Physicians

The Doctor Loan Program is a residential mortgage loan with special underwriting developed specifically for medical physicians and dentists, optometrists, podiatrists, and veterinarians.

Medical
Students

What should a medical student know now if hoping to buy a home during residency?

Find out more

Residents /
Fellows

What should a resident or fellow keep in mind when preparing to buy a home?

Find out more

Attendings /
Faculty

What should a practicing doctor keep in mind when preparing to buy a home?

Find out more

Why Choose the Doctor Loan?

Most doctors are looking for loans with low interest rates that enable them to put very little money down, not use their student loan debt in their debt ratio, use future income rather than current or past income, and enable them to move in before they start their job. This scenario poses many challenges for most lenders because most physicians would not qualify for the best rates given the type of loan they need. Banks try to do these loans with higher rates and less attractive terms.

Physicians with high credit scores have a very low risk of default on residential mortgages even if they have high debt, higher ratios and few assets. Hence, the doctor loan program was started to give physicians access to mortgages with great interest rates, no or very little money down required, and no mortgage insurance usually.

Loan Programs

There are seven different loan programs in the area, and all of them have different requirements. Below is a highlight of all of the mortgage products offered, but since changes occur frequently, please contact us for a contact to the banks directly.

First Citizens

  • Who can get a doctor loan? Eligible participants include dentists, senior hospital administrators (senior hospital executives; equivalent to CEO), medical interns, residents, fellows, and licensed physicians in the following designations: MD, DDS, OD, DP, DPM, DO, DMD, DCh. Eligible participants must be active, not retired.
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 10, 15, 20, 30 year fixed and 5, 7, 10 year ARM
  • What are your maximum loan amounts? 100% to $1M; 95% to $1.25M; 90% to $1.5M; 85% to $2M; 80% to $2.5M, 75% to $3M
  • Is there a minimum credit score requirement? 680
  • In which states can you lend? AZ, CA, CO, DC, FL, GA, KS, MD, MO, NC, NM, NV, OK, OR, SC, TN, TX, VA, WA, WI, WV
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? NO
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? YES for primary and second (with lower loan to value amounts) homes, condos, and new construction. NO for multi-family and mobile homes.
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? YES
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, there is no limit.
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • For more information, please contact: Marcus White, First Citizens Bank, 843.514.2733, marcussc.white@firstcitizens.com

First National

  • Who can get a doctor loan? MD, DO, Podiatrists, Dentists, and Veternarians
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 15, 20, 30 year fixed and 5, 7, 10, 15 year ARM
  • What are your maximum loan amounts? 100% financing up to $1.25M, 95% financing up to 1.5M, and 89.99% financing up to $2M
  • Is there a minimum credit score requirement? 700
  • In which states can you lend? FL, SC, GA, NC, VA, WV, MD, OH, TN, PA, DE, and DC
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? NO
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? YES, for primary residence only, condos, new construction loans. NO, for multi-family and mobile homes loans.
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? YES
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, the rule for all loans is 3% of the purchase price. The contribution cannot exceed closing costs.
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • For more information, please contact: Josh Feldman, First National Bank, 843.507.8213, feldmanj@fnb-corp.com

Regions

  • Who can get a doctor loan? MD, DO, DDS, DMD
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 15, 30 year fixed and 5, 7, 10 year ARM
  • What are your maximum loan amounts? 100% financing up to $750,000, 95% financing up to $1M
  • Is there a minimum credit score requirement? 700-720 depending on the loan amount
  • In which states can you lend? AL, AR, FL, SC, GA, IL, IN, IA, KY, LA, MS, MO, NC, SC, TN, and TX
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? NO
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? YES for condos and new construction, NO for multi-family and mobile homes
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? YES
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, up to 3% of the purchase price
  • Are gifts welcome from family members for down payment or closing cost assistance? YES, but borrower must contribute $1,000 from their own funds.
  • For more information, please contact: Katherine Sauls, Regions Bank, 843.518.8362, katherine.sauls@regions.com

Princeton

  • Who can get a doctor loan? MD, DO, DDS, DMD, PA, and others are available by request
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 15, 30 year fixed and 5, 7, 10 year ARM
  • What are your maximum loan amounts? 100% financing up to $1.5M, 95% financing up to $1.75M
  • Is there a minimum credit score requirement? 680
  • In which states can you lend? SC
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? NO
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? YES, for all property types EXCEPT mobile homes
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? YES
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, there is no limit.
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • For more information, please contact: Wes Sellew, Princeton Mortgage, 843.368.2124, wsellew@princetonmortgage.com

