Mortgage Loans for Nurses: Is it really worth it?

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Although nursing is a highly valued career, nurses don’t get access to competitive home loans and find it difficult to achieve property as compared to other healthcare professionals. Whatever your situation is, whether you are a registered nurse or a nursing assistant or you are pursuing your education in nursing you can qualify for the services provided by Nurse Loan Programs.

If you are a first time home buyer, or currently in a home looking for something new to purchase, we are here to help. We have tailored mortgage loan programs specifically for nurses that will eliminate many out-of-pocket costs and a lot of hassle. We want to make your first step a little easier. This is why at Nurse Loan Programs we offer free Pre-approvals. You simply have to connect with our nurse home loan specialist to get the process started.

There are lots of benefits being a nurse but the flexibility of nursing shifts can cost you while getting approved for a mortgage. Travel nurses frequently have even more trouble getting a loan as they have to constantly change employers, have employment gaps and overtime. Banks often have a hard time approving their loans because of their complex financial situation and in their terms, ‘unstable’ income. Although it might seem difficult, acquiring mortgage loans for nurses is relatively easy once you find a great lender!

Nurse Loan Programs can help:

  • The nurses who are regularly working overtime or variable shifts. Some lenders only consider the base pay so be cautious while choosing the lender as those irregular working hours should also count. With us, you can easily get pre-qualification from our specialists who will access your application on the basis of your requirements.
  • Most lenders don’t approve loans of nurses who may have gaps in employment or don’t have a steady and regular income. We can help nurses on temporary or short term contracts with the possible mortgage plans with an overview of your employment history so that they can buy their dream home.

It’s important to understand your salary and benefits package:

You probably are making money as a nurse but it is also important that you know the structure of your pay and how these will play a role in finances if you are planning to buy your first home. How does traveling factors impact your application for a mortgage? How do lenders calculate overtime and bonus shifts work into the picture? Do lenders consider 100% of your overtime? What does the night differential and weekend differential mean? Does this differential pay to affect the overall pay?

Understanding all these factors will help you determine how you can qualify for a home buying program, how much loan you will be qualifying for, and how you’ll be able to pay for a mortgage over the long term. Even if you have a stable and great income and have some help from an assistance program, it can become expensive. The best way to decrease the stress and increase your buying power is by saving up for a down payment. But if you don’t have enough cash, Nurse Loan Programs will help you find the best mortgage solution for you at no cost.

How to qualify for mortgage loans easily?

Mortgage lenders typically need two years of verifiable income to approve your mortgage loan. This can be a barrier for travel nurses but there is no reason to be discouraged. You can use your base pay to get a mortgage, but this base pay doesn’t show all the income you might make. So lenders might calculate your overtime pay differently than they calculate base pay. An online mortgage lender will typically view night shift differential pay as the same as it does overtime and bonuses in other occupations. Just be sure to track when you worked, moved, and the days in between shifting to new employers.

Keep in mind that banks and other lenders are more well versed on the idea of 9-5 jobs, they like to see: full-time, regular salaries with base pay only and consider employer changes as a red flag. That’s what a realistic standard of employment is to them. But there are ways you can explain why there are employment gaps in your work history. Here’s how you can get qualified for a home loan program despite your ‘unstable’ situation:

  • Write a letter explaining the nature of your work. You can add details as to why your specialty is in high demand.
  • Show a two-year history of employment. But if you have been a travel nurse for less than two years, your previous staff registered nurse experience may help. This is the most important thing a lender requires to see. However, in some cases, 12-24 months of travel nursing experience will give the online lender more confidence in your ongoing earning potential.
  • To further strengthen your proof of employment, you can request a letter from your employer which explains your base pay and how your overtime and shift differentials will continue to ensure that the mortgage provider gets surety about your income.

Planning for a mortgage as a newly graduated? Don’t worry

Although most lenders will typically require two years of employment history, it’s important to note that your schooling also counts as work history and you are ready to get a jump on homeownership even if you are fresh out of school. The lender may require to see an employment offer letter stating the hours of work you do and the pay you get. You can use your base pay to purchase an older or smaller home that may be cheaper. This means that you can buy a home even if you are still working towards your nursing degree as the lender will consider your base pay right away and in this mix, they can include overtime and shift differential pay.

Interested in learning more?

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

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