11 Best Hidden Doctor Mortgage Loans in Colorado
Key Terms
- A Colorado physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Doctors and other professionals can enjoy no PMI with these mortgages.
- You can qualify for higher loan amounts than might otherwise be available when you use a doctor mortgage.
Colorado is the 8th largest state in the United States and home to nearly six million people, including its fair share of doctors, with the latest count showing almost 17,000 physicians in the state.
With so many people calling Colorado home and the steady influx of people into the state, we’ve seen a steady increase in housing prices. The Denver Post is reporting the latest average sales price at $415,000, making it significantly more than the nation’s average.
For the doctors and other professionals hoping to buy real estate in Colorado this year, a doctor mortgage may make the process more affordable since most physician loans do not require private mortgage insurance (PMI) and many programs offer low and no down payment options. Medical doctors can benefit from a physician mortgage loan for their primary residence due to several advantages not offered by regular loans.
If you’re considering a doctor mortgage in Colorado, read on to understand the pros and cons, as well as the list of physician loan lenders in Colorado that we uncovered during our research.
Show Me Lenders
Reasons to consider a Colorado physician mortgage loans
A “doctor mortgage” or physician mortgage loan can be an excellent choice for any doctor or professional living and working in Colorado. It can allow you to purchase a home without a large down payment, for one; in fact, many doctors receive 100 percent financing on their loans. Once you get a great job offer and find a great place to live on the NMLS, most doctors don’t want to be hindered by the traditional challenges borrowers face with regular loans. That’s why they choose to turn to physician home loans instead. This helps health care professionals get a leg up on their perfect property with a loan to buy the home now with different rules than traditional loans. Doctor loans can make sense when you’re sure you can cover the repayment amount in the future.
Homeownership is often a challenge for new doctors who don’t have a first residence to refinance, possibly high credit card balances, and significant student loans taken out to pay for medical school. Much like other loan offerings, monthly payments do kick in, so it’s important to balance those future monthly payments in during your home buying process. The loan process looks somewhat different for physician mortgage loans.
These loans also exempt you from making PMI payments— an additional cost that comes with conventional loans. Doctors in Colorado who are also burdened by a good deal of student debt from undergrad and medical school receive favorable treatment of this debt, making it easier to qualify for the loan. .
There are some downsides that can come with these financial products. These include higher interest rates and the possibility that you might purchase more house than you can afford, since these loans come with higher limits than conventional mortgages. The lender may also require that you open an account with them in order to establish a long-term relationship.
Get Quotes for Your Physician Loan
11 Top doctor home loan lenders in Colorado
If you’re in the market for a home in Colorado, consider these physician mortgage loans that are available to state residents.