3 Important Facts About the Illinois Healthcare System
One of the amazing things about working in healthcare is that it’s a skill that you can take with you anywhere. Being a physician means you’ll never find it difficult to find work, which in turn opens up all sorts of exciting opportunities for travel and new beginnings. It’s not every career that allows you to relocate anywhere in the country or even the world.
Some things you will have to consider if you’re moving to a new location are the rules and idiosyncrasies that exist within the healthcare industry there. The Illinois healthcare system has its own quirks you should be aware of if this is somewhere you’re considering moving. Read on to find out three of the most noteworthy.
1. Shortage of Primary Physicians
Illinois, like many other states in America, is experiencing a shortage of primary care physicians at the moment. This can be seen as both a potential positive and something that comes with drawbacks.
The shortage means that a physician should have no issues with finding employment in Illinois, which is great news for doctors looking for work there. However, this shortage also has other implications.
A lack of doctors in Illinois means that the healthcare systems in Illinois are likely to be under a lot of strain. It could mean that physicians find themselves working overtime to help make up for this disadvantage.
2. Rising Cost of Healthcare
Following patterns that exist on a national level, the cost of healthcare is rising in Illinois. This is concerning for policymakers as it puts a strain on state budgets. It means that proper equipment, procedures, and care are becoming more difficult to provide.
Spending on healthcare has increased in recent years, but this doesn’t have as positive a connotation as might at first glance be expected. The rise in spending is partly because of high demand, but the increased price of delivering and receiving care is also a significant factor. When healthcare systems don’t have enough resources at their disposal the jobs of healthcare providers are always going to be more challenging.
3. Doctors’ Salaries in Illinois
If you’re considering moving to Illinois as a physician, you’ll no doubt be wondering about the kind of money you can expect to make there. The fact that certain Chicago hospitals are regarded as being among the best in the country means it’s safe to say the potential for earning is there.
As of early this year, the average salary of a doctor in Chicago stands at a little over $307,000. This is compared to a national average of $237,000.
The Illinois Healthcare System at a Glance
We hope this overview of the Illinois healthcare system has given you an insight into whether this could be a place you’d be happy to move to. Job satisfaction is so important, so these are important things to take into account before any move.
If you’re thinking about relocating and moving home it’s always good to have support by your side. See our list of Doctor Home Lenders in Illinois now.
Looking for a Physician Mortgage Specialist in Illinois?
Whether you are relocating with a physician loan or need a new physician loan, we have helped doctors just like you; Chicago, the great city of Aurora, and Naperville while not forgetting about Joliet.
Our network of Bankers closed over one billion dollars in mortgages last year, and our vetted banker network is ready to help you.
Take advantage of the best mortgage product in the country, and contact one of our verified lenders today!
As a medical professional you understand the importance of specialization
- Choose the right specialist for your home finance needs
- Custom strategy for your needs. Get 3-4 times higher loan amounts than conventional loans
- Not all physician loan providers are the same. Our network is vetted so you don’t have to wonder
The Doctor’s Guide to Moving: How to Enter the Illinois Real Estate Market
If you recently took a physician job in Illinois, you can use this loan type to enter the Illinois real estate market. Keep reading to learn more.
Entering the Illinois Real Estate Market
Doctors can use physician mortgages to enter the Illinois real estate market, but there are things to know about this particular area.
Currently, Illinois has a seller’s market which means properties are selling quickly and being sold for more than the asking price. This makes using a doctor loan a bit tricky.
The market is competitive because there are fewer homes for sale than buyers. In a seller’s market, some home sellers might not choose your offer because 100% of the house is financed.
With a physician’s mortgage, you aren’t required to pay the usual 20% down payment when buying a home. Your offer becomes less competitive due to financing terms.
Keep in mind that this won’t happen each time you attempt to buy a house in a seller’s market, but it is a possibility to be aware of in the seller’s market.
Some sellers won’t care how the home sale is financed as long as the closing process goes through.
Using a Physician Loan to Buy a Home
A physician loan mortgage has a more lenient underwriting process than a traditional mortgage. Doctors receive this mortgage type with little to no down payment and no private mortgage insurance (PMI) requirement.
A typical real estate agent might not know about this consideration specific to physicians. If you want to use a physician loan to buy a home, hire a realtor who has expertise with doctors.
