Home Loans for Travel Nurses
Travel nurses are oftentimes seen as a big risk for banks and mortgage lenders when assessing them for a home loan. The unstable income, changes in employers, employment gaps, overtime and student loans are all things that make a travel nurse “undesirable” for those lenders.
However, we are here to help the travel nurses too! So here are some ways to overcome these hurdles.
Gaps in Employment
One of the biggest issues that banks and lenders have with the home loan applications of travel nurses are the gaps in employment.
Travel nurses may have short contracts, various per-diem schedules or jump from company to company. Banks and lenders don’t like irregularities in employment history so here are the ways you can handle these variables:
- You can request a letter from your employer which explains how your shift differentials and overtime are likely to continue or have a company complete an employment verification for your past work.
- You can also write a letter explaining the nature of your work to your lender.
- Show a 2 year history of employment. If you have been a travel nurse for less than 2 years but you have been a travel nurse for one year, your previous staff nurse experience may still be acceptable.
- Keep your pay stubs, W-2s and agency contact info, pay statements and year-end documentation from each agency you’ve worked for.
Home Loans for New Nurses
Are you a new graduate of nursing school and looking to purchase a home? Great!
There are 2 ways that you can obtain a home loan fresh out of school.
- You can use your base pay as qualifying income
- You can wait 2 years and possibly qualify for more home
Lenders can consider your base pay fresh out of school due to the fact that school counts as work history. So if you were in school for the last 2 years you can qualify with just your base pay in most cases!
Home Loan Assistance Programs for Nurses
Even if you qualify for the home loan that you want there may still be some issues with the amount of money needed for things like your down payment. Luckily for you – there are a handful of programs out there that you may be able to qualify to get money from!
These aren’t loans or anything else that you need to pay back. These are grants, refunds and other savings that are completely free for nurses if they qualify.
The Nurse Next Door program is a tremendous program where ALL healthcare professionals including nurses, medical staff, doctors and healthcare support staff employees are eligible. This particular program has dedicated up to $20 Million in 2020 towards home buying grants for nurses and healthcare professionals.
Here are just a few of the amazing benefits of the Nurse Next Door Program:
- Purchase ANY home on the market
- GRANTS up to $6,000.00 (Where available)
- Down Payment Assistance up to $10,681.00
- Home loans for nurses and healthcare employees
- Simple Docs Program™
- NO application fees
- NO up-front fees
- NO Broker fees
- Preferred interest rates
- FREE appraisal (up to $545.00 credit at closing)
- FREE home buyer representation
- FREE access to (MLS) home listings
- FREE nationwide access to foreclosures
- Discount title fees
- Fresh Start credit repair program
- Simple Docs Refinance Program™
The Everyday Hero Housing Assistance Fund (EHHAF) helps everyday community heroes such as nurses, doctors, police officers, firefighters, etc. with free gift funds to help cover closing costs.
These funds are completely free if you qualify and with closing costs typically ranging from 2-5% of the purchase price of the home – this can save you a lot!
There are numerous other options and programs out there to make your lives a little easier in the home loan process.
If you want to reach out we would be glad to help give you the rundown of everything available for you!