Chemical Bank Physician Mortgage Loans

Obtaining a Doctor Home Loan—Working with a Lower Credit Score

Chemical Bank Physician Mortgage Loans
Chemical Bank Physician Mortgage Loans
Chemical Bank Physician Mortgage Loans

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Surviving Your Credit Score—Being a Physician Comes with Costs & Benefits

Let’s face it—it takes years (and I mean a lot of time) and a significant amount of money to obtain a medical degree. Most medical students understand this when they sign on the dotted line and may feel prepared for the debt load they will carry into their career. However, many doctors will tell you that residency was one of the most exhausting times in their lives. It is not surprising, then, that sometimes you forget a few payments, may need to use your credit card for purchases, even carrying a hefty balance at times. Little things can turn into big things, and you may find too late that your credit score has taken a few hits.

Do not fear, you can make improvements to your credit score with some investigation and prudent money management. If you don’t discover this until you begin the home ownership journey, the challenge may be harder. Although most lenders have extremely strict (and even unrealistic) standards in terms of credit scores of their mortgages, this is where you can play the “physician card.” Lenders who specialize in doctor loans understand that the road to becoming a doctor is difficult (that’s why not everyone becomes one). Therefore, they reward physicians with special terms and financing options not available to other borrowers.

The Lenders

We have put together a group of some of those lenders who focus on providing financing to medical professionals, helping them to achieve home ownership despite some of the financial difficulties they have faced in the process of becoming doctors. Most of these lenders have been in the industry for many years, establishing a reputation for sound financial practices as well as outstanding customer service. Doctors have a broad list to choose from in this group.

Chemical Bank, a division of TCF National Bank, was established in 1917 in Midland, Michigan. Perhaps its biggest claim to fame is for being the site of an infamous bank robbery, which resulted in the only death penalty sentence in Michigan. Chemical brought its 500,000 households to a merger with TCF Bank in 2019; this strengthened their presence in the Midwest and now allows them to offer a full slate of banking features to customers, from consumer and business lending to estate planning and wealth management.

Chemical Bank’s Doctor Loan Program is a wide-reaching program, with benefits not seen by many lenders:

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Chemical Bank’s Doctor Loan Program Loan Program includes the following features:

Minimum Credit Score


Loan Amounts For Residents & Fellows

Loan amounts up to 3 Million
Close up to 90 days prior to full time employment with contract

Loan Amounts For Practicing Physicians

100% Financing up to $1 Million, purchase, refinance, renovation, new contruction
95% Financing up to $1.5 Million, purchase, refinance, renovation, new contruction
90% Financing up to $3 Million, purchase, refinance, renovation, new contruction
90% Financiing up to 1 Million for second homes


Primary residences, second homes, condos accepted
Renovation loan options. OH, KY, IN & MI only
Waive escrow account with no fees or rate adjustments
Purchase and refinance options
New construction and renovation loan options are available, OH, KY, IN & MI only
Exclude student loan debt for that has been deferred for 12 months
No PMI required
1-2 unit primary residence only

Chemical Bank truly caters to young doctors, excluding deferred student debt and allowing future income to be considered.  Chemical Bank is a community-minded bank, participating in philanthropic efforts in cities where their 212 branches are found. It has recently committed over $200,000 to support COVID-19 funding in the Midwest. You can learn more about Chemical Bank and its activities here. To browse through the list of lenders we have covered, visit our site.

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