Strategically located by Lake Erie and bordered by Pennsylvania, Kentucky, Indiana, and Michigan, Ohio is known as the “Buckeye State” and the “Birthplace of Aviation.” Since becoming a state in 1803, Ohio has thrived with professional sports teams, famous tourist spots, and over 34,000 working doctors.

Home purchasing in Ohio may seem as though it is something that may be a challenge. According to the Ohio Realtors Association, the sales price of a home in the state is $277,452. Clearly, the cost is higher in the major cities such as Cincinnati, Columbus, Cleveland and Dayton.

An Ohio physician mortgage loan program will allow qualified health professionals buying or refinancing a home in the state to obtain better terms and various payment options. This program may help eligible individuals enter homeownership without a significant down payment and, for some, no initial cost.

Advantages/disadvantages of physician mortgage loans in Ohio

There are both pros and cons that come with these financial products. Many doctors and professionals in Ohio find that the pros far outweigh any downsides. What are those pros? One pro that many Ohio doctors enjoy is the higher loan amounts you can get with these mortgages. That translates into more buying power on the housing market. 

Many also like the fact that physician loans give special consideration to student debt repayments— something that can sometimes disqualify you for a conventional loan. These mortgages don’t require that you take out Private Mortgage Insurance, either, saving you money. 

What are the cons involved? You may end up spending more than you should with those high limits. Interest rates may be higher, as well. Your lender, too, may want you to open up a savings or checking account with them before confirming your loan. 

Is an Ohio physician mortgage loan right for you?

What do you need to look at to determine whether one of these mortgages is right for you? To begin, take a good hard look at your career. Are you in a job that you are happy with and one that you will stick with for years? Being at a stable point in your career is an important part of committing to a mortgage. 

Consider your overall financial picture, as well. A lot of student debt, even with a good income, can make it hard to qualify for a conventional loan. In that scenario, you may need to go with a physician loan in order to purchase your primary residence. Otherwise, you will need to wait until you pay that debt down or your rising income swings the dial on your DTI ratio. 

Examples of doctors who take out physician loans in Ohio

Doctors and health care professionals just like you are taking out physician loans from Cincinnati to Cleveland and beyond. Who are these doctors? Their stories may sound familiar. 

Doctor who wants to hold on to her savings

Greer has worked hard to become a pediatrics resident at Ohio State East. She’s at a point in her life and career where she wants to settle in and buy a home nearby. Doing that would mean wiping out her hard earned savings, however. She’s considering whether that risk is worth it. Since a local lender is offering doctor mortgages to physicians like her, she has a more than viable alternative that will allow her to finance a home with zero money down and hold onto those savings. 

Doctor who has a signed contract but hasn’t started a job yet

With a residency lined up at OhioHealth Mansfield, Charles, a primary care physician, is on his way to real success in his medical career. The contract has been signed on the dotted line and the perfect house has just gone on the market down the street from the hospital. His job doesn’t start for 60 days, however, and conventional lenders aren’t happy about that.

Fortunately for Charles, another lender offering a doctor mortgage is fine with his signed contract and doesn’t need pay stubs to approve him for the loan. With the physician loan, he is able to get the house he always wanted weeks before he has even started his new job. 

Looking for a physician loan in a different state?

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