The Home Loans For Nurses Program with Heroes Homes Advantage

Home loans for nurses program is a generic term for home loans that are specific to nurses.  There are many different names or titles for these programs depending on the city and state.  With these programs, there can be certain grants, closing costs credits, and/or down payment assistance available for nurses through the nurse various home loan programs.

Find Home Loans For Nurses

Good news, there are great home loans for nurses. Nurses can choose between a standard mortgage loan or a specialized mortgage loan. A standard mortgage loan includes conventional loans, Federal Housing Administration (FHA) loans, Veteran Affairs (VA) loans, and U.S. Department of Agriculture (USDA) loans. These loans can be combined with down payment assistance (DPA) programs. The DPA programs are also offered by specialized mortgage loan programs for nurses.

Nurses Mortgage Rates

Whether you are a Nurse or Doctor, mortgage rates are affected by your credit score. Nurses get the same mortgage rate as other applicants with the same credit profile of the client but there are other benefits nurses may get that other professions may not.  However, some loan types do offer better rates than others. Conventional loans are very popular, with more than half of mortgages. Mortgages that are conventional require higher scores but underwriting guidelines are a little less restrictive, have fewer fees than most loans and have lower rates.  These factors make conventional loans a popular home loan program for nurses.

Nurses, who have higher credit scores, can benefit from conventional loans by getting lower interest rates. Lower interest rates are possible because of credit score requirements and down payment minimums. The credit score requirement for a conventional loan is 620, while the down payment minimum is 3%. However, if the down payment is less than 20%,  Private Mortgage Insurance (PMI) is required.. PMI is a monthly fee that lenders charge to protect them in case borrowers fail to make their payments on their conventional loans.

Conventional loans, on the other hand, are not backed by the federal government but follow the guidelines of Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are privately owned companies that buy mortgages in the secondary market. The secondary market is a marketplace where mortgage loans are sold to investors by lenders.

Lenders can provide multiple loan options that will offer lower rate options in comparison. Interest rate options are either the adjustable-rate mortgage or the fixed-rate mortgage. An adjustable-rate mortgage changes its interest rate after a designated period of time, such as 3, 5, or 10 years. The initial interest rate for an adjustable-rate mortgage is generally lower than a fixed-rate mortgage. A fixed-rate mortgage, on the other hand, the interest rate is consistent over the entire loan term.

Nurses’ Mortgage Programs

The Nurses’ mortgage programs are specialized home loans for nurses. There are several nurse mortgage programs but the best in the industry is Heroes Home Advantages.  This program gives at least $750 per $100,000 of the purchase price as a closing cost credit or a check after closing.  In addition to this credit, the lender gives as much as $500 in credit, the attorney up to $250 and the other services involved in the transaction can also contribute to increase the overall savings.   In many cases, this will cover as much as half of the overall closing cost.  This allows nurses and other medical professionals easier access to affordable housing. Affordable housing can be achieved due to lower down payment options and the largest closing cost credits through Heroes Home Advantage.

In addition to the closing cost credits, there are some local grant programs that offer as much as $15,000 or more for down payments.  However, these programs are only available in certain areas and the funds typically run out very quickly.  These grant programs can be used with Heroes Home Advantage to allow nurses to get in a house with little to no down payment.

Nurses Get Discounts On Home Loans

Yes, nurses can get discounts on home loans through Heroes Home Advantage.  The discounts are in the form of closing cost credits or a check after closing, depending on the state requirements.  Heroes Home Advantage was established to give gratitude to nurses  across the nation. All heroes can benefit from Heroes Home Advantage’s highest rebate program in the country!

Nurse’s Income Qualify For A Mortgage

Yes, a nurse’s income can qualify for a mortgage. Getting a mortgage can be easier for staff nurses, who have permanent and long-term jobs, than travel nurses. Staff nurses can present their proof of base income when applying for mortgages. When qualifying for a mortgage, other kinds of income, besides base income, can be considered. These other kinds of payment are shift hours, overtime, and shift differential. The shift hours, overtime, and night differential payments can be included in the mortgage computation as long as nurses have been consistently receiving them for the last two years.

Travel nurses, on the other hand, can have difficulty securing a mortgage because of the nature of their work. The nature of their work involves short-term contracts or some employment gaps in their work history. Gaps in employment, which can be seen in their work history are due to several factors, such as short contracts, work per diems, or agency changes.  However, if the travel nurse has a two year history of being a travel nurse, it is much easier to qualify.  Make sure you speak with an experienced loan officer who has experience working with travel nurses.

Registered Nurse Mortgage Program

The registered nurse home loans program is a mortgage program that offers a discount for  registered nurses and healthcare professionals. Registered nurses and healthcare professionals can utilize this program with different home loan types, such as conventional loans, FHA loans, USDA loans, and VA loans. Heroes Home Advantage offers the greatest rebate for registered nurses and other healthcare professionals in the country.

FHA loans are provided by private lenders and banks and are government-backed loans. Government-backed loans are mortgages that are insured by the government and protect the lenders in case borrowers default on their home loans. FHA home loans are also available for registered nurses with lower credit scores because of lower down payment requirements, Mortgage Insurance Premiums (MIP), and the Upfront Funding Fee or The Upfront Mortgage Insurance Premium (UFMIP) when combined. The Upfront Mortgage Insurance Premium (UFMIP) is a lending fee that borrowers pay to protect lenders from loss.

USDA loans are offered by the U.S. Department of Agriculture for registered nurses and other professionals who are planning to move to rural areas. Registered nurses have increased demands from rural hospitals across the country. USDA loans offer loans with no down payment, competitive interest rate terms, lower credit scores, and longer fixed-rate terms like 15 to 30 years.

Are Mortgages For Nurses Different?

No, mortgages for nurses are not different but they can be more challenging for travel nurses.  However, always work with a loan officer who is familiar with this profession because the mortgage should be approvable with a two year history.  Also, keep in mind, the rebate or check back after closing from Heroes Home Advantage applies to all nurses.

How To Apply For Home Loans For Nurses

To apply for home loans for nurses, it is really easy.  Contact your local Heroes Home Advantage loan officer to complete the application.  Most companies will have an online application that should be really simple to complete, but make sure the loan officer is a Heroes Home Advantage Partner.

When applying, remember to keep these factors in mind.  The first factor is income and savings. Income for nurses includes base pay, overtime pay, and night shift differential. These types of pay must be present in their two-year work history in order for lenders to consider them. The second factor of the home loan process is employment gaps. Employment gaps are evident in the work history of travel nurses. Travel nurses can provide a written explanation concerning the employment gaps and overcome it by having consistent contracts.

Are There Home Loans For Nurses With Bad Credit?

Yes, there are home loan options for nurses with bad credit or low credit scores. Nurses with bad credit or low credit scores can sometimes qualify for a FHA loan. The FHA loan also requires nurses to pay only 3.5% of the total purchase price. However, lower credit scores may require a larger down payment.  Mortgage loans offered by the FHA are available for nurses and healthcare workers with low credit scores and who cannot secure a conventional home loan.