9 Best Hidden Doctor Mortgage Loans in Connecticut
Key Terms
- Borrowers can enjoy favorable treatment of student loan payments, streamlining qualification for a loan.
- A Connecticut physician mortgage loan comes with high loan limits and don’t require private mortgage insurance (PMI) even with a 0% down payment.
- Some programs allow you to qualify based on a signed contract or offer letter, even before you’ve started working.
Known as the Constitution state, Connecticut is the southernmost of the New England states. With its proximity to the New York metro area, lush, green suburban areas and quality schools, it has become an attractive place for professionals of all types, including doctors. In fact, there are over 12,000 doctors in the Constitution state.
For many, owning a home in Connecticut may seem like a challenge. Data shows the average sales price for single-family homes in Connecticut is $399,142 per the Eastern Connecticut Association of Realtors. In Connecticut, 64% of the residents own their homes, whereas 36% are renters.
Doctors and dentists who want to purchase a home in Connecticut may be able to participate in the state’s physician mortgage loan program. This could mean, as a qualified buyer, you could buy a home here with a lower down payment or even no down payment.
Show Me Lenders
Perks of Connecticut physician mortgage loans
While the Connecticut housing market may not be as brutal as some, it is still competitive, and keeping an eye out for great financial products that can help you buy a home is important. If you are considering a physician mortgage loan, it can be a good idea to take a look at some of the pros and cons that come with this type of loan.
The pros of a physician mortgage loan are impressive and include:
- Little or zero money down
- High loan limits
- Special consideration for student debt
- No PMI
Additionally, lenders may sometimes offer loans based on a contract that you have signed, even if you have yet to start the job; in some cases, you may be able to get a loan 90 days before you actually start a new job.
Those pros are great, but there are some cons to consider, including:
- Higher limits can lead you to buy a more expensive house than you should
- Higher interest rates
The banks that extend these loans may also want you to establish a long-term relationship with them, meaning you will need to open a savings, checking or investment account with that financial institution. If you’re not careful, you might end up with a mortgage payment that’s too high for you to keep up with on a regular basis.
Do you research and calculate your other expenses, too, so that you can feel confident about your mortgage payment from your future paycheck. As a first time homebuyer, working through the physician loan process is quite different from buying another kind of home, so make sure you read through all the different requirements and disclosures associated with physician home loans.
Get Quotes for Your Physician Loan
9 Best Connecticut physician home loan lenders
If you’re ready to check out the top physician mortgage lenders in Connecticut, here are the best options we’ve found through our research.