8 Best Hidden Doctor Mortgage Loans in Maine
- A Maine physician mortgage loan comes with high loan limits, options for up to 100% financing and no PMI.
- Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
- Some programs allow you to qualify based on a signed contract or offer letter, even before you’ve started working.
Famous for its beautiful New England coastline and delicious lobster rolls, Maine was the 23rd state to join on March 15, 1820. It borders the Atlantic ocean and is known as “The Pine Tree State” or “Vacationland”. Over 80% of the state is covered by forests or has gone unclaimed, but it is still home to over 1.3 million citizens, including over 4,000 doctors.
Home sales in Maine continue to be a hot topic. The state saw home sales decline in the earlier part of this year, but not because of a lack of interest. Rather, there were too few homes to sell, according to the state’s real estate association. In the most recent month that data is available, real estate agents sold homes at a median sales price of $325,000, a value up 21.04% from the previous year at the same time.
If you are a doctor or a dentist looking to buy a home here, the Maine physician mortgage loan program may help you do so.For those who qualify, this is a way to secure a minimal or no down payment loan.
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Pros/Cons of Maine physician mortgage loans
What are the pros and cons that go along with Maine physician mortgage loans? You may be asking just that if you are considering one of these mortgages.
Maine physician loans come with many advantages for doctors. First, lenders extending these mortgages often give special consideration to student debt. Many doctors have DTI ratios that make getting approved for a conventional mortgage difficult. This special consideration is a real differentiator, therefore, for many doctors. Most healthcare professionals don’t have a first home to refinance, so they can’t come up with the big cash needed for a down payment. Their student loan balances are also a problem when it comes to qualifying for regular loans, too.
These mortgages also come with higher limits, allowing you to keep up with the prices in the housing market. They also do not require PMI and can come with 100 percent financing, or no money down. Borrowers can really get big benefits as healthcare professionals who have an employment contract discussing their future income potential.
What is the downside? You may get all of that at a higher interest rate. You may also need to open an account with your lending bank. Finally, you may run the risk of buying more home than you might be able to afford, due to those high limits. Loan repayment does come in the future, so make sure the monthly payment you take on is affordable based on your income level. No one wants to get buried in a mortgage payment they can’t keep up with.
Read through all the disclosures and mortgage rates available from various lenders to make the decision best for you. Since mortgage rates can vary, do your research when you have a new job and can use your contract to make a move forward. Whether you found your new full-time job in Maine on your own or worked with a recruiter, that employment contract is powerful for opened up doors with home loans. So if you find the perfect place to buy on the NMLS or with a realtor, check out doctor loans.
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8 Top Maine 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.