Are you a Nurse dreaming of buying your own home? Did you know there are specific mortgage programs for Nurses?
There are many programs locally and nationally that provide financial assistance, especially if you are a first-time homebuyer. It may sound too good to be true, but doing your research and choosing carefully could just land you your dream home!
6 Home Loans For Nurses
There are 6 mortgage programs for Nurses to choose from: Two are specialized home loans specifically for Nurses, and four are standard loan programs. You may find after doing your research that one of these mainstream programs ends up being your best option, so it’s best to have an open mind.
Nurse Next Door Program
Homes For Heroes
Conventional Mortgages
FHA Mortgages
USDA Mortgages
VA Mortgages
Nurse Next Door Program
This is not a traditional mortgage program, as it does not lend money. This is a home buyer's assistance program that can be used to help you find the right mortgage and aid program if necessary. Through this program, you can get grants up to $6,000 and down payment assistance up to $10,681. This will also help you reduce the closing costs by eliminating other fees.
My advice is to look into your state or local down payment assistance program before considering this option, as you may be able to get more generous grants.
Homes For Heroes
This is another nationwide program that assists our fellow firefighters, teachers, military, law enforcers, and medical professionals to make home-buying more affordable. When heroes buy or sell a home using Homes for Heroes, they also help other heroes in need because Homes for Heroes, Inc. donates a portion of its earnings to the Homes for Heroes Foundation. This Circle of Giving strengthens American communities by putting more money into the hands of our American heroes and benefits American community programs, organizations, and businesses.
Homes For Heroes is not a government program with limitations. This is a private sector giving back without government involvement, that’s why you can buy any home in any area. When choosing this program you will have to use professionals recommended by Homes for Heroes to benefit.
My advice: check with your mortgage broker to make sure this is the best option for you before moving forward.
Conventional Mortgages
This program is not a part of the government but rather backed by private lenders. This program offers buyers more flexibility, but note that this is riskier as this is not insured by the federal government. For this type of loan, you will need a down payment of at least 3%.
FHA Mortgages or the Federal Housing Administration
This program is insured by the government and issued by a bank or other agency-approved lenders. This requires a lower minimum down payment and applicants may have lower credit scores than is usually required. For example, if your credit score is between 580 and 620, you could qualify for this program. You’ll be needing a 3.5% down payment.
USDA Mortgages
U.S Department of Agriculture home loan program offers mortgages to low-income residents of rural areas who cannot obtain a conventional mortgage. If you live in a rural area and can’t get qualified for conventional, this program may qualify you for either a USDA guaranteed loan or USDA direct loan.
Guaranteed USDA Loan guarantees 90% of a mortgage amount for qualified applicants. This makes it feasible for many to get approval for a 30-year, fixed-rate loan with no down payment.
Direct USDA Loan guarantees 33 to 38 loan term years.
VA Mortgages
This program is backed by the Department of Veteran Affairs and helps service members, veterans, and eligible surviving spouses become homeowners. Note this option is only available to those who have served in the military. If you are eligible, this is probably your best bet! The main pillars of VA Mortgages are:
-0% down payment
-Competitively low-interest rates
-No need for PMI (Private Mortgage Insurance)
-Limited closing costs
-Lifetime benefit
These loan types can be used with Down Payment Assistance (DPA) programs which could help you with your closing costs and down payment coverage. DPA programs are offered in all states and many cities for first-time homebuyers.
When it comes to buying a home, you will want an expert in the industry, and to be aware of all of your home-buying options. If you are a Nurse ready to purchase a home, get in touch with me today!
When you work with me, you can rest assured that I have your best interest at the top of my mind! Visit my website today to learn more!