SouthState

  • Who can get a doctor loan? MD, DO (Doctor of Osteopathic Medicine), Dentists, Orthos (DDS / DMD) and Veterinarians
  • Do you offer 100% financing? YES, up to $1.25M
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 15, 30 year fixed and 7, 10 year ARM
  • What are your maximum loan amounts? $2.25M (condo max is 1.5M), new construction loan up to $1.25M
  • Is there a minimum credit score requirement? 700
  • In which states can you lend? SC, NC, GA, FL, VA, AL
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? NO
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? Primary residence and second home (up to 90% LTV), duplexes, as well as condos. Construction loan available for single family only.
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? YES, if deferred and in training
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, up to 3% of sales price
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • For more information, please contact: Jules Deas, SouthState Bank, 843.906.5296, jules.deas@southstatebank.com or Laurie Holscher, SouthState, 843.529.5825, laurie.holscher@southstatebank.com

TD

  • Who can get a doctor loan? MD, DO, DPM, DMD, DDS, fellows, 1st year residents only
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 30 year fixed and 5, 7, 10 year ARM
  • What are your maximum loan amounts? 100% financing up to $750,000, 95% financing up to $1.25M
  • Is there a minimum credit score requirement? 720 for a purchase price up to $750,000, 740 for a purchase price over $750,000
  • In which states can you lend? CT, DE, DC, FL, ME, MD, MA, NH, NJ, NY, NC, PA, RI, SC, VA, VT
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? YES, for practicing doctors, they must be 10 years out of residency or less.
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? YES, for primary residence only, condos, and multi-family. NO, for mobile homes and new construction loans.
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? NO, we will use the income based payment to qualify.
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, the rule for all loans is 6% of the purchase price.  The contribution cannot exceed closing costs.
  • Are gifts welcome from family members for down payment or closing cost assistance? YES, but for loan amounts greater than $750,000, borrowers must contribute 5% of their own funds first.
  • For more information, please contact: JB Belicka, TD Bank, 843.352.3522, jb.belicka@td.com

Truist

  • Who can get a doctor loan? MD, DO, DPM, DDS, DMD
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 15, 30 year fixed and 5, 7, 10 year ARM
  • What are your maximum loan amounts? 100% financing up to $1M, 95% financing up to $1.5M, 89.99% financing up to $2M
  • Is there a minimum credit score requirement? 660
  • In which states can you lend? AL, AR, CA, CT, DE, FL, GA, IN, KY, MD, MA, MS, NJ, NC, OH, PA, SC, TN, TX, VA, WV, and DC
  • Is there a requirement one has finished their residency or fellowship within a certain period of years? YES, there is a 15 year limit past residency/fellowship.
  • Can you use a physician loan for purchase and refinances? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile homes? New construction? Primary residence only. YES for condos, NO for multi-family, mobile homes, and new construction loans
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? NO, but we are able to use “income based repayment” for qualifying.
  • Can a spouse’s income be added to the application to increase the amount a couple can qualify for? YES
  • Can the seller contribute towards closing costs? Up to how much? YES, up to 3% of the purchase price with less than a 10% down payment.
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • For more information, please contact: Matt Holloway, Truist Bank, 843.509.7368, matt.holloway@truist.com or Matt Deerin, Truist Bank, 843.697.7278, matt.deerin@truist.com

FAQs

1.Rent or Buy?
People are delaying the decision to buy a home because they are not sure where prices are headed. If they buy and prices continue to soften, they feel that they will not have purchased at the optimal moment. They reason that, if they sit and wait, they can’t be hurt. This thinking assumes that a non-decision comes without consequence.

If a family continues to rent, they are looking at a housing expense which will rise with the market. Rental costs increase by 3% a year historically.

The price of anything is determined by supply and demand. As demand increases, the price of an item will increase unless there is an equal increase in supply.

At 95% capacity in our rental market right now, it is hard to find a place to rent, and who wants to move every year? Right now, it is considerably less expensive to own a home than rent in every part of the tri-county area except downtown Charleston.
2.Where are rental prices headed?
Going into 2023, we’re likely going to continue to see prices for rents kind of flatlining maybe from where they are right now. In normal markets and a typical year, average rental prices increase 3% each year.
3.Where are prices projected to go?
The CoreLogic HPI Forecast indicates that home prices will increase on a year-over-year basis by 2.8% from November 2022 to November 2023.
4.Where are mortgage rates today compare to yesterday?
The interest rate for a 30-year fixed-rate mortgage in the U.S. is expected to drop to 5.25% by the end of 2023, according to a forecast by the financial services website Bankrate. That’s 1.49 percentage points lower than the current rate, and nearly two percentage points lower than 2022′s peak rate of 7.12%.