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 38,000 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 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.
Recommended Lender for Doctor Home Loans in Michigan
Mike began his mortgage career in 2001 and has been working exclusively with doctors for the last 9 years. He takes a consultative approach with his clients in the mortgage planning process. With his team of three assistants, Mike makes the process of buying a new home efficient and stress-free.
If you’re looking for personable service and a keen eye for detail, Tony Lupescu at Fifth Third Bank has got you covered. He’s a trusted advisor for many physicians looking for a doctor home loan with great loan terms.
To learn more about Tony, connect with him at 708-351-6416 or here.
With over 15 years experience in mortgage lending and many years specializing in physician loans, Darick Hensel draws on every previous client to help improve for the next.
He understands the nuances of physician contracts, relocations, and financial strategies. Married to a trauma surgeon, Darick values your time and need for expediency. Outside of helping new and experienced physicians with their mortgage needs, he loves his wife, 2 dogs, golfing and traveling. He and his wife already have tickets to the 150th British Open! Get to know Darick too. Find him by visiting this link, emailing him at Darick.Hensel@tcfbank.com, or calling 517-214-3257.
Whether you choose the Upper or Lower Peninsula, the city life, or the suburbs, you’ll have your choice of lifestyle by making a home in Michigan. A physician mortgage loan can be a great resource for you to ensure you get the home you want in the area you desire.
As you start the process of a doctor home loan in Michigan, you’ll need a lender who can walk you through each part of the home loan journey. The first step with your house hunting is to get pre-qualified for a physician mortgage loan. Getting pre-qualified will allow you to know what your obligation will be each month for your new mortgage payment. When you narrow down the home you want to make an offer on, being pre-qualified will show the seller how serious of a buyer you are.
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.
The Complete List of Lenders for Doctor Home Loans in Michigan
KeyBank Mortgage – KeyBank Mortgage offers several options for your unique physician mortgage needs. Whether you are purchasing your first home or looking for cash-out or rate/term refinance, KeyBank can personalize a program for you. They offer up to 5% down up to $1,000,000; 10% down payment up to $1,500,000. 15% down up to $2,000,000. Max loan size $3,500,000. NO PMI. NO Prepayment Penalty. Fixed-rate and variable rate mortgages available. Loan options available for purchase, as well as rate/term and cash-out refinances. Physician mortgage loans are available for both your primary residence and second homes, as well as single-family houses and condos. KeyBank has branches in numerous states, with over 17,000 employees throughout the 1000+ branches. Contact Mike DeRaspe today.
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. Contact our recommended lender, Darick Hensel today!
Laurel Road – Laurel Road is a digital lender that is owned by KeyBank who uses innovative technological and digital strategies to help you secure lending. The physician mortgage program with Laurel Road is a home loan tailored specifically to interns, residents, fellows, doctors, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), or Doctor of Podiatric Medicine (DPM). Their product features up to 95% financing for loans up to $750,000 (for primary residences). Physician loans have fewer restrictions than conventional mortgages and bases the lending decision on creditworthiness and future income potential.
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 U.S. Bank Personal Checking Package, or with 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. Contact who we trust, Jonathan C. Brozek today!
Willow Bend Mortgage – Willow Bend Mortgage has multiple loan options to suit your financial needs. Designed for physicians, dentists, and veterinarians, there are many benefits to the medical loan program. You can utilize terms such as a 5% down payment for loans up to $1M, 10% down up to $1.5M, or 15% down up to $2M – all without PMI. There is also a 0% VA loan program for vets and active military personnel. You can inquire about the 3% down option (but with PMI) for smaller loans. The loans can include either a fixed or adjustable rate.
Union Bank – Union Bank has a fantastic physician home loan that includes some of the best rates in the nation. Key features include: 10% down to $1.25MM loan amount, they can close up to 6 months from start date of new contract (if exiting residency or fellowship). Your down payment, reserves, and closing costs can be gifted from family with no seasoning requirements (a HUGE benefit). There is no Mortgage Insurance or PMI and you can receive a lender credit for 0.25% of the loan amount up to $1,000 for opening a platinum checking account.
