Find the Best Mortgages for Nurses
How Do You Find The Best Mortgages For Nurses?
More than two-thirds of all homes in the United States are purchased with a mortgage.
The average home in the United States now cost around $374,800. This is why most Americans must rely on some kind of credit facility to help them purchase a home.
When it comes to securing a mortgage, it’s not always very easy. However, mortgages for nurses make the process simpler and more affordable for medical professionals. These programs understand the unique circumstances, nurses face and work with them to secure affordable mortgages.
Interested in learning more about finding the best mortgage for nurses? You’re in the right place. Here’s everything you need to know about mortgages for nurses and how to find the best one for you.
We Offer Mortgages for Champions
What Does a Traditional Mortgage Look Like?
A mortgage is a large credit facility that you can get from a bank or mortgage company to purchase a home or property. This credit facility will lend you the money, but will need to use the property as collateral until you can fully pay off your mortgage loan.
These loans are typically calculated over 20 or 30 years. This means you will need to make regular, monthly payments for the entire loan term until the debt and interest are paid.
What Are Mortgage Loans for Nurses?
Mortgage loans for nurses are special mortgage programs designed for medical professionals. These programs allow nurses and other medical professionals to secure a home loan without as many out-of-pocket expenses and administrative hassles. These loans come with a host of benefits, making the entire mortgage more affordable and accessible for nurses.
Qualify for a Mortgage?
Who Qualifies for a Nurse Mortgage?
To qualify for this kind of mortgage program, you will have to be a registered nurse or medical professional. You must show proof of your qualifications as part of the application process. All medical workers that hold a degree in medicine, nursing, laboratory technology, pharmacy, therapy, social work, chiropractic, and dentistry can apply.
If you work in the medical field and are not sure if you can qualify, feel free to contact us to find out.
Benefits of Mortgage Programs for Nurses
Medical mortgage loans come with a host of benefits. While some of these benefits make the application process easier, others allow you to reduce the out-of-pocket costs associated with finalizing the purchase. Here’s a quick look at some of the most notable benefits.
Low Closing Costs
When purchasing a home, you will typically have to put down a sizable first payment. This down payment is usually around 10% to 20% of the total value of the home. This means that you’d have to save up for months or even years before having enough for the down payment.
Nurse mortgages allow you to purchase the home with a much smaller down payment. In some cases, you won’t need to put any money down at all. This means you can get your home a lot sooner than if you were to go to a traditional mortgage lender.
Refinancing
If you decide to refinance your home, nurse mortgages from Mortgages for Champions will allow you to refinance up to 97.75%
Nurses can Refinance Their Mortgage
of your home’s value. If you’re looking for a cash-out refinancing option, you can refinance up to 85% of your home’s value.
Affordable and Accessible Loans
Whether you want to buy a single-family home or a condo, you can get a medical mortgage. These special mortgage programs can be taken over 20 or 30 years and offer incredibly affordable rates. What makes these mortgages more accessible is that they are more flexible when it comes to declaring your income.
These programs understand that a nurse’s income can fluctuate. This is why they take this into account to help you qualify for your dream home.
No Private Mortgage Insurance
Private mortgage insurance is compulsory for all mortgage owners. This is an added cost that most homeowners have to factor into their monthly budgets. However, mortgages for nurses don’t require you to have mortgage insurance, effectively saving you money every month.
How To Find The Perfect Mortgage
When it comes to finding the right mortgage for you, it’s important to take your time. For most people, purchasing a home is the largest investment they will ever make. So, it’s important you find the right home and the right mortgage for you.
The most important factor to consider is your affordability. A great rule of thumb to use is to never spend more than 30% of your gross income on housing. To be more specific, many experts say that your mortgage payment, taxes, and insurance should not exceed 28% of your gross income.
When you add in any other debt payments you may have, this figure should not exceed 36% of your total income. For nurses, you should factor in any student loan debt that you may have to pay back. The total debt repayments should not exceed 36% of your gross income.
How To Calculate Your Annual Income as a Nurse
Steps To Calculate Your Income
Calculating your income as a nurse is not as simple as in other professions. Nurses are expected to work irregular hours depending on the staffing needs. This can be even more complex for traveling nurses that earn completely different rates every few months. This irregularity makes it difficult for traditional lenders to process your mortgage application.
This is why it’s important to break down your income and estimate it on an annual basis. This can help you work out your affordability so that you find the right mortgage for you. Here’s a quick guide on how to calculate your total salary.
Step 1: Base Pay
Your base pay is normally stated in your employment contract. In most cases, this figure is given to you at an hourly rate. This is why it’s difficult to use your employment contract as proof of employment to traditional lenders.
Your hourly rate will be listed along with the required number of hours that you have to work every week. This is usually 40 hours per week for most employees. To calculate your weekly wage, simply multiply your hourly rate by the number of hours stated on your employment agreement. Your formula should look a little like this:
Hourly Rate x Hours Per Week = Total Weekly Income
To calculate your annual base income, you need to multiply this weekly income by the 52 weeks in a year. Your formula will look something like this:
Weekly Income x 52 = Annual Base Income
Step 2: Special Pay
The second thing you need to calculate is your differential pay. This is the number of hours you have worked that earned you a different hourly rate. This is generally night shifts for nurses as you may get a small bonus every hour.
To calculate this, you need to multiply the extra bonus that you get per hour by the number of hours you worked throughout the year. Your formula should look like this:
Extra Pay Per Hour x Number of Hours Worked = Special Pay for the Year
For example, if you get an extra $2 for every hour you work the night shift, you should multiply $2 by the number of night-shift hours you worked that year. If you worked 500 night-shift hours in the year, your formula would look something like this:
$2 x 500 Hours = $1,000 Special Pay for the Year.
And Don’t Forget Overtime
Step 3: Overtime
The next step is to calculate any overtime or bonuses that you have earned. To calculate your overtime, simply multiply your overtime rate per hour by the number of hours you worked. The formula would look something like this:
Overtime Rate Per Hour x Overtime Hours = Total Overtime Pay
Step 4: Add It All Together
The last step is to add everything together. To calculate your total income for the year, simply add your annual base income, special pay for the year, your total overtime pay, and any bonuses you may have received. Your final formula should look like this:
Total Income for the Year = Annual Base Income + Special Pay for the Year + Total Overtime Pay + Bonuses
Mortgages for Champions: Specialized Mortgages for Nurses
We Are Mortgages For Champions
Mortgages for nurses make it easier for medical professionals to get affordable access to a mortgage. These programs will allow you to qualify for a mortgage even if you still have student loan debt and an irregular stream of income. This makes it perfect for nurses that may earn different amounts every month because of night shifts and overtime.
If you’re a medical professional and want to learn more about securing a great mortgage, feel free to contact us today. You can get started right away with a free, no-risk mortgage quote on our website.
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