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.
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.
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. Tal will make sure that you get what you need right away.
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
Our home loan for Medical Professionals or Physicians was designed to help those in the medical profession achieve their dreams of homeownership. At The Federal Savings Bank, 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!
0% down up to $1 MM loan amount
5% down up to $1.5 MM loan amount
10% down up to $2 MM loan amount
Min FICO – 660 (lower FICO will not affect your rate)
Owner occupied Primary Residence
1-4 unit residential property
Rental income can be used to meet DTI requirement
No Reserve Requirement
No Prepayment Penalty
ARM loan options
Can close up to 90 days prior to start of new job
Student loan payments deferred for 12+ months are not included in DTI
No limit on the number of years out of residency
Non-occupant co-borrower allowed
Gift funds allowed from family members
Up to 6% seller credit allowed
US Citizens, Permanent Resident Aliens, Work Visa
MD, DO, DDS, DMD, Resident, Fellows, PA, NP, DVM, CRNA, DNAP, OD, DPM, APRN, CNM, Pharmacist, Psychologist
Min FICO – 660 (lower FICO will not affect your rate) – Can ask for exception for lower
Serving medical and healthcare professionals nationwide
Wide coverage of professionals – We value the contribution of healthcare professionals and want to support as many as possible to achieve the dream of homeownership
Qualify with few funds – low down payment & NO Reserves
Lower rate compared to a traditional mortgage
Program is open to all qualifying professionals regardless of years in practice
Loan available for Cash-out Refi as well (with lower LTV)
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.
The Federal Savings Bank | Co. NMLS# 411500 | All Rights Reserved | thefederalsavingsbank.com
Member FDIC | Equal Housing Lender
Residents with 6 months or less left in their residency or Fellowship programs who have accepted permanent positions or doctors that have completed residency within the past 10 yrs are eligible for the physician mortgage loan.
MD, DO, Resident, Fellows
Equal Housing Lender. Member FDIC.
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
First Federal Lakewood
First Federal of Lakewood Physician Loan program allows for 100% financing on loan amounts up to $1,000,000, 95% financing on loan amounts up to 1.25MM and 90% financing on loan amounts up to 1.5MM First Federal Lakewood Physician Loan program allows for 100% on purchases up to $1,000,000. This program has no monthly mortgage insurance (PMI).
MD, DO, DDS, DMD, DVM, OD, DPM
First Federal Lakewood’s physician loan program is very competitive with other lenders in this space when comparing interest rates and fees. There are a couple unique pieces of our loan program that other lenders do not offer.
- First Federal Lakewood can close a physician loan based on an employment contract if the start date is within 12 months. Many of our competitors will only use new employment start dates within 30-60 days.
- Construction draw loans available in 5 states (KY, IN, MI, OH, PA)
- Long term locks up to 12 months available
We specialize in Physician loan lending at Northwest Bank. Northwest Bank is a $15 Billion-dollar regional bank that has organically grown from a community bank that was founded in 1896 in Bradford PA. Winner of 6 JD Power awards including highest customer satisfaction with retail banking and the most trusted bank in Pennsylvania, also voted America’s best banks by Forbes and Time Money magazine, Northwest Bank puts customer service first. With over 25 years of mortgage lending experience specializing in Physician and Private Client lending we provide my clients with transparent and honest mortgage advice that helps each individual client achieve his or her goals. We work with a dedicated assistant, processor, and underwriter who all understand Physician loan lending to deliver an experience that exceeds your expectations, let our experienced team help you achieve your dream of home ownership.
Fellows and Attending Physicians: $0 down up to loan amounts of $950,000 with $0 PMI. 5% down up to loan amounts of $1,250,000 with $0 PMI. 10% down up to loan amounts of $1,500,000 with $0 PMI. Loan amounts over $1,500,000 please email or call. Deferred student loan payments do not count in qualifying debt ratio, can close up to 60 days before job start date with signed Physician Contract. *Resident max loan, $647,200 with $0 Down and $0 PMI.
MD, DO, DDS, DMD, Resident, Fellows, OD, DPM
1-4 unit primary residence, can close before starting job, flexible Portfolio Lender, dedicated Physician Loan Mortgage Team, Low Rates, Physician Loan Priority Processing and Underwriting, Close on time, e-sign, automated milestone communication sent to Physician and Realtor (Appraisal In, Commitment Letter completed, Final approval, etc…), and available 24/7 via phone, text , and email.
