6 Best Physician Mortgage Loans in Rhode Island


Physician mortgage loans in Rhode Island are great options for doctors who want to purchase primary or vacation homes in the state.

Key Terms

  • A Rhode Island physician mortgage loan comes with high loan limits and options for up to 100% financing.
  • Student loan payments typically receive favorable treatment with a doctor loan, making it easier to qualify for a mortgage.
  • Physician mortgages don’t require private mortgage insurance (PMI) even with a 0% down payment, reducing mortgage payments.

Rhode Island is a state known for its colonial towns, many of them with rich histories and beautiful Victorian properties. From Newport to Providence, each city offers something special. That could be Brown University, the sailing bays in Newport, or the Water place Park and Riverwalk in Providence. For those that live there, including over 4,000 working physicians, the state is most certainly known for its high quality of life, rich parks, and quiet surroundings. 

Rhode Island has a highly competitive real estate market, with median sales prices hovering at around $420,000. The Rhode Island Realtors completed nearly $7.9 billion in residential states through the MLS listing data last year, meaning houses are turning over at a significant rate. That includes single-family homes and multifamily properties and marks a 22 percent increase over the prior year’s figures.

For doctors and dentists who wish to buy or refinance a home in Rhode Island, that may be easier with the state’s physician mortgage loan program. Qualified homebuyers may be able to buy a home with a low down payment or, in some cases, no down payment at all. 

Show Me Lenders

What are the pros and cons of Rhode Island physician mortgages?

Are there both pros and cons to taking out a Rhode Island physician home loan? Sure, there are, and careful consideration should be given to both. 

Let’s start by looking at the pros. Many doctors may enjoy the fact that these lenders give special consideration to medical school debt. In addition to that, doctors can enjoy:

  • No required Private Mortgage Insurance, resulting in lower monthly payments
  • High loan amounts that far exceed conventional limits
  • Little to no money down
  • Approval based on signed contracts or offer letters

These advantages make doctor mortgages a great fit for many healthcare professionals, albeit one that comes with a few downsides, including potentially high interest rates. Lenders also often ask borrowers to open additional accounts, such as checking and savings accounts, to solidify the relationship. 

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6 Best Rhode Island doctor home loan lenders

If you’re ready to learn more about the best physician mortgage lenders in Rhode Island, here are the top options we’ve found through our research.

1. TD Bank

TD Bank is one of the largest banks in the United States. While primarily operating on the east coast, in recent years they have expanded their footprint through a series of acquisitions and now rank as one of the top 10 banks in the country. The bank offers a full suite of financial products, including a physician loan.

We reached out to a loan officer at TD Bank to find out more details about their doctor mortgage. Our key takeaways and program highlights are below:

  • 0% down up to $750,000
  • 5% down up to $1,250,000
  • 10% down up to $1,500,000
  • The following degrees qualify: practicing physician (MD, DO or DPM), dentist (DDS or DMD) and oral surgeon.
  • Licensed medical resident or fellow and licensed dental resident or fellow qualifies
  • If self employed doctor or dentist, you must have owned your practice or have been otherwise self-employed for at least two years
  • Available property types: single family residence, condominium, co-op (in specific markets only) and property in a planned unit development (PUD).
  • Fixed or adjustable rate loans available
  • No private mortgage insurance
  • Flexible approach to debt-to-income understanding that medical professionals have significant student loan debt
  • Contract for new employment can be used to qualify for mortgage
  • Minimum credit score of 720 (for loans below $750,000) or 740 (for loans above $750,000)
  • Must be within 10 years of residency or fellowship

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

2. 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 physician loan.

While Keybank doesn’t post a lot of information about their doctor mortgage online, we were able to get in touch with a loan officer at the bank to get all the important details. See below for an overview of the program details:

  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 15% down up to $2,000,000
  • No private mortgage insurance
  • Gifts permitted for down payments
  • Can close on the strength of an employment contract up to 90 days prior to the start of employment
  • Minimum credit score is 700
  • Student loan debt can be calculated based on income driven student loan payments
  • Fixed loans offered in 10, 15, 20, 25 or 30-year terms
  • Adjustable-rate mortgages offered in 5/6, 7/6 and 10/6 options
  • No minimum or maximum years in practice for eligibility
  • Reserve requirements are: 2 months (loans under $500K), 4 months (loans between $500K – $750L), 6 months for loans over $750K plus an additional 2 months if closing prior to start date. Retirement accounts count toward reserve requirements.
  • US Citizens, Permanent Residents and H1B Visa holders are eligible
  • California loans require a minimum of 5% down

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

3. BMO Harris Bank

BMO Harris Bank is an established mortgage lender that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a physician loan to certain medical professions.

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:

  • Program is divided between Physicians and Dentists that are less than 10 years since their last training was completed (residency, fellowship, or medical/dental school, whichever ended last) and those over 10 years.
  • Less than 10 years practicing:
  • 0% down up to $1,000,000
  • 5% down up to $1,500,000
  • 10% down up to $2,000,000
  • More than 10 years:
  • 10% down up to $2,000,000
  • 10, 15, 20, & 30 year fixed rate or 5, 7, and 10 year ARM loans.
  • No rate premium, pricing premium, or interest rate increase for using the program.
  • No income history is required. They can use an offer letter or match letter that states your employer name, start date, salary, and job title. They can close the loan up to 89 days prior to the start date for the new contract. The contract can be for a W2 or 1099 pay structure as long as a guaranteed base salary/pay amount is listed.
  • Reserve requirements for loans up to $400,000 equal two months PITI for the new home, for loans over $400,000 the requirements is four months PITI.
  • The borrower is required to have liquid reserve funds at the time of closing, this would be required on top of any cash to close due.
  • Seller credits are allowed to assist with closing costs but cannot exceed the total of closing costs and cannot exceed the amount you, as the buyer, are contributing to the purchase.
  • Gift funds from a family member are allowed for any cash due at closing or down payment as well as the reserve requirements.

