Home Loans for Healthcare Workers

Mortgage Loan Options for Doctors and Nurses

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If you are a healthcare worker—a nurse, doctor, therapist, medical assistant, etc—buying a home is no easy task. Especially after the pandemic and still working through the waves, you have sacrificed enough time and energy to focus on other people. Now, it is time for you to take some of that back—in a house you can call home!

Hero Home Programs™ can help you get into the home of your dreams while keeping more of your hard-earned money in your pocket. How? By finding local, state, and federal programs and grants that you are eligible for to help cover the costs of buying and selling a home.

This article will discuss how we work for healthcare workers and the options available to you. We’ll go over the loans available to you, how we can help and who we are, and what types of benefits you can expect. In the end, you can decide whether we are the right team for you.

 

Home loans available to healthcare workers

There are a variety of home loans for healthcare workers. In this section, we’ll go over the basics of each type of loan. We’ll also discuss the pros and cons and the basic eligibility requirements for each. It should be noted that this list is not exhaustive, and the qualifications may be different in your area or for your situation. It is a good idea to talk with your loan officer if you have any questions.

 

Conventional loans

Conventional loans are the most common type of home loans. This popularity is due to the lower amount of restrictions, terms, and fees. The federal government does not back them. However, you will usually need a credit score of 620 or higher, and guidelines may vary. If you can’t afford the entirety of a 20% down payment, then you will also be required to get Private Mortgage Insurance or PMI.

Benefits include:

  • No upfront funding fees
  • Lower interest rate for better credit scores
  • No limit on loan amount
  • Only need a 3% down payment
  • You can remove the PMI once you have paid 20% of the home’s value

 

Fixed-rate mortgage vs. adjustable-rate mortgage

Fixed-rate mortgages will have one interest rate over the whole duration of the loan term. It can only change if you refinance your mortgage. However, these rates are often locked in for long-term loans. So, if you don’t plan to stay in your home long, you may look into an adjustable-rate mortgage.

On the other hand, adjustable-rate mortgages have a fixed interest rate at the start of your home loan. And then, after a certain period, your monthly interest rate will change or adjust to the current market. It can be quite the gamble, as your interest rates could decrease or increase depending on the market.

 

FHA loans

The Federal Housing Administration (FHA) loans are designed to make homeownership a reality for many people with little money or bad credit. FHA loans are government-backed and often have lower down payments than conventional loans. For FHA loans, you need a 580 credit score to qualify. However, if it is lower, you can still get a loan if you provide a larger down payment. You will have to pay an upfront fee, and your FHA loan requires Mortgage Insurance Premiums (MIP) for the entire length of the loan. You cannot remove the MIP unless you refinance into a conventional loan.

Benefits include:

  • Down payments of as little as 3.5%
  • You can roll the closing costs into the payment
  • Great for first-time homebuyers or those with lower credit scores

 

USDA loans

The US Department of Agriculture (USDA) provides home loans for those that live in rural areas. These government-backed loans have some stricter requirements than others.

First, you must have a home and personally occupy the home as a primary residence in a rural area. You also must meet income and citizenship eligibility and be able to pay back the loan. However, it is great if you are looking to move to rural areas as you can save a lot of money!

Benefits include:

  • No down payment option
  • No minimum credit score
  • Income guidelines are holistic and take into account all incomes
  • Available in common terms of fixed-rate loans
  • Competitive interest rate

 

VA loans

VA loans are the most exclusive loans on this list. The US Department of Veteran Affairs (VA) backs these loans for the military and their families. So, if you have served or currently serve in the Armed Forces, VA loans are available to you. You will need to show your Certificate of Eligibility (COE) to your lender to get access to a VA loan.

Benefits include:

  • No down payment required
  • Closing costs are limited
  • Lower interest rates
  • You don’t need to be a first-time homebuyer
  • No PMI, regardless of the down payment amount
  • Pay off the loan ahead of schedule without a fee
  • Assistance making payments

 

How we can help

We help you apply to all of the above loans. It also helps find you grants, discounted affiliate services, and more. Worried that your credit isn’t that amazing? No worries! working with us can help you give your credit score a boost.

It works like this: you fill out an application, and one of the regional agents will contact you. And the rest is easy! Your agent will help you find and apply for loans, work with one of our affiliated lending officers, and find you the best mortgage rate possible.

 

Takeaways

Whether you are a nurse, a doctor, or somewhere in between, the bottom line is that you’re a healthcare worker. And it is long past time for you to have a home to call your own at the end of a long shift. Hero Home Programs™ can help make that dream a reality! It finds the loans and grants you qualify for and helps you save money!

If you think we are the right fit for your housing needs, request a consultation today!

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