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
WCI readers can get a 0.25% rate discount+ on mortgage lending with Laurel Road+. You could also save up to $650 off closing costs+. Explore no Private Mortgage Insurance (PMI) options+ with a Mortgage Loan Officer+. There is no Processing/Application Fee, a value of $1,095+.
Check your rates today!
Up to 95% financing options available. Ask about our competitive terms on rate/term and cash-out refinancing. NO PMI. Fixed rate and variable rate mortgages available. NO prepayment penalty. Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
MD, DO, Resident, Fellows, DPM
Low fixed and variable APRs. Streamlined application and approval process. Available in all 50 states. Applicants may also receive up to $650 in closing cost credits. Laurel Road’s digital application is available 24-hrs per day for busy working professionals. See laurelroad.com
Notice: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All credit products are subject to credit approval. Mortgage products are also subject to collateral approval. Mortgage products are available in all 50 U.S. states and Washington, D.C. 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.
1The interest rate discount of 0.25% is offered to borrowers who are active White Coat Investor readers and who are an intern, resident, fellow, doctor, clinical professor, researcher, or managing physician at the time of closing. To be eligible borrowers also must have a current medical license (as applicable) and have earned a Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM) evidenced by a diploma. This 0.25% interest rate discount cannot be combined with other offers, except the Rewards Program. For Fixed-rate mortgages, the 0.25% rate discount is a permanent interest rate reduction that will be reflected in the Promissory Note interest rate. For adjustable-rate mortgages, the 0.25% rate discount will apply to the initial Fixed interest rate period and will be reflected in the maximum amount the interest rate can increase over the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note.
2Laurel Road offers up to $650 in lender's credit towards your mortgage closing costs. Credits cannot exceed borrowers' actual costs to close. For more information on how to obtain the $650 credit, refer to the Rewards Program information here.
395% financing is only available to 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). Only available when purchasing or refinancing with no cash out on a primary residence and loan amount does not exceed $1,000,000. Retired doctors are not eligible. Additional conditions and restrictions may apply.
Only available to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Retired doctors are not eligible. Additional conditions and restrictions apply.[/scroll-box]
Laurel Road is a brand of KeyBank National Association. All products offered by KeyBank N.A. Member FDIC. NMLS # 399797. Equal Housing Lender. © 2022 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
0% Down to $1,250,000.00, 5% down to $1,500,000.00, 10% down to $1,750,000.00, and 15% down to $2,000,000.00. 15-30 year fixed and 5/1-15/1 ARMS. Available for purchase, refinance, and construction.
MD, DO, DDS, DMD, CRNA, DPM
As a Credit Union, we offer lower rates and costs as well as a 3% checking account (up to $15K balance).
Phone: 231-941-6565 (MI) or 239-908-5867 (FL)
With a career in the mortgage industry since 1990, we understand that listening to your short-term and long-term goals is key to structuring a loan that will successfully meet your individual needs. We believe in exceeding your expectations throughout the loan process, whether you are purchasing or refinancing your current home, vacation home or income property. We specialize in Physician Loans, Construction Loans, and Luxury Home Financing (Jumbo Mortgages). There is an impressive array of mortgage products available through Huntington, we will work with you to help determine mortgage loans options to meet your needs.
Please contact us today to schedule a convenient time to discuss your home financing options! We want you to become a Huntington customer for life!
We offer Zero Down up to $1,000,000, 5% Down from $1,000,001 to $1,250,000 and 10% Down from $1,250,001 to $2,000,000 – all with NO PMI. This is for Primary Homes only and includes all Purchases, Refinances and Cash Out Refinances with up to $250,000 Cash Out. Minimum Credit Score is 700. We offer all Loan Programs such as a 30 Year Fixed, 15 Year Fixed, 3/6, 5/6, 7/6, 10/6 and 15/6 ARM products. Non-Warrantable Condos are also eligible, however, with 10% Down.
MD, DO, DDS, DMD, DVM, DPM
Our Dr Program has been in place for over 13 years! Here at Huntington, we also service all our Physician Loans and do not sell or transfer the loans to another servicer. We allow for up to a 50% Debt to Income Ratio also, which is higher than most other lenders. Our program is very solid. We specialize with the program here at Huntington, it is ALL that we do!!