If you have a credit score as low as 680, BMO Harris can offer you $0 down up to $1,000,000 but it will take a credit score of 720 to get access to the full program.

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

4. 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:

  • 0% down payment up to $1 million
  • 5% down payment up to $1.25 million
  • 10% down payment up to $2 million
  • Maximum financing up to $2 million
  • Eligible degrees are: MD, DO, DDS, DVM or DMD
  • Residents are eligible
  • Minimum credit score is 700
  • 2 months reserves required (6 months for jumbo loans) – reserves can be held in bank or investment accounts
  • Gift funds for down payment are OK
  • 30-year and 15-year fixed-rate mortgages
  • ARMs available in 7/6, 10/6 or 15/6 terms
  • Can close on the strength of a new employment contract without paystubs
  • No private mortgage insurance
  • No prepayment penalty

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

5. Citizens Bank

Citizens Bank is one of the largest banks in the United States. I bet you didn’t know that it’s headquartered in the smallest state: Rhode Island. With over $160 billion in assets, it’s no surprise that Citizens offers a full range of financial products, including refinancing and physician loans.

We contacted a loan officer at Citizens Bank to learn more about their doctor mortgage loan program specifically. Here are details you won’t find anywhere else:

  • 5% down up to $850,000
  • 10% down up to $1,000,000
  • Practicing licensed medical doctors (MD and DO), dentists (DDS and DMD), residents and research physicians are eligible
  • Licensed residents, fellows and interns can borrow a maximum of $600,00 (or $400,000 if unlicensed)
  • No more than 10 years out of residency
  • Self-employed professionals are eligible with a two-year history of self-employment income
  • New medical professional graduates who are under contract for residency within 60 days of closing and have not yet obtained a license are eligible
  • No private mortgage insurance
  • 40% max debt-to-income ratio
  • Student loan debt that’s deferred for more than 12 months from the date of closing can be excluded from DTI calculations
  • Construction-to-permanent loans available with a maximum of 89% financing
  • Fixed rate or adjustable-rate mortgage options
  • Interest-only option on certain adjustable-rate mortgage options (max financing at 89%)

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

6. Berkshire Bank

There are some banks that make a big deal out of their physician mortgage program, and then there are other banks like Berkshire that don’t even feel the need to mention it on their website.

For those banks, you really need to be in the know about the program if you want to see if they are offering competitive rates during that one moment when you’re buying a house.

We did the hard work for you though and have already contacted Berkshire Bank to learn more about their physician loan. Here is what you need to know:

  • 0% Down up to $1,000,000
  • 5% Down up to $1,250,000
  • 10% Down up to $2,000,000
  • Primary residences, vacation properties and investment properties eligible (although higher down payments may be required).
  • Credit score minimum of 660 needed. However, since Berkshire Bank is a true portfolio lender, they can make certain exceptions for some FICO scores.
  • Can also finance non-warrantable condos and multi-family homes.
  • If you are purchasing a home and have some special conditions, using a portfolio lender that isn’t beholden to the parameters the investor has already agreed to purchase can be helpful.

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

Is a Rhode Island physician mortgage loan a good idea for you?

If you are ready to move forward with a mortgage, it’s always a good idea to take a moment and decide whether or not a particular product is the right one for you and your financial needs. 

For many professionals, student debt is always an issue when qualifying for a mortgage. Conventional lenders will want to see a DTI ratio on the lower side. Unfortunately, many doctors have to take out big loans for school, which then prevents them from receiving mortgages. If that is your situation, a lender offering doctor mortgages will extend special consideration to these debts. 

You also want to make sure you are at a good place in your career before taking on a new mortgage. Confirm first that you are satisfied in your job, and that you plan on staying in that position for a while. The good news with doctor mortgages is that you can often get approved even if you only have a signed contract, making it a great fit for residents and fellows that might not have traditional paystubs. 

Examples of medical doctors who take out physician loans in Rhode Island

The following stories paint a picture of some of the doctors and professionals in Rhode Island taking out physician loans. If these stories ring true to you, you may be a great fit for a doctor mortgage. 

A resident still digging out from student debt

Starting a primary care residency at Brown University has put Marcus on track for a great career. He’s receiving a decent salary in his fourth year, but he is still digging out from student debt. Marcus and his wife want to try for a home, but his debt is ruling him out of a conventional loan. A doctor loan gives more favorable consideration to his student debt, making for a fast and easy approval process. 

A dentist who wants to maximize leverage

Gladys started her dental practice in Providence over a decade ago, and things are going well. Now that the time has arrived to buy a larger home for her family, she has been surprised to see that the limits on conventional loans are limiting her options in the housing market. With limits that go much higher than the ones on conventional mortgages, physician mortgages are the best alternative for her and her family. 

If you’re looking to explore physician mortgage loans in other states, check out our national overview of physician 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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