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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
$100M Closed Loans
Bank of America, founded in 1904, is a leading global financial institution offering a broad range of banking, investing, asset management, and other financial and risk management products and services.
High-income professionals can take advantage of various services from Bank of America, including personalized wealth management, advanced investment strategies, and dedicated advisors for financial planning. They also offer specialized banking services, flexible mortgage options, and exclusive rewards and benefits. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 3% | up to $825,000 |
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
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BankMD, founded in 2005 and operating via bankmd.com, specializes in providing financial services to medical professionals with a focus on personal loans and wealth management.
High-income professionals can access a suite of services from BankMD, including specialized banking, lending, and investment solutions. The bank's offerings are tailored to meet the unique financial needs of medical professionals, helping them manage and grow their wealth effectively. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $850,000 |
| 5% | up to $1 million |
| 10% | up to $2 million |
| 15% | up to $3 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
Berkshire Bank, established in 1846, is a Massachusetts-based community bank offering comprehensive personal, business banking, and wealth management services.
High-income professionals can access numerous services from Berkshire Bank. These include wealth management, financial planning, private banking, comprehensive investment strategies, and retirement planning. The bank also offers tailored lending solutions, estate planning, and insurance services to protect their wealth. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
Citizens Bank, founded in 1828, is a major U.S. commercial bank offering a comprehensive range of retail and commercial banking products and services.
High-income professionals can take advantage of various services from Citizens Bank, including wealth management and investment opportunities. They also offer private banking, retirement planning, and estate services. High-net-worth individuals can benefit from personalized financial strategies, designed to optimize their wealth and secure their financial futures. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 5% | up to $850,000 |
| 10% | up to $1 million |
| 15% | up to $1.5 million |
$100M Closed Loans
Flagstar Bank is a full-service bank and one of the largest regional banks in the country, offering a broad range of consumer and commercial financial solutions, including banking, home lending, private banking, and wealth management.
High-income professionals can utilize Flagstar's mortgage products which are specifically built for physicians and other high-income professionals. These loans may have flexible qualifications, lower costs than a conventional mortgage, and low or even no down payment. You must be within 10 years of starting your profession. There are also jumbo loan options up to $3 million. Flagstar Bank N.A. is an Equal Housing Lender | Member FDIC. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $3 million |
• Online
usually responds within 30 minutes
$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 → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
Keybank, established in 1825, is a regional bank headquartered in Cleveland, Ohio, offering a variety of financial services including retail and commercial banking, investment management, and consumer lending.
High-income professionals at Keybank are provided with comprehensive financial services. These include wealth management, specialized lending, and tailored banking solutions. They also have access to financial planning tools, investment strategy assistance, and estate planning. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 15% | up to $2 million |
| 20% | up to $3.5 million |
$100M Closed Loans
Laurel Road, established in 2013, is a fintech company known for its online lending platform, providing student loan refinancing, mortgages, and personal loans.
High-income professionals can leverage Laurel Road's services for personalized financial solutions. The platform offers student loan refinancing, personal loans, mortgages, and high-yield savings accounts. It also provides digital banking services with attractive interest rates, emphasizing transparency and customer support. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 10% | Varies |
• Online
usually responds within 30 minutes
$100M Closed Loans
Leader Bank, established in 2002, is a Massachusetts-based community bank that offers personal and business banking services with a strong digital focus.
High-income professionals can take advantage of Leader Bank's comprehensive suite of services. These include personalized banking solutions, mortgage services, commercial lending, equipment financing, and wealth management. Leader Bank prioritizes convenience with online and mobile banking options. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 10% | Varies |
• Online
usually responds within 30 minutes
$100M Closed Loans
Northpointe, founded in 1999, is a Michigan-based online banking institution providing comprehensive financial services, including checking, savings, and loans.
High-income professionals can leverage Northpointe's comprehensive financial services, which include high-yield checking and savings accounts, competitive mortgage loans, and tailored lending options. The firm also offers personalized wealth management and investment strategies to optimize asset growth. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $850,000 |
| 10% | up to $1 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
PNC Bank, established in 1845, is a comprehensive financial services corporation offering a wide range of services including retail banking, asset management, and corporate banking.
High-income professionals can benefit from PNC Bank's tailored wealth management and financial planning services. These include investment advising, estate planning, and private banking. PNC also offers specialty services such as asset management for executives and business succession planning. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 5% | up to $1 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
| 20% | Varies |
• Online
usually responds within 30 minutes
$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 → ]
| 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 |
• Online
usually responds within 30 minutes
$100M Closed Loans
TD Bank, founded in 1852, is a leading North American banking service, offering a comprehensive range of retail, small business, and commercial banking products and services.
High-income professionals are catered to by TD Bank through distinct services such as wealth management, private banking, and estate planning. This includes personalized financial strategies, access to dedicated banking specialists, and advice on wealth preservation and transfer. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
The Huntington National Bank, established in 1866, is a full-service banking provider serving consumers, small businesses, and commercial markets primarily in the Midwest and Southeast U.S.
High-income professionals can leverage Huntington National Bank's wealth management services, which include financial planning, investment management, private banking, and trust services. These offerings are designed to optimize wealth growth, sustain income, and secure financial futures. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
Truist, formed by the merger of BB&T and SunTrust in 2019, is a leading banking institution offering a comprehensive range of financial services across the United States.
High-income professionals benefit from Truist's comprehensive wealth management services. These services include personalized financial planning, investment management, estate planning, and risk management. Truist also offers tailored lending solutions and private banking options to meet unique financial needs. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $2 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
Washington Trust Mortgage Company specializes in originating residential real estate mortgage loans, including construction, purchase, and refinancing, through their offices in Massachusetts, Connecticut, and Rhode Island.
High-income professionals can benefit from a range of specialized services offered by Washington Trust Mortgage Company. These services include comprehensive wealth management and financial planning. For those seeking home financing, Washington Trust Mortgage provides mortgage services designed to meet the unique needs of high-income clients, including options for construction, purchase, and refinancing of luxury properties. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $750,000 |
| 5% | up to $1.25 million |
| 10% | up to $2 million |
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 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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