8 Best Hidden Doctor Mortgage Loans in Iowa
Key Terms
- Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
- A Iowa physician mortgage loan comes with higher loan limits and options for up to 100% financing.
- Benefits of these loans include no private mortgage insurance.
Iowa is a classic part of the American Midwest, offering a number of things for people to see and do, including the Grout Museum and the Des Moines Art Center. Known as the “Hawkeye State,” this landlocked state is bordered by Wisconsin, Illinois, Missouri, Nebraska, South Dakota, and Minnesota, and was the 29th state to join the Union on December 28, 1846.
Doctors comprise a good section of the Iowan population, with almost 7,000 doctors currently living and working in the state. For many physicians and professionals, owning a new home in Iowa may seem out of reach for various reasons.
Data from the Iowa Association of Realtors shows the average sales price for single-family homes is $224,000. At this time, homes in Iowa are averaging 32 days on the market which means that they are being sold at a 20% higher rate than last year.
The Iowa doctor loan program may help doctors, dentists and sometimes veterinarians planning to buy or refinance a home in the state to qualify for easier terms. That may include minimal down payment requirements and, in some cases, none at all.
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Pros/Cons of Iowa physician mortgage loans
Why do doctors in Iowa decide to take out physician mortgage loans? These financial products offer a wide range of “pros” in their favor, including:
- Little to no money down required
- No PMI payments
- High loan limits
Lenders that offer doctor mortgages also often give special consideration to student loan debt. Student loan repayment is a common issue with highly-trained healthcare professionals and can prevent them from getting conventional loans.
What are some “cons” working against physician mortgage loans? Higher limits on a loan can drive a borrower to spend more on a house than he or she should. These products also often require that a borrower open an account with the lending bank. Finally, in some cases, a doctor mortgage can have an interest rate that is higher than those offered with conventional mortgages.
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8 Top physician home loan lenders in Iowa
If you’re ready to learn more about the best physician mortgage lenders in Iowa, here are the top options we’ve found through our research.