9 Best Hidden Doctor Mortgage Loans in Kansas
Key Terms
- Higher loan limits with potential 100% financing in some cases give borrowers more options.
- Professionals with student loan payments get special consideration of this debt under physician mortgages.
- Physician mortgages don’t require PMI, even with no down payment.
Often referred to as the “Sunflower State” or the “Wheat State” and famous for its vast plains, Kansas actually has a lot more to offer than meets the eye. Kansas is home to a number of national trails and landmarks, including portions of the Oregon National Historic Trail and the Pony Express National Historic Trail.
Data from the Kansas City Regional Association of Realtors shows the average sales price for single-family homes is $342,837. Homes tend to be on the market for about 19 days and sell for 103.6% of the asking price.
If you are a dentist or a doctor considering a home purchase, a Kansas physician mortgage loan program may offer the tools needed with its low down payment requirements and in some cases, no down payment opportunities. That could make it easier for the 6,380 working physicians living in the state to find a home since traditional mortgage loans or refinance options might not apply for new healthcare professionals. If you use your employment contract once you found somewhere you’d like to buy on the NMLS, you might be able to get a physician home loan with many upfront benefits.
If you’re interested in exploring physician loans, keep reading to see their advantages and disadvantages as well as the lenders that offer these programs. If you’re looking for your first home out of medical school or residency, knowing the loan terms is important for getting the full benefits of these programs.
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Kansas physician mortgage loans: The upside and downside
Taking out a Kansas physician mortgage loan brings with it a pretty significant upside. You can access higher limits, for one, allowing you to select for a wider range of Kansan homes. You also receive special treatment for your student debt, giving you a much easier approval process than you might have with a conventional loan. Perhaps most importantly, a physician mortgage loan does not require that you pay PMI, and you can often receive 100 percent financing on a home.
Are there any downsides? A few, depending on your perspective. The lender may ask that you also open an account with their bank. Some might think that positive, but others might consider it an unnecessary, additional burden. You may also need to pay a higher interest rate on your loan, which can add a few dollars to your overall costs.
Finally, be careful not to buy “too much”; higher limits for a doctor loan can sometimes cause borrowers to invest in more new home than they really need. When choosing from physician home loans, make sure you’ll be able to cover repayment responsibilities in the future.
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9 best doctor mortgage lenders in Kansas
If you’re ready to learn more about the best physician mortgage lenders in Kansas, here are the top options we’ve found through our research.