20 Best Hidden Doctor Mortgage Loans in Florida
- Physician mortgages don’t require PMI payments and can involve little to zero money down.
- A Florida physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Borrowers can enjoy favorable treatment of student loan payments, streamlining qualification for a loan.
Known to many as the “Sunshine State,” Florida is a sunny and diverse peninsula located between the Atlantic Ocean and the Gulf of Mexico. The state is home to a number of famous attractions, including Walt Disney World, Sea World, and the beautiful natural world of the Everglades.
The latest data shows that year-over-year, Florida had the highest home price gain in May of 2022, totaling a significant 33.2 percent increase. In fact, Florida has seen an increase of 78% in the value of homes over the past five years.
Even for the over 56,000 doctors in the state of Florida, purchasing a home can be intimidating, given these numbers. As an alternative to conventional mortgages, it may be possible for doctors, dentists and other professionals to take advantage of the state’s physician mortgage loan program. For those that qualify, this could eliminate the need for a down payment to buy a home in the state of Florida.
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Advantages and disadvantages of physician mortgage loans in Florida
Given the high prices for homes in Florida, you will be entering into a serious financial commitment when you take out a physician mortgage loan. For that reason, it’s important to first weigh the pros and cons involved. Unlike a refinance, a physician home loan is used to buy new property. Healthcare professionals use this to avoid having to save substantial down payments, which can be very difficult during residency. Many residents or early career physicians leverage their job offer to help qualify for home ownership with mortgage lenders through special physician home loans.
The list of pros related to doctor mortgages is impressive and includes:
- 100% financing or $0 down payment, in some cases
- Higher loan limits
- No PMI, or private mortgage insurance
- Traditional loans like an FHA might not be an option for you as a medical resident.
Also, banks and lenders who offer doctor mortgages to professionals give special consideration to student debt. Since many professionals such as doctors incurred a good deal of debt during their education, this can be a very significant “pro.”
There are cons involved, too, including:
- Higher limits can cause people to purchase homes that are beyond their means
- At times higher interest rates
- You’re signing up for a monthly payment on that mortgage
- Refinancing the mortgage might not make sense in a rising interest rate environment
Of course, if you do take out funds through a doctor loan program, you will likely have a long-term beneficial relationship with the bank. This can be seen as a pro by most, but some might not want to commit, including the potential of having to open an account with a bank.
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20 Top Florida physician home loan lenders
If you’re in the market for a home in Florida, consider these physician mortgage loans that are available to state residents.