For physicians who are looking to buy a home in Michigan, the process can be particularly challenging due to their unique financial circumstances.
With extensive education and student loan debt, many doctors face financial hurdles that can make it difficult to secure a traditional mortgage. This is where physician mortgage loans come in. Physician mortgages allow doctors favorable terms and little to no money down.
According to Zillow, the median home value in Michigan is approximately $235,361 as of July 2023.
Check out the top physician mortgage lenders to consider during your home buying processes
Best Doctor Mortgage Loans in Michigan
Buying a home can feel overwhelming, especially for newly graduated physicians burdened with student loan debt after completing their residency. In Michigan, where the housing market is highly competitive, doctors face an even bigger challenge in finding a mortgage that suits their unique financial needs.
Physician mortgage loans have emerged as a popular option for medical professionals who are looking to purchase a home.
Doctor mortgages offer favorable terms, such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios, making homeownership more accessible to physicians in Michigan.
Here are the best physician mortgage loans available to medical professionals in Michigan.
BCU *
- Variety of portfolio products available.
- Student loans may be excluded from your debt ratio.
- Up to 100% financing – no mortgage insurance required.
- Home equity, bridge loans, and construction loans also available.
Next Steps:
Option 1: Have questions or a unique scenario? Schedule phone meeting here.
Option 2: Ready to apply or under contract? Apply here: BCU | Jonathan Brozek – Retail Mortgage Loan Officer for BCU – by clicking on the green “Get Started” tab below my photo.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, OD, Pharmacist
Phone: OFFICE - 224-207-2603/ CELL– 916-601-8782
Disclaimer:
Federally insured by NCUA. We Do Business in Accordance with the Federal Fair
Housing Law and the Equal Credit Opportunity Act
Horizon Bank *
Purchase, refinance, construction – Primary or Secondary residence
Practicing or starting employment within 90 days
Available in MI, IN, IL (only the greater Chicago and 5 surrounding counties)
MD, DO, DDS, DMD, Resident, Fellows, PA, DVM, CRNA, OD, DPM, Pharmacist, DPT, CSA, Professor w/PHD employed by University, Head Coach employed by University
Phone: Office - 517-816-4132/Cell - 517-256-5364
Novus Home Mortgage *
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At Novus Home Mortgage, we are committed to finding the right mortgage for our customers, including those who are committed to save lives. We understand your unique needs. You might have accumulated debt to become a healthcare professional, but we are here to help you! Our offering will help you buy a home early in your career, and sometimes even before you start your new job!
We are a nationwide portfolio and correspondent lender with in-house underwriting providing quicker closings.
We offer services for:
- Purchase
- Refinance
- Construction
For:
- Primary residence
- Second Home/Vacation Home
- Investment (LTR)
- Short Term Rental (STR)
- Multi-family and Mixed-use properties up to 8 units
Other products offered:
- Fannie Mae & Freddie Mac – Conventional, and High Balance
- Community Reinvestment Act (CRA)
- VA – No Loan Limit, No DTI Limit
- Jumbo – as low as 10% down
- FHA
- USDA
- ITIN – as low as 10.01% down
- Construction loans – Conventional & FHA (min 5% down), VA (min 0% down), Jumbo (min 20% down)
- DPA for qualified borrowers
- Non-QM – DSCR (LTR & STR), Business and Personal Bank Statement, 1099, Asset Depletion, etc
It’s attention to the “details” that sets apart the finest Loan Officers. Please reach out 24×7. My team and I are here to understand your mortgage and financial needs and find the best financing solution for you.
0% down up to $1 MM loan amount
5% down up to $1.75 MM loan amount
10.01% down up to $2.5 MM loan amount
Min 720 FICO to qualify for above min down payment
Can go as low as 680 FICO – with higher down payment
Owner occupied Primary Residence
1-2 unit residential property – Single Family, Townhome, PUD, Condo, Duplex
Non-Warrantable Condos are covered – min 10.01% down
Modular Homes
Rental income can be used to meet DTI requirement
50% Max DTI
No MI
No Prepayment Penalty
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
We say YES!
