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

What you need to know:

  • A physician mortgage loan in South Carolina can help doctors and other medical professionals buy a new home, often with no down payment.
  • Physician home loans don’t require private mortgage insurance, potentially saving you thousands each year.
  • Eligible borrowers can close on their dream home before starting their new position or residency with an acceptable employment contract.

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 2021 annual report from South Carolina REALTORS, the median home sales price saw an overall increase of 13.8% last year. Meanwhile, the number of homes available for sale decreased by almost one-third.

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.

Get Quotes for Your Doctor Mortgage

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