6 Best Jumbo Loans in Rhode Island


Jumbo mortgage loans in Rhode Island provide a way to finance a home with a single mortgage.

Key Terms

  • Jumbo loans in Rhode Island come with higher limits than conventional mortgages.
  • Borrowers often need much less money down with these loans.
  • Borrowers can finance a larger or more expensive property with one loan instead of taking out several traditional loans.

Rhode Island may be small, but it leads the nation in a lot of “firsts.” This New England state is home to some of the oldest streets and buildings in the U.S., as well as the oldest synagogue and the country’s first baptist church. Other firsts include the first state-run airport and automated post office, showing that this small but mighty state has always stayed ahead of the curve.  

No matter what you like or where you live in Rhode Island, however, you likely have noticed how expensive homes are getting. According to the Rhode Island Association of Realtors, the median sales price of a home in Rhode Island is $420.000— a number that is getting close to the conforming limits on conventional loans in the state. For this reason, more and more Rhode Islanders are turning to jumbo loans. 

For the most recent year, the HDMA data places Rhode Island 25th in the country in terms of mortgage origination activity, with a total of $5.13 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Rhode Island, you’ll be among good company.

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What is the jumbo loan limit in Rhode Island?

The jumbo loan limit in Rhode Island is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of Rhode Island. Any loan that is less than $647,200 is a conforming loan in the state of Rhode Island.

Rhode Island Jumbo Loan Limits (December 2022)

Rhode Island county-by-county jumbo loan, conforming loan and FHA loan limits.

Rhode Island
County
Rhode Island
Jumbo loan
(1-unit)
Rhode Island
Conforming
loan limit
(1-unit)
Rhode Island
FHA loan limit
(1-unit)
Bristol$647,200+$647,200 $506,000
Kent$647,200+$647,200 $506,000
Newport$647,200+$647,200 $506,000
Providence$647,200+$647,200 $506,000
Washington$647,200+$647,200 $506,000

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6 Top Rhode Island jumbo loan lenders

If you’re in the market for a home in Rhode Island, consider these jumbo mortgage loans that are available to state residents.

1. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the Untied States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among medical doctors throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. TD Bank

TD Bank is a huge bank with deposits over $600 billion, putting it as the sixth largest bank in the United States. You don’t grow that large without having a competitive jumbo loan product.

We spoke to a loan officer at TD Bank to learn more about their jumbo loan program and thought they had some unique features. Here are the basics:

  • 10% down up to $3 million
  • Requires a credit score minimum of 700
  • Can lend up to $4.5 million
  • If you qualify for the wealth program, you are eligible for jumbo loans up to $6 million with 30% down or loans above $6 million with 35% down.

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

6. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

How jumbo loans in Rhode Island are different

Homebuyers in Rhode Island face two problems when financing more expensive or newer homes with traditional mortgages— they must either take out multiple mortgages or make a huge down payment upfront. That is because conforming limits state that lenders can’t make out traditional mortgages that are over $647,200. 

If a traditional home loan is out of the question because of the purchase price of what you want from the NMLS, other mortgage lenders may be able to help with a jumbo loan. Your path to homeownership of your dream home could be achieved by looking at an alternative to traditional mortgage products.

Jumbo loans are a way to address the issue of a big purchase price, offering much higher limits. Thanks to these “non-conforming” mortgages, Rhode Islanders can finance newer and more modern and retrofitted homes with just one mortgage, giving them a much easier way to buy a home in a state where median prices are inching towards conforming limits. 

Bear in mind that you need to do your research to confirm closing costs, underwriting requirements, mortgage rates, the monthly payment, debt-to-income ratio requirements, and more with a lending officer or a mortgage calculator. There are many kinds of loan options for homebuyers, including a VA loan, fixed-rate mortgages, or an adjustable rate mortgage, but if you need to exceed conforming loan limits, a jumbo loan may be the best approach for.a big home purchase.

If you already tried to get an FHA loan or loan funded through Fannie Mae or Freddie Mac but your purchase price is too high, don’t give up hope. Other homeowners have turned to jumbo loans as an answer.

The pros and cons of a jumbo loan in Rhode Island

Of course, before you move ahead with a loan of any sort, you always want to look at pros and cons. The pros with jumbo loans are obvious: you get more spending power in an expensive market through one financial product. That advantage does come at a price, in the form of higher interest rates. 

You also must have a good credit score to qualify for one of these loans.. A lower score can work with some government-back loans, but not with jumbo loans. If you have great credit and don’t mind paying more for financing, a jumbo loan in Rhode Island may be just what you need. 

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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