One of the many advantages of working as a nurse is good pay. Even those who have just started their nursing career fresh out of college get considerably good pay considering they don’t need years of professional experience beforehand. Nurses in the USA get paid an average of $60,000 per year, with new grad nurses getting a bit lower pay and experienced nurses getting paid as much as $80,000 to $100,000+.
That is the main reason why many nurses prefer to buy a house as soon as possible after they have landed a stable nursing job; nurses can easily save enough to pay monthly mortgage payments. Home loan providers want individuals with stable pay, and nurses comfortably qualify that criteria. But what if there were better ways for nurses to save even more on buying homes?
Home Buying Programs for Nurses
There are many firms out there that provide special customized home loan options for nurses. This is because salaries for nurses come in a slightly different way as compared to most other professions. The monthly salary of a nurse can be divided into ‘base pay’ and ‘actual income’. The base pay is what the nurse gets paid as the minimum salary from the organization whom the nurse works for. Actual pay includes other side income such as bonus for extra shifts, overtime shifts, part-time pay from a clinic etc. Most regular lenders will ignore everything except base pay, so the actual income of nurses won’t be justified when they take base pay only into calculations.
But lending providers that provide home buying programs for nurses take other sources of income into account too, helping a qualified nurse to get more money for buying a home. Different lending providers have their own specific criteria for nurse housing loans, but they all require proof of other incomes along with base pay.
Readying for Home Buying Programs
Although all lending providers have their own qualification criteria that nurses must pass, most of them are relatively quick if the nurse has records of their work experience and salary details. Traveling nurses need to be extra attentive, for most traveling nurses work on a contractual basis, hence their income might not be considered as ‘stable’. In such cases, they must keep employment records from past employers along with letter of acknowledgement and cost to company details. Having all those records will help them get approved faster.
Finding the Best Lender
Not all lenders that provide home buying programs for nurses are equal. It is up to the nurse to find the best lender that aligns with their interests. When looking for a suitable lender, one must take certain factors into account such as zero or minimal down payment, free pre-approval process, widespread availability in the country. One must also avoid private mortgage insurance as much as possible, and preferably choose a lender that has a program to avoid PMI. Having the best possible lender ensures peace of mind and stability in terms of mortgage payments.