11 Best Hidden Doctor Mortgage Loans in Maryland
Key Terms
- A Maryland 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.
Known to some as the “Old Line State,” Maryland was one of the original 13 colonies and the 7th state admitted to the Union. It borders the Atlantic Ocean and is loved by tourists and locals alike for its beautiful Chesapeake Bay. Bordered by several states and Washington D.C., this mid-Atlantic state is also a popular place for professionals, including the over 23,000 doctors who call it home.
For many, owning a home in Maryland may seem out of reach. Data from Maryland Realtors shows the average sales price for single-family homes is $484,283 as of May 2022 with 8,467 homes sold in the month. In 2021, there were 106,804 homes sold in Maryland for an average price of $426,388.
The Maryland physician mortgage loan program provides an opportunity for qualified doctors and dentists to obtain a home loan with a minimal down payment or, in some cases, no down payment at all. Since most medical residents or graduates of medical school don’t own a property they can refinance, or don’t have enough space on credit cards to use cash instead for down payments, a physician home loan is an appealing alternative.
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Pros/Cons of Maryland physician mortgage loans
Are you considering a Maryland physician mortgage loan to finance your home purchase? Consider the pros and cons first to make sure it’s the ideal choice. If you find somewhere you love on the NMLS but a traditional loan feels out of reach, talk to a loan officer about a physician mortgage loan instead. Homeownership might come with an easier path for medical doctors because of these special programs managed by certain banks. With a new job in the pipeline, you can secure a dream home whether you work in radiology, primary care, urology, or any other specialty. Check your budget for the future monthly payment, however, to make sure it works with your income from your new job.
The pros are many, including:
- Special consideration to student debt, which is often high for health professionals
- High purchasing limits
- No PMI required
- 100% financing, in some cases
- A streamlined home buying process focused on your future income, not your current income
Are there any downsides to Maryland physician loans? Some, though it does depend on your perspective. For one, you may have a higher interest rate when you take out a doctor mortgage. This could mean a higher mortgage payment overall. Your lender may also ask you to open a secondary account with them, such as a checking account. You also need to remember that higher limits can lead you to take on more debt than you should.
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11 Top Maryland physician home loan lenders
If you’re ready to learn more about the best physician mortgage lenders in Maryland, here are the top options we’ve found through our research.