4 Best Physician Mortgage Loans in Idaho

Located in the Northwest portion of the United States and bordering Montana, Washington, Oregon, Wyoming, and Canada, Idaho is known to many as the “Potato State” or the “Gem State.” This stunning mountain state is home to a number of beautiful National Parks and National Recreation Areas, including Yellowstone National Park and Hells Canyon National Recreation Area.

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 grow around 10%. The area’s home prices have been growing for several years, topping expectations. 

The state is also home to over 3,500 doctors, according to the Association of American Medical Colleges. For doctors and dentists thinking about buying a home in any part of the state, Idaho’s physician mortgage loan program could be the ideal way to do so. For qualified healthcare professionals, this could mean an affordable loan with no down payment requirements or minimal requirements. 

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.

4 Top Idaho physician home loan lenders

Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.

Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

• 0% down payment up to $1 million
• 5% down payment up to $1.25 million
• 10% down payment up to $2 million
• Maximum financing up to $2 million
• Eligible degrees are: MD, DO, DDS, DVM or DMD
• Residents are eligible
• Minimum credit score is 700
• 2 months reserves required (6 months for jumbo loans) – reserves can be held in bank or investment accounts
• Gift funds for down payment are OK
• 30-year and 15-year fixed-rate mortgages
• ARMs available in 7/6, 10/6 or 15/6 terms
• Can close on the strength of a new employment contract without paystubs
• No private mortgage insurance
• No prepayment penalty

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

Citizens Bank

Citizens Bank is one of the largest banks in the Untied States. I bet you didn’t know that it’s headquartered in the smallest state: Rhode Island. With over $160 billion in assets, it’s no surprise that Citizens offers a full range of financial products, including a physician loan.

We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:

• 5% down up to $850,000
• 10% down up to $1,000,000
• Practicing licensed medical doctors (MD and DO), dentists (DDS and DMD), residents and research physicians are eligible
• Licensed residents, fellows and interns can borrow a maximum of $600,00 (or $400,000 if unlicensed)
• No more than 10 years out of residency
• Self-employed professionals are eligible with a two-year history of self-employment income
• New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible
• No private mortgage insurance
• 40% max debt-to-income ratio
• Student loan debt that’s deferred for more than 12 months from the date of closing can be excluded from DTI calculations
• Construction-to-permanent loans available with a maximum of 89% financing
• Fixed rate or adjustable-rate mortgage options
• Interest-only option on certain adjustable-rate mortgage options (max financing at 89%)

When you’re ready to connect with a loan officer experienced in doctor mortgages, use our form to quickly match with eligible loan programs based on your specific circumstances.

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.