Buying a Home for the First time? Here is a Definitive Guide to Understand Home Loans for Nurses

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When registered nurses think of a home loan program, questions that come to their mind are usually: Are nurses eligible for special assistance? Does working as a nurse or other career in healthcare let you qualify for special mortgage programs that are not available to other borrowers?

A search online would easily turn up a lot of results because many registered nurses are looking for home loan programs. If you are deciding to become a nurse, you will probably have a good chance of not only finding a job but also enjoying job security during your career. But even though the outlook of being a nurse is good, you might wonder how to pay for a home. Though the good news is that you will have plenty of special mortgage offers available online unlike traditional bank loans. When searching for mortgage for nurse you will turn up page after page for the requirements for mortgage loans and also the qualification process for your profession specifically.

Become a homeowner with the help of Nurse Loan Programs!

When you connect with Nurse Loan Programs, you won’t have to worry about your overtime income, employment gaps or changing employers. Our mortgage lenders have seen it all and have the experience to face any problems or obstacles that might come in the way for nurses, registered nurses in general. Our lenders are well versed with the problems that you may face on your home loan application when you are applying with a specific bank or lender. The lenders at Nurse Loan Programs intimately understand the issues involved and strive to provide you with the best plan, understanding your income and other factors.

But how do we do it? Once you start looking for financing options, you can simply make an appointment and the specialist will guide you through the whole process, we will carry out our own internal assessment process which will require a few documents before applying with any lender. Each application is reviewed, pre-qualified, and pre-approved after analyzing all aspects.

-To make your home buying process hassle-free we are listing some tips to qualify as easily as possible:

Tip #1: Start generating proof of income

Some banks and online lenders only consider 50-80% of your overtime income, and for most nurses, working as a travel nurse or in urgent care, most of their income is generated through overtime. So it means, in most cases, their income is seen as unstable and reduces their chances of getting a loan approved OR reduces their borrowing capacity.

It is important to note that, all banks are not aware that Nurses spend a large amount of their time in shift work and earning income through overtime or traveling on a contract basis.

At Nurse Loan Programs, we work with several lenders who know and understand that overtime income can be the core of your job being a registered nurse and it should not hinder you applying for a home loan program. Additionally, you can easily use 100% of your overtime income. To use your overtime income, you will require the following:

  • Payslips- most recent, generally of the last three months.
  • In some cases, your bank statements.
  • An offer letter from your employer confirming that you have been working overtime regularly for at least the past year or two.

Tip #2: Start saving money for your down payment

Depending on the lender and the type of loan program you have chosen, you can be required to make a down payment in the range from 3%-20% depending on the price of your asset. It is important that you establish monthly savings that will help to save money for installments and even enough money for your down payment.

Though at Nurse Loan Programs, you won’t have to come up with a large down payment, we have options for zero down payments as well as low down payment options which allows home buyers to purchase their dream home by only making a small payment easily and more conveniently.

Tip #3: Consider second income or part-time if you are moving between jobs

If you are still in training or working hard to make some extra bucks, it is very common to have a second job to increase your income. But many of the banks don’t consider this income, but with online lenders, it makes sense if you have been working consistently.

The income generated can be through working as a part-time nurse in another hospital, or even in another field as a trainer. In this case, some lenders will allow you to consider 100% of the income from your second job or part-time job.

Tip #4: Before applying for a loan get your financial documents in order

It goes without saying that when a registered nurse applies for a home loan program, they will have to provide the lender with some financial documents to support their proof of income. During the processing of your loan application, it is important to have these documents, so if the lender asks for any, you are able to provide. At the minimum, you will have to show your tax return, current bank statements, credit history along with pay stubs.

Tip #5: Get pre-qualified

Getting pre-qualified will make your home loan journey a lot easier, many lenders want you to be pre-qualified before they start to work with you. And if you are following the above tips, this step would be fairly simple for you. It would require your financial information, like income, savings, and any investments. It gives them and you a better sense of how to work ahead and how much you can borrow or afford to borrow.

Interested in learning more?

Connect with a nurse loan specialist for a free, no-obligation mortgage assessment.

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