nurses-homeowners-no money down

  1. Does anyone know of any homebuying programs especially geared for nurses. I want to become a homeowner and I'm tired of renting. I know some other professions have incentive programs to help them become home owners with no money down or little money down for first time home buyers.

    I'm looking to relocate to Maryland.

    Thank you
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  2. 7 Comments

  3. by   PennyLane
    Hey--I bought a house in Baltimore last year. Not sure if you're looking to buy in this area, but if you are, you should check out http://www.livebaltimore.com/. This site lists all of the incentives Baltimore city has for homebuyers. I got one of 40 mortgages they were offering at 4% last year, and my employer was also part of the Live Near Your Work program, so I got $3,000 for closing costs.

    I'm not a nurse yet, and I don't work for a hospital, but you may want to contact the hospitals you're applying to and asking about any programs they have.

    Good luck, and welcome to Maryland!
  4. by   renerian
    You can buy an FHA home with little to no money down. You just have to live in the home, cannot rent it out.

    Was very affordable.

    renerian
  5. by   Agnus
    FHA and VA both offer No money down. Check with a lender or realitor.

    Under certain circumstance you can take over a VA loan without being a Vet. and just about anyone qualifies for a FHA.
  6. by   jnette
    I checked into the VA stuff and it seems to be a LOT of red tape and runaround, and not a whole lot different than the general mortgage broohaha in the end. I was hoping it would be a much better deal, but from what I can see, I'm pretty disappointed.

    I'm interested, too, so if there are any good responses out there, let 'em fly !
  7. by   Agnus
    Well any loan process has "a lot of red tape" as you say. I understand that with VA and FHA there are certian requirement that the home must meet. But keep in mind these requirements actually protect you the buyer. In the long run these are to your advantage. I would not by pass an opportunity simply because of this. It is really a bigger hassel for the seller than you.

    The requirements may cause some delay for you but quite frankly I would not want a house that was incapable of meeting these standards. Again the whole thing is designed to protect you and the investment being made.

    As far as finding something simpler than a conventional loan you probably wont.

    If for no other reason than you are buying without any investment out lay (i. e. risk) of your own. No down loans from anybody will be stricter. VA and FHA guarentee to the lender the loan will be paid no matter what. So of course the rules are different. And very often these are at a lower interest rate than conventional loans.

    Think again these can be very good deals.
    Last edit by Agnus on Jun 12, '03
  8. by   renerian
    YEP FHA is alot of hoop jumping BUT my rent was 1,000 per month and my housepayment dropped it to 420. Was worth all the hoops to me.

    renerian
  9. by   funnygirl_rn
    Positivethinker...I agree with the above posters. They gave you great info. Also, I believe it was the Spectrum Nursing magazine (it is a freebie), that has an ad posted in the help wanted section regarding home buying programs for nurses. Think they refer you to a realty company & the realty company helps you with closing costs, title fees, & some even help you with moving costs etc....depending the realty company & where you live etc.. When I get my next Spectrum magazine in the mail, I will look for that # & PM you. Good luck.

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