Yes to 1099 income without 2 yr history (conditions apply)
Yes to using future income to qualify – don’t have to wait to be within 90 days of start of new job (additional reserve requirements will apply)
Yes to all covered professionals – No limit on the number of years out of residency/fellowship
Yes to US residents including work Visa holders – Permanent Residents Aliens, H-1B, J-1, TN NAFTA and others
Yes to acreage (normal for the area)
Yes to you owning multiple properties (additional reserve requirements will apply)
Yes to significant other and/or family to be co-borrower/co-signer to help you qualify, even if they will not occupy the property
Yes to gift funds from family members
Yes to DPA funds if you qualify (hint hint residents!!!)
Yes to Bridge loan if you have equity in the current house and need to access it to purchase new home
Yes to a Construction loan to build your dream home
Phone: 571-331-5161
Subject to credit approval. Terms and conditions may apply. VA is subject to VA eligibility requirement. Property insurance is required for all loans secured by property.
Novus Home Mortgage is a division of Ixonia Bank, NMLS #423065 | All Rights Reserved | novushomemortgage.com
Member FDIC | Equal Housing Lender
Genisys Credit Union *
Genisys Credit Union Offers a Custom Tailored Physician Mortgages with loan amounts up to $5,000,000. Common sense approach based on demonstrating (ATR) ability to repay. We offer the lowest rates with highest LTV in the industry to qualified Physicians. We are full service financial institution offering all services from deposit to car loan. Our Specialty is high end Mortgages.
0% down to $1,500,000, 10% down to $2,000,000, 15% Down to $2,500,000, 20% to $4,000,000+ No Adjustments for Condos or New Construction Loans
5/6 ARM
7/6 ARM
10/6 ARM
10 Year Fixed
15 Year Fixed
20 Year Fixed
30 Year Fixed
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DNAP, DPM, Pharmacist, PhD
Common sense approach to underwriting.
Ability to offer bridge financing when trying to sell a current home and buying a new one.
Genisys Credit Union offers Physician Construction Loans under the same terms as purchase.
No reserves required on most products.
GREAT RATES
Phone: 231-463-6700
Federally insured by NCUA We Do Business in Accordance With the Federal Fair Housing Law and the Equal Credit Opportunity Act
Oak Leaf Community Mortgage ∑
Powered by North Shore Trust and Savings 100+ years in banking, we are excited to guide you along your home financing journey. We are committed to understanding your unique scenario to uncover the optimal solution for you and your family. Expanded access to a plethora of mortgage options ensures if there is a solution, we will find it to get you home. Client satisfaction is paramount, and my team will strive to exceed your expectations with our knowledge, communication, and on-time execution.
100% Financing up to $1 Million
95% Financing to $1.75 Million
89.99% to $2.5 Million
30 Fixed, 15 Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 3/6 ARM and 1/6 ARM
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Available in 46 of 50 States (Excludes AK,CA,HI,NV, DC)
No Points (unless quoted), No PMI, No Prepayment Penalty
680+ credit score solutions available
No Limitations on Time in Practice
W2 employees close up to 90 days in advance of start date * Conditions Apply
1099 employees close up to 60 days in advance of start date * Conditions Apply
Gift Funds OK for down payment, reserves or closing costs
Up to 50% DTI
Cash Out Refinance Financing Available
1-2 Unit Primary Residence including Townhomes, Warrantable Condos and Non-Warrantable Condos *
Conditions Apply
Phone: 708-250-9627
Oak Leaf Community Mortgage – Powered by North Shore Trust and Savings
Company NMLS# 438265, Equal Housing Lender, Member FDIC
Additional Information available at www.myoakleaf.com
All Loans Subject to Credit Approval. Terms and Conditions Apply, Program Terms and Availability Subject to Change
Civista Bank
Our physician loan program offers zero down payment up to $1,000,000, 5% down up to $1,500,000, and 10% down up to $2,000,000. The physician loan program does not charge any PMI (mortgage insurance).