If you move to Illinois for a physician job, you likely won’t be able to get a conventional mortgage due to your student debt or lack of credit.
Often, physician mortgages are the only option for doctors, but you will have to pay a higher interest rate because of your debt-to-income ratio.
Luckily, physician loans allow doctors to close on a home as many as 90 days before starting a new job. This means you can settle into your new Illinois home before you begin the first day on the job.
Can You Refinance a Doctor Loan?
Mortgage expenses with high-interest rates are tiresome to pay, even as a doctor making a good salary. If the doctor mortgage you sign doesn’t have an early repayment penalty, you can refinance it at any time.
After a few years, it might make sense to refinance your mortgage in Illinois into a lower rate conventional mortgage. To do this, the following needs to happen:
- Your income goes up
- Your debt-to-income ratio goes down
- Your mortgage has been paid down
- Your credit score rises
- Your home has appreciated in value
If interest rates go down, it makes the most sense to refinance.
Settle Into Your Illinois Home Before Starting Your Job
As a doctor starting a new job, you likely have a lot of stress to deal with. Don’t let the stress of finding a home in Illinois add to this.
Apply for a doctor loan to enter the Illinois real estate market before your first day on the job. Using this form of mortgage can reap great benefits and allow you to refinance down the line.
Dr. Home Finance can help you close on your new home with a doctor loan. Contact us today to get started.
1. BMO Harris
BMO Harris offers affordable home loans with no PMI and flexible debt-to-income underwriting options.
Even if you have student debt, are starting residency soon, and have an employment contract with a starting date within 90 days of closing, you may still qualify as a licensed medical doctor with MD, DDS, DMD, or DO credentials.
You can choose from the following options to fund your project:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
- 10% down for up to $2 million
Please contact Marc 920-831-7721 for more information.
2. Huntington National Bank
Doctors looking for a home mortgage can turn to Huntington National Bank for professional assistance. An MD, DO, DDS, DVM, or DMD is especially suited to these doctor mortgage loans.
Being able to borrow up to $2 million without PMI is one of Huntington National Bank’s greatest advantages. In addition, loans up to $1 million are available with 100% financing.
You may also apply if you are a new resident. Simply provide a copy of your employment contract and a letter from your employer to qualify.
Please contact Darick 517-214-3257 for more information.
3. Fifth Third Bank
Fifth Third Bank’s physician mortgage loan program is available to new and established MDs, dentists, and veterinarians (DPM, DDS, DMD, DVM, and OD).
A practicing doctor or dentist—that is, one who has been employed for at least a year or who has been self-employed for at least two years—may be eligible.
Non-residents, fellows, and new doctors also qualify for these same terms, but they must make a low down payment of $1 million.
4. First Citizens Bank
First Citizens Bank provides physician mortgage loans to medical professionals with the following designations: MD, DM, DO, DPO, DDS, PA, CRNA, CRNP, and DPT.
First Citizens Bank offers the following physician mortgage benefits:
- Zero down payment with 100% financing.
- Capacity to build a home, refinance an existing one or buy a home.
- Mortgage split options are available. (80/20 mortgage: 80% as the first mortgage and 20% as a home equity loan.)
You must have at least three years of tax returns or an employment contract to satisfy the requirements, in addition to having a credit score of 700 or higher.
5. First Horizon Bank
When you apply for the First Horizon Bank physician mortgage loan, you can take advantage of no upfront PMI, higher loan amounts, and low credit score thresholds. You may close up to 90 days in advance of starting a new job, provided you have an employment contract. Physicians with a credit score of 680 or less may qualify.
There are three options for funding:
- 0% down for up to $1.5 million
- 5% down for up to $2 million
- 10% down for up to $2.5 million
6. First National Bank
Eligible MDs (Doctors of Medicine), DOs (Doctors of Osteopathic Medicine), dentists, veterinarians, and podiatrists may apply for First National Bank’s Doctor Loan program, provided they are less than 10 years from training. Those with more than 10 years are still eligible but must make a minimum 10% down payment.
Individuals with H-1B visas or green cards are welcome to apply. One must provide a signed offer letter or employment contract to be approved.
Up to 80% of the loan can be cash-out and refinanced. 30-year and 15-, 10-, 7-, and 5-year fixed-rate ARMs are available.
7. Flagstar Bank
Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states, with no PMI and up to 100% financing.
