Home to the electrifying city of Las Vegas, Nevada, the “Silver State” combines world-class entertainment with stunning natural landscapes like Red Rocks and Great Basin National Park. As the 36th state to join the U.S., Nevada boasts over 6,400 practicing physicians, making it an ideal destination for both adventure seekers and professionals seeking growth.

For many, even doctors and professionals, owning a home in Nevada may seem like a dream. Data from the Las Vegas Realtor shows the average sales price for single-family homes is $771,063. Whereas the average cost of a condo or townhome in the region is $330,392.   

As a doctor or dentist contemplating making the move to purchase property here, a Nevada physician mortgage loan program may offer assistance. The program allows qualified professionals in the state to obtain a mortgage without a substantial down payment and occasionally none at all.

Pros/Cons of physician mortgages in Nevada

When deciding to go with a financial product such as a mortgage, it’s always a good idea to look at pros and cons. Nevada physician home loans come with a lot of pros, including:

• Little to no down payment required
• No PMI payment(s) required
• Special treatment of student debt repayments

Depending on the lender, some borrowers may even receive approval for one of these mortgages before they have even started a new job, provided they have a signed contract. 

And the cons of Nevada mortgages for doctors? There are some, including the fact that your lender may want you to open a savings or checking account with them. You also need to be careful with the high limits these loans can come with; that “benefit” could potentially get you underwater with your loan. 

Is a Nevada physician mortgage loan right for you?

If you are a doctor, dentist, or other healthcare professional in Nevada considering a physician mortgage, ask yourself a few questions about where you are in life. Is your job one that you see yourself doing for years moving forward? Are you comfortable with where you are in Nevada, and do you want to stay there permanently? If that is the case, committing to a mortgage is a great option for your financial future. 

It can also benefit you to assess how you feel about paying an interest rate that may be higher than ones associated with conventional loans. While you get the doctor-specific benefits associated with a physician mortgage, they can come at the cost of a higher rate. Finally, you can only use a doctor mortgage to purchase a primary home. 

Examples of doctors who take out physician loans in Nevada

Many doctors across Nevada are taking out physician loans to purchase their primary home. Their stories may resonate with you, so we’ve included a few below. 

Doctor who needs favorable treatment of student debt

Ned, a first-time homebuyer, never thought the words “DTI ratio” would mean so much to him. He didn’t even know what a DTI was about until he decided to try and purchase a house after becoming an attending at Henderson Hospital. He was shocked to hear from lenders after submitting his contact information that, despite his excellent income, he was still a risk given the size of his student debt. 

Fortunately, he heard about a lender in town offering doctor mortgages. This lender would give his student loan repayments special consideration and not hold them against his viability as an applicant. He ended up getting a doctor mortgage and purchasing his first home. 

A dentist who has no down payment

Rebecca worked hard to get her dental practice just outside Paradise off to a good start. Her next step now is homeownership. The problem is she was left with very little cash in the bank after putting so much into her studies and practice. A conventional loan was beyond reach, especially given the prices in Nevada and she didn’t want to pay mortgage insurance with an FHA loan.

She would need over 100k to put down on a home. Instead, she has decided to get a Nevada physician mortgage loan from a local lender. They have offered her great terms with 100 percent financing, helping to make her dream of a home possible. 

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