MD, DO, DDS, DMD, Resident, Fellows, DVM, CRNA, DPM
- We cover appraisal fee
- Allows physician to use new employment contract as qualifying income up to 6 months before start date (longer start dates can be considered)
- Construction draw loans
- Allow renovation financing on existing homes
- Vacation homes eligible for physician loan program
Phone: 419-318-8985
Alliant Credit Union *
Alliant Credit Union has created an industry leading Medical Professional Loan Program available in all states except Maryland.
No PMI. Closing available 90 days before employment starts. Minimum FICO score of 700 to qualify. Maximum debt to income ratio 45%. Medical Professionals may borrow 100% up to $1,250,000, 95% financing up to $1,500,000, and 90% financing up to $2,000,000. Most lenders require that you have completed training within the last 10 years, Alliant Credit Union has no such limit.
Conforming & Non-Conforming
Fixed & Adjustable Rate
30- & 15- Year Fixed, 5/6, 7/6, 10/6 ARMs
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM
Student Loan Debt omitted in qualifying ratios if deferred at least 12 months
Ability to use income based repayment schedule if not deferred for 12 months
No limit on time elapsed since the completion of training
Financing available for single family, condos, and two family owner occupied residences
Warrantable and non-warrantable condos allowed
Available to US Citizens, Permanent Resident Aliens, Non Permanent Resident Aliens, and Foreign Nationals
For other professionals we have Our First Time Homebuyers program with up to 100% financing available with no PMI.
Second Home Financing available up to 90% financing.
Construction Financing available up to 90% financing (AZ, CO, IL, IN, MI, NC, SC, and WI)
Please contact the Mortgage Loan Officer listed above covering the state in which you are purchasing.
Phone: 586-871-8002
Alliant Credit Union NMLS#: 197185.
Rates, terms, and conditions are subject to change. The 5/6, 7/6 and 10/6 ARMs offer a fixed rate for the initial period of the loan and adjust to a 6 month ARM after that period. The interest rate and monthly payment may adjust bi-annually based on the 30 day average Secured Overnight Funding Rate (SOFR), plus a margin of 2.75 percentage points with a 5% life time cap.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
Mortgages available in all states except Maryland. Loan approval, interest rate, and downpayment required based on creditworthiness, amount financed, and ability to repay. Rates, terms, and conditions are subject to change and are subject to credit and collateral approval.
Rates can vary based on risk factors which include but are not limited to LTV, credit score, and debt to income ratio.
DFCU Financial ♠
DFCU Financial pays Cash Back* on deposits and loans – including our mortgages. The DFCU Financial Cash Back* program rewards eligible members for their loyalty with cash back in their account each year based on their average yearly loan and deposit balances – including mortgages.
The DFCU Doctor Mortgage program was developed to meet the unique needs of physicians. This specialized program offers:
100% to $1,250,000, 95% to $1,500,000, and 90% to $1,750,000
No PMI
7/6 or 10/6 ARMs
No restrictions for time out of residency
No reserve requirement
700 MIN Credit Score
Expanded DTI requirements
Available to individuals credentialed as a MD, DO, DDS,DC,DMD,DVM
Cash Back* program eligibility
MD, DO, DDS, DMD, Resident, Fellows, DVM, DC
Phone: 734-788-2119
The Cash Back Disclosure:
While the DFCU Financial Board of Directors intends to pay Cash Back every year, and has done so since 2007, Cash Back is not guaranteed and will depend on our financial performance and other factors. Annual Cash Back payments are limited to an aggregate of $10,000 for each tax-reported owner. The IRS requires that Cash Back for an IRA be paid to the same IRA, and that it be open when Cash Back is deposited. Cash Back to Commercial / Business Banking members is subject to additional terms. Anyone who causes DFCU Financial a loss for any reason is not eligible for Cash Back.
