Travel nurses have unique opportunities to experience different parts of the country and explore new career paths. However, buying a home as a travel nurse can be challenging, especially when it comes to finding a mortgage lender.
Many mortgage lenders are hesitant to work with travel nurses because of their non-traditional employment and income history. However, there are a number of lenders who specialize in working with travel nurses and other healthcare professionals. These lenders understand the unique challenges that travel nurses face and are committed to helping them achieve their homeownership goals.
In this blog post, we will discuss some of the best mortgage lenders for travel nurses and provide tips on how to qualify for a home loan.
Why Choose A Mortgage Lender That Specializes In Travel Nurses?
- Experience: Mortgage lenders that specialize in travel nurses have experience working with borrowers who have non-traditional employment and income history. They understand how to calculate a travel nurse’s income and how to use that information to qualify them for a loan.
- Flexibility: Mortgage lenders that specialize in travel nurses often have more flexible underwriting guidelines. This means that they may be willing to work with borrowers who have lower credit scores or higher debt-to-income ratios.
- Special programs and benefits: Mortgage lenders that specialize in travel nurses often offer special programs and benefits for their borrowers. For example, they may offer lower interest rates, waived closing costs, or down payment assistance programs.
How To Qualify For A Mortgage As A Travel Nurse
To qualify for a mortgage as a travel nurse, you will need to meet the following requirements:
- Have a steady income. Lenders will want to see that you have a steady income history for at least the past two years. This can be challenging for travel nurses, who may have variable incomes. However, there are a few things you can do to improve your chances of qualifying for a mortgage:
- Get organized and keep track of all your income documentation, including pay stubs, W-2s, and tax returns.
- Consider getting pre-approved for a mortgage before you start shopping for a home. This will give you an idea of how much you can afford to borrow and will make the home buying process go more smoothly.
- Look for a lender that specializes in working with travel nurses. These lenders may have more flexible underwriting guidelines and may be more willing to work with borrowers who have variable incomes.
- Have a good credit score. Lenders will also look at your credit score to determine your eligibility for a mortgage. A good credit score will help you qualify for a lower interest rate and a higher loan amount.
- Have a low debt-to-income ratio. Your debt-to-income ratio is the percentage of your monthly income that goes towards paying your debts. Lenders want to see that your debt-to-income ratio is below a certain threshold, typically 36%. If your debt-to-income ratio is high, you may need to pay down some debt before you can qualify for a mortgage.
Top Mortgage Lenders For Travel Nurses
Here is a list of the top mortgage lenders for travel nurses in 2023:
- Nurse Next Door: Nurse Next Door is a non-profit organization that provides a variety of services to travel nurses, including mortgage lending. The organization has a team of experienced mortgage lenders who specialize in working with travel nurses. Nurse Next Door offers a variety of mortgage programs, including conventional, FHA, USDA, and VA loans.
- Home for Heroes: Home for Heroes is a non-profit organization that provides affordable housing solutions to veterans, military personnel, first responders, and healthcare professionals. Home for Heroes offers a variety of mortgage programs, including conventional, FHA, USDA, and VA loans. The organization also offers special discounts and benefits to travel nurses.
- New American Funding: New American Funding is a mortgage lender that specializes in working with borrowers with non-traditional employment histories and variable incomes. The company offers a variety of mortgage programs, including conventional, FHA, USDA, and VA loans. New American Funding also offers special programs for travel nurses, such as bank statement loans and non-QM loans.
- Veterans United Home Loans: Veterans United Home Loans is a mortgage lender that specializes in working with veterans and military personnel. The company also offers mortgage loans to travel nurses. Veterans United Home Loans offers a variety of mortgage programs, including conventional, FHA, USDA, and VA loans.
- US Bank: US Bank is a large national bank that offers a variety of mortgage programs, including conventional, FHA, USDA, and VA loans. US Bank is known for its flexible underwriting guidelines and its willingness to work with borrowers with non-traditional employment histories.
When choosing a mortgage lender, it is important to compare interest rates and fees from multiple lenders. It is also important to consider the lender’s underwriting guidelines and their experience working with travel nurses.
How Do You Calculate Nursing Income For A Mortgage?
