan amount up to $1,000 for opening a platinum checking account.
Citizens Bank – Citizens Bank offers a special mortgage program for physicians and dentists through their doctor loan program. Their doctor loan is available for purchases and limited cash‑out refinances of primary residence. A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage. Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
Flagstar Bank – Flagstar bank offers a Professional Loan series available to physicians, dentists, attorneys and other high-income professionals. Features of the Flagstar Bank Professional Loan includes financing for loan amounts up to $1.5M. There are also low or no down payment options with adjustable rates. You will not have to pay PMI for the loans. You can also use these benefits for a purchase or refinance for your primary residence only.
Midland States Bank – Midland States offers a comprehensive program for physician loans. Midland States Bank offers maximum loans up to $1.5M without any money down. You won’t have to pay any PMI either. There are traditional and adjustable rates and terms for your consideration. If you have a minimum credit score of 720, then you can begin the qualification process for a physician loan with Midland Bank.
First National Bank of Pennsylvania – Most physicians have unique banking needs. That’s why First National Bank of Pennsylvania has developed a mortgage program especially for physicians. FNB currently offers up to 100% financing with no PMI. Fixed and adjustable rate products are also available. In order to apply, you must hold an M.D., D.O., D.D.S., D.V.M. or D.M.D degree, but interns, fellows and residents are eligible. They operate in several states, including Washington D.C.
SoFi – SoFi is known for refinancing choices, but physicians might not be aware of the mortgage options available. Although the mortgage option isn’t limited to only physicians, it is targeted towards highly-educated individuals. One alternative mortgage to consider includes a 10% down for up to $3M in financing. There are also fixed rate and ARM options, without any hidden fees for prepayment penalties.
TIAA Bank – TIAA Bank is a large, national bank headquartered in Jacksonville, FL. They operate in all 50 states and offer a variety of physician mortgage loan products. Their doctor loan mortgage program is only available to existing medical doctors (and DO’s, veterinarians, dentists and dental surgeons) who are actively practicing and have completed residency in the past 10 years. TIAA Bank offers loan amounts up to $2M and without any PMI. A down payment is required and you must start employment within 60 days of the loan closing.
Bank of America – Get started with the Digital Mortgage Experience with Bank of America. Preferred Rewards clients may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application). Some of the home loan products they offer include fixed-rate mortgages, adjustable-rate mortgages, FHAs, and VA loans. Already pre-approved with Bank of America? View your pre qualification letter, or contact a lending officer about taking the next steps towards home financing.
Fairway Independent Mortgage – Fairway offers borrowers the options of fixed-rate conventional loans and adjustable-rate mortgages. Prospective borrowers can apply for a loan with Fairway Independent Mortgage online, with the closing process taking place in person. Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches.
IberiaBank – IberiaBank offers several mortgage solutions for borrowers. Physician loans are offered to those both residents, fellows and practicing physicians. Doctors are eligible to borrow up to $1M with no money down. Mortgage loans are offered with options including 5/1 ARM, 7/1 ARM and 30 year fixed – all with no mortgage insurance. Iberia Bank is headquartered in Louisiana and is available in several states.
Regions Bank – Regions Bank can help borrowers finance a loan with no down payment options for loans up to $750,000 or a 5% down option for those who need up to $1M. In addition, PMI will be excluded. Regions bank will also exclude certain student loan debt when calculating your debt-to-income ratio.
Synovus – Synovus Bank was founded in Georgia and now operates across the Southeast. There are several locations throughout Georgia, Florida, Tennessee, South Carolina and Alabama. The physician loan program at Synovus is for licensed physicians, residents, fellows and interns. You must be an M.D., D.O., D.M.D., D.D.S., or D.P.M. to qualify. With Synovus, you can receive 100% financing for loans up to $750,000, and no PMI is necessary. There are both fixed-rate and ARM options products available for your unique financial needs.
Recommended Real Estate Agents In South Carolina
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in South Carolina.
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