What you need to know
- Physicians, dentists and other medical professionals in Rhode Island can qualify for physician mortgage loans with flexible terms and high maximum lending limits.
- Rhode Island doctor mortgage options allow you to purchase a home with as little as 0% down and no private mortgage insurance (PMI).
- Looser underwriting standards, thanks to the rigors of your medical education, make a physician mortgage easier to obtain for many younger and mid-career doctors.
Rhode Island has never been cheap. But with the pandemic and work from home options proliferating like never before, living in Rhode Island has become more appealing. Residents love the proximity to beautiful New England and New York’s population centers while also having more space and a more relaxed quality of life.
Although license plate numbers remain small in Rhode Island, the pace of housing price increases within the state has been anything but. According to the Rhode Island Association of Realtors, home prices in Rhode Island soared 16% from 2020 to 2021.
The good news is that if you’re a physician or dentist, you have a superpower that will enable you to compete in a challenging market with higher than average interest rates: the physician mortgage loan.
Rhode Island physician mortgage loans: benefits for medical professionals
Physician mortgages open up new (and easier) opportunities for homeownership. For example, suppose you find the perfect home priced at $1 million. Most individuals would turn to a jumbo mortgage where interest rates are usually higher than conventional and the down payment requirement is at least 10%.
However, a physician mortgage can get you into a home with as little as 0% down on your mortgage loan. Some banks require at least 5% down when you get into the seven-figure price range, but physician mortgages give by far more flexibility with upfront cash requirements to become a homeowner. You can also find savings with a physician mortgage because of the low interest rates available.
Want to learn more about Rhode Island physician home loans? Use the form below or keep reading to discover our top picks.
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Top 8 Rhode Island physician mortgage loans
If you’re ready to look into your options for a Rhode Island doctor mortgage, check out the options we researched below.
1. Flagstar Bank
Flagstar Bank offers doctor mortgage loans for home purchases and refinancing in all 50 states for up to 100% financing with no PMI. They serve H-1B visas and/or green card holders.
Financing choices include:
- 0% down for up to $1 million
- 5% down for up to $1.5 million
Flagstar Bank allows anyone with the following degrees to apply: medical residents, MD, DDS, DMD, OD, Doctor of Pharmacy, DPM, DO, RN, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPA, attorneys, and veterinarians. To be eligible, one must be 10 years or less from starting one’s career.
There is no 30 year fixed rate option.
To be approved for 5% down, you must have at least a credit score of 700. To be approved for 0% down, you must have at least a credit score of 720.
If you’re a 1099 worker, you need to supply documentation of at least two years of income.
Contact: Tish Kumar. Email Tish.
2. Berkshire Bank
Berkshire Bank is one of the oldest and largest regional banks in the New England area. Berkshire Bank caters to new and established physicians interested in purchasing a new residence or refinancing their existing mortgage.
Through Berkshire’s Doctor’s Advantage Home Loan, you only need to put down 5% down on mortgages up to $850,000. Berkshire Bank also provides home equity loans and lines of credit.
Qualifying professions include physician, dentist and veterinarian residents (or fellows currently employed in residency of fellowship), practicing physicians (MD, DPM or DO), practicing dentists (DDS, DMD), oral surgeons and practicing veterinarians. Practicing doctors must be out of residency/internship/fellowship for less than 10 years. Non-practicing doctors, such as those in academia or research, are not eligible.
Berkshire Bank also offers home equity loans and lines of credit. Eligible properties include single-family, condominiums, planned urban development and non-warrantable condominiums. PMI is not required and the maximum DTI ratio is 45%.
Financing options include:
- 0% down for up to $1 million.
- 5% down for up to $1.25 million.
- 10% down for up to $2 million.
Berkshire has 30-year fixed and 15-year fixed options, as well as the 7/1 and 10/1 ARM (adjustable rate mortgage) products.
Reserves are required and the range is two to six months of your monthly mortgage payment.
The lender allows applicants to qualify as a 1099 independent contractor if the work was for less than 12 months. You can also apply based on projected income, so long as you’re scheduled to start a new job within 90 days of the loan closing.
To learn more about this program, email Stephen J. Morrison .
