13 Best Hidden Doctor Mortgage Loans in Georgia
Key Terms
- A Georgia physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
- Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.
Referred to by various people as both the “Peach State” and “The Empire State of the South,” Georgia was one of the original 13 colonies and offers a number of various landscapes from the mountains in the west to the coast of the east.
The Appalachian Trail also runs through the state, and Georgia is home to a number of professional sports teams, including the Atlanta Braves in baseball and the Atlanta Falcons in football.
All of this adds up to make the Peach State an appealing place to live, including over 24,000 active physicians. For many, however, including doctors, owning a home in Georgia may seem out of reach. Data from the Georgia Realtors shows the average sales price for single-family homes is $352,069 as of 2021. The median sales price of a single-family home in Georgia increased by 18% from 2020 to 21021.
If you are a doctor or dentist living in Georgia or planning to buy a home here, the physician mortgage loan program present in the state may allow you to do so with a very low – or even nonexistent – down payment.
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Reasons to consider a doctor mortgage loan in Georgia
Before deciding on any mortgage, including a physician mortgage, take the time to weigh some of the pros and cons. In the future, your paycheck might be plenty to cover the mortgage payment on your new home. But getting access to that new home now is a challenge because you don’t have the down payment needed.
For physicians who don’t own an investment property or other home, you don’t have a place to refinance and get funds for that down payment, either. When refinancing and traditional loan options are off the table, you need an alternative way to get the funding for that dream property you found on the NMLS.
If you’ll be starting your new job in one year or less, you might be able to get that new home through a physician loan.
What are the pros that come with a Georgia doctor mortgage? They include:
- Little to no down payment (i.e. up to 100% financing)
- Limits that are much higher than those available with conventional mortgages
- No PMI (Private Mortgage Insurance)
- Special treatment of student debt
There are cons with these loans, including:
- Taking on additional debt, making loan repayment difficult
- Possibly buying “too much house” with the higher limits
- Higher interest rates, at times
Also, remember that your lender may well want you to open an account with them. Whether this is a pro or a con, depends on your perspective.
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13 Best Georgia physician home loan lenders
If you’re ready to check out the top physician mortgage lenders in Georgia, here are the best options we’ve found through our research.