1. What is private mortgage insurance (PMI)?
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance that you might be required to pay if the buyer does not put at least 20% down on the home. Typical costs are between 0.5% to 1% of the entire loan amount on an annual basis. PMI protects the lender not you in case of loan default.
2. What is the minimum FICO score needed to qualify for a nurse home loan?
Depending on the final mortgage product, between 710-720 is the lowest score needed to qualify for a nurse home loan program. Lenders may also have other programs for credit scores as low as 620.
3. Can I move into my new home before I start my new employment?
Yes! Our lenders have the ability to help you move into your new home up to 60-days prior to your new employment start date.
4. How much are pre-approvals and how fast can I obtain one?
Pre-approvals are free! You can obtain one in less than a day depending on asset and credit qualifications, so we do suggest connecting you with a nurse home loan specialist sooner to rather than later to get the process started.
5. Can lenders use my student loan income-based repayment plan to help me qualify for my home?
Yes! Our lenders are able to help you qualify for your dream home by obtaining an income-base repayment plan (IBR) letter from your student loan provider to help lower your debts for qualifying purposes.
6. Does utilizing Nurse Home Loan Programs cost me anything?
No. We help connect our hard working nurses to find the best mortgage solution for you at no cost.
7. Does Nurse Home loan Programs offer assistance in finding the right realtor for me?
Absolutely! We have qualified nurse realtors located in all 50 states ready to help you search for your new home today. Depending on the state you’re purchasing in, your mortgage professional will get you connected with the right realtor for you.
8. Can we refer Nurse Home Loan Programs to medical professionals?
Please do! We believe we offer the best mortgage solutions for nurses and with your help we can spread the word about the great programs and services Nurse Home Loan Programs offers.
9. What is an ARM or Adjustable Rate Mortgage?
An adjustable-rate mortgage (ARM) is a type of mortgage in which the interest rate of the loan is fixed for a certain amount of years and then can go up or down. An ARM is usually expressed as 2 numbers. The first number often times indicates the length of time the fixed-rate is applied to the loan. For example, a 7/1 ARM features a fixed interest rate for the first 7 years of the loan and then becomes adjustable every year thereafter for the lifetime of the loan. A 2/28 ARM features a fixed rate for two years followed by a floating rate for the remaining 28 years.