9 Best Hidden Doctor Mortgage Loans in North Dakota
- A North Dakota physician mortgage loan comes with high loan limits and 100% financing, in some cases.
- Student loan payments often receive favorable treatment with these financial products, making it easier for doctors and professionals with debt to qualify for a mortgage.
- Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.
Located in the Upper Midwest of the United States, North Dakota has numerous nicknames, including “Peace Garden State,” Roughrider State,” and “Flickertail State.” It was the 39th state when it joined the US on November 12, 1889, and it is also an iconic part of what is referred to as the Great Plains region of the United States. It is also the home of over 1800 working doctors.
With places like Fargo and Bismarck, as well as a range of shortage areas where doctors are really needed throughout North Dakota, taking a job here as a health professional might be the right next step in your career path. Some doctors move to ND from South Dakota or Minnesota because they got a great job offer, and there are many opportunities for health professionals who do so.
For many North Dakotans, including its doctors, owning a home in North Dakota may seem out of reach. Data from the North Dakota Association of Realtors shows the average sales price for single-family homes is $242,564. About 57% of the homes in North Dakota are single-family homes, with 27% of those homes being built after 2000.
A North Dakota physician mortgage loan program may help to make buying a home here a bit easier. This program is available to qualified dentists and doctors who meet other requirements. If you qualify, you may be able to buy a home with a low down payment or without one at all. As. with any loan repayment program, carefully evaluate doctor loan eligibility and requirements when deciding if this will be part of your home buying process.
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Reasons to consider a North Dakota doctor mortgage loans
A North Dakota physician mortgage loan offers a range of advantages, including:
- High loan limits that allow you to buy a bigger or more expensive home
- No required Private Mortgage Insurance
- Little to no money needed for a down payment
- Special consideration of payments made on student debt
What are the cons involved, if any? There are a few, including the fact that your lender may very well require that you also open an account with them. You also may find that you have a higher interest rate with some of these loans. Look at the NMLS to see what kinds of homes are for sale in your area to see if you can afford them. Figure if that future mortgage payment works in your budget, too, as you investigate qualifying for one of these loans.
Do your research as a healthcare professional taking out this loan. You need to know interest rates, potential closing costs, eligibility to refinance, any down payment requirements, and loan amount caps. This can help you narrow down your list of lenders as a provider.
Finding a new home for new health professionals like nurse practitioners, practicing physicians, or physician assistants is an exciting process, but it can also be overwhelming to determine which loans you qualify for. Check out the requirements to get a doctor loan, as well as if lenders are member FDIC or equal housing lenders. When looking into these loan repayment programs, not all banks are created equal when it comes to qualifying for these loans, so read all disclaimers first.
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9 Top North Dakota physician home loan lenders
If you’re ready to learn more about the best physician mortgage lenders in North Dakota, here are the top options we’ve found through our research.