11 Best Hidden Doctor Mortgage Loans in Delaware
Key Terms
- Higher loan limits with potential 100% financing in some cases give borrowers more options.
- Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
- Doctors and other professionals can enjoy no PMI with these mortgages.
Known to many as the Blue Hen State or the Diamond State, Delaware was one of the original thirteen colonies and the first state to ratify the Constitution. Given that, it’s not surprising that some call it by yet a third nickname, the First State!
These days, one of Delaware’s most appealing characteristics is its business-friendly laws and tax structures. That’s why over half of the businesses on the New York Stock Exchange call it home. Over 2,800 doctors also call it home— a significant number in a state with an adult population that doesn’t even reach 300,000.
Whatever job you may have, many may believe that owning a home in Delaware may be unattainable. Data from Delaware Online shows the average sales price for single-family homes is currently $345,000. This includes the fact that 58.6% of the homes sold above the listing price, which is a 125% increase when compared year over year. Many places in Delaware offer great real estate options, such as New Castle or Dover. No matter where you’re moving, however, medical professionals might need help with getting a doctor loan.
For doctors and dentists who wish to buy a home in Delaware, the physician mortgage loan program may offer the help and guidance needed, even allowing you to purchase a loan with a minimal down payment and, in some cases, none at all.
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Top reasons to consider a Delaware physician mortgage loan
A physician mortgage loan can be a great option for any doctor or professional. It’s a big commitment, however, so before entering into this financial agreement, make sure to weigh the pros and the cons.
What are some of the pros? To start, many find the fact that you don’t have to put any money down on these loans in many scenarios very appealing. There is also the fact that you are exempt from making PMI payments with these types of loans. For professionals who incurred a lot of student debt during their education, there is also the fact that student debt is dealt with very favorably in a physician mortgage loan.
If you have a lot of student loan debt, that doesn’t count against you as much when qualifying for physician home loans. If you have a good job offer with great pay, the monthly payments from a doctor loan may be accessible to you, all the while giving you the right benefits in the short term to take out that loan.
For most people in residency programs, the pay is limited. During this training period, it’s hard for someone to build up a nest egg to cover a down payment. Then there’s the issue of using credit cards and the impact of high student loan debt factoring into your credit score, too. Qualifying for traditional loans can feel impossible for plenty of medical professionals, including nurse practitioners and physician assistants still in their training stages.
Of course, there are downsides as well. One downside is that these loans come with higher limits; while that may be a pro to many, in some situations, it may drive a borrower to purchase more house than they can really afford. Finally, these loans can come with a higher rate than other financial products, so you may be paying more in interest than you like.
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11 Best physician home loan lenders in Delaware
If you’re ready to look over the best doctor mortgage lenders in Delaware, here are some options to consider.