Lake Michigan Credit Union Physician Mortgage Program

Here is a quick overview of our Physician Only program:

• 0% down up to $1,250,000.00
• 5% down up to $1,500,000.00
• 10% down up to $1,750,000.00
• 20% down up to $2,000,000.00

Currently the Program is offered on the following products:

• 5 Year Arm
• 7 Year Arm
• 15 Year Fixed
• 30 Year Fixed

Relationship Pricing:

• $100,000 – $249,999 = .125% interest rate discount
• $250,000 – $499,999 = .250% interest rate discount
• $500,000 – $999,999 = .375% interest rate discount

Transaction Types:

• Purchase
• Refinance

Program Specifics:

• Mortgage Insurance is NOT required on any loan, regardless of LTV and there is no penalty for paying the loan off early.
• Student Loans are not counted when calculating debt-to-income ratios if deferred for greater than 12 months.
• We do not require reserves
• We can take into consideration future employment (will need a contract signed)
• We service our Doctor/Physician Loans – this means we keep you as a customer for life of loan rather than sell your loan to someone else after closing.
• WE DO SOFT CREDIT PULLS DURING PRE-APPROVAL STAGE. NO IMPACT TO YOUR CREDIT SCORE.