5 Best Hidden Doctor Mortgage Loans in Hawaii
Key Terms
- A Hawaii physician mortgage loan, or “doctor mortgage,” comes with high loan limits and up to 100% financing, in some cases.
- Lenders often extend favorable treatment to student loan payments 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, resulting in smaller mortgage payments.
Called “The Aloha State” by some and the “Paradise of the Pacific” by others, Hawaii was the last state to enter the United States, but is a favorite to many. This archipelago consists of 137 volcanic islands and sits off the West Coast of the United States in the Pacific Ocean. According to the Association of American Medical Colleges, there are 4,462 doctors living in the state of Hawaii.
For many, including healthcare providers, owning a home in Hawaii may seem out of reach. Data from the Hawaii Association of Realtors shows the average sales price for single-family homes is $505,500 on the main island. If you are looking for a home on the island of Kaua’i, the average sales price for a single-family home jumps to $1,028,000.
Taking advantage of this market could be your goal. If so, and you are a medical doctor, a Hawaii physician mortgage loan program could help you to do so affordably. These programs may require a very low down payment, or even no down payment, too.
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Pros/Cons of doctor mortgage loans in Hawaii
Hawaii physician mortgage loans could provide the edge you need to make a home purchase in the Aloha State’s complex real estate market. Before you commit to one of these loans, however, take a minute to consider both the pros and the cons.
The pros associated with Hawaii physician loans are many and include:
- Little to no down payment required
- Higher mortgage limits for more purchasing power
- No private mortgage insurance required, resulting in lower monthly payments
- Favorable consideration of student debt
With all those pros there are some cons to keep in mind. More purchasing power can cause borrowers to purchase “more house” than they can afford, for example. These loans can come with higher interest rates in some cases, as well. Also, a financial institution offering one of these products may also require that you enter into a secondary relationship with them by opening an account.
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5 Top Hawaii physician home loan lenders
If you’re in the market for a home in Hawaii, consider these physician mortgage loans that are available to state residents.