First Independence Bank ¥
Headquartered in Detroit, MI for 55 years. Bank specializes in portfolio lending, including it's no money down physicians loan. Best hands-on service levels.
5- or 7-year ARM. 15–30-year amortization available. 700 credit / 100% financing up to $1,350,000 purchase price
MD, DO, DDS, DMD, Resident, Fellows
No money down.
Phone: 248-854-1274
All loans subject to borrower qualifications. Rates subject to market.
Wintrust Mortgage ∑
0% down to $850k loan amount, 3% down to $1.2mm loan amount, 5% down to $1.5mm loan amount, 10% down to $2mm loan amount
MD, DO, DDS, DMD, DVM, DC, DPM, Pharmacist
low down payment option, contract income used to qualify, student loans not used if no payment for 12 months
Phone: 916-302-6408
Equal Housing Lender. Member FDIC
First Merchants Bank ^^
First Merchants Bank is a community bank with our roots firmly in the Midwest. We got our start in Muncie, Indiana in 1893 and we’re proud to serve customers across Indiana, Ohio, Illinois, and Michigan. At First Merchants, we believe in providing dependable, big-bank services while maintaining the welcoming, close-knit feel of a community bank. We are attentive to our customer’s needs, with a focus on building relationships and elevating our communities. It’s a combination that’s earned us a Best Bank rating from Forbes and Newsweek.
We offer fixed rate and adjustable rate mortgage (ARM) programs. 100% financing up to $1 million, 95% financing up to $1.25 million, and 89.9% financing up to $2 million. No private mortgage insurance (PMI). Purchase and rate and term refinance available. Primary residence and condos allowed; non-warrantable condos considered. Loan amounts available up to $500,000 for Medical Residents with proof of fully executed employment contract. Can close up to 90 days prior to new employment start date with employment contract. All loans subject to credit approval. Contact for additional details and eligibility requirements.
MD, DO, DDS, DMD, Resident, Fellows, DVM, Pharmacist
The Physician Mortgage Program at First Merchants Bank offers greater flexibility on your debt-toincome (DTI), no private mortgage insurance (PMI), a lower down payment and higher loan limits than most traditional mortgage programs. Student loan debt can be eliminated from debt-to-income calculations when in deferment or forbearance for at least 12 months after loan closing. Gift funds are allowed towards down payment, closing costs and reserves. We do not require a banking relationship or auto pay to qualify for program benefits or rate discounts.
Phone: 734-417-6008
PhysicianLoans
Read below to learn more about us. But if you are on a short time-line and are looking for information quickly, go to www.physicianloans.com, click on Get Started and take one minute to complete the short form.
PhysicianLoans originated as a family business in 1993 and after being a pioneer in the physician loan space, grew to become one of the most trusted brands for doctors. Our loan officers specialize in working with doctors and are true experts on financing for Doctors. Our team can assist you in 47 states
PhysicianLoans is an approved member benefit for the AMA, AOA and SOMA. We are a trusted name in home financing for doctors.
We are also more than just a place for rate shopping. If expertise, advice and customer service are important to you, always be sure to speak with a PhysicianLoans loan officer.
Visit www.physicianloans.com, click on GET STARTED, and take one minute to complete the short form. Or call us at 877-593-9313. We will be in touch quickly and get you what you need to successfully move forward.
Not a hard sales pitch. Just the advice and information you need.
No Money Down, No PMI, 50% DTI, Special Underwriting, ARMs and Fixed
MD, DO, DDS, DMD, DVM
Pioneers in this space, Best Customer Service, Experienced
Phone: 877-593-9313
Fifth Third ∏
Fifth Third offers competitive programs and will look at all available options for the client that will be more beneficial to their scenario, as each client's scenario is different. With over 20 plus years of experience working with Physician's and these loans officers offer top notch professional “white glove” service.
