![]() You must also meet household income limits and buy a home in a designated rural area. Similar to the VA loan, a USDA mortgage frequently has lower interest rates than the “going” rate. But you’ll likely need a score of 640 or better. The US Department of Agriculture backs USDA mortgages. However, many borrowers roll this fee into their loan balance, so they don’t have to pay them upfront. VA buyers must pay a one-time VA funding fee that is typically between 2.3% and 3.6% of the loan amount. And, you’ll be in line for a below-market interest rate, no private mortgage insurance, and low closing costs. Lenders set their own credit score thresholds, usually between 580 and 660. If you’re eligible, this will likely be your best bet. VA loans for nursesīacked by the Department of Veterans Affairs, a VA loan is an option for nurses who have served or are still serving in the military. Because with those, you can escape mortgage insurance costs more easily and cheaply. Still, many FHA buyers simply refinance out of mortgage insurance down the road, when their credit scores improve.Ĭonsider opting for a conforming loan if you can. Note that MIP is different from private mortgage insurance on a conventional loan. But you will have to pay mortgage insurance premiums (MIP) for the life of the loan. This type of loan is popular with first-time home buyers because of its flexible approval guidelines.įHA loans also have a low down payment option of 3.5%. Nurses and medical professionals with a credit score between 580 and 620, could opt for a mortgage backed by the Federal Housing Administration: an FHA loan. Although, if your down payment is less than 20%, you’ll need to pay for private mortgage insurance (PMI), which means higher monthly payments. But they offer a low down payment option of only 3% of the purchase price to qualify. This is why they’re also referred to as “conforming loans.”Ĭonventional loans require a credit score of 620 or better. These loans are not backed by the government - like others in this list - but most conform to the rules laid down by Fannie Mae and Freddie Mac, which are two government-sponsored enterprises. Conventional loans for nursesĬonventional mortgages are the most popular type of home loan available today. Again, check other local programs to ensure this is your best option before buying. Note that you must use real estate professionals recommended by Homes for Heroes to benefit. When you add up savings from real estate agents, loan officers, title companies, home inspectors and other everyday deals, the savings is way beyond what you’ll get from other national programs.” The website says, “Most heroes save at least $3,000 when they buy or sell a home with us. Homes for Heroes 2 is another nationwide homeowner assistance program that aims to make buying a new home more affordable for firefighters, law enforcement, teachers, military, and medical professionals. Homes for Heroes: Healthcare professionals ![]() This means that you must refrain from using the funds for an investment property or vacation home.īefore you use this program, though, check that you can’t get more generous grants or loans from your state or local down payment assistance program. Keep in mind that grants are generally only awarded to nurses and medical professionals who are first-time buyers purchasing a primary residence. You may also reduce closing costs by eliminating a home appraisal and other fees. Nurse Next Door provides grants for nurses of up to $8,000 (where available) and down payment assistance of up to $10,681. Rather, it’s a home buyer assistance program that will help match you with the right property, mortgage, and aid program for your needs (if required). ![]() It does not lend money or originate loans. The Nurse Next Door 1 program is not a “true” mortgage loan program. Let’s dig into each program in a little more detail. To give a quick overview, the six best home loans for nurses are: You might find that, even though special perks are available to nurses, one of the mainstream mortgage programs will be your best option. Two are specialized home loans for nurses, and four are “standard” loan programs for which just about anyone can apply. We recommend six mortgage programs for nurses to explore. So do your research and choose carefully. You might find you can buy a home more easily with a standard mortgage program. However, just because you’re a nurse doesn’t mean a specialized “nurse home loan” is best. Especially, when they’re a first-time home buyer. On top of that, many local and national assistance programs can provide financial help to nurses and medical professionals with down payment and closing costs. Yes, there are quite a few special home loans for nurses. Ap8 min read Are there home loans for nurses?
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