To calculate nursing income for a mortgage, lenders will typically average the nurse’s income over the past 12-24 months. This helps to account for any fluctuations in income due to overtime, bonuses, or other factors.
When calculating a travel nurse’s income, lenders will also consider the following factors:
- The nurse’s base salary
- Any overtime pay or bonuses
- Any differential pay (e.g., night shift differential, weekend differential)
- Any housing or other allowances
- Any stipends or reimbursements
Lenders may also want to see a copy of the nurse’s contract or employment agreement to verify their income.
Once the lender has calculated the nurse’s average income, they will use that number to determine how much the nurse can afford to borrow.
What Happens If You Break A Nursing Travel Contract?
Breaking a nursing travel contract can have a number of negative consequences, including:
- Financial penalties: Most nursing travel agencies will charge a fee for breaking a contract. This fee can range from a few hundred dollars to several thousand dollars, depending on the length of the contract and the reason for breaking it.
- Difficulty finding future contracts: Breaking a contract can damage your reputation with nursing travel agencies and make it difficult to find future contracts.
- Legal liability: In some cases, breaking a nursing travel contract could lead to legal liability. For example, if the hospital or healthcare facility incurs additional costs due to your departure, they may sue you for damages.
It is important to note that there are some exceptions to the rule. For example, if you break your contract due to a medical emergency or other unforeseen circumstances, the agency may be more lenient. Additionally, some agencies offer contract cancellation policies, which allow you to break your contract for a fee.
If you are considering breaking your nursing travel contract, it is important to weigh the risks and benefits carefully. If you do decide to break your contract, be sure to communicate with your agency as soon as possible and follow their termination procedures.
Conclusion
Buying a home can be a dream come true for many travel nurses, but it can also be a daunting task. Travel nurses often have unique financial circumstances, such as variable incomes and non-traditional employment histories. This can make it difficult to qualify for a mortgage loan from traditional lenders.
Fortunately, there are a number of mortgage lenders that specialize in working with travel nurses. These lenders understand the unique challenges that travel nurses face and are committed to helping them achieve their homeownership goals.
If you are a travel nurse who is considering buying a home, be sure to shop around and compare offers from multiple lenders. It is also important to consider the lender’s underwriting guidelines and their experience working with travel nurses.
FAQs
Can you get a house loan as a travel nurse?
Yes, it is possible to get a house loan as a travel nurse, but it may be more challenging than it is for borrowers with traditional employment histories. This is because travel nurses often have variable incomes and non-traditional employment structures.
Do nurses get better mortgages?
Nurses may have an easier time qualifying for a mortgage than borrowers in other professions. This is because nurses are typically seen as being in a stable and secure profession. They also tend to have good earning potential and relatively low debt levels.
Do nurses get loans paid off?
Yes, nurses can get their loans paid off through a variety of programs. Some of these programs are specifically for nurses, while others are available to all borrowers.
Is it hard to get a house as a travel nurse?
It can be more difficult to get a house as a travel nurse than as a traditional employee. This is because travel nurses often have variable incomes and non-traditional employment histories. Lenders want to see that borrowers have a stable income and a good credit score, so they may be hesitant to approve a loan for a travel nurse with a limited employment history or inconsistent earnings.
Can a travel nurse get an FHA loan?
es, a travel nurse can get an FHA loan. FHA loans are a type of government-backed mortgage loan that is insured by the Federal Housing Administration (FHA). FHA loans offer more flexible underwriting guidelines than conventional loans, making them a good option for borrowers with variable incomes, non-traditional employment histories, or lower credit scores.
Do travel nurses qualify for loan forgiveness?
Yes, travel nurses can qualify for loan forgiveness through a variety of programs. Some of these programs are specifically for nurses, while others are available to all borrowers.
Can you be blacklisted from travel nursing?
Yes, it is possible to be blacklisted from travel nursing.
Can you get a mortgage if you work per diem?
Yes, you can get a mortgage if you work per diem. However, it may be more challenging than if you had a traditional full-time job. This is because lenders want to see that borrowers have a stable income and a good credit score. Per diem workers often have variable incomes, which can make it difficult to qualify for a mortgage.