Homes For Healthcare Workers Program

Healthcare Worker Discounts On Mortgages

There are healthcare worker discounts on mortgages through Heroes Home Advantage. Heroes Home Advantage is a mortgage program that offers discounts, credits, and rebates to our American Heroes. American Heroes include people who serve in the following industries: law enforcement, military, fire response, emergency response, education, and healthcare. Healthcare workers include doctors, nurses, medical technicians, emergency medical technicians (EMTs), home health aides, ambulance personnel, and dispatch personnel.

Types Of Home Loans For Healthcare Workers

There are three main types of home loans available for healthcare workers. Depending on your financial situation and the type of property you are purchasing, you have a few great options when you work with Heroes Home Advantage. Here are the types of home loans for healthcare workers:

1. Conventional Home Loans for Healthcare Workers

Conventional home loans for healthcare workers are the most common home loan. This type of home loan covers over half of the total mortgages in the United States. In the United States, healthcare professionals can benefit from conventional home loans in several ways.

The first way is that healthcare workers who utilize a conventional loan will typically get a lower mortgage rate. Conventional loans are usually for buyers with higher credit scores, which will provide the lower rate. On the other hand, a lower credit score means that the mortgage rate will be higher.

The next way that conventional home loans benefit healthcare workers is the loan limit. The loan limit for conventional home loans is higher than most other loan types. The conforming loan limit changes periodically but the maximum loan amount will be higher than other loan types. However, the loan limit and prequalification amount will be determined by the healthcare worker’s income, monthly debts and credit score.

Another way that conventional home loans benefit healthcare workers is the down payment. The down payment required for medical professionals can be as low as 3% of the purchase price. If medical professionals have a down payment that is less than 20%, they need to prepare themselves for Private Mortgage Insurance (PMI). PMI serves as added insurance for lenders in case of default by the healthcare workers.

The other benefit of conventional home loans for healthcare workers is there are no upfront funding fees. The other two loan types both have upfront funding fees.

2. FHA Home Loans for Healthcare Workers

FHA home loans for healthcare workers are provided by the Federal Housing Administration. A FHA loan is a great option for a healthcare worker who is a first time home buyer. There are many benefits to a FHA loan and they will be discussed below.

The first benefit is the credit score requirement. A credit score requirement as low as 500 can still be accepted by FHA but a score this low will require at least 10% down. However, the likelihood of approval is fairly low and normally a score of at least 580 is required. Healthcare workers with lower scores will need multiple compensating factors such as low debt to income ratios, higher down payment or large amounts of assets. Generally, someone without these compensation factors will need a score in the low 600’s.

The next benefit of FHA home loans for healthcare workers is the down payment requirement. The minimum down payment required by healthcare personnel is 3.5% of the purchase price. If healthcare workers have credit scores ranging from 500 to 579, the down payment may be required to be closer to 10% of the purchase price. The down payment can be provided by a Gift from a family member so that the healthcare worker can have no money for the down payment.

3. USDA Home Loans for Healthcare Workers

USDA home loans for healthcare workers are provided by the U.S. Department of Agriculture. The U.S Department of Agriculture (USDA) loans are given to develop rural areas in the United States. Rural areas in the United States can benefit from the U.S. Department of Agriculture (USDA) loans because it attracts healthcare personnel, such as doctors, nurses, and other medical professionals, to work and settle in these areas.

USDA home loans have several advantages for healthcare workers. The first advantage is the lack of a down payment requirement. USDA loans require no money down. Healthcare personnel who have very little money saved up can benefit from a USDA loan as long as the income is not above the allowable limit.

The next advantage of USDA home loans for healthcare workers is credit scores. Credit scores of 640 and higher are preferred by lenders for healthcare workers or medical service personnel, although USDA loans do not have a minimum credit score to qualify. USDA loans also implement flexible credit guidelines for healthcare workers.

Another advantage of USDA home loans for healthcare workers or medical service personnel is interest rates. Interest rates are generally as low or lower than other loan types. So, any healthcare workers who are interested in living in a rural setting and have very little funds, a USDA loan could be a perfect option.

Discounts On Healthcare Workers’ Home Loans

There are several discounts on healthcare workers’ home loans that are offered by Heroes Home Advantage. First, Heroes Home Advantage offers discounts to healthcare workers in the form of real estate commission discounts. Heroes Home Advantage Realtors offer a discount on their commission and the majority is given back to the healthcare worker when buying or selling real estate. Healthcare workers or medical service personnel can from $750 up to $5000 of real estate commission as a credit at closing or a rebate after closing.

Second, Heroes Home Advantage also provides lender fee discounts through credits of up to $500. This discount is given to the healthcare worker either at closing or as a rebate after closing, depending on state law.

Next, Heroes Home Advantage also gives discounts on attorney fees. Attorney fees can be between $1500 to $2500 when all fees are included. Healthcare workers or medical service personnel can benefit from a reduction in attorney fees of up to $250 when an Attorney partner is utilized.

Other discounts offered by Heroes Home Advantage are for home inspection fees, termite inspection, HVAC inspections, and more. Make sure you start the homebuying process with Heroes Home Advantage so that you can take advantage of these discounts by utilizing our Partners.

Home Buyer Program For Healthcare Workers

The home buyer program for healthcare workers or medical service personnel through the Heroes Home Advantage. Heroes Home Advantage is a network of realtors, lenders, lawyers, home inspectors, title companies, and other medical professionals who want to give something back to our American heroes. Our American heroes are those persons who serve, protect, and take care of our country and community, such as military officers, law enforcement officers, firefighters, healthcare personnel, emergency personnel, and teachers. These heroes can get cash back, credits, and discounts whenever they purchase, sell, or refinance a home.

Special Home Loans For Healthcare Workers

There are special home loans for healthcare workers when choosing Heroes Home Advantage. Heroes Home Advantage consists of former medical professionals, emergency personnel, military veterans, law enforcement officers, teachers, and firefighters. These former heroes and their families are very passionate about giving back using their time and money to our present-day heroes who are planning to buy, sell, or refinance a home. Heroes Home Advantage has provided assistance to over 8,000 American heroes who saved more than $25 million. Make sure you start the homebuying process with Heroes Home Advantage so that the maximum discounts and rebates can be applied.