Doctor Loans
in Michigan.
You spent a decade training. You have the income -- or you will shortly. What you may not have is a large savings account and a clean debt-to-income ratio after medical school. The physician mortgage program is built for exactly this situation: no PMI, up to 100% financing on loans up to $1 million, and student loan debt excluded from qualification entirely.
The physician mortgage program available through Kirby and Angie is designed for MDs, DOs, DMDs, DDSs, and DVMs -- including residents and fellows with a signed employment contract. It offers up to 100% financing on loans up to $1 million with no PMI, excludes student loan debt from the qualification calculation, and allows closing up to 90 days before a new position begins. Maximum loan amount is $2.5 million. Available for primary residence purchase and refinance only.
Why Standard Mortgage Programs
Fail Physicians
The standard mortgage qualification model was not designed for physicians. It looks at current income, current debt, and savings -- a snapshot of where you are right now. For a medical professional, that snapshot often looks problematic: you are finishing residency at $60,000 a year, you have $300,000 in student debt, and you have not had time to save a large down payment.
The conventional model counts that student debt at 1% of the balance per month -- $3,000 in DTI on a $300,000 balance -- regardless of what your actual income-driven payment is. On a resident's salary, that alone can push debt-to-income above qualifying limits and deny a physician who is about to sign an attending contract worth $250,000 or more per year.
The physician mortgage program solves for this directly. Student debt is excluded from the qualification calculation entirely. No PMI regardless of down payment. And if you have a signed employment contract, you can close up to 90 days before your start date -- you do not have to wait until you have a paycheck to prove what you are worth.
The Three Things That Make
This Program Different
1. No PMI. The signature feature. Conventional loans require private mortgage insurance when you put less than 20% down -- often $200 to $500 per month on a large loan. The physician mortgage program waives PMI entirely regardless of how much you put down. On a $700,000 loan with zero down, that is potentially hundreds of dollars per month saved from day one.
2. Student Debt Excluded. The program excludes student loan debt from the debt-to-income calculation. Not reduced -- excluded. For physicians with $200,000 to $400,000 in student debt, this is the single difference that makes the loan possible.
3. Future Income Accepted. Residents and new attendings can close up to 90 days before their start date using a signed employment contract. You do not need to already be earning attending income to qualify for the loan structured around attending income.
Who Is Eligible -- and Who Is Not
This program has specific eligibility requirements. It is available to MDs, DOs, DMDs, DDSs, and DVMs -- medical doctors, doctors of osteopathic medicine, dentists, and veterinarians. Residents and fellows in these designations are eligible with a signed employment contract.
The program is not available to nurse practitioners, physician assistants, pharmacists, optometrists, or other non-physician medical professionals. If you hold one of those credentials and are looking for physician-style financing, call us -- we can discuss alternative options that may apply to your situation.
Financing Tiers -- What You Can Borrow
Three tiers based on down payment and loan amount. No PMI at any tier.
Loan-to-value financing options may vary based on credit score. All loans subject to credit approval and underwriting review. Program terms subject to change.
Eligible Designations -- Specific Requirements Apply
This program is limited to the following medical degrees. Residents and fellows in these designations are eligible with a signed employment contract.
Not Eligible for This Program
Nurse practitioners, physician assistants, pharmacists, optometrists, CRNAs, and other non-physician medical professionals do not qualify for this specific program. If you hold one of these credentials and are looking for flexible financing, call us -- we will discuss what options may be available for your situation.
The Student Loan Problem --
and How This Program Solves It
For most physicians, student debt is the primary qualification obstacle on a conventional loan. Here is exactly what changes.
Standard Loan Treatment
$3,000/moOn a $300,000 student loan balance, standard programs count 1% of the balance per month in your debt-to-income ratio -- $3,000 -- even if your actual income-driven payment is $0 or $200. On a resident's salary, this alone disqualifies most physicians from standard programs.
Physician Mortgage Treatment
ExcludedThe physician mortgage program excludes student loan debt from the debt-to-income calculation entirely. Not reduced -- removed from the equation. This single difference is what makes the loan possible for most physicians coming out of residency with significant medical school debt.
How the Doctor Loan Process Works
What to expect from first call to closing.
Confirm Eligibility
We verify your degree designation -- MD, DO, DMD, DDS, or DVM -- and whether you are a practicing physician, resident, or fellow. If you are pre-start, we confirm the program's 90-day window applies to your situation.
Income Documentation
For practicing physicians, standard income documentation applies. For residents and fellows, a signed employment contract showing your upcoming position and compensation is used in place of current income history. You do not need two years of tax returns at attending-level income.
Student Loan Documentation
We document your student loan status -- deferment, income-driven repayment, or standard repayment -- and confirm the exclusion from DTI. This step is what separates this program from every standard mortgage you may have been told you do not qualify for.
Pre-Approval
We issue a physician mortgage pre-approval based on your credentials, employment contract or income, credit, and the favorable student debt treatment. A clean, properly documented physician pre-approval carries weight in competitive Northern Michigan markets.
Select Your Loan Term
The program offers ARM options -- 3-year, 5-year, 7-year, and 10-year -- as well as a 15-year fixed rate. We walk through which structure makes the most sense for your timeline and financial goals before you commit to a rate lock.
Close -- No PMI
You close on your Michigan home with low or no down payment and without a monthly PMI charge. From day one, your payment is principal, interest, taxes, and insurance -- nothing extra layered on top.
Frequently Asked Questions
MD, DO, DMD, DDS, or DVM
Buying in Michigan?
Whether you are finishing residency or are an established attending ready to move, the physician mortgage conversation starts with a quick call. We will tell you exactly what you qualify for and what the numbers look like at your purchase price.
Kirby and Angie Mortgage Loan Team | Union Home Mortgage | NMLS #2229229 | Angie Anderson NMLS #1999286 | Kirby Slocum NMLS #680817 | Licensed in Michigan, Ohio, and Indiana | Equal Housing Lender. Physician mortgage program available to MDs, DOs, DMDs, DDSs, and DVMs only. Program availability, loan limits, financing tiers, and eligibility requirements subject to change without notice. Maximum loan amount at 100% financing is $1,000,000; at 95% financing is $1,750,000; at 90% financing is $2,500,000. Loan-to-value options may vary based on credit score. Program limited to purchase or refinance of primary residence only. All loans subject to credit approval, satisfactory appraisal, and title insurance. Information provided is for educational purposes and does not constitute a loan commitment or guarantee of financing.
