11 Best Hidden Doctor Mortgage Loans in Massachusetts
Key Terms
- A Massachusetts physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Borrowers can enjoy favorable treatment of student loan payments with a Massachusetts doctor mortgage, streamlining qualification for a loan.
- Physician mortgages don’t require PMI, even with a 0% down payment.
Massachusetts has a number of nicknames that it goes by. These include “The Bay State,” “The Pilgrim State,” and “The Puritan State.” It is an East Coast state bordering the Atlantic Ocean and is part of the New England area of states. It is where the Boston Tea Party occurred, and it was the sixth state to join the US. It is also home to over 31,000 working physicians, according to the American Association of Medical Colleges.
The Massachusetts Association of Realtors provides some helpful insights into the housing market in the state of Massachusetts. The median home price for single-family homes in May was $617,750, and for condominiums, the median price was $531,501. The state saw 6,065 sales during that month, which is up from 5,975 the year before.
In Massachusetts, physician mortgage loan programs create an opportunity for those thinking about buying a home to secure one with little or no down payment. That applies to professionals, including doctors and dentists, who are interested in buying a home in the state. If you need a home loan but traditional options don’t give you what you need, you might qualify for a doctor home loan.
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The pros and cons of taking out a Massachusetts physician mortgage loan
Taking out a Massachusetts physician mortgage loan can give doctors a much easier way to finance a home. How so? Well, for one, these financial products give very favorable consideration to student debt— a burden many doctors and other professionals carry well into their careers. These mortgages also come with high limits, making it easier to afford homes in Massachusetts. You also do not have to purchase Private Mortgage Insurance, or PMI, with these loans, lowering your cost burden somewhat.
Since medical school leaves many healthcare professionals with high student loan debt, maxed out credit cards, and limited income from residency, it can be hard to qualify for the perfect home you found on the NMLS without getting a doctor loan.
There are some cons that come with these loans, too. You may have a higher interest rate with one of these loans as compared to conventional loan options. A higher limit, too, can give you more options, but can also cause you to get a more expensive home than you might need. Your future mortgage payment might be hard to keep up with if you’re not careful. Make sure you look at your budget for monthly payment if you’re pursuing this path to homeownership so that loan repayment is within reach.
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11 Best doctor loan lenders in Massachusetts
If you’re in the market for a home in Massachusetts, consider these physician mortgage loans that are available to state residents.