Nurses Home Loan Program
The Ultimate Loan Program That Benefits Nurses, Physical Therapists, and People in the Medical Industry!
Are you a nurse, physical therapist, veterinarian, dentist or someone working in healthcare? Here’s the home loan program made especially for you! The Nurses Home Loan Program. For all the things that you do—it’s time someone helps you too! Call 302-703-0727 to get started today or you can APPLY ONLINE.
The Nurses Home Loan Program was designed to help nurses, as well as other healthcare providers, benefit from a housing loan that removes the roadblocks often encountered by people from the healthcare sector.
Why Do Nurses Encounter Difficulty When Taking a Home Loan?
Nurses, medical staff and other healthcare providers deal with shifting schedules, overtime, night differentials, W2 and 1009 income, and employment gaps. This gives your traditional mortgage lender a hard time. Lenders love the 8-to-5 workers who work on fixed shifts, are never in-between jobs and get a fixed compensation every month (that is, a stable income spread across a historical length of time).
And if you’re a travel nurse, you have it even harder because you tend to change employers and it’s normal to have employment gaps. You may also have non-taxable income from per-diem work and are unsure if this also qualifies when applying for a home loan.
How Is a Nurses Home Loan Program Different from a Traditional Home Loan?
Most traditional lenders lack the understanding and flexibility in handling applications of nurses and other applicants with special careers. The Nurses Home Loan Program was designed to adjust to nurse’s unique remuneration circumstances while giving them the best benefits from the start of the loan to the closing date.
What Are the Benefits of a Nurses Home Loan Program?
The Nurses Home Loan Program offers:
- Simplified processing for an efficient close
- Flexible credit requirements
- Availability depending on your schedule
- Credit score as low as 580 (depending on your program
- Very competitive interest rates and closing costs
- Lowest down payment options available
- Discounted interest rates (option available)
- The ZERO PROGRAM (purchase your new home with no out-of-pocket expense)
- Down payment assistant programs (multiple options available) 580 or higher credit score required
- Grant, subsidies, and concession programs to assist with your closing costs (options available)
- No mortgage insurance option for conventional mortgages with less than 20% down payment
- No upfront fees at the time of application
- No rate lock fee
- The Get Mortgage Ready Program
- Flexible underwriting (580 credit score options available)
- Low down payment mortgage options (starting at zero down payment, 3% conventional, 3.5% FHA)
- Mortgage credit certificate, an IRS tax credit up to $2000 for first time home buyers
What Are the Nurses Home Loan Program Guidelines?
- This is not limited to just first-time buyers
- For purchase or refinance
- Conventional, FHA, VA, and USDA Loan Programs
- No income limit*
- Credit scores as low as 580 depending on the program, 620 or higher is recommended
- Down payment options as low as 0 – 3.5% with a new 3% down option
- 15 or 30 year fixed loan terms available as well as adjustable rate mortgage options
- Debt to income ratios as high as 56%
- Primary residences, condos (non-warrantable possible) or second homes only
- Single-family residences or 1-4 units only
* Income limits and additional guidelines may apply if combining with down payment assistance, HomeReady or HomePossible program.
Who Are Eligible for the Nurses Home Loan Program?
The following job descriptions are eligible to apply for the Nurses Home Loan Program:
Endoscopy / Radiology Techs
What Properties Are Eligible for a Nurses Home Loan?
Eligible properties include:
- 1-4 single family residence (SFR)
- Detached PUD/condos
- Primary residences
Ineligible properties include:
- Manufactured homes (occasional exceptions possible)
- Log homes or condotels
- Investment properties
How Can I Use All My Nurse Pay to Qualify?
Always remember to document your pay:
- Keep all pay stubs for the past 2-3 months
- Find your last pay stub from the prior year (it shows the year’s totals of your various income types)
- Get your W2s for the past 2 years
- Request a letter from your employer stating your shift differentials and overtime are likely to continue (please note that many employers won’t do this)
- Give the contact name and number for your HR department to your lender
- If you’ve changed employers, find your final pay stub and the W2 from all your former employers over the past 2-3 years.
PRMI values the important work that you—our nurses and all the allied healthcare workers—do for our community. We’re determined to help you achieve your dream home for yourself and the people who matter to you. Call 302-703-0727 to get started today or you can APPLY ONLINE.
John R. Thomas – NMLS 38783
Certified Mortgage Planner – Primary Residential Mortgage, Inc.
302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office
248 E Chestnut Hill Rd, Newark, DE 19713