Answer – Well, first of all, congratulations for making it this far in your quest to become a doctor. You’re in the home stretch. And, speaking of homes, there are special programs in many states, including Michigan, that are just for new doctors.
The so-called Doctors Mortgages have some great features, including the possibility for zero down and with no PMI. These mortgage are often balloon loans and do carry a premium in the rate, however the lack of PMI makes up for part of that.
Since I posted this original advice in 2014 the Doctors Loan program has been updated and changed a bit. My newer post, with the updates is at -
http://normwerner.realtytimes.ebizonstg.com/advicefromagents1/item/48769-doctor-loans-the-right-perscription-for-new-doctors
Norm Werner is a Realtor at the Milford office of Real Estate One serving the southeastern Michigan area of Oakland and Livingston Counties. Norm specializes in residential real estate. Norm lives and works in Milford Michigan and is married to Carolyn Werner. Norm and Carolyn live in a historic home just three blocks from downtown Milford, with their two dogs - Sadie and Skippy. Norm specializes in the historic homes of Milford and the surrounding area and is on the Board of Directors of the Milford Historical Society. Norm especially enjoys working with first time buyers and those at the other end of the real estate spectrum who are downsizing into their retirement home.
In addition to his Movetomilford.com web site, Norm also owns and m,aintains TheMilfordTeam.com web site, the HuronValleyRealtor.com web site. He is also the webmaster for and the MilfordHistory.org web site and the MilfordCar Show.com web site, as well as his church web site - Spiritdrivenchurch.com. In addition to blogging about real eastate, Norm has a personal blog - NormsMilfordBlog.com - on which he shares inspirational messages and the occasions personal observation about life.
http://www.movetomilford.com
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