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Home Mortgage Loans for Physicians and Medical Professionals

A physician loan is a mortgage solution designed to accommodate the unique financial needs of doctors, dentists, veterinarians and medical residents1. Whether you have large amounts of deferred student loan debt2, need to move into a home before starting your first job, or have been practicing medicine for many years, our physician loan program can help. We can provide flexible financing to doctors, dentists and veterinarians at any career stage.

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Benefits

  • Available with certain eligibility requirements:
    •  100% financing up to $1 million1
    •  85% financing up to $1.5 million
  • No mortgage insurance requirements
  • Purchase and rate-and-term refinance options available
  • Primary Residence and Second Homes in Michigan
    •  Condos allowed
    •  Non-Warrantable Condos considered
  • Loan amounts available up to $500,000 for Medical Residents with proof of fully executed employment contract
  • Gift funds allowed towards down payment, closing costs and reserves 3

Eligibility

  • 2Available to medical doctors who have a minimum of a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Chiropractic (DC) degree and an employment contract or verification of terms of employment acceptance. Medical Doctors with the degrees listed above but specializing in a particular field including but not limited to Dentists, Podiatrists and Ophthalmologists are also permitted. A Doctor of Veterinarian Medicine (DVM) is eligible.
  • 4Student loan debt must be in deferment or forbearance for 12 months after loan closing to avoid being counted in your debt-to-income calculations.
  • 3The donor must be an immediate family member or domestic partner who lives with the borrower.
  • 100% financing to Residents on loan amounts up to $500,000. Borrower must have a minimum credit score of 700 to be eligible. 100% financing down does not exclude closing costs and/or prepaids that may be required.

All loans are subject to credit approval. Programs are available only to qualified borrowers. Not all applicants will qualify for all program benefits. Please contact Level One Bank to learn more about the program and the eligibility requirements. Programs are subject to change without notice. Underwriting terms and conditions apply. Some restrictions may apply. 1100% financing does not exclude closing costs and/or prepaids that may be required. 2Available to medical doctors who have a minimum of a Medical Doctor (MD), Doctor of Osteopathy (DO), Doctor of Dental Surgery (DDS), Doctor of Dental Medicine (DMD), Doctor of Chiropratic (DC) degree and an employment contract or verification of terms of employment acceptance. Medical Doctors with the degrees listed above but specializing in a particular field including but not limited to Dentists, Podiatrists and Ophthalmologists are also permitted. A Doctor of Veterinarian Medicine (DVM) is eligible. 3The donor must be an immediate family member or domestic partner who lives with the borrower. 4Student loan debt must be in deferment or forbearance for 12 months after loan closing to avoid being counted in your debt-to-income calculations. Must be purchase of a primary residence in Michigan and borrower must have a minimum credit score of 700 to be eligible. 

Thank you for visiting https://www.levelonebank.com/Personal/Mortgage-Lending/Loan-Options/Physician-Loans
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