12 Best Hidden Doctor Mortgage Loans in North Carolina
Key Terms
- Physicians have access to competitive interest rates for high loan amounts up to $2.5 million or more, depending on the physician mortgage lender.
- 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.
The twelfth state to join the United States in 1789, North Carolina is home to the largest research park in the US named Research Triangle Park. The state is bordered by the Atlantic Ocean, Virginia, Georgia, South Carolina, and Tennessee and is home to a wide range of professionals, including almost 27,000 working physicians.
For many citizens of the state, the thought of owning a home in North Carolina may seem out of reach. According to the Canopy Realtor Association, the average cost of a home for sale in North Carolina is $328,168.
As a doctor or a dentist, buying a home in North Carolina may be more accessible than you realize. The state’s physician mortgage loan program allows many to buy a home without a large down payment requirement. Some may also qualify for no down payment loans as well.
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Advantages and disadvantages of North Carolina physician mortgage loans
If you are looking into a North Carolina physician mortgage loan, you may want to take the time to look at the upsides and downsides of these loans. Understanding all that is involved can provide the clarity needed to make the best decision.
The Pros of a North Carolina doctor mortgage:
- 100 percent financing, in many cases
- Doctors can qualify based on a signed contract, in some scenarios
- No PMI required
- Favorable treatment of student loan repayments
Most new physicians don’t have another property to refinance and want to start fresh in North Carolina with a new home. This can make getting access to the right funds for a down payment a real challenge for a medical student or medical resident. Thankfully, borrowers can use a doctor loan program to bridge the gap, making the home buying process an easier one. With more flexible down payment options, this opens up more possibilities to buy real estate for healthcare professionals.
The cons of a North Carolina doctor mortgage:
- High limits can cause you to run up too much additional debt
- Lenders sometimes require additional, open accounts
Additionally, these loans can sometimes come with interest rates that are higher than those associated with conventional loans. Providers should always do their research about monthly payments, low down payment requirements, interest rates, credit scores required, and more when deciding to go forward with a home purchase under a doctor loan. Qualifying physicians can get a new home that allows them to start off in their new job on the right foot when a conventional mortgage or VA loan just don’t give enough flexibility for the unique position of a doctor.
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12 Best physician home loan lenders in North Carolina
Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.