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JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best mortgage for your home financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
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.
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:
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.
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.
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Fellows, Residents
$500M+ Closed Loans
TD Bank is one of our top professional mortgage lenders.
Eligible professionals must be within 10 years of graduating residency/fellowship to be eligible for this program. The program has flexibility with student loan calculations, sometimes counting $0 payments. You can close a TD Bank loan prior to starting new employment as long as you have an employment contract in hand. Reserve requirements funds can be gifted or be in retirement accounts. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Chiropractor (DO); Podiatrist (DPM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | $1.5+ million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$10M+ Closed Loans
Keybank is a major national bank based in Ohio with a competitive doctor mortgage program. They also lend across a large part of the United States.
The Keybank doctor mortgage program does not require you to be a minimum or maximum number of years out of medical school to qualify. They also offer large mortgage options if needed and part of your down payment can be supplied in money that you've received as a gift. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 15% | above $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
$500M+ Closed Loans
Huntington Bank operates primarily out of the Midwest.
Huntington's mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.. You can close a Huntington Bank loan prior to starting new employment as long as you have an employment contract in hand. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Podiatrist (DPM), Veterinarian (DVM), Fellows, Residents
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
$500M+ Closed Loans
Citizens Bank is one of the largest banks in the United States. We bet you didn't know that it is head-quartered 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 a physician loan. 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 more than 10 years out of residency. Self-employed professionals are eligible with a two-year history of self-employment income. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $850 thousand |
| 10% | up to $1 million |
| 15% | up to $1.5 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO); Lawyers(JD), Residents, Fellows
$500M+ Closed Loans
US Bank has a great doctor mortgage program but it isn't advertised on the bank's website. You'll have to contact them directly.
US Bank is able to lend in all 50 states, meaning this program is available to most of the country's doctors and physicians. The downside is that the program is fairly limited. For example, dentists, pharmacists and nurses aren't eligible. [ Read Review ]
Medical doctor (MD/DO); Lawyers (JD), Residents, Fellows
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
• Online
usually responds within 30 minutes
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
$10M+ Closed Loans
Laurel Road used to be an independent bank but is now owned by Keycorp and part of the Keybank family. They focus on financial products for healthcare professionals.
Laurel Road has a middle of the road doctor mortgage program. It's available in all 50 states but limited to healthcare professionals and only goes up to $1 million. Retired doctors are not eligible. [ Read Review ]
Medical doctor (MD/DO), Dentist (DMD/DDS), Podiatrist (DPM)
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
• Online
usually responds within 30 minutes
Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
$500M+ Closed Loans
Bank of America is one of the original lenders (if not THE original lender) in the physician mortgage space. With over $3 trillion in assets, it’s one of the largest banks in the United States and chances are good that you are familiar with the company.
The Bank of America physician mortgage program is available for residents and fellows with a job lined up. They can close on a home 90 days before they start. You can often exclude your student debt from your total debt when you apply for a mortgage. [ Read Review ]
Medical doctor (MD); Dentist (DMD, DDS); Optomestrist (OD); Podiatrist (DPM); Fellows, Residents
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 20% | up to limit |
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:
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.
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.
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.
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.
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 the best physician loans in other states, click on your state below.
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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