Physician Loans in Michigan


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11 Best Hidden Doctor Mortgage Loans in Michigan

Key Terms

  • Michigan physician mortgage loans offer higher loan limits than conventional loans and can include 100% financing.
  • Lenders offering physician loans in Michigan often extend favorable treatment toward student debt.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment.

Bordered by four of the five Great Lakes, the Midwestern state, Michigan, is a peninsula that is actually separated into two different parts. It was the 26th state and was admitted to the US in 1837. Since then, Michigan has earned a number of nicknames, including “The Great Lake State,” “The Wolverine State,” and “The Mitten State.”

The Michigan housing market has been making some interesting moves recently. According to the Michigan Realtors Association, the average sale price was $253,557, which is a growth of 5.29% from the year prior. These figures show the demand for homes and the lack of inventory that has caused concern in some areas as it drives up home values. 

As a dentist or one of the over 28,000 doctors living and working in the state, you may wish to consider the Michigan physician mortgage loan program if you hope to buy a home in the state. This program may enable qualified professionals to secure a low- or no-down-payment home loan. 

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Pros/Cons of Michigan doctor mortgage loans

Are you considering a Michigan physician mortgage loan? You will likely want to think about both the pros and cons that can come with these loans. Since most medical residents or medical school graduates don’t have a first property to refinance, it can be hard to come up with the down payment required for a traditional loan. With an employment contract in hand, however, you’re more easily able to find a perfect place through a realtor or a NMLS search and use that instead to qualify for a doctor loan.

If you’re seeking a primary residence but concerned about budgeting for that down payment or lower credit scores from high student loan or credit card balances, do your research to see is physician mortgage loans are an option.

Physician loans for Michigan professional offer a range of advantages, including:

  • Higher loan limits that allow you to put in offers on a wider array of homes
  • Special treatment of student debt, which can be considerable for doctors and other professionals
  • No required PMI payments

Perhaps the biggest advantage with a doctor mortgage? You may likely qualify for one with little to no money. This can be a big “pro” when many conventional loans require down payments as high as 20 percent. This can be a substantial amount for healthcare homeowners because of the purchase price of homes they are looking at. With a traditional loan, it’s easy to feel like new home ownership is just out of reach. Thankfully, doctor home loans might be a potential solution so long as the doctor knows all the details about repayment and the life of the loan.

And the cons? There are some, though they may not outweigh the pros. Some downsides of physician loans include higher interest rates in some instances and the fact that you may need to open an account with the lending bank. In some rare instances, borrowers may buy more house than they need with a doctor mortgage, due to the higher limits available. 

As with any search, knowing the right mortgage lenders and comparing interest rates, mortgage payments, closing costs, and other details can help you decide which bank to work with. Make sure you’re budgeting for all expenses in your new job, too, so that your monthly payment for the mortgage doesn’t get too high.

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11 Top Michigan physician home loan lenders

If you’re in the market for a home in Michigan, consider these physician mortgage loans that are available to state residents.

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

TD Bank

(CT, DE, DC, FL, MA, MD, ME, NC, NH, NJ, NY, PA, RI, SC, VT, VA)

$500M+ Closed Loans

TD Bank is one of our top professional mortgage lenders.

Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% $1.5+ million
  • Minimum credit score: 720
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Debt ratio allowed: 43%
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Flagstar Bank

(All 50 States)

$500M+ Closed Loans

Flagstar Bank was chartered in 1987 and holds around $23 billion in assets, making it a medium sized bank. However, they punch above their weight when it comes to mortgages.

The bank is the sixth largest bank mortgage originator nationally. They only offer ARM products when it comes to doctor mortgages but their ability to lend in all 50 states means they're a player at every closing. There is no application fee or prepayment penalties. They also offer a float down, buy down, and recast option. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Dentist (DMD, DDS), Pharmacist (Pharm D), Attorney (JD), Veterinarian (DVM), Physician Assistant, Registered Nurse (RN/NP/CRNA), ATP Pilots, CPA

Down payment Financing
0% up to $1 million
5% up to $1.5 million
20% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2,500,000
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: ARM Only
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Keybank

(All 50 States)

$10M+ Closed Loans

Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.

The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
5% up to $1.5 million
15% above $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Huntington Bank

(CO, IL, IN, KY, MI, MN, ND, OH, PA, SD, WI, WV)

$500M+ Closed Loans

Huntington Bank operates primarily out of the Midwest.

Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.25 million
10% $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: 2 months
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Citizens Bank

(CA, CT, DC, DE, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, NC, NH, NJ, NY, OH, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WV)

$500M+ Closed Loans

Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered in the smallest state: Rhode Island.

With over $160 billion in assets, it's no surprise that Citizens offers a full range of financial products, including a physician loan. New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible. No more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents

Down payment Financing
5% up to $850 thousand
10% up to $1 million
15% up to $1.5 million
  • Minimum credit score: Not reported
  • Maximum loan: $1.5 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: None
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents

Fifth Third

(FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV)

$50M+ Closed Loans

Fifth Third is a large bank with an established doctor mortgage loan program that is available to doctors, dentists, optometrists and veterinarians.

