How to Find a Physician Mortgage in Rhode Island

For doctors aiming to acquire a mortgage in Rhode Island, there’s a key step that can streamline the process. It is essential to evaluate lenders based on their rates, terms, and down payment possibilities. To facilitate this task, it is advisable to work with a mortgage broker specializing in physician mortgage programs.

While any broker can aid you in finding traditional loans, not all brokers are equipped with the necessary understanding of physician mortgage loan programs. Considering doctor loans have distinctive prerequisites and terms, it is vital to identify a broker with eperience in this specific field.

To compare rates and terms from lenders in Rhode Island, you can work with LeverageRx. Our team has assisted over 50,000 physicians and healthcare providers find the best banks and mortgage lenders to fulfill their home loan needs.

Upon connecting with a lender, you’ll be required to fill out and submit a loan application. Additionally, it’s necessary to be ready to provide corroborating documents such as proof of employment, educational credentials, certifications, or licensure as a healthcare professional.

Where to Get a Physician Loan in Rhode Island

When seeking a physician mortgage in Rhode Island, it is crucial to concentrate on lenders and programs available within the state. This ensures that you collaborate with lenders who possess an extensive understanding of the local market and adhere to state-specific regulations. Loan programs can differ from one state to another, so finding the options available in Rhode Island is important.

Here are seven esteemed physician mortgage loan lenders catering to doctors in the state of Rhode Island.

BMO 

BMO offers a physician loan program that specifically addresses the financing challenges faced by medical professionals in Rhode Island. This program aims to overcome the obstacles to homeownership that doctors often encounter, such as significant student loan debt and limited savings for the conventional 20% down payment requirement.

Here are the highlights of what BMO physician loans have to offer in Rhode Island:

• Eligible Designations: MD, DDS, DMD, DO
• Up to 95% financing for loans up to $1.5 million*
• Up to 90% financing for loans up to $2 million
• Available for primary residences only
• Mortgages available for both purchase and refinance
• Construction financing options are available

BMO physician loans are available to qualified licensed medical doctors, residents, and fellows in all states except New York. To learn more about this program, you can read our full BMO Physician Loan Review.

Evolve 

Evolve Bank & Trust offers a solution for physicians in Rhode Island who face challenges qualifying for conventional loans due to high student loan debt. Their physician loans provide an opportunity for immediate homeownership without a down payment.

Here are the key features of Evolve physician loans in Rhode Island:

• Eligible Designations: MD, DO, DDS, DMD, PA, NP, DVM, CRNA, DC, OD, DPM, residents, fellows, pharmacists, and clinical nurse specialists
• 100% financing available for up to $1,000,000
• 95% financing available for up to $1,250,000
• 90% financing available for up to $1,500,000
• 85% financing available for loans exceeding $2,000,000
• Available for primary residences, co-ops, condos, land purchases, and construction financing

These specialized loans are designed to help you achieve homeownership without the traditional waiting period. However, physicians who have been practicing for over a decade are not eligible for the doctor loan program. To explore your options and find the right mortgage solution, you can get matched with an Evolve lender in Rhode Island through LeverageRx.

First Horizon

First Horizon offers physician mortgage loans specifically tailored to medical professionals in Rhode Island and other southern states. Here are the key features of their program:

• Eligible Designations: MD, DO, DDS, DMD, CRNA, CPA, DPM
• Up to 100% financing available for loans up to $1.5 million
• Up to 95% financing available for loans up to $2 million
• Up to 90% financing available for loans up to $2.5 million
• Flexible closing options allow closing up to 6 months prior to the employment start date
• No requirement for private mortgage insurance (PMI)

To explore your options and find a suitable lender from First Horizon, you can request your mortgage rates through LeverageRx.

Heritage Bank NA

For medical professionals and doctors in Rhode Island who want 100% financing for their next home, Heritage Bank NA is an excellent choice. Their Physician Mortgage Loan program brings a variety of benefits such as:

• No requirement of a down payment for houses costing up to $1 million.
• Reduced requirements for down payments and higher loan-to-value ratios.
• Open for designations like MD, DDS, DO, OD, DPM, and DVM.
• Available for practicing physicians as well as residents.
• No need for private mortgage insurance (PMI).
• Applicable for both primary and secondary residences.

To uncover your options and get in touch with a Heritage Bank NA lender in Rhode Island, just fill out a mortgage form through LeverageRx.

Huntington Bank

Huntington Bank extends a physician loan program in Rhode Island to a broad spectrum of medical specialties, including MD, DO, DDS, DMD, DPM, and DVM. Their program presents multiple benefits for physicians looking to finance their primary residence:

• 100% financing for loan amounts up to $1 million.
• 95% financing for loans up to $1.25 million.
• 90% financing for loans up to $2 million.
• Exclusively for primary residences.
• Can be utilized for both purchase and refinancing.

For loans above $1.25 million, Huntington Bank mandates a minimum of one year of attending status, which precludes residents. However, for loans under $1.25 million, both residents and attending physicians can take advantage of the program.

For comprehensive insights about the Huntington Bank Physician Loan program in Rhode Island, you can refer to our complete Huntington Bank Physician Loan Review.

TD Bank

In Rhode Island, TD Bank’s physician mortgage program caters to medical professionals holding designations such as MD, DO, DPM, DDS, and DMD. The program is open to practicing physicians, dentists, oral surgeons, as well as licensed medical or dental residents and fellows.

Key features of TD Bank’s physician mortgage program in Rhode Island include:

• Applicable for both home purchase and refinance.
• Limited to primary residences only.
• Suitable for single-family homes, condos, planned unit developments (PUDs), and co-ops.
• 100% financing for loan amounts up to $750,000.
• 95% financing for loans up to $1.25 million.
• 89.99% financing for loans up to $1.5 million.

Keep in mind, TD Bank’s physician mortgage program in Rhode Island is specifically designed for medical professionals who are no more than 10 years out of residency. To gain a comprehensive understanding of their offering and make an informed decision, you can read our full TD Bank Physician Mortgage Review.

US Bank

US Bank extends physician mortgage loans to medical professionals in Rhode Island holding MD and DO designations. Whether you’re nearing the end of your residency or have been practicing for ten years, US Bank provides financing solutions for your new residence. Below are the program highlights of US Bank’s physician mortgage loans in Rhode Island:

• Restricted to primary residences only.
• 90% financing for loan amounts up to $1.25 million.
• 85% financing for loans up to $1.5 million.
• 80% financing for loan amounts up to $2 million.

It should be noted that US Bank’s physician loan program is only open to MD and DO professionals. When compared with other home loans for doctors, US Bank takes a more discerning approach in determining eligibility. It’s also crucial to note that US Bank does not provide a loan option with 100% financing. To get a more detailed understanding of their program and make a well-informed decision, you can read our complete US Bank Physician Loan Review.