8 Best Physician Mortgage Loans in Rhode Island with No PMI

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, the median home sales price in February 2023 was $384,000, 4.4% higher than it was the year before.

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.

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. 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.

2. Evolve Bank & Trust

South Carolina medical residents, MDs, DDS, DMD, ODS, PharmDs, DPMs, DVMs, DOs, RNs, physician assistants, nurse practitioners, clinical nurse specialists, ATP pilots, CPAs and attorneys might be eligible for up to $1 million in home financing with $0 down when using the Evolve Bank physician mortgage program. Other low down payments are available to secure a loan for up to $1.5 million.

The program is also open to H-1B visa and green card holders who can supply 25% down.

You need to be within 10 years of starting your career and meet minimum credit score requirements.

A program like this is definitely worth considering, especially since it does not require PMI and has flexible debt-to-income underwriting.

Financing options include:

• 0% down for up to $1 million
• 5% down for up to $1.5 million

However, if you want a 30-year fixed rate option, you'll need to look at another lender. Flagstar Bank only offers adjustable-rate mortgages (ARMs).

3. 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.

Contact: Bill Kekatos

4. 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. 

5. NEO Home Loans

This exclusive program for doctors, podiatrists, dentists and veterinarians is available in nearly all 50 states (excludes NY and NM). Not only does this program provide financing for a primary residence, but also, the option for cash out refinances at 95% LTV for up to $1 million.

With the program's 30-year ARM, here are the following financing options:

• 0% down for up to $1 million
• 5% down for up to $1.25 million
• 10% down for up to $2 million

Those who have IBR or deferred student loans can still qualify for this program, so no need to worry.

Applicants that are approved for this program will have 90 days before his or her employment start date to close.

6. 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 $1 million
• 5% down up to $1.5 million
• 10.01% down up to $2 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

7. U.S. Bank

The professional mortgage options at U.S. Bank are available for medical physicians, including residents, fellows, and doctors of osteopathy (DO). Lawyers are also welcome to apply. Dentists and nurses are not eligible at this time, unfortunately.

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

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.