Known as the “Magnolia State” or “The Hospitality State,” Mississippi sits on the Gulf Coast and is bordered by Tennessee, Alabama, Louisiana, and Arkansas. This southern state was the 20th  to enter the Union in 1817. It offers a range of beautiful natural sites to visit and tour, including the Gulf Islands National Seashore, and is home to over 5,700 working physicians. 

For many, including doctors, owning a home in Mississippi may seem out of reach. Data from Fortune Builders shows the average sales price for single-family homes is $254,110. Thirty-five percent of the homes are sold above list price, making it even harder to understand the true cost of home ownership.

As a doctor or a dentist thinking about buying a home in Mississippi, a physician mortgage loan program may offer financial support to help you into a new house. For those who qualify, it may be possible to buy a home with no down payment or low down payment, making it more affordable to do so.

Reasons to consider a Mississippi physician mortgage loan

To start, let’s take a moment to consider the pros and cons of going with one of these financial products for doctors. The list of pros includes a number of winners:

• High loan limits that go as high as $2.5 million in some cases, far outperforming conventional loans
• No required Private Mortgage Insurance
• Special consideration for student debt

Doctors applying for a doctor mortgage can also enjoy another perk, in some scenarios; some lenders may approve you for a loan before you have actually begun work in a contracted position. Most doctors don’t have another home to refinance or pull equity from, so that can make the home buying process hard for them as a new healthcare professional.

And the cons? There are some, though they may not outweigh the pros. Cons include higher interest rates on some of these loans and the fact that a lender may ask that you open an account with their bank. It’s also “easy money” and so quite possible to buy a larger house than you intended. The terms on the loan may be good but you still have to pay it back and those are dollars that you aren’t investing in retirement accounts or the stock market. Remember that loan repayment is usually spread out over 30 years, and that’s a long time for a high mortgage payment.

Is a Mississippi physician mortgage loan right for you?

Are you wondering if a Mississippi doctor mortgage is right for you? Take a second to consider the nature of your employment. Are you happily employed? Do you intend to stay in that job for years to come? Then making the commitment to a doctor mortgage can be a great choice, giving you access to easier financing for a home. 

What is your opinion on perhaps taking on a higher interest rate? Some doctors may bristle at having to pay “extra” for financing. Others might see this as a good price to pay for the myriad benefits that come with physician loans. 

If you’re a provider looking for a new home, check out these doctor loan programs in your search. Review your eligibility for these home financing programs and then speak to a realtor about using the NMLS to find a great place to live. Once you know what you qualify for, the home buying process may get much easier with doctor home loans.

Examples of physicians who take out doctor mortgages in Mississippi

Now let’s transition to taking a look at some of the doctors who are taking out these loans in Mississippi. You might find that their stories are very much like yours. 

Doctor who is still saving up for a down payment

Tammy spent a lot of her own money and ran up a good deal of student debt to get through medical school. It was all worth it, as she is now about to start a residency at Forrest General Hospital in Hattiesburg. She wants to settle down now and purchase a home for her family since she likes the area and is certain she will want to stay in Hattiesburg for years to come. 

She hasn’t been able to save enough for a down payment on a conventional loan, however, especially given the high prices in the housing market. A doctor mortgage is just the help she needs, allowing her to receive 100 percent financing and even approving her before she begins her residency. 

A cardiologist who wants to maximize stock investments

Working as a cardiologist at University of Mississippi Medical Center is the culmination of years of dreaming for Shonda. Her reputation is great, she gets on with colleagues, and her income is more than respectable. She has even been able to make some investments and build up a respectable portfolio for retirement. 

While she thinks it’s a good time to buy a home, she doesn’t necessarily want to liquidate any of her investments. Turning to a physician loan allows her to maximize her leverage, retain her holdings and add a home to her already impressive portfolio. 

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