It sounds like some incoming physicians doing their residency here have been receiving bad information about available mortgage options. The mortgage market has changed dramatically over the last two years. There are now only about a half dozen zero downpayment mortgage options now where two years ago there were about twice that many. (And they were dramatically more available.)
But, when you are buying a home you only need one mortgage, and if you are a physician here for your residency then relatively easy zero downpayment options are still available.
It will take some preparation and there are some limitations, but in general the Midwest Financial Credit Union is still a good option.
Closing before first paycheck
Ignoring student loan obligations in most situations
No PMI (but a higher interest rate to compensate for some additonal risk.)
A physician friendly application process
Note: These loans are specifically for physicians, so they are not visible on the credit union’s website.
You can reach the Credit Union at 734.769.4621