Wisconsin Physician Mortgage Checklist: Should Doctors Use LMCU?
September 30, 2025
TLDR
Wisconsin physicians can move faster (and keep more cash) when they treat homebuying like a checklist instead of a guessing game. This article walks through a step-by-step approach using Lake Michigan Credit Union’s best physician mortgage with Emrah Sero as the example: confirm eligibility (including residents/fellows/attendings), use contract-based qualifying up to 90 days before start, and understand the big program perks—0% down up to $1M, no PMI, and physician-friendly student loan treatment (deferred loans often excluded; IBR accepted). It also flags the practical gotchas to check early: credit union membership rules, property-type limits (especially condos), and higher-tier reserve requirements if you’re going above $1M.
Introduction: Why a Checklist Matters for Wisconsin Physicians
Buying a home as a physician isn’t the same as buying a home as a lawyer, engineer, or teacher. High incomes collide with high student loan debt, competitive housing markets near hospitals, and the need to buy before paychecks start. That’s where physician mortgages come in. And in Wisconsin, one lender frequently on the radar is Lake Michigan Credit Union (LMCU) with physician mortgage specialist Emrah Sero. Instead of just weighing pros and cons, here’s a step-by-step checklist designed for Wisconsin doctors who want to make an informed decision. *Tip: Ask about their auto debt discount
✅ Step 1: Confirm Your Eligibility
Before diving in, make sure you qualify for a physician mortgage.
Eligible Professions: MD, DO, DDS, DMD (some programs include CRNA, DPM, PharmD).
Career Stage: Residents, fellows, attendings.
Documentation Needed: Medical license, employment contract, or pay stubs.
📌 Pro Tip: LMCU allows you to use a signed contract to qualify up to 90 days before starting. Perfect for attendings relocating to Madison, Milwaukee, or Green Bay.
✅ Step 2: Understand the Down Payment Rules
One of the biggest draws for physicians: 0% down up to $1M.
Loan Size | Down Payment Requirement |
Up to $1,000,000 | 0% Down |
$1,000,001 – $1,250,000 | 5% Down |
$1,250,001 – $2,500,000 | 10% Down |
🔎 Why it matters: Conventional loans often demand 20% down. On a $900,000 Madison home, that’s $180,000 cash upfront. With LMCU, doctors can preserve liquidity for investments, practice start-up, or family needs.
✅ Step 3: Factor in PMI (Private Mortgage Insurance)
Most conventional lenders add PMI if you put down less than 20%—costing $200–$500 per month.
LMCU Advantage: No PMI, even at 0% down.
Impact: Saves doctors thousands per year, especially on 7-figure homes.
📌 Pro Tip: Skipping PMI is one of the biggest wealth-preservation perks of physician mortgages.
✅ Step 4: Review Student Loan Treatment
Student loans derail many conventional applications. Here’s how LMCU stands apart:
Deferred Loans: Excluded from DTI (Debt-to-Income).
Income-Based Repayment (IBR): Accepted.
Forbearance/Grace Periods: Often excluded until repayment begins.
🔎 Why it matters: A pediatrician with $180,000 in deferred loans could be denied conventionally but approved with LMCU.
✅ Step 5: Check Maximum Loan Caps
LMCU supports higher loan amounts than many physician-focused banks.
Loan caps: Up to $2M–$2.5M.
Ideal for: Dual-physician households or specialists purchasing luxury homes.
📌 Pro Tip: Higher tiers may require cash reserves. Emrah helps borrowers prepare so underwriting is smooth.
✅ Step 6: Prepare for Membership Requirements
Unlike big national banks, LMCU is a credit union. That means:
Membership Ties: Traditionally Michigan or Florida.
Workaround: Wisconsin borrowers may qualify through a one-time charitable donation.
Support: Emrah clarifies eligibility upfront so there are no surprises.
✅ Step 7: Consider Property Type Limitations
While most single-family homes qualify, some restrictions apply:
Condo Rules: Non-warrantable condos may not be eligible.
Unique Properties: Rural or multi-unit homes may face extra review.
📌 Pro Tip: If you’re eyeing downtown Milwaukee condos or Madison’s older housing stock, have your loan officer run property eligibility early.
✅ Step 8: Compare Local Lender Options
LMCU is competitive, but Wisconsin also has physician mortgage lenders like Wintrust, BMO, and U.S. Bank.
Feature | LMCU | Typical Conventional | Other WI Lenders |
Down Payment | 0% up to $1M | 20% standard | 0–5% (varies) |
PMI | None | Required <20% | Some waive |
Loan Caps | $2.5M | $726,200 conforming | $1.5–$3M |
Student Loans | Deferred excluded | 1% of balance used | Varies |
✅ Step 9: Get Pre-Approved Early
In competitive Wisconsin markets—especially near UW Health, Froedtert, and Aurora—homes move quickly.
LMCU Advantage: Contract-based approvals without pay stubs.
Timeline: Many close in 30–40 days.
Benefit: Makes your offer stronger against cash buyers.
📌 Pro Tip: Pre-approval with a physician mortgage shows sellers you’re as competitive as cash—even without 20% down.
✅ Step 10: Plan for Refinancing Options
Rates move. Physician mortgages often start with adjustable-rate structures (7yr or 10yr ARMs).
Benefit: Lower initial rates than 30-year fixed.
Plan: Refinance into fixed if rates fall.
📌 Pro Tip: Work with a specialist who monitors market shifts and can guide you on when to refinance.
✅ Step 11: Work with an Experienced Physician Mortgage Specialist
The program is only as good as the banker guiding you.
Emrah Sero’s Track Record: Years of experience, physician-only focus, known for quick closings.
Process: He and his team streamline underwriting, membership, and closing hurdles.
✅ Step 12: Decide3 if LMCU Fits Your Situation
Best Fit For:
Doctors buying under $1M (0% down, no PMI).
Borrowers with significant student loans.
Physicians relocating with signed contracts.
Less Ideal For:
Jumbo buyers over $1.25M without 5–10% down.
Borrowers who prefer local branch access.
📊 Quick-Glance Checklist
Step | Key Action |
1 | Confirm your eligibility (MD, DO, DDS, etc.) |
2 | Review down payment tiers (0% up to $1M) |
3 | Factor in PMI savings |
4 | Understand how student loans are treated |
5 | Check maximum loan caps ($2.5M) |
6 | Clarify membership eligibility |
7 | Verify property type fits program |
8 | Compare other Wisconsin lenders |
9 | Get pre-approved with a physician mortgage |
10 | Plan for refinancing later |
11 | Partner with an experienced specialist |
12 | Decide if LMCU aligns with your goals |
Conclusion: The Bottom Line for Wisconsin Doctors
Physician mortgages like LMCU’s are designed for one group—doctors. The checklist above shows the advantages: 0% down, no PMI, student-loan flexibility, high loan caps, and contract-based qualifying. For many Wisconsin attendings in Madison, Milwaukee, and Green Bay, these features can mean the difference between waiting years to buy or stepping into a home today. 📌 If you’re weighing whether LMCU is the right fit, the smartest move is to talk directly with a physician mortgage specialist who knows your world. Connect with Emrah through DrHomeFinance.com and make your decision with confidence.
