13 Best Hidden Doctor Mortgage Loans in Illinois
Key Terms
- An Illinois 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.
Going by quite a few nicknames, including “Land of Lincoln,” “Prairie State,” and “The Inland Empire State,” Illinois offers a diverse array of things to those looking to come to this state. From professional sports teams to the architectural masterpieces of Chicago and the shoreline along Lake Michigan, Illinois has something for everyone, including the 36,000 doctors living in this midwestern state.
Statewide home sales in Illinois for May of 2022 were over 16,100 homes sold. That’s about a 10 percent decline from the same time in May of 2021. However, it only took 24 days on the market, on average, for homes to sell. Another important factor when considering real estate in Illinois is the value of homes. Statewide mediums were up 6.2 percent to $276,000, according to the Illinois Realtors Association.
For those who are doctors or dentists and considering the purchase of a home here, the Illinois physician’s mortgage loan program may offer a way to do so affordably, including with minimal or no down payment requirements for that great property found on the NMLS.
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Physician mortgage loans pros/cons in Illinois
What are some of the pros and cons involved in Illinois physician mortgage loans? Familiarizing yourself with all aspects of these loans can help you decide whether or not to move forward with a doctor mortgage. It’s a great way to get into homeownership, but keep that future mortgage payment in mind, too.
For medical residents and new medical school graduates, it’s unlikely you have saved enough to set aside a big down payment. It’s hard to qualify for a traditional loan with your high student loan amounts often needed for medical school, either. Medical doctors can use physician mortgage loans to expand their purchase and low down payment options.
The pros offer a lot, especially to doctors, dentists and other professionals who are still carrying debt from their studies. With a doctor mortgage in Illinois, you can benefit from:
- No PMI payments, saving you a significant amount;
- High loan limits that widen the pool of houses from which you can choose a home;
- 100 percent financing, or no money down
For some, the downsides may outweigh these advantages. Going with an Illinois physician mortgage loan means that you may have a higher interest rate on your financing, for one. It is also easier to potentially buy a more expensive house than you can necessarily afford, given the high limits on these loans. You may also need to open an account with your lender, adding yet another financial commitment to the mix.
Be prepared for repayment amounts and factor that carefully into your budget. Despite these cons, many Illinois professionals still decide to move forward with physician loans, enjoying the favorable treatment of student debt and other “pros.”
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13 Top Illinois physician home loan lenders
If you’re ready to learn more about the best physician mortgage lenders in Illinois, here are the top options we’ve found through our research.