On mortgages for RNs

BluntForceTrauma · Apr 2, 2008

I'm not sure that I've ever seen mortgages for RNs and MDs. They may tend to target us because we are in high demand, have job stability, and make decent incomes.

MG-NotANurse · Apr 2, 2008

I've posted on this site a number of times to thank nurses for taking good care of me, so now I have the chance to offer advice in my own specialty, which is real estate-related law.

I do many loan closings, and I'm personally unfamiliar with special loans to any profession. It's possible that a hospital, credit union or other organization is providing some kind of guarantee, resulting in a lower interest rate.

The important thing is to know what product you're buying: you can shop for a mortgage the same way you can shop for a car, and they all have different rates, maturity dates, closing costs and other charges. Please read the applications carefully, or retain a lawyer who does this for a living to help you do so.

Good luck.

MG

NewYorkGirl · Apr 2, 2008

I bought my house last June with a first time homebuyer's mortgage from Bank of America, where I put 5% down and then didn't have to pay any closing costs. It's a conventional 30 year fixed rate loan. Maybe check with Bank of America to see if they can help... it's not specific for RNs but it does have the 5% down you wanted...

sharona97, BSN, RN · Apr 2, 2008

LovingL&D said:

My husband and I are buying a new home, and I keep hearing about what great mortgage programs there are for nurses, but no one seems to know where to get them from! My mortgage broker is clueless, and I really like the guy. I know there are special mortgage brokers who deal with nurses and doctors, but we're pretty far along in the escrow process and I would love to just pass some information on to my guy.
Anyone know of any banks or credit unions that have mortgage programs specifically for nurses? Hopefully something with 5% down? ?

Thanks a bunch!

We are in the process of changing insurance for home and car with Farmers Insurance, and I was told nurses are recogonized and include our profession to lower the overall cost. Don't know if this helps what you are asking, but just thought I'd throw it out there. We are still in the beginning of the change so I have no idea what the reduction rate is. Good luck! :nurse:

lvnandmomx3 · Apr 2, 2008

I heard of special programs for teachers and police officers, this was a while back and may have just been for specific areas . If they bought a house in the city they work they would only be responsible for half of what it cost to buy the house, the program would pay the other half after they occupied it for a specific amount of time.

Quickbeam, BSN, RN · Apr 2, 2008

My area had special mortgage and housing programs for teachers and police officers but only because they had a residency requirement. In my last career we also had a few programs to encourage home ownership; we had a very restrictive residency requirement.

Believe me, I'd rather do the footwork to get my own mortgage than live with those kind of restrictions again. They were a PIA.

AprilRNhere · Apr 2, 2008

NewYorkGirl said:

I bought my house last June with a first time homebuyer's mortgage from Bank of America, where I put 5% down and then didn't have to pay any closing costs. It's a conventional 30 year fixed rate loan. Maybe check with Bank of America to see if they can help... it's not specific for RNs but it does have the 5% down you wanted...

We took a first time home buyers class and got special rates that way. We went to closing with no money down and they put closing costs into the loan. I think total we paid at closing was $200 to cover fees that weren't included with the appraised value of the house. Unfortunately..mortgage companies aren't readily giving out loans like they used to because of the mass amount of country wide foreclosures. We're looking to move soon- but were told by our bank that we'd need a large down payment because IF they need to foreclose..it's hard to get rid of houses now. This was through a bank we have good history with.

Steristripqueen · Apr 2, 2008

Hi everyone, I know that there are incentives to get nurses and teachers into inner cities. To see if a particular town you are interested in has this you might want to check with City Hall or the Chamber of Commerce(most have websites). Perhaps the local branch of banks/credit unions in that town could be of help.