Consumers Credit Union Physician Loan Review 2024

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Consumers Credit Union Physician Loan


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Expert Take

Consumers Credit Union (CCU) offers specialty home loans to qualifying medical professionals. These loans have enhanced, more lenient, terms than other traditional mortgage products.


  • 0% down for loans up to $750k
  • Lenient credit score requirements
  • Student loan debt excluded


  • Narrow range of qualifying medical professionals
  • Only single family houses qualify

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Learn More

at Consumers Credit Union Physician Loan

The Consumers Credit Union offers specialty mortgages and other financial products for physicians and medical professionals.

Here’s what you need to know.

About Consumers Credit Union

Founded in 1951, Consumer Credit Union is a large Michigan-based financial institution that offers attractive interest rates for credit cards, rewards checking accounts, auto loans, personal loans, real estate loans, IRAs, and other consumer banking products.

Customers have easy 24/7 access to their money through online banking, the mobile app, and a network of over 30,000 fee-free ATMs throughout the U.S.

Individuals who live, work, or attend school in Michigan are eligible for membership and customers may retain membership if they move out of state.

Credit union members appreciate Consumers’ “over-the-top” customer service, free coffee and wireless at branch locations, educational resources, and specialty products like advanced medical mortgages, also referred to as physician loans.

Consumers Credit Union Physician Loan: Fast Facts

Consumers Credit Union (CCU) offers specialty home loans to qualifying medical professionals.

These loans have enhanced (more lenient) terms than other traditional mortgage products. Here are some fast facts on CCU’s physician loan offerings:

  • Qualifying Professions: Medical doctors, physician assistants, nurse practitioners, nurse anesthetists, and dentists
  • Eligible Homestead: Physician loan program is offered for the purchase of a single family, primary residence on a lot of fewer than ten acres.
  • Loan Amounts: No maximum specified for a 5% down mortgage. Tied to the borrower’s annual household income.
  • Loan Types: Fixed-rate or adjustable-rate (ARM) mortgages
  • Student Loan Considerations: Student loan payment is not included in the debt-to-income (DTI) ratio. The amount of student loan debt is not a consideration (held against you) when the credit union reviews your total debt load.

Discover The Best Lenders

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!

Consumers Credit Union Physician Loan: Qualifications

Here are the eligibility requirements to be aware of to qualify for a CCU physician loan.

  • Degrees: MDs, DOs, PAs, NPs, CRNAs, and DMDs
  • Employment Contract: Must be employed full-time in the medical field with a qualifying degree—no consideration given for employment contracts.
  • States: All 50 states are eligible (provided the account holder is a member of Consumers Credit Union). The coverage is designed to assist members who may move out of state.
  • Credit Score: 580 to 620 minimum. CCU does not publish a specific minimum needed for a physician’s loan but does state that a 580 is required for an FHA loan or a 620 for a conventional mortgage. The credit union follows “Best Score” pricing where customers will get the best rate based on the best score of all mortgage co-applicants.
  • Down Payment: 0% down for mortgages up to $750,000 or 5% down is required for mortgages of greater than $750,000.
  • Private Mortgage Insurance (PMI): Required for home loans if less than 20% is paid as a down payment. No special exemption is granted for medical loan borrowers.

How to Apply

Here’s how to apply for a Consumers Credit Union Physicians loan.

  1. If you are not a member of the Consumer Credit Union, sign up. You must live, work, or study in Michigan to be eligible. You can open a new account at a CU branch or on the Consumers Credit Union website.
  2. Make sure you meet the CCU requirements for a medical loan, notably full-time employment in an eligible medical field.
  3. Start the application process online. Provide your name, phone, and email.
  4. Begin the pre-approval process in the online portal. Submit your personal information (name, Social Security number, proof of employment and income, assets, liabilities) and any co-applicant personal information.

A mortgage loan officer will follow up with you. You can log into the portal at any time to check the status of your application.

Alternatively, you can also go to a local CCU branch and speak with a credit union representative.

Consumers Credit Union Physician Loan: Alternatives

In addition to Consumers Credit Union, here are some other physician loan options for you to consider.