Horizon Bank – Founded in Indiana, Horizon Bank has grown to offer loan options throughout Indiana and the Great Lakes Bay regions of Michigan. There are several choices for loan products with Horizon Bank. Physician loans can be obtained but you have to be an eligible account-holder with the bank to begin the loan process. If you qualify, you can potentially secure a loan up to $750,000 with no down payment or up to $1.5M with flexible down payments.
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 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.
Flagstar Bank – Flagstar bank offers a Professional Loan series available to physicians, dentists, attorneys and other high-income professionals. Features of the Flagstar Bank Professional Loan includes financing for loan amounts up to $1.5M. There are also low or no down payment options with adjustable rates. You will not have to pay PMI for the loans. You can also use these benefits for a purchase or refinance for your primary residence only.
Lake Michigan Credit Union – Lake Michigan Credit Union serves members who are located within the Lower Peninsula of Michigan, as well as certain counties located in Florida. Additionally, you can qualify if you have a family member who is an LMCU member. The physician mortgage program is specific for medical, dental and orthodontic professionals and offers up to 100% special financing of the household value. There are also no mortgage insurance requirements and low down payment requirements (0-5%). The loans are available for purchases up to $1.5M. There is no cash on hand required at closing.
Huntington Bank – Huntington Bank offers a doctor loan program for medical doctors (MD, DO, DDS, DVMM, or DMD). The Physicians Only Loan Program can help you secure up to $750,000 with no down payment options. You can borrow up to $2M wiith flexible down payment options. Huntington Bank offers other benefits too, such as no PMI and no prepayment penalty. You can choose between fixed or variable rate options for your physician mortgage loans.
Midland States Bank – Midland States offers a comprehensive program for physician loans. Midland States Bank offers maximum loans up to $1.5M without any money down. You won’t have to pay any PMI either. There are traditional and adjustable rates and terms for your consideration. If you have a minimum credit score of 720, then you can begin the qualification process for a physician loan with Midland Bank.
LoanDepot – LoanDepot offers innovative solutions for your physician home loan needs. Working with LoanDepot means you are working with a national consumer lender. They are headquartered in Southern California and employ 6,400 team members across the country. This also includes 2,000+ licensed loan officers who hold more than 10,000 licenses. The company operates 150+ local loan locations nationwide.
SoFi – SoFi is known for refinancing choices, but physicians might not be aware of the mortgage options available. Although the mortgage option isn’t limited to only physicians, it is targeted towards highly-educated individuals. One alternative mortgage to consider includes a 10% down for up to $3M in financing. There are also fixed rate and ARM options, without any hidden fees for prepayment penalties.
TIAA Bank – TIAA Bank is a large, national bank headquartered in Jacksonville, FL. They operate in all 50 states and offer a variety of physician mortgage loan products. Their doctor loan mortgage program is only available to existing medical doctors (and DO’s, veterinarians, dentists and dental surgeons) who are actively practicing and have completed residency in the past 10 years. TIAA Bank offers loan amounts up to $2M and without any PMI. A down payment is required and you must start employment within 60 days of the loan closing.
Bank of America – Get started with the Digital Mortgage Experience with Bank of America. Preferred Rewards clients may qualify for a reduction of $200-$600 in the mortgage origination fee (based on your eligible balances at the time of application). Some of the home loan products they offer include fixed-rate mortgages, adjustable-rate mortgages, FHAs, and VA loans. Already pre-approved with Bank of America? View your pre qualification letter, or contact a lending officer about taking the next steps towards home financing.
Fairway Independent Mortgage – Fairway offers borrowers the options of fixed-rate conventional loans and adjustable-rate mortgages. Prospective borrowers can apply for a loan with Fairway Independent Mortgage online, with the closing process taking place in person. Fairway has grown into a national independent brokerage network with more than 7,000 employees — including more than 3,000 loan officers — in over 500 branches.
Revolution Mortgage – Revolution Mortgage has 21 branch locations with over 105 mortgage loan officers nationwide. Contact Revolution Mortgage today for complete details on their physician mortgage loan program or get started with the process through their online portal.
Recommended Real Estate Agents In Michigan
Financial Residency has partnered with Dr. Moves to offer you a tailored home buying experience with agents that specialize in working with physicians in Michigan.
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