Michigan Physician Mortgage Programs

Physician Loans Michigan: No PMI, Student Debt Handled Right

Medical professionals earn more over a career than almost any other profession, but traditional mortgage underwriting doesn't always see it that way. Clear2 Mortgage offers physician loan programs built around your actual financial profile, not your student loan balance.

Physician Loan Snapshot
0-10% Down Payment, No PMI Required
$1.5M+ Loan Amounts Available
700+ Typical Credit Score
Offer Letter Accepted Before First Paycheck
NMLS #1911663
Clear2 Mortgage, Licensed in Michigan
No PMI
Even Below 20% Down
50+ Lenders
Wholesale Physician Programs
8 Degrees
Eligible Professions
Why Physician Loans Exist

Traditional underwriting penalizes doctors for investing in their careers.

Medical school and residency create a financial profile that looks risky on paper: large student loan balances, short employment histories, and income that starts strong but hasn't compounded yet. Physician loan programs are designed to look past that snapshot and underwrite based on what your financial future actually looks like.

Student Debt Treated Differently

Most physician loan programs exclude student loan debt from DTI calculations entirely, or use your income-based repayment (IBR) payment rather than the full balance. That alone can move the needle on what you qualify for.

Close Before Your First Paycheck

Starting a new position in July? You can close on a home before your first paycheck clears. Most programs accept a signed employment contract or offer letter in lieu of pay stubs, letting residents and fellows buy on their own timeline.

0 to 10% Down, No PMI

Put down as little as 0% on select programs without paying private mortgage insurance. Preserving that capital matters during residency or the early years of practice, when cash flow is tight and opportunity costs are high.

Michigan Medical Market

Metro Detroit and Ann Arbor: where Michigan's medical professionals live

Michigan is home to some of the largest hospital systems in the Midwest. Henry Ford Health, Corewell Health (formerly Beaumont), University of Michigan Health, and the Detroit Medical Center together employ tens of thousands of physicians, residents, fellows, and advanced practice providers across Southeast Michigan.

Those campuses concentrate in Metro Detroit and Ann Arbor, and the surrounding residential markets reflect it. Birmingham, Bloomfield Hills, and Grosse Pointe routinely see median home prices north of $500,000. Ann Arbor's proximity to U of M Health drives demand in one of Michigan's most competitive markets.

Physician loan limits up to $1.5M or more make it possible to purchase in these neighborhoods without the constraints of conventional conforming limits, and without waiting years to save a 20% down payment on a $700K home.

Key Michigan Medical Employers
  • Henry Ford Health System Detroit / Sterling Heights
  • Corewell Health (Beaumont) Royal Oak / Troy / Dearborn
  • U of M Health Ann Arbor
  • Detroit Medical Center (DMC) Detroit / Wayne County
  • McLaren Health Care Statewide
  • Michigan Medicine (U of M) Ann Arbor teaching system
Eligible Professions

Which credentials qualify for a physician mortgage?

Eligibility varies by lender, but most physician loan programs available through Clear2's wholesale network recognize the following degrees. If yours isn't listed, ask — some lenders extend these programs to other doctoral-level professionals.

MD
Medical Doctor
Physician (MD)
DO
Osteopathic Physician
Doctor of Osteopathy
DDS
Dentist
Doctor of Dental Surgery
DMD
Dentist
Doctor of Dental Medicine
PharmD
Pharmacist
Doctor of Pharmacy
DVM
Veterinarian
Doctor of Veterinary Medicine
NP
Nurse Practitioner
Advanced Practice RN
PA
Physician Assistant
Certified PA-C
Physician Loan vs. Conventional

Side-by-side: what changes with a physician program?

These are general guidelines. Terms vary by lender and individual profile. Clear2 shops multiple physician-program lenders to find the best fit for your situation.

Feature Physician Loan Conventional (Fannie/Freddie)
Minimum Down Payment 0% to 10% 3% to 20%+
PMI Required No PMI even below 20% down Yes, until 20% equity reached
Student Loan Treatment Excluded or IBR payment used Full monthly payment counts against DTI
Employment Start Date Offer/contract letter accepted 30 days of pay stubs typically required
Maximum Loan Amount Up to $1.5M+ (lender dependent) $806,500 conforming limit (2025)
Typical Credit Score 700+ 620+ (higher for best rates)
Rate vs. Conventional Slightly higher on some programs Best rates at 740+ credit
Real-World Scenarios

Three ways Michigan physicians use this program

Every situation is different. These examples show how physician loan flexibility applies at different stages of a medical career.

