Key Terms
- Idaho’s physician mortgage loans offer high-income medical professionals no down payment and favorable terms, making homeownership more attainable.
- While these loans provide the opportunity to build a strong relationship with lenders, they may also involve higher interest rates than conventional mortgages.
- Doctors like Richard and Tammy illustrate how Idaho’s physician loans can offer financial flexibility, avoiding the need to liquidate investments.
Idaho, famously dubbed the “Potato State” and the “Gem State,” captivates high-income professionals with its stunning landscapes and thrilling adventures. Whether exploring the majestic Yellowstone National Park or the rugged Hells Canyon National Recreation Area, Idaho offers a perfect mix of natural beauty and outdoor excitement.
Idaho, especially Boise, continues to be one of the most important housing markets in the U.S. Economists believe that Boise will rise about 9% in the coming year, from 2021 to 2022, while the state’s home sales also climb around 10%. The area’s home prices have been surpassing for several years, exceeding predictions.
The state is also home to over 3,500 doctors, according to the Association of American Medical Colleges. For doctors and dentists considering purchasing a home in any part of the state, Idaho’s healthcare professionals mortgage loan program could be the perfect way to do so. For qualified medical professionals, this could mean a beneficial loan with no down payment requirements or minimal prerequisites.
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Best and worst features of Idaho physician mortgage loans
If you are here to learn about physician mortgage loans, you may want to learn about any pros and cons that come with these financial products. The pros are pretty substantial, and include:
- No PMI payments
- High loan limits
- Special consideration for student debt
- Zero money down, in many cases
Entering into an Idaho physician mortgage loan can also lead to a long-term relationship with the bank that extends the loan to you. This relationship can support you in many ways for years to come.
Of course, some might consider a long-term relationship with a bank a burden. To that end, there are some cons involved in physician mortgages. These include the increased possibility of buying “too much house” with the higher limits available with these loans, as well as higher interest rates in comparison to some conventional loans.
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Is an Idaho physician mortgage loan a good idea for you?
At this point, you may be wondering whether or not a physician mortgage loan is the right fit for you and your lifestyle. Start by taking a close look at your career. Are you in a job to which you will stay committed for years to come? In that case, the commitment of a doctor mortgage may work out.
How do you feel about paying a higher rate for financing? This can add up over time, but it does come with a range of benefits, as illustrated above. One aspect of a doctor mortgage that some consider a benefit is the potential of a long-term relationship with a financial institution. Is this something that you and/or your practice can benefit from? Then an Idaho physician mortgage loan may be a great option for you.
Examples of doctors who take out physician loans in Idaho
The following examples describe just some of the doctors who are taking out physician loans in Idaho. Reviewing them can help you get to know the process and also help you determine whether a doctor mortgage suits you.
A doctor who gets the best rate via a doctor mortgage
Many times, doctor mortgages in Idaho can come with rates that are somewhat higher than those associated with conventional loans. Richard, however, has heard about a bank in the Idaho Falls area that is offering rates on doctor mortgages that are comparable to ones in the conventional home loan space. The bank is extending such impressive terms because it understands the value a doctor like Richard can bring to their institution over time. Richard decides to take advantage of this low rate and take out a doctor mortgage.
A dentist who prefers investments
Tammy runs a dental practice in Boise and business is booming. She has been able to invest some money towards her future and her income is more than respectable. She is looking into buying a home, but the only way she can make a down payment for a conventional loan is by liquidating some of her investments. A doctor’s mortgage in Idaho gives her another option, allowing her to finance a home and maximize her leverage.
Looking for a physician loan in a different state?
If you’re looking to explore the best physician loans in other states, click on your state below.