5 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 April 2024 was $453,000, higher than 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.

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Top 5 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. 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.

2. 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. 

3. 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

4. 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

5. 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.