Lake Michigan Credit Union
Program Details
Key Benefits
No mortgage insurance even with low or zero down.
0% down financing available up to $1.25M for qualified applicants.
High loan limits (up to $2.5M) depending on down payment and qualifications.
Deferred student loans excluded from qualifying calculations.
No minimum cash reserves required post-closing.
Mortgages are serviced in-house for the life of the loan, preserving continuity and support.
Financing Options
0% down up to $1,250,000*
5% down up to $1,500,000
10% down up to $1,750,000
Loan amounts up to $2,500,000 (higher tiers require larger down payment ratios)
*For well-qualified borrowers.
Student Loan Treatment
Deferred student loan debt is not included in qualifying calculations.
Mortgage Insurance
No mortgage insurance required at any down payment level.
Cash Reserves
No minimum required cash on hand after closing.
Employment / Degree Requirements
Designed for medical professionals as defined by LMCU. The partner page lists MD, DO, DDS, DMD, CRNA, and DPM as eligible degrees.
Terms
Buy with as little as 0% down* up to $1.25 million*
Buy with as little as 5% down up to $1.5 million**
Buy with as little as 10% to $1.75 million**
Loan amounts up to $2.5 million.
Deferred student loan debt is not included in calculations.
No mortgage insurance required.
No minimum required cash on hand after closing.
CP loans available in Michigan and Florida
Strengths
High income, high net worth individuals are invited to become LMCU Premier Banking members and enjoy enhanced product offerings, plus personalized service designed exclusively around your financial needs.
Disclaimers
For well-qualified borrowers. The interest on the portion of the loan that exceeds the value of the dwelling is not tax-deductible. Please consult your tax advisor. To be eligible for the Doctor/Dentist program, the Doctor/Dentist must be in a residency program, have completed a residency program, or be an established Doctor/Dentist. Doctors/Dentists must also establish an automated payroll deposit with LMCU to be eligible. Loan to value (LTV) ratios up to 100% with loan amounts up to $1,250,000; 95% LTV up to $1,500,000; 90% LTV up to $1,750,000; 85% LTV for loan amounts up to $2,000,000; and 70% LTV up to $2,500,000.**For well-qualified borrowers. $5 membership required. LMCU NMLS # 442967
Eligible Degrees
DC
OMS
DDS/DMD
Fellow
Intern
MD/DO
CRNA
NP
OTD/MOT
OD
PharmD
DPT
PA
DPM
RN
Resident
DVM
= Eligible
= Not Eligible
Approved States
FL
IL
IN
MI
OH
WI