- 0% down payment up to $1.25 Million Loan Amount
- 5% down payment up to $1.75 Million Loan Amount
- 10% down payment up to $2.5 Million Loan Amount
- 30 Yr Fixed, 15 Yr Fixed, 15/6 ARM, 10/6 ARM, 7/6 ARM, 5/6 ARM, 5/3 ARM
MD, DO, DDS, DMD, Resident, Fellows, DVM, OD, DPM
- Close up to 150 days before employment start date
- 1099 Income with less than 2 years of self-employed income or new 1099 contract (with proof of minimum guaranteed hours and hourly rate)
- Minimum 680 Credit Score with 5% down and 700 credit score with 0% down
- No Private Mortgage Insurance
- Up to 50% debt to income ratio
- Gift Funds can be acceptable for down payment, closing costs, and asset reserves in many circumstances
- Student Loan Payments can be excluded if deferred during training or we can use income based repayment monthly payment to qualify
- No restrictions on length of time post residency to qualify for loan
- Can own multiple properties or have multiple physician loans
- Helped thousands of physicians buy their homes with confidence
- Refinance and Purchase options
- Self Employed Income borrower options
- Additional Discounts Available With $25k Or More of Assets With Fifth Third Bank
Phone: 317-788-3002
Member FDIC/Equal Opportunity Lender
U.S. Bank ††
Phone: Office- 916-498-3402 / Cell- 916-837-4531
Equal Housing Lender. Member FDIC.
Citizens Bank
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $226.7 billion in assets as of December 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,400 ATMs and approximately 1,100 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities.
Borrowers may be self-employed physicians (2 year history needed) or medical researcher
Up to 95% financing up to $850,000/89% to $1M/85% to $1.5M on purchase & refinance
Up to 85% on Construction to Permanent loans with 12, 15 or 18 month build & one-time close
NO Private Mortgage Insurance Required
Non US Citizens are eligible
Can use employment contract income & close on your home 90 days prior to start date
SPECIAL banking relationship discount through a Citizens Bank Account
Seller Contributions Allowed
RECAST option available
30yr, 20yr, 15yr and 10yr fixed rate loans, 5,7 or 10 yearARMs.
Minimum credit score of 700
Student Loan Debt omitted in qualifying debt ratios if deferred at least 12 months following closing.
Ability to use IBR payment if not deferred for 12 months
Borrowers must have completed residency or fellowship within the last ten years, be a newly licensed
medical resident or about to begin new employment or residency within 90 days of closing.
MD, DO, DDS, DMD, Resident, Fellows
Superior service, loan exceptions available and flexibility in underwriting.
Working exclusively with medical professionals.
Offer both fixed and adjustable rates with low down payment and no PMI
Also offer construction to permanent loan
Flexibility with student loan payments
Phone: 586-904-5555
Consumers Credit Union
0% down up to $750K, 5% down up to $1M, 20% down for greater than $1M
30 Year Fixed, and 7/1 ARM available –No PMI – Exclude all student loan debt from ratio! 10% down with no PMI on single family investment properties available too.
MD, DO, DDS, DMD, PA, NP, CRNA
Exclude all student loan debt from ratio which increases your buying power. Can close prior to employment. Community banking allows for more flexibility to fit your specific scenario with common sense underwriting. Fast closings. Your loan will not be sold to a 3rd party. 4% checking account (up to $15K balance) available. 90 day lock and shop available. Lock in rate now while you search for your dream home.
Phone: cell 616-446-2567, office 616-208-1304
Laurel Road *
As a physician or dentist with unique financial needs and time constraints, you can benefit from KeyBank’s customized mortgages. Streamline the home buying process, with underwriting specialized for you, so you can take care of your needs.