3. KeyBank
KeyBank allows physicians, dentists and podiatrists to qualify for a doctor mortgage. There is no minimum or maximum number of years in practice, unlike some banks that preference early to mid-career physicians. KeyBank will serve all dentists and physicians within the community.
Here are the limits and down payment amounts for the KeyBank physician mortgage program:
- 0% down up to $750,000.
- 5% down up to $1 million.
- 10% down up to $1.5 million.
KeyBank has a max loan size of $3.5 million, the highest of any mortgage lender on this list. They also allow down payments and closing costs to be gifted and only require two months of reserves for most borrowers with student loan debt.
You can learn more by emailing J Mansisidor or calling him at 757-926-0106.
4. Huntington Bank
Huntington Bank has opened its doctor mortgage program to physicians, dentists and veterinarians. You must have an MD, DO, DDS, DMD or DVM degree to qualify. Huntington Bank allows for high limits on their physician mortgage program in Rhode Island as you can see below.
Loan financing options include:
- 0% down up to $1 million.
- 5% down up to $1.25 million.
- 10% down up to $2 million.
Recent graduates will be able to apply for 0% down financing with a letter from their employer and a signed contract showing their promised earnings.
For more information, you can email Bill Kekatos or call him at 847-443-5978.
5. TD Bank
TD Bank’s physician mortgage program is exclusively for physicians, residents, fellows, dentists, dental specialists and dental residents.
TD Bank options for a doctor loan include:
- 0% down up to $750,000.
- 5% down up to $1.25 million.
- 10.01% down up to $1.5 million.
Rhode Island has a high tax rates, and thus many physicians with mortgage debt could itemize mortgage interest on their tax return. In that case, a low down payment could make sense for a physician or dentist needing to pay down student debt, which is less tax efficient than mortgage debt.
When we bought our home with a physician mortgage, TD Bank was the second-best of the 10 options we looked at. The bank we went with was a regional player in the Southeast and doesn’t lend in Rhode Island, so TD Bank is a good option to at least check.
Contact Neil Surgenor to find out more or call him at 646-760-6140.
6. U.S. Bank
The professional mortgage options at U.S. Bank are available for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Dentists and nurses are not eligible at this time.
You can borrow up to $2.5 million, but you’ll need a minimum down payment:
- 5% down for up to $1 million
- 10% down for up to $1.5 million
- 15% down for up to $2 million
The doctor mortgage loan isn’t advertised on U.S. Bank’s website. To apply, call or text Jonathan Brozek at the contact information listed below.
Contact: Jonathan Brozek. Email Jonathan or call him at 916-602-4080.
7. S&T Bank
With S&T Bank’s Professional Mortgage Program, physicians and other eligible professionals can get a loan for 5% down with no required maximum loan amount. No restrictions apply on a physician’s age. Newly self-employed (1099 independent contractor) physicians are allowed with a provided employment agreement.
To be eligible, one must be a medical resident, medical fellow, attorney, or hold a MD, DDS, DMD, DO, DVM, or PhD in a non-medical science. H-1B visas and/or green card holders can be served. VA loans are also available; although, you will find better deals with their Professional Mortgage Program, by comparison.
A 700 or higher FICO score is recommended when using S&T Bank.
Cash out refinances are limited to 80% LTV (Loan-to-Value) and no cash out limit.
30, 20, 15, and 10 year fixed rate options and 5 and 7 year ARM’s options are available.
Contact: Mike Wagner. Email Mike.
8. Washington Trust
Washington Trust is actually one of the oldest banks in the United States, having been founded in 1800. What’s more, it’s headquartered in Rhode Island. Physicians, dentists, podiatrists and veterinarians are eligible for this program.
Washington Trust’s financing options include:
- 0% down up to $750,000.
- 5% down up to $1.25 million.
- 10% down up to $2 million.
Is a Rhode Island doctor home loan right for you?
If you believe in the dream of homeownership, a doctor mortgage can get you there faster. It has some tax benefits, such as being able to itemize mortgage interest (which you can’t do with student loans).
Remember that a mortgage with favorable terms may allow you to buy the house you’ll want to keep long term. A lower down payment on your dream home should not be a concern — perhaps you can take the money you saved from the down payment and use it for other expenses, like renovation or furnishing your new house.
If you want to start the process of shopping for a Rhode Island physician home loan, just fill out our doctor mortgage quote form below.
