FHA Loans For Nurses
Nurses are today’s unsung heroes who deserve to have the ability to buy an affordable home with reasonable costs and fees. An FHA loan may be the best option for many nurses who are looking to purchase a home.
FHA loans For Nurses
FHA Loans offer nurses the opportunity to purchase a home with a small down payment and competitive interest rates. Some lenders may even offer down payment assistance.
How Nurses Can Qualify for an FHA Loan
Nurses work in a field that is in high demand and they are usually able to find a job no matter where they prefer to live. Therefore, when lenders evaluate a loan application from a nurse, some weight is placed on the stability of the job and the likelihood that the nurse will have steady employment.
Basic FHA Requirements for Nurses:
- 2-Year Work History – FHA loans require applicants to have been working full time for the past two years. However, exceptions can be made if there is a gap in the two year work history.
- Down Payment – The minimum down payment for an FHA loan is 3.5% for credit scores of 580 or higher. However, if the credit scores are between 500-579 then the down payment will be 10%
- Credit Scores – FHA guidelines permit credit scores as low as 500. However, most lenders do not accept scores that low.
- Debt to Income Ratio – Some lenders in our network will allow for DTI ratios as high as 56%. This will enable nurses to stretch their buying power and potentially can afford more than if they were to apply for a conventional loan.
- These are just some of the basic requirements to qualify for an FHA loan. If you believe you can meet these requirements, then click to speak with a lender for a pre-approval.
Down Payment Assistance for Nurses
There are many down payment assistance programs in every state which nurses can apply for. Some of these programs have income limits and may require the nurse to take a first time home buyer’s course. They may want to see that you are already pre-approved by an FHA lender before applying for the down payment assistance.
Some lenders offer down payment assistance as part of their program. It would be money that would have to be repaid and not a grant. There also likely will be a minimum credit score of 640 or more needed for this program.
Home Loans for Nurses with Bad Credit
If you are a nurse with bad credit you still may be able to purchase a home. With credit scores under 580, the down payment will be 10%. Lenders will analyze your credit report and you may need to remove any disputed items and potentially pay some past due balances.
We have lenders who can help you to secure a mortgage with poor credit. Read [FHA Loans with Bad Credit]
Traveling Nurses Earning 1099 Income
There are many traveling nurses who work as independent contractors earning 1099 income. If this is the case for you, then you can still get an FHA loan.
You would need to qualify using the income that you document on your tax returns. This is the income you show after all of your mileage write offs and other expenses. Read [FHA Loan with 1099 Income]
Do Nurses Get a Discount on Mortgages?
There are lenders who offer some discounts to nurses including but not limited to closing cost credits, no application fees, appraisal credits, other credits or benefits. What you likely will not find are lower rates specifically for nurses.
Is it easy to buy a house as a nurse?
Buying a home as a nurse is as easy as it is for any other profession. The one benefit that nurses have is their stable work environment. Lenders know that if a nurse loses his or her job, they will have little trouble finding a new one. This provides reassurance to lenders if the loan application is borderline from being approved.
Other Related Articles For Nurses
Financial Assistance for Nurses – This is a resource for non mortgage related financial assistance for nurses.
Student Loan Forgiveness for Nurses – If you are struggling to pay your student loans, this article may provide you with some guidance.