- Up to 100% financing for qualified medical professionals on loan amounts up to $1 million
- Fixed or variable loan options available for purchase, as well as rate/term and cash-out refinances
Get Prequalified or Apply Today! Check your rates!
geographic restrictions apply
Phone: 216-427-0532
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All
home lending products, including mortgage, home equity loans and home equity lines of credit, are
subject to credit and collateral approval. Not all home lending products are available in all states. Hazard
insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and
terms are based on those offered as of the date of application and are subject to change without notice.
Mortgage and Home Equity Lending products offered by KeyBank are not FDIC insured or guaranteed.
Only available to actively practicing interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Additional conditions and restrictions apply.
Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. Member
FDIC. NMLS # 399797. Equal Housing Lender. © 2025 KeyCorp® All Rights Reserved. Laurel Road is a
federally registered service mark of KeyCorp. 3 Corporate Drive. 4th floor Shelton, CT 06484, USA.
Lake Michigan Credit Union *
Why finance your home with LMCU?
We helped 8,000+ homebuyers become homeowners in 2024 alone.
All mortgages are serviced by LMCU throughout the entirety of the loan, so your payment process and point of contact never changes.
Buy with as little as 0% down* up to $1.25 million*
Buy with as little as 5% down up to $1.5 million**
Buy with as little as 10% to $1.75 million**
Loan amounts up to $2.5 million.
Deferred student loan debt is not included in calculations.
No mortgage insurance required.
No minimum required cash on hand after closing.
CP loans available in Michigan and Florida
MD, DO, DDS, DMD, CRNA, DPM
High income, high net worth individuals are invited to become LMCU Premier Banking members and enjoy enhanced product offerings, plus personalized service designed exclusively around your financial needs.
Phone: 248-961-4300
*For well-qualified borrowers. The interest on the portion of the loan that exceeds the value of the dwelling is not tax-deductible. Please consult your tax advisor. To be eligible for the Doctor/Dentist program, the Doctor/Dentist must be in a residency program, have completed a residency program, or be an established Doctor/Dentist. Doctors/Dentists must also establish an automated payroll deposit with LMCU to be eligible. Loan to value (LTV) ratios up to 100% with loan amounts up to $1,250,000; 95% LTV up to $1,500,000; 90% LTV up to $1,750,000; 85% LTV for loan amounts up to $2,000,000; and 70% LTV up to $2,500,000.**For well-qualified borrowers. $5 membership required. LMCU NMLS # 442967
Green State Mortgage ∅
Green State Mortgage is a boutique lender with access to the most competitive rates and programs. Allow us to tailor a lending program that meets your needs!
0% down up to $1,000,000, 5% down from $1,000,000 to $1,750,000, 10% down from $1.750,000 to $2,500,000. 1-2 Unit Properties, Condos, Townhouses, PUDs, Modular Homes. No PMI. No Prepayment Penalty. Non-Warrantable Condos to 90%. Fixed and adjustable rates (7, 10, and 15-Year ARM) available. No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves for W2 positions. 60 days prior to start date for 1099 positions.
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, OD, DPM, Pharmacist
No time restrictions on when a client starts their new employment vs. the closing date if they have enough reserves. Most other lenders limit the purchase date to 60-90 days before starting a new position. We also allow business assets and gift funds for the down payment, closing costs and reserves. Debt-to-income ratios up to 50%. No 2-year history is required for physicians hired as a contractor or 1099 employee. Available nationwide (except CA), 2-unit properties eligible, flexibility for newly self employed.
Phone: 630-788-4048
Green State Mortgage – A division of Green State Credit Union
First Community Mortgage >
First Community Mortgage offers a product menu second to none with a 100% customer service centric approach to anything and everything that we do. Our physician loan offering in particular offers very competitive terms and includes 100% financing up to $1M, 5% down up to $1.75M, and 10% down up to $2.5M, ALL with no mortgage insurance! Keep in mind that we are going to tailor our loan offerings for each individual client based on what fits their needs the best. This will include very competitively priced jumbo loan offerings that can accommodate larger loan amounts, creative financing approaches available as well for those with credit challenges, income challenges, etc.
