8 Best Hidden Doctor Mortgage Loans in Oregon
Key Terms
- Some healthcare mortgage programs allow you to qualify based on a signed contract or offer letter, even before you’ve started working.
- Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
- Physician home loans don’t require private mortgage insurance (PMI) even with a 0% down payment.
A signature part of the Pacific Northwest region of the United States, Oregon borders the Pacific Ocean as well as California, Nevada, Idaho, and Washington and boasts an array of natural wonders. Just some of the stunning places residents of Oregon can enjoy include Hell’s Canyon, Crater Lake National Park, Mount Hood and Mount Bachelor.
A look at the Oregon housing market for 2021 can seem daunting. The Oregon Realtors Association data shows the average sales price for single-family homes in Portland at $550,000. That works to an average $338 per square foot in cost.
To make home buying a bit easier for the over 12,000 working doctors and other providers in the state, the Oregon physician mortgage loan program may be helpful. It may allow you to buy or refinance a house without a down payment or with a low down payment. For qualified professionals, that is good news.
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The good and the bad of Oregon physician mortgage loans
Oregon physician mortgage loans come with great features and some downsides, as with anything in life. Doctors, dentists and other professionals may find that the pros associated with these loans are ideal for their needs:
- High loan limits
- Little to no money down
- Special consideration of student loan repayments
- Approval off of a signed contract or offer letter, in some cases
- No PMI
That list is pretty impressive, but consider, too, that you may get all of that at a higher interest rate than you might get with a conventional loan. Also, a physician mortgage lender may also want you to commit to a secondary account with their bank in the form of either a savings or checking account.
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8 Best doctor home loan lenders in Oregon
Some lenders only offer physician mortgage loans to attending physicians, while other programs can lend to those still in residency or fellowship.