13 Best Hidden Doctor Mortgage Loans in New Jersey
Key Terms
- A New Jersey physician mortgage loan comes with high loan limits and options for up to 100% financing.
- Borrowers can enjoy favorable treatment of student loan payments, streamlining qualification for a loan.
- Doctors and other professionals can enjoy no PMI with these mortgages.
Known to most as “The Garden State,” New Jersey rests at the heart of the Eastern Seabord and is home to Atlantic City as well as a number of professional sports teams. It shares a border with Pennsylvania, New York, the Atlantic Ocean, and Delaware Bay, making it a great location for professionals, including some 27,000 working doctors.
For many, including professionals such as doctors, owning a home in New Jersey may seem out of reach. Data from the New Jersey Realtors shows the average sales price for single-family homes is $490,000.
If you are a doctor or a dentist thinking about investing in a home in the state, the New Jersey physician mortgage loan program may help you do so affordably. The loan allows qualified professionals to potentially buy a home without a large down payment. Sometimes, that down payment is even eliminated.
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What to consider with physician mortgage loans in New Jersey
When making any major financial decision, you always want to consider each and every point involved. Doctor loans bring with them a wide range of benefits, not the least of which are:
- High loan limits and no PMI
- Little to no money down required, in most scenarios
- Favorable consideration of student debt
Doctors may also like the fact that they can sometimes get approval off of a contract or offer letter alone, allowing them to buy as many as 90 days before they actually start a job.
This, however, does come with a few complexities. For example, taking on a doctor mortgage may also mean taking on a higher interest rate. You will also want to confirm with your lender whether or not they will need you to open an account with their bank; they sometimes require this, since they want to establish a long-term relationship with you.
Reviewing all mortgage lenders as a new medical school graduate or recent finisher of a residency program can help healthcare professionals find the right fit for your needs. Each lender might have different closing costs, monthly payments, credit score requirements, and rules about refinancing, so it pays to do your research. If you can find a good fit however, this can make the home buying process easier with a reasonable mortgage payment to help you secure that perfect place you spotted on the NMLS. You might work with a regional or a national bank, but looking over all the options helps you decide if a doctor home loan is right for you.
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13 Top New Jersey physician home loan lenders
Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.