8 Best Hidden Doctor Mortgage Loans in Vermont
- A Vermont physician mortgage loan comes with high loan limits and options for up to 100% financing.
- 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.
Noted for its dense forests and beautiful parks, Vermont is a highly desirable, often affluent state in New England. It’s noted as being the home of over 100 19th-century homes, beautiful covered wooden bridges, and offers quality artisan wares including things like organic products and maple syrup. In addition to this, many come in the winter to ski the slopes of the mountains. The college town of Burlington, home of the University of Vermont, is a popular destination. As a desirable place to live, it can be a challenge for some to buy into this market, even for the over 2400 doctors living and working in the state.
Prices are also rising in Vermont as they are in other states. The Vermont Association of Realtors reports that median sale price was $383,050, which is a 28% increase over the previous year.
Considering this, providers like doctors and dentists planning to buy in Vermont may wish to seek out the physician’s mortgage loan program in the state when they buy or refinance a home. For qualified health care professionals, this may reduce down payment requirements, sometimes eliminating them.
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Vermont physician mortgage loans: pros and cons
Any financial product comes with upsides and downsides. For doctors, the rub is that a physician loan comes with upsides that answer directly to their needs. Student debt, for example, is given very favorable consideration during the underwriting process of these loans. A doctor mortgage also offers higher limits than conventional mortgages, does not require PMI, and can come with zero money down.
Finally, many doctors enjoy the fact that you can get approved for a physician loan off of an offer letter alone, allowing them to sidestep the unrealistic underwriting requirements of conventional loans.
The downside? All of that can mean that you will need to pay a higher interest rate. The good news is that there are sometimes doctor mortgages out there that offer pretty competitive rates. Regardless, many professionals feel that a higher rate is worth everything else that comes with a physician loan. The other downside is that some loans aren’t available to all medical professionals, like physician assistants and nurse practitioners.
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8 Top Vermont physician home loan lenders
If you’re in the market for a home in Vermont, consider these physician mortgage loans that are available to state residents.