Doctor Loan Programs
/What different Banks offer to doctors via Doctors Loans in Charleston?
Each offers up to 100% financing, but the devil is always in the details. Depending on your circumstance, make sure each loan program fits your specific needs based on the amount you need to purchase, the amount you need to loan, your credit score or even the type of property you intend on purchasing.
South State Bank
Offers mortgage loans to medical physicians, dentists and veterinarians.
There is NO requirement that doctors have completed their residency or fellowship within the last 10 years.
Mortgages are available for purchases and refinances.
Construction loans up to $453,100 with 10% down.
They offer 5/1 and 7/1 ARMS.
Loan terms are for 30 years.
No private mortgage insurance (PMI)
100% financing is available.
Maximum loan amount is $750,000 for 100% financing. Maximum loan amount is $1,000,000 for 95% financing. Exceptions are made for some scenarios.
Student loans are not included in the debt to income ratio.
If a spouse is working, their income can be included to increase the maximum loan amount for which the couple can qualify.
Seller can pay closing costs up to 3%, or it can come as a gift as well.
This loan is for primary residences only, single-family residences and attached and detached condos. One cannot buy more than one unit, no mobile homes, and no rural homes.
Minimum credit score is 700 for loan amounts less than $453,100. Minimum credit score is 720 for loan amounts greater than $453,100. Exceptions are made for some scenarios.
Eligible states for this loan are South Carolina, North Carolina, Georgia and Virginia.
Sun Trust Bank
Offers mortgage loans to physicians, dentists, and podiatrists (degree must be MD, DO, DDS, DMD, or DPM).
There is a requirement that doctors have completed their residency or fellowship within the last 10 years.
Mortgages are available for purchases and refinances.
They offer fixed and adjustable rate mortgages.
Loan terms are 3,5,7, and 10 year ARMS, as well as 15 and 30 year fixed.
No private mortgage insurance (PMI) required.
Up to 100% financing is available.
For MD or DO residents, interns and fellows, the maximum loan amount is $750,000. For practicing physicians who want 100% financing, the maximum loan amount is $750,000, 95% financing for a maximum loan amount up to $1,000,000, and 89.9% financing for a maximum loan amount up to $1,500,000. Individual qualifications are based on each borrower's income and debts.
Student loans may be excluded in the debt to income ratio.
If a spouse has employment, they can be added to the application to potentially increase the maximum loan amount for which the couple can qualify.
Seller can pay closing costs up to 3%. Gifts are also eligible from family members in many situations.
This loan is for primary residences only. Condos can only be financed up to 95%. Multifamily (duplexes, triplexes, quadplexes) and mobile homes are ineligible. Construction loans are not available under the program.
Minimum credit score for 100% financing is 720, but they make exceptions down to 660.
Eligible states for this loan are Alabama, Arkansas, Delaware, Florida, Georgia, Maryland, Mississippi, *New Jersey, North Carolina, *Pennsylvania, South Carolina, Tennessee, Virginia, District of Columbia, and West Virginia
*New Jersey Counties that qualify: Bergen, Cape May, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union
*Pennsylvania counties that qualify: York, Dauphin, Cumberland, Perry and Pike Counties
First Citizens
Offers mortgage loans to medical professionals residing in AZ, CA, CO, DC, FL, GA, KS, MD, MO, NC, NM, OK, OR, SC, TN, TX, VA, WA, WI, and WV.
There is NO requirement that doctors have completed their residency or fellowship within the last 10 years.
Eligible participants include dentists, senior hospital administrators (senior hospital executive equivalent to CEO), and medical interns, residents, fellows, 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 (DCh). Eligible participants must be active, not retired.
Mortgages are available for purchases and refinances. They also do loans for second homes and construction loans up to 90% with no private mortgage insurance (PMI).
They offer fixed rate, 5/1, 7/1 and 10/1 ARMS on a 30 year amortization and 10, 15, 20, 25 and 30 year fixed mortgages.
No private mortgage insurance (PMI) is required.
100% financing is available.
Spouse’s income can be used to qualify.
There is no limit to how much the seller can contribute towards buyer's closing costs.
Condos are considered on a case-by-case basis.
Can have up to 4 financed properties to qualify.
If borrower is a new resident, a copy of the employment contract is required.
Do allow an LLC to hypothecate the mortgage; however, the individual must sign the note.
Regions
Regions offers mortgage loans to MDs, Doctor of Dental Medicine (DMD/DDS) or Doctor of Osteopathy (DO) with less than seven years in practice.
There is NO requirement that doctors have completed their residency or fellowship within the last 10 years. Doctors who have been self-employed for a minimum of 3 years are eligible. For self-employed physicians, income will be averaged based upon the most recent two years business and personal tax returns.
Mortgages are available for purchases only.
Regions offer fixed rate and ARMS. Available ARMS are 5/1, 7/1 and 10/1 years. Loan terms are 30 years for ARMS.
Loan terms are 15 and 30 year for fixed rate mortgages.
Regions offers a 30-year fixed biweekly loan product – the rate is 0.125% lower than for the monthly payment programs.
No private mortgage insurance (PMI)
100% financing is available.
For loan amounts less than $650,000, 100% financing is available. For loan amounts up to $750,000, 95% financing is available.
Student loans are not included in the debt to income ratio with sufficient documentation supporting that the student loans are currently in deferment/forbearance.
If a spouse is working, their income can be included to increase the maximum loan amount for which the couple can qualify.
Seller can pay closing costs up to 3%. If a gift is involved, the buyers must contribute a minimum of $1,000 towards the transaction.
This loan is for primary residences only, single-family residences, and attached and detached condos. One cannot buy more than one unit, no mobile homes, no rural homes unless one has a substantial down payment, and no construction loans.
Loan amounts less than $417k only require a 700 credit score. All other programs require 720.
Residents entering the medical profession are required to have a copy of the executed written agreement as evidence of employment or future employment.
Eligible states for this loan are Alabama, Arkansas, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, South Carolina, Tennessee, Tennessee, Texas and Virginia.
What Is The Next Step?
1.) Pre-approval with a Bank
Whether you want to go Doctors loan or conventional financing, the first step is to understand how much a bank will loan you to be able to purchase.
2.) Schedule a Time to Meet
Next, you’ll want to talk to an area expert (hopefully me) that will be able to guide you through not just the basic how-tos, but lend advice on areas and educate on the process.
3.) Begin Your Search
The fun part! Once we are armed with a pre-approval and some basic knowledge of how to purchase, we get to start actively seeing homes, opening doors and making offers!
4.) There’s an APP for That
Updated 24/7 with the entire MLS. Or simply search ‘Gentry Todd’ in your app store