Anyone who has the following degrees may apply to Flagstar Bank: medical residents, MDs, DDSs, DMDs, ODs, Doctor of Pharmacy, DOs, RNs, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPAs, attorneys, veterinarians.
To be eligible, one must be 10 years or less from the beginning of their career.
They provide ARMs or adjustable-rate mortgage refinances for H-1B visa holders or green card holders.
You must have at least a credit score of 720 to qualify for 0% down. You must have at least a credit score of 700 to qualify for 5% down.
You must provide two years’ worth of documentation if you are a 1099 worker.
8. Citizens Bank
A doctor loan from Citizens Bank is available to Doctors of Medicine (MD), Doctors of Osteopathic Medicine (DO), Doctors of Dental Medicine (DMD), and Doctors of Dental Surgery (DDS). However, you must have completed your residency within the last 10 years or be a current medical resident, fellow, or intern to qualify.
Citizens Bank offers the following financing options for physician mortgages:
Borrowers can choose between a fixed- or adjustable-rate loan.
KeyBank’s doctor and dentist program extends eligibility to those who are residents, fellow, or attending physicians (MD, DO, DPM, or DMDs). Those who can provide a signed employment contract can be accepted 90 days before starting their job.
A borrower may receive a conventional mortgage with 100% financing.
KeyBank offers 10/6 Adjusted-Rate Mortgages (ARM), 7/6 ARM, and 5/6 ARM in addition to 30-, 25-, 20-, 15-, and 10-year fixed-rate mortgages.
$1,000,000 is the maximum cash-out available. KeyBank allows physicians to borrow money to purchase a second home. Also, they allow the purchase of condos and planned unit developments.
10. Regions Bank
The Regions Bank Medical Professional Loans program does not require PMI and does not set a limitation on the length of time a medical professional must have been practicing in order to be eligible for a loan.
Regions Bank makes it easier to secure the loan amount you want by excluding some deferred student loan payments from your DTI ratio.
Pharmacists, nurse anesthetists, nurse practitioners, physician’s assistants, veterinarians, chiropractors, optometrists, podiatrists, MDs, DOs, DMDs, and DDSs, among others, are eligible for scholarships. Residents and fellows are also eligible.
You can close up to 60 days before the listed start date on your employment contract or date of transferred employment.
Non-permanent visa holders are not eligible.
There are 10-, 7-, and 5-year ARMs, as well as 30- and 15-year fixed-rate mortgages.
Regions Bank provides fast and friendly consultations at no credit check required.
11. S&T Bank
Doctors, lawyers, and doctorate holders are all eligible for S&T Bank’s professional mortgage program. You can qualify for this exclusive program without PMI if you are a medical doctor, attorney, or doctorate degree holder.
You can get up to 95% financing with 10-, 15-, 20- and 30-year repayment plans.
S&T Bank can provide VA mortgages to service members, veterans, and surviving spouses. The professional mortgage program, however, may provide more benefits.
12. TD Bank
TD Bank offers up to 100% financing on doctor, dentist, and podiatrist mortgages without PMI. Residents and fellows may also qualify, with the added benefit of being able to close up to 90 days in advance of your start date.
You must have one of the following degrees to qualify: MD, DO, DPM, DDS, or DMD.
Here are the details of the TD Bank loan:
- 0% down for loans up to $750,000
- 5% down for purchases up to $1.3 million
- 10% down for purchases up to $2 million
TD Bank provides 30-year fixed and adjustable-rate mortgage (ARM) financing options. Doctors with green cards and H-1B visa holders can also be eligible for flexible underwriting.
Physicians, both new and established, can take advantage of the Trust doctor mortgage loan program to obtain low-interest rates and flexible payment plans.
Practicing doctors (MD, DO, DDS, DMD, or DPM) may be financed in one of the following ways:
- 0% down for loan amounts up to $1 million.
- 5% down for up to $1.5 million.
- 10.01% for up to $2 million.
A $750,000 loan amount is permitted, subject to certain restrictions, for accredited fellows and residents in the state.
14. U.S Bank
U.S. Bank provides professional mortgage options for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.
You can borrow up to $2.5 million, but you’ll need a minimum down payment.
U.S. Bank doesn’t advertise the doctor mortgage loan on its website, so get in touch with Jonathan Brozek.