Homeownership is a financial commitment, but it’s also an investment. Owning a home is the most common path to building wealth for the rising middle class. It can be a daunting step to take, but you may be eligible for a series of programs and benefits offered exclusively to healthcare professionals if you work in healthcare.
Key takeaways
- Healthcare professionals have stable incomes, making them low-risk for home loans.
- Many healthcare professionals, such as doctors and nurses, are eligible for home loans.
- Programs like Hero Home Programs and Mortgages for Champions offer home loan options for healthcare professionals.
- Benefits of these programs include higher loan-to-value ratios, fee waivers, and discounted rates.
- To apply, gather financial paperwork, research loan programs, choose a lender, and fill out an application
Why are healthcare professionals good candidates for home loans?
For lenders, it’s all about the numbers. Healthcare workers are traditionally considered good candidates for home loans due to their stable incomes and increased upward mobility in healthcare professions. Healthcare workers are considered low-risk customers, with an increased probability for future business loans or investments.
Which healthcare professionals are eligible for home loans?
A majority of healthcare professionals qualify for home loans. This can include the following:
- General Practitioners
- ENT
- Dentists
- Radiologists
- Psychiatrists
- Neurosurgeons
- Optometrists
- Nephrologists
- Cardiologists
- Gynecologists
- Specializing Surgeons
- Anesthesiologists
- Chiropractors
- Pharmacists
- Veterinarians
- Pathologists
- Urologists
- Physician Interns
Due to data collection from various banks, some healthcare professionals may not qualify, being identified by lenders as higher risk. This bracket includes psychologists, naturopaths, and medical research scientists. While considered high-risk on the whole, they may still be considered on a case-by-case basis.
Who offers home loan programs for healthcare professionals?
Hero Home Programs
Heroes Home Programs is a network of home buying professionals that include realtors, lenders, attorneys, title companies and others who offer discounts, special prices, rebates, and credits when a qualified applicant buys, sells, or refinances a home. This program is available to healthcare professionals across the board, including doctors, nurses, EMT, dispatch, and home health aides.
Mortgages for Champions
MFC is a program that offers special home loans for medical professionals such as doctors, nurses, lab techs, therapists, dental hygienists, and more. Benefits include very little to no down payment, low, competitive rates, excellent refinancing terms, and more.
State-by-State Programs
Some states offer programs specifically for healthcare professionals. For example, the Healthcare Employee Loan Program (HELP) offers competitive interest rates and savings on closing costs for healthcare workers purchasing real estate in California.
What are the benefits of home loan programs for healthcare professionals?
With home loan programs such as the Hero Home Program, health care professionals can take advantage of various perks and privileges, including but not limited to:
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- Higher loan-to-value ratio
- Fee waivers
- Free 12 month Home Warranty
- Special discounted rates for mortgage loans
- Higher maximum borrowing amounts
- Credit at closing
- Grants and rebates
- Discounts for home-related services
These perks can make it easier for healthcare workers to obtain the home loan they are looking for. A higher loan to value ratio means a lower downpayment, and the credits are given to healthcare workers at closing mean more money in their pockets. These extra savings can be used for furnishings, repair work, or other new-home needs.
What Are The Requirements needed to apply for home loans for healthcare professionals?
There are several steps to follow to determine if you are eligible for special programs. To begin the process, follow these steps.
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- Gather your financial paperwork. You will need this information on hand when talking to lenders or representatives of loan programs. Know your minimum mortgage requirements. These include:
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- DTI (debt-to-income ratio). This number is your total debt divided by pretax income, used by lenders to determine whether you can repay the loan. Qualification is 43% or above.
- Credit score. Lower interest rates are offered to those who have a score of 740 or higher. You may qualify for a mortgage with a score as low as 500 and a 10% down payment.
- Verifying assets. This includes the available amount for a down payment, additional funds (cash reserves), and money origins. (If there are large deposits with a paper trail, this can be a red flag for lenders).
- Be sure to account for other homeownership expenses and create a budget that makes sense for your household. The mortgage won’t be your only financial obligation.
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- Research healthcare loan programs. Most websites will link you to a professional who can further explain the process and find if you qualify for benefits. For example, you can apply online to the Hero Home Program and be connected to realtors, lenders, and attorneys that will ultimately save you money by navigating the best rates and finding you credits or rebates that are designed especially for you.
- Choose the right type of mortgage. A loan officer can review your mortgage application and decide what kind of program will be best for you—there are several common types of loans to choose from.
- Find the right lender. Get estimates from 3-5 different lenders to see which will give you the best offer. From the interest rate to your loan terms, seek out the lender who will offer you the most savings over time.
- Finally, fill out a mortgage application. You can choose to apply online, in-person, or even over the phone. Lenders are required to send you a Loan Estimate within three business days of submission, so you’re assured of a reasonably fast response.
- Gather your financial paperwork. You will need this information on hand when talking to lenders or representatives of loan programs. Know your minimum mortgage requirements. These include:
By taking advantage of home loan programs for healthcare workers, rate-hunting legwork can be significantly reduced. Additionally, the assisting specialists have experience in navigating the most profitable rates, lenders, and deals. Buying a home is a big step, but it doesn’t need to be a big headache. Contact the specialists at Hero Home Programs™ and let them help make your home buying experience easier and more affordable than ever before.
