Nurse Mortgages in Michigan


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Consumers Credit Union

(IN, MI)

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Online

usually responds within 30 minutes

Consumers Credit Union

(IN, MI)

$100M Closed Loans

Consumers Credit Union, founded in 1910, is a member-owned financial institution offering a wide array of services including loans, savings accounts, and investment opportunities.

High-income professionals can benefit from Consumers Credit Union's services like premium checking accounts, high-yield savings options, and personalized financial planning. They also offer a range of loan solutions, including mortgages, auto loans, and personal loans. These services are designed to optimize wealth management and growth. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $1,000,000
Down payment Financing
0%up to $750,000
5%up to $1 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • CRNA
  • NP
  • PA
  • DPM
  • DVM
  • OD
  • PharmD
  • JD
  • DC
  • CPA
  • PhD
  • RN

Flagstar

(All 50 States Except NY)

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Online

usually responds within 30 minutes

Flagstar

(All 50 States Except NY)

$100M Closed Loans

Flagstar, founded in 1987, is a leading national bank headquartered in Michigan, offering a broad range of banking, mortgage, and lending operations.

High-income professionals can utilize Flagstar's wealth management services for their financial planning needs. These services include personalized investment strategies, retirement planning, estate planning, and trust services. Additionally, Flagstar offers private banking solutions such as tailored loans and exclusive credit options. [ Read Review → ]

  • Minimum credit score: 680
  • Maximum loan: $3,000,000
Down payment Financing
0%up to $1 million
5%up to $1.5 million
10%up to $3 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • CPA
  • RN
  • DC
  • PhD

GreenState Credit Union

(All 50 States Except CA)

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Online

usually responds within 30 minutes

GreenState Credit Union

(All 50 States Except CA)

$100M Closed Loans

GreenState Credit Union, founded in 1938, is a member-owned financial cooperative providing diverse banking services to more than 350,000 members across the United States.

High-income professionals can take advantage of a variety of services from GreenState Credit Union. These include exclusive checking and savings accounts with competitive interest rates, extensive loan options, wealth management and investment services, retirement planning, and insurance services, all designed to optimize their financial growth and security. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • PharmD
  • NP
  • PA
  • CRNA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Lake Michigan Credit Union

(FL, MI)

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Online

usually responds within 30 minutes

Lake Michigan Credit Union

(FL, MI)

$100M Closed Loans

Lake Michigan Credit Union, established in 1933, is a member-owned financial institution providing a comprehensive range of services including banking, mortgages, and insurance.

High-income professionals can benefit from Lake Michigan Credit Union's services, which include high-yield checking and savings accounts, low-rate mortgages, business and personal loans, and wealth management. The Credit Union also offers comprehensive insurance options and personalized financial advice. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $1.5 million
15%up to $1.5 million
20%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • CRNA
  • DVM
  • OD
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Michigan State University Federal Credit Union

(IL, MI)

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Online

usually responds within 30 minutes

Michigan State University Federal Credit Union

(IL, MI)

$100M Closed Loans

Michigan State University Federal Credit Union, established in 1937, is a member-owned financial cooperative providing an array of services, including loans, savings, investments, and insurance.

High-income professionals can access a wide range of services from the Michigan State University Federal Credit Union. These include wealth management, investment services, estate planning, and retirement strategies. Additionally, they offer personalized financial planning, business loans, and insurance services. This comprehensive suite of services provides a one-stop solution for [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $3,000,000
Down payment Financing
%up to $3 million
3%Varies
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DVM
  • OD
  • CRNA
  • NP
  • PA
  • JD
  • DC
  • CPA
  • DPM
  • PharmD
  • PhD
  • RN

Shoreham Bank

(AZ, CA, CO, FL, IA, ID, IL, MI, NV, RI, TN, UT)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Shoreham Bank

(AZ, CA, CO, FL, IA, ID, IL, MI, NV, RI, TN, UT)

$100M Closed Loans

Shoreham Bank, founded in 1860, is a reputable financial institution offering a comprehensive range of banking services including loans, savings, and online banking.

High-income professionals can take advantage of various services from Shoreham Bank. These include specialized checking and savings accounts, tailored investment advice, estate planning, and personalized loan options. The bank also offers a private banking service, providing dedicated financial advisors for comprehensive wealth management. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $1.5 million
15%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • DC
  • JD
  • CPA
  • PhD
  • RN

Key Terms

  • Michigan nurse mortgages are specifically tailored for healthcare professionals, offering lower down payments and potentially no private mortgage insurance, which can significantly reduce the initial financial burden of purchasing a home.
  • These specialized loans provide more flexible eligibility criteria to accommodate nurses’ unique employment and income situations, making it easier for them to qualify compared to traditional mortgage programs.
  • Despite the benefits, prospective borrowers should consider potential limitations such as higher interest rates and limited availability, ensuring they choose a mortgage plan that aligns with their long-term financial goals and home buying aspirations.

Michiganders take pride in their state and community. Whether it’s cheering for local sports teams, participating in community events, or enjoying the state’s cultural attractions, there’s a strong sense of belonging in Michigan. The Great Lakes State also boasts diverse landscapes, including beautiful shorelines, forests, and rolling hills, meaning many outdoor enthusiasts appreciate the abundance of recreational activities available throughout the state.

The state also has several thriving industries, including healthcare, and many nurses like to call this midwestern state home, as a result. According to data from the Bureau of Labor Statistics, Michigan is home to 112,320 nurses,  a list that includes some 2,130 CRNAs, 102,240 RNs, and 7,950 NPs.

