Home Loans for Nurses: 5 Options
We know getting a mortgage as a nurse can be tough, especially if you are not a U.S. citizen or permanent resident. There are inconsistent hours and income and sometimes even gaps in employment, which can make it difficult to get a loan to buy a home. So, if you are a nurse and you need home loans for registered nurses, we have some good news.
There are several programs aimed at assisting registered nurses in buying a home. Below we provide more details on Home Loans for Nurses: 5 Options to help you through the process.
Is There Help for Nurses Who Want to Buy Homes?
The answer is a big fat yes! There is assistance in many forms for nurses who want to buy their dream home. There is even assistance for nurses who aren’t U.S. citizens or permanent residents. This home buying assistance can either be through a home buying program, a grant, discounts on fees or private loans.
We provide more information below.
Nurse Next Door
The Good Neighbours Next Door program is a national home buying program which was initially only available for teachers. This program has now been extended to all professional medical staff, including for nurses. You can get down payment assistance with this program, as well as a housing grant of up to $6,000.00.
The exact qualification criteria to qualify for this program will depend on the state you are in. In general, all professional medical staff will qualify. The house you want to buy will need to be your primary residence and you can’t own another house already. For more information, take a look at this page here.
EveryDay Heroes Housing Assistance Fund (EHHAF)
The EveryDay Heroes Housing Assistance Fund (EHHAF) offers housing grants to members of their EveryDay Heroes professions. These professions include Police, Firefighters, Teachers, Doctors, Nurses, and Social Workers.
With this program, you can get up to 97% Loan to Value (LTV) Ratio. If you are a veteran in one of these professions, you could even qualify for 100% financing. Maximum loan amounts differ under this program. The maximum loan amount will depend on the price level set by various federal agencies governing loan products for the area the house you are purchasing is in.
The goal with EHHAF is to keep the fees and cost (or out of pocket expenses) you need to pay to a minimum. Usually, the only fees you have to cover is the inspection fees. The EHHAF gift program helps to pay the closing cost that comes with purchasing your new home. This ensures that all your money is spent on actually buying your dream home.
The EHHAF does not publish any specific eligibility requirements in order to qualify for one of their grants. For more specific requirements info, you can take a look at their page.
Homes for Heroes
Registered nurses in California, Massachusetts, Hawaii, Oregon, or Alaska can make use of the Homes for Heroes program in order to buy their own house. This program discounts 25% of your realtor fee when buying a house. This applies as long as you use a realtor or broker who is affiliated with the Homes for Heroes program. You will also receive reduced inspection fees and closing cost.
After you purchased your house, Homes for Heroes will refund you 0.7% of the home purchase price. If you use a Homes for Heroes lender, you will also have additional savings on lending fees.
With Homes for Heroes, you can save over $1,500 when buying your dream home.
To be eligible for the Homes for Heroes program you have to:
- Be a registered nurse in California, Massachusetts, Hawaii, Oregon, or Alaska
- Make use of one of the Homes for Heroes affiliate agents
Mortgages for Champions
Mortgages for Champions is a program offered by the Residential Home Funding Corporation. This program offers special home loans to various medical professionals, including home loans for registered nurses.
One of the biggest perks to this program is the costs it eliminates. This includes loan application fees, loan processing fee and mortgage underwriting fees.
There are various types of advantages, loans and financing available under Mortgages for Champions, including:
- More flexible credit criteria
- Financing for first time home buyers and second time home buyers
- 203k streamline for additional renovations
- Financing for mixed-use commercial property
- Financing for a single family home, a condominium, a two or four family unit or a manufactured home
- Refinancing of up to 97.75% LTV of the appraised value of your home
- Cash out refinance a mortgage of up to 85% LTV
The eligibility requirements to qualify for one of Mortgages for Champions’ loans is not published publicly. If you want to get more information, you can contact them here, or you can apply and get a quote here.
Private Home Loans for Nurses
Even though there are quite a few options available to assist nurses to buy a home, we know this assistance might not be enough. Getting enough money together to make the down payment on your mortgage can be a tough job.
That is why taking out private home loans for registered nurses to help with the down payment might be a good idea. A private loan is a loan provided by a private lender such as a bank, online lender or credit union).
The requirements to qualify for a private loan will differ from lender to lender. The good news is that there will definitely be a lender that is suitable for you. There are even lenders who will be willing to offer you a personal loan or a home loan if you are not a U.S. citizen or permanent resident.
Generally, lenders look at the following to determine whether you are eligible for a loan:
- Monthly income
- Credit score
- Credit history
- Residency status
- Employment status
- Job history
There are many options registered nurses can use to buy a new home. From home buying programs to home loans for registered nurses. So if you are looking to purchase your dream home, make sure to take a good look at the options we listed above. These programs will certainly be able to assist you in bringing your perfect home a little closer to reality.