Michigan State University Federal Credit Union
Founded in 1937, MSUFCU was established 85 years ago to provide a safe place where members could borrow and save money. Over the years, we've built a strong foundation of relationships with our members – ultimately helping them achieve their dreams. Our employees live our mission every day to spark those moments for members to find financial freedom and security, as they purchase their first cars and homes, start their own businesses, and save for their children's futures. There are several options to qualify for membership: MSUFCU provides financial services to the MSU community, select employee and community groups, and anyone who is an immediate family or household member of someone who has an MSUFCU account. We offer services to anyone who lives, works, worships, goes to school, or owns a business in Oakland, Genesee, Lapeer, Livingston, and Macomb Counties. Additionally, individuals seeking membership with the Credit Union may opt to donate a minimum of $10 to the Desk Drawer Fund to become a donor member of the foundation.
No PMI, as low as 3% down, Fixed-Rate up to 30 years. Loan Amounts $100,000 – $3,000,000
MD, DO, DDS, DMD, Resident, PA, DVM, CRNA, CPA, DNAP, DC, OD, DPM, APRN, Pharmacist, Attorney
MSUFCU's Professional Mortgage Loan provides you the financial flexibility you need: As little as 3% down. No requirement for private mortgage insurance (PMI). Employment verification letter or employment offer letter may be used for qualification. Gift funds may be used for qualification. Student loans deferred for 12 months may be excluded from qualifying ratio in some instances. 60 day Pre-Approval Rate Guarantee.
Whether you are a first-time homebuyer or have purchased several homes, we support you in a way you have never experienced. Whether you need the one-on-one support with close attention or prefer to utilize our digital experience, you can feel confident knowing you have experienced professionals always on your side. We offer Purchase, Rate/Term Refi’s, Second Home loans up to 90%, Investor Loans and Construction/Rehab loans. FCM has financing programs to tailor a program that fits your financial goals.
100% up to $1.25MM. 90% LTV 1.25MM to 1.5MM. Student loans not counted towards ratios.
Minimum credit score of 620. No PMI. No restrictions for time out of residency. Can close up to 90 days prior to employment start date. No Pre-payment penalty. Student loans omitted if deferred. IDR used if in repayment. Gift funds permitted for down payment and reserves.
MD, DO, DDS, DMD, Resident, Fellows, DVM, DPM, Pharmacist
We offer fully underwritten pre-approvals completed by seasoned underwriters. This allows us to offer a $5,000 21 day close on time guarantee. Set yourself apart from other offers in this tight housing market. We are the lender and decisions are made internally.
This information is offered for informational purposes only. It is not intended as a substitute for, or alteration of, any federal or state law or regulation, company policy, or provision of any written plan document or agreement between the company and any contracted provider. In the event of any inconsistency between information here and any federal or state law or regulation, company policy, written plan document or agreement, the provisions of the relevant law, policy, plan document or agreement will govern, and no person or entity shall be entitled to claim detrimental reliance on any information provided or expressed here. Effort has been made to ensure the accuracy of this information; however, the Company reserves the right to interpret any ambiguity arising from any information provided.
BMO Bank has developed a class leading Physician & Dentist Mortgage Loan Program. The below Loan Officers have decades of experience not only in the mortgage industry but also working specifically with Physicians and Dentists. We are dedicated to ensuring a qualify experience to all buyers, from start to finish.
Loan Officer Info:
Please contact the listed Loan Officer based on the state in which you are purchasing.
100% financing to $1MM, 95% to $1.5MM, 90% to $2MM, less than 10 years practicing(not including residency or fellowship) for down payments less than 10%. Primary Residence SFR, Condo, 2 unit properties eligible. Can close up to 90 days prior to employment start date with signed contract or signed offer letter. 30 year fixed rate options along with shorter term fixed and ARM’s. No PMI/MI. Rate/Term Refi or Purchase only. Gift funds allowed for down payment, closing costs, and reserves. We are now able to use 1099 contract income for doctors who have a guaranteed minimum salary in their contract without a 2 year history of income established as a 1099 employee. Must be actively seeing patients.
MD, DO, DDS, DMD, Resident, Fellows
BMO Bank developed and began offering a physician loan program in 2015. The program has been expanding and growing for the past 8 years. All of the Loan Officers listed specialize in the physician loan product. These 4 loan officers have a wealth of knowledge and experience to handle any scenario imaginable. We can quickly determine what options are available within BMO’s loan options to structure a loan to fit your needs. We have dedicated processors and underwriters to ensure a smooth lending process and quick closing. We look forward to earning your business!
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.