While the cost of living is not as high in Michigan as it may be elsewhere in the States, home prices are going up. According to the FED, the median listing price of a single family home is right around $289,900, making a new home in the state difficult for many nurses to afford. That’s where nurse mortgages can step in, offering nurses some support and options. 

The pros and cons of Michigan nurse mortgages

Taking out a nurse mortgage in Michigan comes with several advantages. Firstly, these specialized mortgage programs are tailored specifically for nurses, making it easier for them to qualify for home loans. Nurses often face unique challenges when it comes to traditional mortgages, such as irregular work schedules or income from multiple jobs. Nurse mortgages typically have more flexible eligibility criteria, accommodating these situations and increasing the chances of approval. Additionally, nurse mortgage programs may offer lower down payment requirements, reducing the upfront cash needed to purchase a home. This can be particularly beneficial in Michigan, where affordable housing options are available in many areas but still require a significant initial investment.

Another advantage of nurse mortgages in Michigan is the potential for financial assistance and special benefits. Some nurse mortgage programs offer assistance with closing costs or down payments, helping nurses overcome financial barriers to homeownership. Additionally, certain programs may waive private mortgage insurance (PMI), resulting in lower monthly payments for borrowers. These financial benefits can make homeownership more accessible and affordable for nurses in Michigan, especially those who are burdened by student loan debt or other financial obligations.

There are, however, some drawbacks to consider when it comes to nurse mortgages in Michigan. One potential downside is the limited availability of these specialized loan programs. Not all lenders offer nurse mortgages, and those that do may have specific eligibility requirements or geographic restrictions. As a result, nurses in certain areas of Michigan may have fewer options when it comes to securing financing for a home purchase. Additionally, while nurse mortgages may offer lower down payment requirements, borrowers should be aware that they may still need to meet certain financial criteria and demonstrate the ability to repay the loan. Overall, while nurse mortgages can provide valuable support and assistance to nurses in Michigan, it’s essential for borrowers to carefully research their options and consider their individual financial circumstances before making a decision.

An aspiring nurse home buyer who doesn’t meet the eligibility rules for FHA loans, USDA loans, VA loans, or other traditional fixed-rate programs might need to seek approval for their loan amount with a nurse mortgage lender. If you want a primary residence in Michigan, a nurse mortgage loan alternative may be the best route for you.

A loan officer can walk you through various calculators to understand your monthly payments so you can determine an ideal purchase price for your primary residence. You can also ask about other qualifying concerns, such as down payment assistance, opportunities to refinance, minimum credit scores for real estate homeowners, and other loan terms. Looking into these loan options for medical professionals can make it possible for them to qualify for a home mortgage when they’ve obtained a new job to move to Michigan.

Whether you’re a registered nurse moving to a rural area or a travel nurse hoping to work throughout Michigan, you might find a dream property on the NMLS that you can then include in your loan application. A nurse home loan program will still have underwriting requirements, but they may be more flexible than conventional loans. In some cases, this might even mean no private mortgage insurance. Healthcare professionals like nurses, dentists, physicians, and vets often have substantial student loan debt that make it hard to qualify for a traditional fixed-rate mortgage. Their DTI is too high and the loan officer working with a conventional mortgage program won’t have the ability to override this. Therefore, alternative home buying programs are a good option to consider.

Is a Michigan nurse mortgage right for me? 

If you’re a nurse in Michigan thinking about diving into a nurse mortgage, take a moment to think it through. Start by checking out where you stand financially. Look at things like your income, savings, debts, and credit score. Then, ask yourself how owning a home fits into your future plans.

Once you’ve got a handle on that, do some digging into the nurse mortgage options available in Michigan. Check out what they offer, like eligibility criteria, interest rates, and any special perks they might throw your way. See how they stack up against regular mortgages to find the best fit for you.

If you’re feeling unsure, don’t hesitate to chat with a financial advisor or mortgage expert. They can give you the lowdown on nurse mortgages and help you figure out if they’re the right move for you. And remember, take your time with this decision. Buying a home is a big deal, so make sure you’re comfy with whatever path you choose.

Examples of nurses who take out nurse mortgages in Michigan

Let’s take a look at some examples of nurses who have taken out Michigan nurse mortgages. These examples can help you make a decision and determine if a nurse mortgage is the right fit for your life: 

In Michigan, many nurses find themselves facing the challenge of coming up with a hefty down payment when looking to buy a home. Take Sarah, for example, a CRNA working long hours at a local hospital. Despite her steady income, she’s been struggling to save up for a down payment while juggling student loan payments and other expenses. However, with a nurse mortgage, Sarah now has a glimmer of hope. These specialized loans often offer lower down payment options compared to traditional mortgages, making homeownership more attainable for nurses like her. With the help of a nurse mortgage, Sarah can finally take that exciting step towards owning her own place without having to worry about a large down payment upfront.

Meanwhile, in another part of Michigan, we have Tom, an ambitious nurse who’s eager to secure a mortgage for his dream home. He’s been hitting roadblock after roadblock, however, due to his high debt-to-income ratio and variable work schedule. Traditional lenders have been hesitant to approve his application, leaving Tom feeling frustrated and discouraged. Yet, when he learns about nurse mortgages, Tom sees a ray of hope. These specialized loans often come with more lenient eligibility criteria, making it easier for nurses like Tom to qualify, even with unconventional work schedules or high debt levels. With a nurse mortgage, Tom gains the leverage he needs to confidently pursue his homeownership goals in Michigan.

Looking for a nurse mortgage in a different state?

If you’re looking to explore the best nurse mortgage in other states, click on your state below.

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Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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