Mortgage Approval for Travel Nurse?

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Here's a little background:

I'm a registered nurse. I graduated in 2014 and have been employed full-time ever since.

In March of this year, I switched jobs to be a "travel" nurse at a local hospital. My area is SO desperate for nurses, they are hiring travelers to take the patient load and I decided to cash in on this -- my pay rate literally doubled from my first full-time job. The only thing is, I'm only technically guaranteed work for 13 week contracts at a time. However, I have coworkers who are travelers and who have been on the same unit for over 3 years, so my employment is incredibly reliable (or we wouldn't be purchasing a home).

My husband and I are under contract with a home. We are getting a conventional mortgage. We are putting down 5% but we have 10% to put down if need be. Our credit is in the high 700s and our DTI is 39% (with our new mortgage payment included).

My loan is going to the underwriter tomorrow and I'm terrified he will bulk at my "full-time contracted employee" title. My loan originator already got a verification of employment, and made it seem like they didn't need anything further. He said we are "golden" and doesn't foresee any red flags at all from the underwriter. I'm just having such anxiety that the underwriter won't like the "contracted" part of my title and deny our loan.

Are there any local "travel" nurses around this forum that have successfully gotten a mortgage approval?

Thanks!

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Hello,

I can't comment as a traveling nurse bur I can as someone who was in finance for quite some time.

I think you won't have any problem at all. What they are looking for is consistency, if you have the paychecks to back up the income for 2 pay periods your good, in your case it sounds like you can show consistent income for quite a bit longer. If you had any idea of the loans I saw that were approved you wouldn't be worrying. Although, some institutions are tighter than others so that can be a factor.

Enjoy the new house!

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Specializes in Pediatrics, Emergency, Trauma.

They're looking at guaranteed consistency; even as a nurse with a full time contracted job looks good in the eyes of a mortgage company.

Don't also count your husband's I come out either. You both should be ok.

Congrats!!! :up:

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Thanks everyone! Any other travel and/or contract employees with mortgage success stories?

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Specializes in Adult and Pediatric Vascular Access, Paramedic.

Goodluck tootsmom!

I can't speak as a travel nurse, but I too am waiting for mortgage underwriting to approve my loan! They have had it for almost 4 weeks now, so I am hoping they would have rejected it by now if they were going to. i have given them everything they asked for!

I wouldn't worry to much like the others have said, they may request something from your employer stating your job is secure or you will be offered another contract at the end of this one. I am assuming your husband works too? And as long as you can afford the mortgage payment even if you have to revert back to being a normal staff nurse and loosing that pay.

I hope it all works out for you!! Hopefully we will both be in our new homes before we know it! I close on 9/9 (it is a new construction house so it's delayed a little), when do you guys close?

Annie

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4 weeks at the underwriter?!?! Wow. My loan officer said it shouldn't take more than a day or two -- and he said he's even gotten answers just a few hours later! I'm hoping we get an answer sometime this afternoon. All this not knowing is giving me extreme anxiety! We are supposed to lose next Friday :)

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Specializes in Adult and Pediatric Vascular Access, Paramedic.
4 weeks at the underwriter?!?! Wow. My loan officer said it shouldn't take more than a day or two -- and he said he's even gotten answers just a few hours later! I'm hoping we get an answer sometime this afternoon. All this not knowing is giving me extreme anxiety! We are supposed to lose next Friday :)

Well it's a brand new house so they had to wait for it to get to a certain percentage of completion before the appraisal. I don't think it went to underwriting for a while though, until my loan officer had all the paperwork together, as they will need to get your tax transcripts from the IRS and may have to obtain some other paperwork on their own.

I got my committal letter today though! :yes::eek: Here's to 30 years of debt! :)

You are closing next Friday??? Hope they approve your loan and give you the clear to close soon! I think they took there time with mine since there was no hurry. Won't be able to close until 9/9!

Good luck

Annie

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Already heard from the underwriter -- APPROVED!!!! We close next Friday! Yay!

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