Nurse Mortgages in Rhode Island


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Every Nurse Mortgage Lender in Rhode Island

  1. Flagstar
  2. GreenState Credit Union
  3. Shoreham Bank

Flagstar

(All 50 States Except NY)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Flagstar

(All 50 States Except NY)

$100M Closed Loans

Flagstar, founded in 1987, is a leading national bank headquartered in Michigan, offering a broad range of banking, mortgage, and lending operations.

High-income professionals can utilize Flagstar's wealth management services for their financial planning needs. These services include personalized investment strategies, retirement planning, estate planning, and trust services. Additionally, Flagstar offers private banking solutions such as tailored loans and exclusive credit options. [ Read Review → ]

  • Minimum credit score: 680
  • Maximum loan: $3,000,000
Down payment Financing
0%up to $1 million
5%up to $1.5 million
10%up to $3 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • CPA
  • RN
  • DC
  • PhD

GreenState Credit Union

(All 50 States Except CA)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

GreenState Credit Union

(All 50 States Except CA)

$100M Closed Loans

GreenState Credit Union, founded in 1938, is a member-owned financial cooperative providing diverse banking services to more than 350,000 members across the United States.

High-income professionals can take advantage of a variety of services from GreenState Credit Union. These include exclusive checking and savings accounts with competitive interest rates, extensive loan options, wealth management and investment services, retirement planning, and insurance services, all designed to optimize their financial growth and security. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • PharmD
  • NP
  • PA
  • CRNA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Shoreham Bank

(AZ, CA, CO, FL, IA, ID, IL, MI, NV, RI, TN, UT)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Shoreham Bank

(AZ, CA, CO, FL, IA, ID, IL, MI, NV, RI, TN, UT)

$100M Closed Loans

Shoreham Bank, founded in 1860, is a reputable financial institution offering a comprehensive range of banking services including loans, savings, and online banking.

High-income professionals can take advantage of various services from Shoreham Bank. These include specialized checking and savings accounts, tailored investment advice, estate planning, and personalized loan options. The bank also offers a private banking service, providing dedicated financial advisors for comprehensive wealth management. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $1.5 million
15%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • DC
  • JD
  • CPA
  • PhD
  • RN

Key Terms

  • Rhode Island nurse mortgages are specially tailored for nurses, offering benefits such as 0% to 5% down payments and an easier approval process to help more nurses own homes in a state with high property costs./li>
  • These programs often provide significant financial assistance, including no PMI and help with closing costs, making it more feasible for nurses to manage home purchases despite potential challenges like high debt-to-income ratios from student loans.
  • While nurse mortgages in Rhode Island offer more flexible qualification criteria suited to the variable income and job patterns of nurses, potential borrowers should carefully evaluate their financial situations and the terms of these specialized loans to ensure they align with their homeownership and career goals.

Rich in history and home to numerous historic landmarks, colonial-era architecture, and charming seaside villages, Rhode Island is one of the most picturesque places to live in New England. Whether residents want to explore historic sites like Newport’s Gilded Age mansions or take a quick trip to New York City, everything is within reach in the Ocean State. 

With some of the best training and working hospitals in the region, it’s unsurprising that many nurses call Rhode Island home. According to data from the Bureau of Labor Statistics, 11,350 nurses live in the Ocean State and enjoy working at its many hospitals and medical facilities. 

Though small, Rhode Island has some pretty big housing prices. Data from the FED places the median listing price of a single-family home in the Ocean State at about $520,950 — a price that may leave many of the nurses in the state out in the cold when it comes to homeownership.

Rhode Island does offer some support to nurses, however — in the form of nurse mortgage loans. These programs are designed just for nurses and are meant to encourage nurses to live, work, and plant roots in the Ocean State. 

How do Rhode Island nurse mortgages work?

If you’ve ever applied for a loan or mortgage, you will be somewhat familiar with the process of taking out a nurse home loan. For one thing, a nurse mortgage requires that you meet certain eligibility requirements. Fortunately, these qualifying for these criteria is often easy, since the programs are designed to incentivize home-buying in the nursing community. A nurse mortgage may also feature beneficial financing options, including help with closing costs, no private mortgage insurance (PMI), and lower down payments. 

The best place to start is by researching the nursing mortgage programs in your area and assessing their pros and cons. The list below that provides you with some of the best options in the state. As you review these, take into account your personal financial situation to ensure you select the loan program that is the best option for your needs. 

Is a Rhode Island nurse mortgage right for you?

Figuring out whether a nurse mortgage is likely to work for you involves assessing certain aspects of your life:

  • Your work history. Many nurses work multiple jobs or have unusual payment schedules. Some nurses also work as traveling nurses, which may look “unstable” on an application for a conventional mortgage. If you believe your work history will disqualify you for a conventional loan, a nurse mortgage may be a great option.
  • Whether you have a high debt-to-income ratio (DTI). Many nursing students take out student loans to get through nursing school or college. This can mean that they end up having a very high DTI from student loan debt once the time comes to apply for a loan. Nursing mortgages take a kinder look at factors like this, making it easier to qualify.
  • Your overall financial situation. What kind of home can you afford and what type of down payment can you make? Since nurse loans in Rhode Island can include help with closing costs, down payments, and more, you will need to consider these issues when selecting a loan.

Benefits of a using a nurse loan for a home purchase

There are several benefits of using nurse loan mortgage options, no matter whether you’re purchasing your primary residence or an investment property.

  • Qualifying for a higher loan amount. RNs and nurse practitioners can take advantage of the relaxed underwriting in the application process to qualify for a higher loan amount.
  • Up to 100% financing. Many nurse loans are available with a low down payment or even no upfront down payment at all.
  • Flexible credit score requirements. Even healthcare professionals with high credit scores may qualify.

Refinancing a mortgage with a nurse loan

Nurse loans are not just for new homeowners nor even exclusively for homebuyers: borrowers can also use nurse loans to refinance an existing mortgage. This is a great for helping medical professionals reduce the interest rate on their mortgage payments (such as by switching from an adjustable-rate to a fixed-rate mortgage) or for gaining more favorable loan repayment terms.

Healthcare professionals who take out nurse mortgages in Rhode Island: a case study

As a nurse specializing in obstetrics, Elena had long hoped to secure a job at Women & Infants Hospital in Providence. She had grown up in the town, too, and loved the “small town” appeal of this “little big city.” After studying hard and maintaining two nursing gigs for several years, including one as a traveling nurse, Elena was now about to start a full-time schedule at the hospital. 

With her career in line, Elena now wanted to fulfill another goal — buying a home. With prices high, however, she wasn’t sure she would be able to make a down payment on a home in Providence. Her work history as a traveling nurse also caused complications, as many traditional lenders didn’t understand that her work was stable and reliable. 

Luckily, Elena heard about a regional program offering mortgages to registered nurses like her. She reached out to the mortgage lender and was pleased to hear how favorable the program’s financial terms were. Her down payment would be minimal; plus, the program introduced her to a network of nursing professionals, further supplementing her career. A new home was now possible to complement her new job. 

Looking for a nurse mortgage in a different state?

If you’re looking to explore the best nurse mortgage in other states, click on your state below.

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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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