10 Best Hidden Doctor Mortgage Loans in Kentucky
Key Terms
- A Kentucky physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.
- Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
Kentucky is known as the “Bluegrass State” and was the 15th state to join the United States on June 1, 1792. It is also home to the world’s largest cave system known as Mammoth Cave National Park, as well as some of America’s favorite pastimes, including horse racing and bourbon. This landlocked state is bordered by Ohio, Indiana, Tennessee, West Virginia, Virginia, Illinois, and Missouri and is home to over 10,000 working physicians.
The Kentucky housing market has shown significant strength over the last five years. According to the Kentucky Realtors Association, the housing market doubled in value over a span of five years. For the year, the state has 57,100 homes sold, nearly 2,000 more than the previous year. Sales volume broke records by the end of last year reaching $14.3 billion in sales.
For those who are doctors and dentists and thinking about buying in the state, the Kentucky physician mortgage loan program may be an opportunity to do so affordably. The program allows qualified professionals to secure a loan without a down payment requirement or a small one.
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Pros/Cons of Kentucky physician mortgage loans
Going with a Kentucky physician mortgage brings a lot of assets into the mix. When you take out a doctor mortgage in Kentucky, you can enjoy:
- Higher loan limits that allow you to afford “more home”
- No PMI payments
- Little to no money down required
You also will likely receive special consideration of your student debt; that means that your approval process will be much easier than it might be with a conventional loan. Traditional loans make it hard for medical residents and new healthcare workers to get a home, especially if they’ve maxed out credit cards on a limited resident income and because these physicians have high student loan amounts.
Alternative home financing through a physician home loan is one of the best ways to get a home, especially if your realtor already found you the perfect place through the NMLS. You don’t have to wait until you start your job to get your new home, but be aware that repayment rules do apply much like a traditional loan. Do the math with your budget to ensure your monthly payments are in line with what you can afford.
Unlike a refinance or going through a traditional lender, there are different rules that apply with physician mortgage loans. If you’re seeking a new primary residence because you found an amazing home on the NMLS, homeownership might just been one doctor loan away.
And the downsides with these loans? Well, you need to consider that having a higher limit doesn’t mean you actually need a bigger, more expensive house. Be careful not to buy more home than you need or can afford. You may also have to deal with a slightly higher interest rate when taking on one of these loans, though that does come with a number of advantages. Be aware of the future mortgage payment, however, as it could be out of your reach to take on a big loan without the paycheck to cover it. Check out the details and contact information for each of the lenders below if you’re thinking about getting a home loan.
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10 Top Kentucky doctor mortgage lenders
Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.