Commonly called the “Cornhusker State,” Nebraska is at the heart of the Midwest in the United States. Nebraska has many things to offer people who wish to live there, including some 4,600 working physicians. This landlocked state is bordered by South Dakota, Missouri, Kansas, Colorado, and Wyoming, and was the 37th state to join the country in 1867. 

Owning a home in Nebraska may seem like a bit of a reach for some citizens, even its doctors. According to the Nebraska Realtors Association, the average home price in Nebraska is $206,888. 17.6% of the homes were built after 2000 and 72.2% of the homes are single-family units. 64.4% of the people in Nebraska own their homes, while 35.6% are renters.

For doctors and dentists, now may be the time to consider buying a home here. Nebraska also has plenty of shortage areas where physicians are truly needed. You might be able to get a great employment offer in these shortage areas and then use a doctor loan to get that property. A Nebraska Physician mortgage loan program may be able to help. Qualified individuals may be able to secure a minimal down payment or not pay one at all based mostly on your employment contract and future start date.

Positives/negatives of Nebraska physician mortgage loans

As with any major commitment, it’s crucial to consider both the pros and cons when deciding on a mortgage. Nebraska physician loans come with a range of benefits, including:

• Favorable treatment of student debt by lenders
• Little or no money down
• Approval off of a signed contract, in some cases
• No PMI

What are the cons, if any, associated with these loans? Nebraskan doctors may want to keep in mind that all of those benefits come with higher interest rates, typically.  You may also need to open a secondary account with your lending bank in order to consolidate your long-term financial relationship with them. 

Not all doctor loans are created equal, so it’s good to know the specifics of each loan program before you apply. For healthcare professionals looking for a new home, a realtor might be able to scour the NMLS for you to find a range of homes you like. This gives you an initial idea of your possible budget for a new home. Also think about whether a lender has strict rules on whether you can refinance a property in the future if you face any pre-payment penalties.

Sometimes doctors use signing bonuses or housing bonuses to help reduce a mortgage payment, so knowing about these factors is important when selecting a lender. Talk about eligibility concerns with each lender if you’ve already got a start date for your new role.

Health professionals might look at many different factors when selecting a lender to work with on doctor loans, so make sure you read below to learn more about what each lender looks at and their experience with physician mortgage loans. As a path to homeownership and finding a primary residence, doctor loans might be perfect for many different kinds of providers.

Is a Nebraska physician mortgage a good idea for you?

Is a Nebraska doctor mortgage a good choice for you? First off, consider your DTI ratio, or debt-to-income ratio. For many doctors, this number may prohibit them from qualifying for a conventional loan, since becoming a doctor often involves incurring a good deal of debt. A doctor mortgage may be right for you if your DTI ratio is still high, despite your impressive earnings. 

Next, take a look at your work and lifestyle. If you have been in your job for more than a year or two and foresee yourself staying in Nebraska, taking out a mortgage is a good fit. You also need to gauge your comfort level with paying a potentially high interest rate on this loan. 

Examples of doctors who take out physician loans in Nebraska

Who are the medical professionals in Nebraska taking out physician loans? The following are a few portraits of these professionals, the description of whom may sound similar to your own situation. 

Doctor with a good deal of student debt

As a resident at , Veronica’s income is good, and she’s on path to have some impressive income since she is specializing in orthopedics. For the time being, however, her DTI ratio is not looking good to most lenders, given the amount of debt she incurred in medical school and the fact that her income has not yet reached its full potential. Taking out a physician mortgage loan is the best way for her to buy a home. It gives her special consideration of her debt, and the lender understands that she is on track to be a high-earning professional in the very near future. 

Doctor who wants the benefits of a physician loan and a good rate

Working as a pediatrician has been gratifying for Frank. His Lincoln practice is doing well and he has become a leader in his field. On the lookout for a home, Frank is weighing all of his options. Physician loans look great with their higher limits, no PMI and zero money down, but he hasn’t been crazy about some of the rates that he has seen. Fortunately, he came across one regional lender in Nebraska who is offering a doctor mortgage at a competitive rate. He’s decided to move forward with this option, since he gets the benefits of one of these loans along with a great interest rate. 

Looking for a physician loan in a different state?

If you’re looking to explore the best physician loans in other states, click on your state below.