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 -
