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Your real estate agent will discuss with you how much you would like to pay for the home. While your agent is there to offer guidance if the list price is comparable, the actual amount you offer is entirely up to you. Your agent will also ask if there are any stipulations or requirements you want to add to your offer. For example, if there is a swing set that you think your kids would love, you can write that into the agreement as a request.
As a healthcare worker, you don’t necessarily have the time or energy to deal with all the ins and outs of homebuying. That’s where we step in, streamlining the process and helping you each step of the way. Plus, you get to benefit from a range of savings with our healthcare home loans, enjoying everything from rebates to vendor discounts.
Step 3: Find a Real Estate Agent
The lending criteria is strict and the interest rates are higher on these home loans, so they are not suitable for everyone. We will be with you during each stage of the homebuying process. We know what you do each and every day in your work, and how much you help people. We want our work to provide you with the same level of service that you need and deserve.
Contact our specialists right away to start exploring how we can help you achieve homeownership. To check rates and terms Stilt may be able offer you a soft credit inquiry that will be made. However, if you choose to accept a Stilt loan offer, a hard inquiry from one or more of the consumer reporting agencies will be required. The interest rate fluctuates daily, and is also influenced by the Federal Reserve on a national level. Since the 2020 pandemic, interest rates have been at or near historically low numbers. This means, over the life of your loan, you could end up paying thousands of dollars less, which makes now an attractive time to buy.
Why don’t nurses qualify for doctor home loan discounts?
Do you understand the differences between overtime and differential pay? For instance, night shift differential refers to the increased rate of pay for regularly scheduled, non-overtime work hours between 3 p.m. And it will be up to the lender how to consider those hours when determining whether to approve you for a loan and for what amount.
These programs offer grants, low-to-no-interest loans, deferred payment loans , or forgivable loans. In addition to the grant program from Nurse Next door previously mentioned, there are thousands of down payment assistance programs targeting nursing professionals. One of the most effective ways to identify one of these grant programs in your area is by visiting the website for your state’s Department of Housing and Urban Development . You deserve a place to call home where you can go and relax at the end of your long days. Our team at Hero Home Programs™ is committed to helping healthcare workers become homeowners.
On Probation Home Loan
Some lenders will consider less than 3 months work history if you’re in a strong financial position with a clear credit history. For most borrowers, lenders will consider only 50-80% of your overtime income, which can significantly reduce your borrowing power. If your application meets the eligibility criteria, the lender will contact you with regard to your application. Some lenders send a promissory note with your loan offer. Sign and return that note if you wish to accept the loan offer.
Stilt provides loans to international students and working professionals in the U.S. (F-1, OPT, H-1B, O-1, L-1, TN visa holders) at rates lower than any other lender. Stilt is committed to helping immigrants build a better financial future. Unlike staff nurses, travel nurses may have a more difficult time securing a home loan due to the nature of their work. That said, approvals and loan amounts are highly dependent on where you work and your work history and it is possible for travel nurses to get mortgages. Making an offer on your first home can be exciting but stressful.
The standard LMI product of almost all mortgage insurers typically targets people that can show that they have a saved deposit. However, some lenders may also offer no genuine savings solutions. Nurses, on the other hand, are essential services workers so some lenders will accept 100% of your overtime income.
Once you’ve made the decision to become a homeowner, you can start taking steps to make your dream come true. Everyone’s timeline for purchasing a home is different and it’s important to not rush the process. If you can’t find or qualify for financial aid, you may want to opt for a loan backed by the federal government, which usually has a lower down payment requirement. A VA loan requires as little as 0% down — just watch out for the funding fee, which can top 3% of the loan balance in some circumstances.
On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more. We take a holistic underwriting approach to determine your interest rates and make sure you get the lowest rate possible. Is it new construction that requires no work once you move in? Or is it a fixer upper that will need immediate or extensive attention? If you do not have the time or resources to fix up a home, you’ll want to put that on your list too.
Your lender will also need to see things like your bank statements for the last two months, your last two years of W2’s, and may even verify your employment with your employer. This is all to make sure that you can actually afford to make the payments once you receive your loan. Most lenders also look at something called DTI, which is debt-to-income ratio, to determine if you can afford your loan. Mortgage lenders look for a lower DTI when approving loan applications, typically under 36%.
The better your credit score, generally the lower the interest rate. While you may think you need to start with a real estate agent, that’s only partly true. You will need a real estate agent to help you with the entire home buying process. Most real estate agents have a relationship with a lender that they suggest you use, but you are also allowed to find your own. The reason finding a lender is important at the beginning of the process is your pre-approval.
A single-family home isn’t always the right fit for everyone. As a busy nurse, you might not have time for yard maintenance. That could make you an ideal candidate for a townhouse or a condominium, where yardwork is usually taken care of. Or maybe you have plans to become a landlord down the road, and are looking for a duplex. Make sure to share with your real estate agent the type of dwelling you’re looking to buy as well.
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