If you’re a physician and purchasing a new home in Michigan (or refinancing your current mortgage) is on the horizon for you, then consider using a physician mortgage loan.
The Wolverine State is home to over 42,000 practicing physicians, making it a favored choice among doctors.
Michigan continues to see growth as more people are moving there and calling it home. Michigan remains one of the most populated states in the country.
It’s no wonder it remains attractive for homeowners, with the beauty of the lakes and access to miles of shorelines. Not to mention the access residents have to great hospitals and healthcare all across the state.
Whether you’re a resident moving to Michigan for training or well into your career practicing medicine, a physician home loan might be your best financing option.
Contact a preferred lender today to get started with your doctor home loan in Michigan.
5 Best Michigan Physician Loan Lenders
Discover The Best Lenders in Michigan
Answer just a few questions about your career, where you're buying, and how much you want to borrow. Our service will then show you the exact programs you're eligible for from vetted physician loan specialists who will guide you through every step of the process – obligation-free!
1. BMO Harris
BMO Harris offers several mortgage options for physicians. Physicians can borrow up to 100% on mortgages up to $1M, 95% on mortgages up to $1.5M, and 90% on mortgages up to $2M.
There is no PMI on physician mortgage loans through BMO Harris. The loan programs are available with either fixed or adjustable rates and without any special fees.
BMO Harris is headquartered in Chicago, IL, and also operates in the states of AZ, FL, IN, KS, MN, MO, and WI – excludes NY.
2. TCF Bank
TCF Bank has approximately 475 banking centers primarily located in Michigan, Illinois, and Minnesota with additional locations in Colorado, Ohio, South Dakota, and Wisconsin.
They offer a doctor home loan designed to fit the unique needs of physicians, dentists, chiropractors, veterinarians, and more! No down payment for those who qualify (closing costs could apply).
No private mortgage insurance is required for those who qualify. Their mortgage loan officers are experienced in working with medical professionals and are ready to guide them through the loan process for their purchase or refinance.
3. US Bank
U.S. Bank is a leader in the mortgage industry. Many of their customers have said they would recommend them in the future. They offer loans that meet almost every mortgage need.
You may be eligible for the U.S. Bank Customer Credit with a new or existing Personal Checking Package or an existing first mortgage with U.S. Bank.
Take 0.25% of the loan amount and deduct it from the closing costs, up to a maximum of $1,000. At U.S. Bank, they know that your home is one of the biggest investments you’ll ever make.
And whether you’re looking for a new mortgage loan, a mortgage refinance or a home equity loan, you want a partner you can trust.
4. Citizens Bank
Citizens Bank offers a special mortgage program for physicians and dentists through their doctor loan program.
Their doctor loan is available for purchases and limited cash‑out refinances of a primary residence. A few highlighted features of the program include up to 95% financing, no mortgage insurance, and your choice of a fixed-rate or adjustable-rate mortgage.
Headquartered in Providence, RI, Citizens Bank has over 1,200 locations across the country.
5. Level One Bank
Level One Bank offers up to $1,000,000 with 0% down and up to $1,500,000 with 5% down. Financing up to $3M is available. Applicants can close up to 90 days prior to the start of an employment contract.
Term: 30 Year fixed, 15/6, 10/6, 7/6, 5/6-year arms available for purchase and refinance. New Construction loans are available upon request.
No Private Mortgage Insurance (PMI) is required and student loan debt deferment is allowed for resident physicians.
The program allows: Residents, Fellows, MD, DO, DMD, DVM, DDS, and PharmD, and most Visa holders are eligible.
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