The Fifth Third physician mortgage program is also available for innterns, residents or fellows that are starting their residency within 90 days of closing on a new home. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Lawyer (JD), Doctorate degree-holders (PHD), Fellows, Residents

S&T Bank

(DE, MD, NJ, OH, PA, WV)

$50M+ Closed Loans

S&T Bank is located in Indiana, Pennsylvania and was founded in 1902 mainly serving Pennsylvania and Ohio.

The S&T Bank physician mortgage program is also available to lawyers and PHD holders, making it broader than other programs. No private mortgage insurance is required and low down payment options are available for high loan amounts. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Lawyer (JD), Doctorate degree-holders (PHD), Fellows, Residents

Down payment Financing
5% up to $1 million
5% up to $2 million
5% up to $3 million
  • Minimum credit score: 700
  • Maximum loan: Exceptions granted
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: Yes
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows

US Bank

(All 50 states)

$500M+ Closed Loans

US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.

US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows

Down payment Financing
5% up to $1 million
10% up to $1.5 million
15% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: Yes
  • Income history: Not required
  • Rate options: Fixed and ARMs
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

The Federal Savings Bank

(CO, CT, DC, DE, FL, GA, IA, IL, IN, KY, ME, MD, MA, MI, MN, MS, MO, MT, NJ, NY, NC, ND, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WV, WI, WY)

$50M+ Closed Loans

The Federal Savings Bank is a nationwide mortgage lender, although their physician program isn't available in all states.

The Federal Savings Bank's physician mortgage program is available for primary residences, including 1-2 unit residential properties (although you can't use the rental income from the other unit to meet the DTI requirements). The bank can work with 1099 income and can close on mortgages up to 90 days prior to starting a job. They can also handle mortgages with H1B visa holders. [Read Review]

Eligible Professions:

Medical doctor (MD, DO); Dentist (DDS, DMD); Veterinarian (DVM), Resident, fellows

Down payment Financing
0% down up to $1 million
5% down up to $1.25 million
10% down up to $2 million
  • Minimum credit score: 680
  • Maximum loan: Exceptions made
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents

Fifth Third

(FL, GA, IL, IN, KY, MI, NC, OH, SC, TN, WV)

$50M+ Closed Loans

Fifth Third is a large bank with an established doctor mortgage loan program that is available to doctors, dentists, optometrists and veterinarians.

The Fifth Third physician mortgage program is also available for innterns, residents or fellows that are starting their residency within 90 days of closing on a new home. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD, DO); Dentist (DMD, DDS); Optometrist (OD); Veterinarian (DVM), Fellows, Residents

Down payment Financing
0% up to $1 million
5% up to $1.5 million
10% up to $2 million
  • Minimum credit score: 700
  • Maximum loan: $2 million
  • Residents / fellows accepted without prejudice: Yes
  • Construction loans available: No
  • Required reservers: Not reported
  • Rate options: ARM and Fixed
Match Banks Contact Send Email

Online

usually responds within 30 minutes

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Laurel Road

(All 50 States)

$10M+ Closed Loans

Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.

Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]

Eligible degrees & accreditations:

Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)

Down payment Financing
0% up to $1 million
  • Minimum credit score: Not disclosed
  • Maximum loan: Contact to discuss
  • Residents / fellows accepted: Yes
  • Construction loans available: No
  • Income history: Not required
  • Rate options: Fixed and ARMs

Is a Michigan physician mortgage loan right for you?

Deciding on a financial commitment such as a physician mortgage loan means taking careful stock of all the implications involved and how it will impact your life. Do you intend to stay in your town for many years to come, or in your job for the same period of time? Then entering into a doctor mortgage may work for you. 

Are you okay with potentially paying a higher interest rate? It may cost you more over the life of your loan, but you may also find that to be worth it, since you get so many benefits with these loans. Take into consideration that you will have a relationship with the lender for years to come; this can help you or your practice in the future. 

Examples of physicians who take out physician home loans in Michigan

Let’s take a moment now to discuss who the doctors are that are taking out physician loans in Michigan. You may find that their stories are similar to yours.   

Doctor who hasn’t yet saved up a down payment

Many doctors work hard during medical school, both in the classroom and out, but few come out of their studies with much in savings. When student debt is added into the equation, taking out a mortgage can be difficult. That is definitely the case with Sasha, who recently began a residency at University of Michigan hospital. While she is on track to be a high earner since her specialty is in orthopedics, she doesn’t have money for a down payment yet. She could wait and try to qualify for a conventional loan once she saves up, but she wants to settle down now. A physician loan will allow her to buy a home with 100 percent financing and get her life on track ASAP. 

Doctor who wants to maximize leverage

Max has spent the better part of a decade building his family practice. Today, he has solid savings established and a portfolio of investments that are performing well. He and his wife want to buy a home for their family. In order to do so, he would have to use a good part of his savings or liquidate some investments to make a down payment. Proceeding, instead, with a doctor mortgage will allow him to maximize his leverage, retain the cushion of his savings and purchase a home with little to no down payment. 

Looking for a physician loan in a different state?

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

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Joshua Holt

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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