Rinse the rice under cold water until it runs mostly clear.
Combine rice, water, and salt in a medium pot. Bring to a gentle boil.
Reduce heat. Simmer uncovered until most water absorbs, about 12 to 15 minutes.
Stir in whole milk and condensed milk. Lower heat to maintain a soft simmer.
Cook, stirring often, until rice is tender and creamy, about 15 to 20 minutes.
Mix in sugar, ground cinnamon, and raisins. Simmer 3 to 5 minutes until raisins plump.
Remove from heat. Stir in vanilla and orange zest. Taste and adjust sweetness.
Cover and rest 10 minutes to thicken. Serve warm or chill before serving.