5 Best Hidden Doctor Mortgage Loans in Idaho
- An Idaho physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Student loan repayments 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.
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.
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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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5 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.