Our physician loan offering is going to come with very competitive terms, which include the following:
100% financing up to $1M
5% down up to $1.75M
10% down up to $2.5M
ALL with no mortgage insurance!
Gift funds are acceptable
These great terms are available with a 30-year fixed loan, a 7-year ARM, or a 10-year ARM. These ARMs will be on 30-year amortizations with a fixed rate period of either 7 or 10 years. Financing is available for primary residences for 1-to-2-unit residences, condos, PUD’s, townhomes, and approved modular homes (pre-fabricated homes built to state and local building codes).
Our physician loan program is available for eligible physicians beginning residency after loan closing, with the following required documentation:
- A fully executed/signed employment contract or offer letter in which all contingencies have been met
- Verification that our borrower will have sufficient income or cash reserves to support the mortgage payment and any other obligations between the first payment due date and the start of employment.
MD, DO, DDS, DVM, DPM
To recap our physician loan offering comes with the following strengths:
- 100% financing up to $1M
- 5% down up to $1.75M
- 10% down up to $2.5M
- ALL with no mortgage insurance!
- Gift funds are acceptable
- 30 year fixed, 7 year and 10 year ARMs all available
- Very competitive interest rate offerings
First Community Mortgage also offers an extensive list of products that even outside of our physician loan program will allow us to customize and tailor the best possible loan offerings for each and every client that we work with. We are committed 100% to best-in-class customer service and will make sure each and every client is afforded the opportunity to understand all best case options that are available to them.
Phone: 815-405-3617
Loan approval and terms are dependent upon borrower’s credit, documented ability to repay, acceptability of collateral property, and underwriting criteria. This loan product is offered by First Community Mortgage and administered through a broker relationship. For licensing information, go to: www.nmlsconsumeraccess.org.
262 Robert Rose Drive, Murfreesboro, TN 37129
Choosing a Conventional vs Doctor Mortgage When Buying a Home in Michigan
If you've decided to buy a home, and you are committed to living in Michigan for more than five years, you should give serious consideration to putting 20% down and getting a conventional mortgage. The improved monthly cash flow will allow you a great deal of financial freedom and the ability to invest (and even spend). You'll save hundreds of thousands on interest over the life of the loan, all guaranteed, unlike investing a potential down payment elsewhere.
If you're going to buy a home in Michigan AND you can't or don't want to put 20% down, then a doctor mortgage loan is a reasonable option and at least as good as the other non-20%-down options.
When comparing conventional vs. doctor mortgages, physician loans do have lots of advantages, but those primarily revolve around easier underwriting requirements. A doctor mortgage can help you qualify for a loan you otherwise couldn't get.
Qualifying for conventional mortgages may pose a greater challenge, but this stringent process serves a purpose. If you successfully meet the criteria for a conventional mortgage, particularly if you can make a substantial down payment to bypass private mortgage insurance (PMI), you'll typically enjoy lower interest rates and fees. As a result, you'll benefit from reduced monthly payments and a lower overall cost for your loan.
How Do Michigan Physician Mortgages Work?
Physician loans, also known as doctor mortgages, are designed specifically for medical professionals who may have unique financial situations. These loans offer favorable terms such as low or no down payments, no private mortgage insurance, and flexible debt-to-income ratios. Typically, lenders who offer physician loans will take into account a doctor's potential future income when considering their eligibility, rather than just their current income and debt. This is because medical professionals often have high earning potential, but may also have significant student loan debt that can impact their current financial standing. By taking this into account, physician loans can help make homeownership more accessible for doctors who may not be able to qualify for traditional mortgages. Physician loans are an option for doctors who are looking to purchase a home in Michigan and can help make their dream of homeownership a reality.