7 Best Hidden Doctor Mortgage Loans in New Hampshire
Key Terms
- You can qualify for higher loan amounts than might otherwise be available when you use a doctor mortgage.
- 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.
Called “The Granite State” or “The White Mountain State,” New Hampshire is part of the New England States region of the country. It was one of the original 13 colonies and was officially the 9th state to join. Today, it is bordered by Massachusetts, Maine, Vermont, and the Canadian Province of Quebec to the north. While only containing about 1.3 million citizens, the Granite State is also home to over 4,200 doctors, ranking it in the Top 10 in the US for most doctors.
For many Granite Staters, including its doctors, owning a home in New Hampshire may seem out of reach. Data from the New Hampshire Realtors shows the average sales price for single-family homes is $406,000. Homes averaged 17 days on the market last month, meaning properties are moving fairly quickly in the state.
A New Hampshire physician mortgage loan program enables qualified professionals, such as doctors and dentists, to obtain a home loan that does not have a down payment requirement or, in some cases, a minimal one. This could make it easier to buy in the state.
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Pros/Cons of doctor mortgages in New Hampshire
Are you considering a New Hampshire physician mortgage loan? Then you may want to consider the pros and cons, too.
Let’s start with the pros, of which there are many. With a doctor mortgage, you can often access 100 percent financing on a home, meaning that you won’t need to put a single penny down on the loan. You also get favorable consideration of your student debt, meaning a high DTI ratio won’t prevent you from qualifying. New Hampshire physician loans also don’t require PMI, saving you a bit of money.
Some lenders will offer a doctor mortgage based only on a signed contract of employment, meaning that you can finance your home before you start a job. Sometimes, it’s nearly impossible for doctors to get conventional loans because of the high down payments required.
What are some of the cons? Well, all of those benefits may come at a “price” in the form of a higher interest rate. Another issue to consider is that these loans come with high limits. While that can be great for affording more home, it can also make it easier for you to get in over your head and buy more house than you need. Leaving a residency program often means big changes in the finances for borrowers who are physicians, but you need to balance your budget carefully. Much like veterinarians or dentists, knowing what you can afford is important.
The right lender and loan officer can make a big difference with doctor loan programs. You’ll want to carefully review the NMLS and see what kinds of properties and budgets you’re looking at, but you also want individual details about the lenders. For example, you want to know if you can refinance in the future, interest rates, prepayment penalties, and comparisons of monthly mortgage payments. For future healthcare professionals or current providers, these loans can create a quick path to homeownership. If you’re seeking a new home to match your new full-time job, check out these potential lenders as you enter the process of becoming a homebuyer.
Make the home buying process easier when you find the right lender with the right loan repayment program for you. Consider too that your new employer might be willing to pay back some of your student loans or offer a housing incentive to help you purchase a home in the region or in underserved areas near your new job in New Hampshire.
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7 Best New Hampshire physician home loan lenders
If you’re ready to learn more about the best physician mortgage lenders in New Hampshire, here are the top options we’ve found through our research.