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 several 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.

Beacon

  • Who can get a doctor loan? MD, DO, Dentists (DMD or DDS), Master of Physician Assistant Studies (MPAS), Doctor of Nursing Practice (DNP)
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? Their loan product is an ARM.
  • What terms do you offer? 10 year ARM
  • What are your maximum loan amounts? 100% financing up to $2.5M and 89.99% financing over to $2.5M
  • Is there a minimum credit score requirement? 700
  • In which states can you lend? Primarily SC, but they consider neighboring states on a case-by-case basis
  • 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
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? Considered on a case by case basis
  • 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 up to 6% of the purchase price. 
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • For more information, please contact: Lance Mengel, Beacon Community Bank, 843.824.4196, lance.mengel@beacon.bank

First Citizens

  • Who can get a doctor loan? Eligible participants must be active, not retired and include, (but are not limited to), those with medical doctorate degrees, dentists, senior hospital administrators (senior hospital executive, equivalent to CEO), medical interns, residents, fellows, and licensed physicians in the following designations: Medical Doctors (MD), Dr. of Dental Surgery (DDS), Dr. of Optometry (OD), Dr. of Podiatric Medicine (DP), Dr. of Psychiatric Medicine (DPM), Dr. of Osteopathy (DO), Dr. of Dental Medicine (DMD), Dr. of Ophthalmology (MD), Dr. of Surgery (FACS), Nurse Practitioner (NP), Nurse Anesthetist (CRNA), and Physician Associates/Assistants (PA)
  • 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, marcus.white@firstcitizens.com

First National

  • Who can get a doctor loan? MD, DO, Podiatrists, Dentists, CRNAs, and Veterinarians
  • 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

Horizon

  • Who can get a DR loan? MD, DO, DPM, OMS
  • Do you offer 100% financing? YES
  • Do you offer fixed and adjustable rate mortgages? YES
  • What terms do you offer? 15 and 30 Yr Fixed, 5, 7 and 10 yr ARMs
  • What are your maximum loan amounts? 100% financing up to $1.5M, 95% financing up to $2M, and 90% financing up to $2.5M
  • Is there a minimum credit score requirement? 670
  • In which states can you lend? AL, AR, CT, GA, FL, LA, MS, NC, SC, TN, TX, VA
  • Is there a requirement one has finished residence or fellowship within a certain timeframe? NO
  • Can you use a physician loan for purchase and refinance? YES
  • Can the loan be used for primary residences only? Condos? Multi-family? Mobile Homes? New construction? Primary residence only, yes for condos and new construction (not construction to perm). 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 ratios? 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, and we allow non-occupant co-borrowers in some cases as well.
  • Can the seller contribution towards closing costs? Up to and how much? YES, up to 3% of the purchase price, not to exceed actual costs.
  • Are gifts welcome from family members for down payment or closing cost assistance? YES
  • If starting a new job, how soon can I close before my job start date? Within 90 days, or up to 6 months with additional reserves.
  • What are reserve requirements? Reserves are not required unless loan amount is over $2M or if closing is greater than 90 days from job start date.
  • Are non-permanent residents eligible? YES, most VISA types are permitted with expiration date greater than 6 months from home closing.
  • For more information, please contact Laura Joines at laura.joines@firsthorizon.com or 404.983.2848.

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? 30 year fixed and 7 year ARMs
  • What are your maximum loan amounts? $2.25M (condo max is 1.5M)
  • 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? Only for purchases
  • Can the loan be used for primary residences only? Yes. Condos? Yes. Multi-family? 1-2 family units. Mobile homes? No. New construction? Yes. Second homes up to 90% up to $1.25M; 85% up to $1.75M, and 80% up to $2.25M
  • 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: Laurie Holscher, SouthState, 843.529.5825, laurie.holscher@southstatebank.com

TD

  • Who can get a doctor loan? MD, DO, DPM, DMD, DDS, fellows, residents
  • 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 $1M, 95% financing up to $1.5M, 90% financing up to $2M
  • 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 and warrantable condos. NO, for mobile homes, multi-family homes, non-warrantable condos, and new construction loans.
  • Do you require PMI (private mortgage insurance)? NO
  • Can student loans be excluded in the debt to income ratio? YES, if there are payments that will not begin at least 12 months after loan closing. Otherwise, they use an income based payment.
  • 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, so long as the minimum borrower contribution has been met. If the borrower elects to do 100% financing, then there is no minimum contribution.
  • For more information, please contact: JB Belicka, TD Bank, 843.352.3522, jb.belicka@td.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 2025, we’re likely going to continue to see prices for rents remaining steady 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 2.3% from September 2024 to September 2025.
4.Where are mortgage rates today compare to yesterday?
The Mortgage Bankers Association predicts that mortgage rates will fall from 6.5% in the third quarter of 2024 to 5.9% in the third quarter of 2025, and will remain close to that level for the rest of the year.