Scenario 1

Resident Starting at Corewell Health, Royal Oak

DegreeMD, just matched
Student Debt$280,000
Resident Salary$64,000/yr
Down Payment5% ($26,500)
Target Home Price$530,000
Result: Student debt excluded from DTI calculation. Offer letter accepted before residency begins in July. Closes on a Royal Oak home near Beaumont campus without PMI.
Scenario 2

Attending Physician Buying First Home in Birmingham

DegreeDO, 2 years post-residency
Student Debt$210,000 (IBR plan)
Annual Income$320,000
Down Payment10% ($82,000)
Target Home Price$820,000
Result: IBR payment of $400/mo used (not full balance). Loan above conforming limit funded through physician jumbo program. No PMI.
Scenario 3

Established Physician Upgrading in Bloomfield Hills

DegreeMD, 12 years in practice
Student DebtPaid off
Annual Income$580,000
Down Payment0% (equity from prior home)
Target Home Price$1,350,000
Result: Physician jumbo program up to $1.5M. Proceeds from prior home sale invested elsewhere. No PMI. Single lender relationship, 30-day close.
Your Clear2 Physician Loan Specialist

Talk to someone who knows these programs inside and out

Lucas Barbat is Clear2 Mortgage's Vice President of Sales and one of the team's most experienced loan officers for physician and medical professional mortgages in Michigan. Based in Metro Detroit, Lucas understands the financial profile of a physician borrower and which wholesale lenders offer the most flexible terms for each stage of a medical career.

Whether you're a resident closing before your first paycheck, an attending buying in Birmingham, or an established physician upgrading in Oakland County, Lucas will run your numbers across multiple physician programs and present the options clearly, without pressure.

Clear2 Mortgage is an independent broker, so Lucas is never limited to one lender's product line. That means competitive rates, more program flexibility, and a 30-day close guarantee on every transaction.

NMLS #1911663 (Company) Independent Broker Equal Housing Lender Michigan Licensed
Featured Loan Officer
Lucas Barbat, Clear2 Mortgage

Lucas Barbat

Vice President of Sales · Clear2 Mortgage
NMLS #1675654
Physician & Medical Professional Loans

Lucas Barbat is an experienced mortgage professional with a focus on physician and medical professional loan programs across Michigan. He works closely with residents, fellows, and attending physicians to structure financing that accounts for student debt, employment timelines, and high loan amounts.

Speak with an Expert (248) 436-4914 Meet the full Clear2 team →
Client Reviews

What homebuyers say about Clear2

Five-star reviews from Clear2 clients on Google.

★★★★★

"Donavin was straightforward and a breeze to work with. Communication was quick and easy. The whole process was seamless and he was available for guidance or questions. I would not hesitate to use Clear2 Mortgage in the future."

Joe K. Google Review
★★★★★

"Alex was absolutely amazing from the beginning. He was patient and thorough with all of our questions. He even followed up after the process was finalized to ensure everything was still good. I would recommend him to everyone!"

Carl L. Google Review
★★★★★

"The process was seamless and every question I had as a first-time home buyer was answered. My loan officer gave me his professional opinion based on my specific circumstances to personalize my loan."

Braden L. Google Review
Physician Loan FAQ

Common questions from Michigan medical professionals

Can I use a physician loan if I'm still in residency or fellowship?

Yes. Most physician loan programs are specifically designed for residents and fellows. You can qualify using your residency contract or offer letter rather than pay stubs, and student loan debt is typically excluded or heavily discounted in the DTI calculation.

How does my student loan debt affect the physician loan application?

Most physician loan programs either exclude student loan debt from the debt-to-income calculation entirely, or use your income-based repayment (IBR) monthly payment rather than the full amortized balance. This makes a significant difference for borrowers with $150,000 or more in student debt.

What's the maximum loan amount available through Clear2's physician programs?

Loan limits vary by lender, but programs up to $1.5 million and beyond are available through Clear2's wholesale network. Homes in Birmingham, Bloomfield Hills, and Ann Arbor can fall well above the conventional conforming limit, and physician jumbo programs cover those price points without requiring 20% down.

Do physician loans have higher interest rates than conventional loans?

Physician loan rates are typically slightly higher than a conventional 30-year fixed for a borrower with 20% down, but the trade-off is no PMI and far less capital tied up in a down payment. For most physician borrowers, the math favors the physician program in the first several years of ownership. We'll run the actual numbers for your situation before you decide.

Which medical degrees qualify for a physician mortgage in Michigan?

Most programs accept MD, DO, DDS, DMD, PharmD, DVM, NP, and PA credentials. Some lenders extend eligibility to CRNAs, optometrists (OD), and podiatrists (DPM). Eligibility varies by lender, so Clear2 checks multiple programs to find the right fit for your degree type.

Can I close before I start my new position?

Yes. Physician loan programs typically accept a signed employment contract or offer letter in place of pay stubs, allowing you to close before your first paycheck. The position start date generally must be within 60 to 90 days of closing, though this varies by lender. If your situation is time-sensitive, contact Lucas Barbat directly to discuss your timeline.

Ready to Get Started?

Find out which physician loan program fits your Michigan situation

No obligation, no hard credit pull. Lucas will walk you through your options in plain language and show you exactly what each program costs and saves.

Clear2 Mortgage, LLC. NMLS #1911663. Licensed Mortgage Broker. 2600 W Big Beaver Rd, Suite 100, Troy, MI 48084. Equal Housing Lender. This is not a commitment to lend. All loans subject to credit approval, property appraisal, and underwriting guidelines. Rates and terms subject to change without notice.