Yes, Nurses Can Buy a Home While Paying Down Student Loans

Worried that your nursing school loans will stop you from buying a home? We understand. Many graduates leave school with a degree and thousands of dollars of student loan debt. Some days, it feels like you'll never pay them off, so buying a house must be out of the question, right?

Fortunately, you may be able to do both. Here's another way to look at things: 

• Your profession has a bright future. Employment for nursing is growing at a faster rate than other jobs. (Bureau of Labor Statistics)
• Artificial intelligence isn't taking over anytime soon. Can you imagine AI administering injections or handling difficult patients?
• Nursing pays well. The average national salary for registered nurses is $94,480, compared to $58,000 for other professions. (NursingEducation)
• There are many ways to boost your pay. Nurses in specialty areas have even more impressive salaries, with certified registered nurse anesthetists topping the list at $212,650. (Bureau of Labor Statistics)

In other words, you chose a great career. Now, let's see how that translates into buying a home.

The right lender makes all the difference

You shouldn't have to wait until your student loans are repaid to buy a home. In fact, there are many types of mortgages available, including some that are designed specifically for nursing professionals in the early stages of their careers—professionals like you! That's why it's essential to find a lender who specializes in helping nurses achieve their dreams of homeownership.  

Applying for a mortgage can feel intimidating, especially the first time you do it. Your home loan advisor—or loan officer—should take the time to understand you, your current situation, and your financial goals. Then, they use this information to provide a personalized mortgage solution that works for you, now and in the long run. But they don't stop there. The right loan officer shows you all your options and answers all your questions, so you feel confident about the mortgage you ultimately choose.

Another intimidating part of getting a mortgage is the close-up look at your finances, especially when you have student loans. Will they look down on you for not having a million dollars in the bank and a perfect credit score? The answer should 100% be no—and if a loan officer comes across as disapproving, walk away. The right lender looks for a way to fit a mortgage into your budget, so it benefits you both. It's a puzzle to solve, not a judgment of your value as a person. And if you don't qualify for a home loan now, the right lender tells you what steps to take so you'll qualify the next time.

What to do before you start house hunting

There are several things you can do now to set yourself up for success as a borrower and a homeowner.

• Learn how much house you can afford. Use a mortgage calculator to find a house payment that could potentially fit into your budget. 
• Check your credit score. Your credit score can affect whether your mortgage is approved and how much interest you'll pay. Visit annualcreditreport.com for a free report. If you see any errors, dispute them right away so they don't affect your ability to qualify.
• Improve your credit score. Keep paying your bills on time without missing any payments. Pay off your credit card balance every month. If that's not possible, pay more than the minimum balance to work toward paying it down. Also, don't sign up for new credit cards or close credit cards you no longer use. 
• Save what you can. Some loans require a down payment, and you'll probably have to pay for things like home inspections, closing costs, insurance, property taxes, and utilities. In a hot housing market, some people put down an earnest money deposit to show the seller that they're serious about buying.
• Get preapproved⁽¹⁾ for a home loan. Another way to show that you're serious is with a mortgage pre-approval. It shows the seller a stronger commitment once your offer is accepted.

Buying a home is a big deal! It's where you'll make memories, build friendships, and participate in a community. Find a lender who understands the unique needs of nurses so that together, you can find a mortgage that's perfect for you. 

Want to learn more about home loans designed for nurses? Start here.

Flagstar Bank, NMLS# 417490

Disclaimer needed:

_{^{(1)   A preapproval is an initial determination of an applicant's ability to borrow up to a certain amount.  It is based upon certain assumptions resulting from an initial review of incomplete credit information criteria.  A pre-approval is not an approval of a completed application nor is it a commitment to lend or a guarantee of any particular loan product, features or terms.  Final loan approval follows a comprehensive analysis of an applicant's creditworthiness, the satisfaction of all product-specific underwriting requirements and conditions and property acceptability and eligibility.}}

_{^{Programs for qualified borrowers. All borrowers are subject to credit approval, underwriting approval, and product requirements, including loan to value, credit score limits, and other lender terms and conditions. Fees and charges may vary by state and are subject to change without notice. Some restrictions may apply. Not a commitment to lend.}}