5 Best Hidden Doctor Mortgage Loans in Alaska
Key Terms
- An Alaska physician mortgage loan comes with options for up to 100% financing.
- You’ll pay no private mortgage insurance (PMI) if you go with a physician mortgage, even if you’re putting 0% down.
- Doctor loan lenders treat student loan payments favorably by calculating based on income-driven repayment plans to make it easier to qualify for a mortgage.
Alaska is known to many as a cold state full of nothing but snow and long, long winter nights. As Alaskan residents know, the state actually has a lot more to offer than meets the eye. As America’s largest state, Alaska is home to the country’s largest national parks, longest coastlines, and some of the most breathtaking natural landmarks in the world.
For many, owning a home in Alaska may seem out of reach. Data from the Alaska Department of Labor and Workforce Development shows the average sales price for single-family homes is $388,648 as of 2021. Nonetheless, the state had one of the fastest growing rates of homeownership in the country between 2019 and 2020 at 3.4%.
Doctors and dentists who want to purchase a home in Alaska have the opportunity to participate in the state’s physician mortgage loan program. These programs allow the 2,000+ doctors in Alaska to purchase a house with a minimal down payment or none at all. Loan amounts, interest rates, and other lender rules will vary, so do your research in advance to find the best fit for you once you’ve located your dream property on the NMLS. The home buying process can help you start off in your new location based on a health care services role. Qualifying physicians moving to the state of Alaska can find a new home and finance it through the physician home loan process.
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Alaska physician loans: Weighing the pros and the cons
Doctor mortgages available in Alaska provide many professionals in the “Last Frontier” with the financing they need to purchase their primary home. As with any big financial decision, it is always a good idea to consider both the pros and cons before moving forward. Providers who have job offers as future full-time health care professionals can get a lot of benefits as borrowers when they understand the physician home loan opportunity.
Borrowers like new clinicians will have to provide their full contact information and the contact details for their new employer, too. Physician loans are a possible option for many different clinicians, such as those working in primary care, behavioral health, emergency care, and outpatient services.
What are some of the pros associated with Alaska physician loans? It makes for a pretty impressive list, and includes:
- Little or no money down
- Higher limits compared to conventional loans
- No Private Mortgage Insurance (PMI)
- Student debt will not impact your eligibility
There are some downsides to consider, too. These unique challenges might be outweighed by the benefits of purchasing real estate with a physician home loan. When deciding whether or not an Alaska doctor mortgage is right for you, remember that they can involve:
- Taking on more debt
- Higher allowable rates, on occasion
- A bank expecting that you will become a customer (i.e. open an account)
Given the high limits on these financial products, Alaskan doctors and dentists taking out these loans could potentially commit themselves to more house than they need or can adequately budget for.
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5 Best physician home loan lenders in Alaska
If you’re in the market for a home in Alaska, consider these physician mortgage loans that are available to state residents.