Physician Loan Michigan

Regardless if you are a first time home buyer or purchasing a new home in Michigan, our vetted loan officers have a strong understanding of the local real estate industry and what it really requires to close your physician home loan with proficiency and know-how.

Our loan officers in Michigan offer special financing for doctors, like you.

First off, let’s discuss why physician mortgage loans even exist. The reason is that doctors are extremely profitable clients for lending institutions. They take out big loans early in their careers and almost always pay them off. Lenders use doctor loans to secure early career doctors by loaning them more money with far fewer requirements than their competitors.

Physician Home Loan Experts In Michigan

If you are searching for a physician mortgage loan in Michigan then you came to the right place.

You’ve worked very hard to become a doctor and buying home should not be nearly as difficult.

Did you know there is a special loan that makes it easy for physicians to buy a home?

A home loan just for doctors?

Yup, doctors get their own mortgage!

A physician home mortgage is a customized loan program developed just for physicians in the home buying process.

We are aware of the economic demands of your student loan liability, and how vital it is to maintain working capital for when the time is right with launching your career. Regardless if you are a couple years into practice, or a well established physician, you can count on us to find a home loan that is specially tailored for your needs.

A lot of physicians in Michigan may not qualify for conventional loans for various reasons such as minimal savings for a down payment, large student loan financial debt or little to no work history.

Despite these factors smart financial institutions know that doctors are a good bet considering that they historically have an extremely low default rate on loans, high earning potential and stable jobs.

Not all banks offer this specialized product and within banking institutions that do just simply consulting with the right home loan officer makes a significant difference.

Advantages of Physician Mortgage Loans

  • Typically does not include student loan monthly payments in debt-to-income percentage.
  • Usually requires very low to no down payment (0-5 percent).
  • Often does not call for private mortgage insurance (PMI), despite the fact that lower than 20 percent down payment.
  • Typically will approve an agreement as proof of future earnings, instead of pay stubs or W-2s, that don’t yet exist.

Purchasing a house doesn’t have to drain your savings and the process doesn’t need to drain your time.

Should You Put Money Down?

Suppose you have some funds to put down or are thinking about waiting until you have the funds?

Our loan providers can do the math for you and show you what each circumstance looks like and the benefits of each too.

In most cases, you’ll get your home mortgage paid off sooner and save thousands on interest too.

Additionally, don’t overlook that having equity in your home will likely provide more security and overall flexibility, especially if something unplanned happens. With the 100% financed physician home mortgage loan, you should anticipate to begin under water. If something does not work out and you’re forced to sell quickly, you should be prepared to write a potentially big check for up to 10% of the purchase price just to get out of the home.

Regardless of whether you are moving down the road, across town or across the country, we are available to help you through the physician home mortgage process:: because you deserve it!

Doctors, get the home of your dreams with our Michigan physician home mortgage program!

Top cities in Michigan for a physician loan.

Ann Arbor
Dearborn
Dearborn Heights
Detroit
Farmington Hills
Flint
Grand Rapids
Kalamazoo
Lansing
Livonia
Novi
Pontiac
Rochester Hills
Royal Oak
Southfield
St Clair Shores
Sterling Heights
Taylor
Troy
Warren
Westland
Wyoming