Physician Mortgage Loans in Michigan
How to Obtain a Physician Mortgage in Michigan
To obtain a physician mortgage in Michigan, it is important to compare lenders that operate specifically in Michigan and offer physician mortgage programs. Working with a mortgage broker who specializes in physician mortgage programs is highly recommended to ensure you find an experienced lender. A knowledgeable mortgage broker will connect you with the best physician mortgage lenders in the state, allowing you to compare rates, terms, and down payment options.
Not all brokers have expertise in physician mortgage loan programs, so it’s crucial to find one who is well-versed in this area. LeverageRx can assist you in locating lenders that cater specifically to physicians and healthcare providers in Michigan.
Once you have chosen a lender, you will need to complete and submit a loan application. Be prepared to provide supporting documentation, such as proof of employment, educational background, certifications, or licensing as a healthcare professional.
Where to Find a Physician Loan in Michigan
When searching for a physician loan in Michigan, it is important to focus on lenders and programs available within the state. This ensures that you work with lenders who understand the local market and comply with state-specific regulations. Loan programs can vary from one state to another, so the options available in Michigan may differ from those in other states.
Here are seven of the top lenders offering physician mortgage loans in Michigan.
To cater to the unique financing needs of medical professionals in Michigan, BMO provides a specialized physician mortgage program. It is specifically designed to assist doctors in overcoming challenges to homeownership, such as significant student loan debt and limited funds for a traditional down payment.
Here are the notable features of BMO physician loans in Michigan:
- Financing of up to 95% for loans up to $1.5 million
- Financing of up to 90% for loans up to $2 million
- Exclusive to primary residences
- Available for both purchase and refinancing
- Construction financing options are also available
- Available for MD, DDS, DMD, and DO
BMO physician loans are accessible to practicing physicians, residents, and fellows in all states (except New York). For a more comprehensive understanding of this program, we recommend referring to our detailed BMO Physician Loan Review.
Fifth Third Bank recognizes the specific financial needs of residents, new physicians, and established doctors in Michigan and offers a physician mortgage loan program to cater to them. Here are the key features of Fifth Third’s physician mortgage loans:
- Eligible designations include MD, DDS, DMD, DO, and DPM
- 100% financing available for loans up to $750,000
- 95% financing available for loans up to $1 million
- No private mortgage insurance (PMI) requirement
- Flexibility to choose between fixed or adjustable-rate loans
- Available for both home purchase and refinance
- Construction financing available
Fifth Third Bank’s physician mortgage loans are tailored to address the unique financing needs of residents, fellows, and established doctors in Michigan. For a comprehensive assessment of this program, we recommend reading our detailed review of Fifth Third Physician Mortgages.
First Horizon knows the unique needs of medical professionals in Michigan and offers specialized physician mortgage loans to meet their needs. While their program primarily serves the southern United States, it also extends its services to Michigan. Here are the key features of their program:
- 100% financing available for loans up to $1.5 million
- 95% financing available for loans up to $2 million
- 90% financing available for loans up to $2.5 million
- Flexibility to close on the loan up to 6 months prior to the employment start date
- Accessible to MD, DO, DDS, DMD, CRNA, CPA, and DPM
- No requirement for private mortgage insurance (PMI)
To explore your options and connect with a physician mortgage lender from First Horizon, you can request your mortgage rates through LeverageRx.
Heritage Bank NA
Heritage Bank NA is a top choice for physicians and medical professionals in Michigan who are seeking 100% financing for their home purchases. Their Physician Mortgage Loan program offers several advantages to meet the unique needs of healthcare professionals. Here are the key highlights of the program:
- No down payment required on loans up to $1 million.
- Low down payment requirements.
- High loan-to-value ratios are offered.
- Open to MD, DDS, DO, OD, DPM, and DVM designations.
- It is accessible to both practicing physicians and residents.
- There is no requirement for private mortgage insurance (PMI).
- Available for both primary and secondary homes.
To explore your options and connect with a lender from Heritage Bank NA in Michigan, simply complete a mortgage form through LeverageRx.
Huntington Bank offers a specialized physician loan program that caters to a range of medical specialties, including MD, DO, DDS, DMD, DPM, and DVM. Here are the key advantages of Huntington Bank’s physician loan program in Michigan:
- Up to 100% financing is available for loans up to $1 million
- Loans up to $1.25 million offer 95% financing.
- Loans up to $2 million allow for 90% financing.
- Can only be used for primary residences.
- Applicable for both purchase and refinance.
It’s important to note that loans exceeding $1.25 million require at least one year of attending status, making them unavailable for physicians in training. However, loans below $1.25 million are accessible to physicians at all stages of their careers, including residents, fellows, and attending physicians.
For a more comprehensive understanding of the Huntington Bank Physician Loan program and its offerings in Michigan, we encourage you to refer to our detailed Huntington Bank Physician Loan Review.
Lake Michigan Credit Union
Whether you are a resident in training or a long-practicing physician looking to relocate, Lake Michigan Credit Union’s doctor mortgage program delivers real value to medical, dental, and orthodontic professionals in Michigan.
- Available for MD, DO, DDS, DPM, and CRNA designations.
- Up to 100% special financing of the household value.
- No mortgage insurance requirements.
- 0% down payment for loans up to $1.25 million.
- 5% down payment for loans up to $1.5 million.
- 10% down payment for loans up to $1.75 million.
- 15% down payment for loans up to $2 million.
- 30% down payment for loans up to $2.5 million.
- Deferred student loan debt is not included in calculations.
Because LMCU is a credit union, the rates they offer are very competitive. Compared to traditional banks, you could end up with a lower loan rate, lower closing costs, and fewer expenses over the life of the loan. Get matched with an LMCU lender here.
US Bank provides physician mortgage loans to medical professionals in all 50 states, including Michigan. Whether you’re a medical trainee or an experienced practitioner, US Bank’s program has options for you. Here are the key highlights of the program:
- Up to 90% financing is available for loans up to $1.25 million.
- Loans up to $1.5 million offer 85% financing.
- Loans up to $2 million allow for 80% financing.
- The program is exclusively available for MD and DO designations.
- It is limited to primary residences only.
US Bank’s physician loan program caters to a narrower range of medical professionals compared to other doctor home loan programs. Also, US Bank does not have a 100% financing option.
For a more comprehensive review of the US Bank physician loan program in Michigan, we invite you to explore our detailed US Bank Physician Loan Review.