Unlike Consumers, no affinity to the state of Michigan is required to bank at any of these institutions or obtain a mortgage.

BMO Bank

Formerly BMO Harris Bank, BMO Bank has a specialty medical mortgage program for doctors and other medical professionals. BMO offers physician loan financing in Washington D.C. and all 50 states except New York. Borrowers may qualify for 100% financing for up to $1 million with no PMI requirements if they are a new doctor (within 10 years of practice). With a down payment, BMO will finance up to $2 million and approve DTI ratios up to 45%.

Consumers Credit Union, by contrast, requires PMI for home loans if the down payment is less than 20%. And while Consumers offers only funding for single-family primary residents on lots of 10 acres or fewer, BMO offers financing for single-family or two-family housing units with no acreage restrictions, provided it’s an owner-occupied residence.

Evolve Bank & Trust

Arkansas-based Evolve Bank & Trust offers a generous physician loan program that offers mortgage financing in all 50 states and Washington D.C.

Many more medical professions qualify for the bank’s physician mortgage program than for Consumer CU’s, including osteopathic doctors, optometrists, pharmacists, podiatrists, and clinical nurse specialists.

Evolve’s financing terms are quite generous. Borrowers can receive 100% financing for home loans up to $1 million with no PMI requirements. Consumers CU, by contrast, offers 100% financing for mortgages up to $750,000 and requires PMI for down payments below 20%.

Flagstar Bank

Another Michigan-based institution, Flagstar Bank offers a similar medical mortgage program but it’s more expansive in terms of eligible professions and total loan amounts.

Nurses and non-medical professionals are eligible for Flagstar’s physician loan program. This includes CPAs, attorneys, and ATP pilots. And similar to Evolve Bank & Trust and BMO Bank, Flagstar Bank offers 100% financing for mortgages up to $1 million.

Pros and Cons

Here are some of the pros and cons of Consumers Credit Union’s advanced medical mortgages.


  • Student loan debt is excluded from the CU’s debt-to-income ratio.
  • More lenient credit score requirements – generally 580 to 620 range.
  • No minimum deposit. 0% down mortgages are offered for loans up to $750,000.
  • No maximum mortgage amount for borrowers with 5% down. (Subject to credit score and borrower’s DTI, but no hard one-size-fits-all loan cap.)
  • Home financing is available in all 50 states.


  • Narrow range of medical degrees qualify. Veterinarians, chiropractors, and many similar professions are ineligible.
  • Only single-family houses qualify; townhouses, condos, and other multi-family housing are ineligible.
  • Available only to Consumers Credit Union (Membership requirements are easy to meet if you live, work, or study in Michigan.)

Frequently Asked Questions

Here are some of the most common FAQs that creditors have about Consumers Credit Union mortgages and banking products and services.

Is Consumers Credit Union Legit?

Yes, Consumers is indeed a legit credit union. Headquartered in Kalamazoo, Mich., the credit union has been in continual operation since 1951.

Over 280,000 customers hold a checking or savings account with Consumers. In total, the credit union has over $2 billion in assets and experiences strong year-over-year asset growth. Consumers CU is the 18th largest financial institution in the state of Michigan and the ninth largest credit union.

Additionally, Consumers has solid customer reviews and an A+ rating with the Better Business Bureau (BBB).

What Credit Score Does Consumers Credit Union Use?

Consumers CU pulls your credit file from TransUnion, one of the nation’s three (3) major credit reporting bureaus, and also uses the VantageScore 3.0 credit scoring model.

Does Consumer Credit Union Do a Hard Pull?

Yes, to be pre-approved for a mortgage a lender will do a hard pull of your credit report. However, shopping for the best mortgage rate should not hurt your credit overall. Within one 45-day window, multiple credit checks from lenders — for mortgages, home equity loans, car loans, or similar lines of credit — will appear as a single inquiry.

Is Consumers Credit Union FDIC Insured?

Consumers Credit Union is NCUA-insured, a program that is similar to the Federal Deposit Insurance Corporation (FDIC). The FDIC covers consumer bank deposits of up to $250,000 per account holder per account type.

For credit union members, the NCUA (National Credit Union Administration) offers coverage of up to $250,000 per account holder per account type.