RN Mortgage: Low Down Payments for Registered Nurses


Key Takeaways:

  • Special nurse home loans can help registered nurses secure a mortgage with as low as 0% down and no private mortgage insurance.
  • An RN mortgage comes with higher loan limits and comparable interest rates to a conventional home loan.
  • Registered nurses can benefit from relaxed underwriting guidelines that make it easier to qualify.

The most recent data from the Bureau of Labor Statistics (BLS) shows there are more than 3 million employed registered nurses in the United States. The RN profession encompasses a wide variety of healthcare settings and jobs, including staff nurses, travel nurses and many non-clinical nursing roles.

The complexity of the nursing field extends into how you get paid, with many opportunities to earn extra money as a nurse. While this can be great for your finances, it can make getting a mortgage more complicated as you might have variable income from gaps in employment due to traveling or picking up per diem work and extra shifts.

And that’s only the tip of the iceberg when considering the many home-buying barriers that borrowers face when applying for conventional loans. You’ll also need to save for a large down payment and plan for strict underwriting criteria, both of which could delay your dreams of owning a home.

Fortunately, some mortgage lenders recognize the unique landscape of the nursing profession and have extended their medical professional mortgage programs to include RNs. Read on to learn more about how you can benefit from an RN mortgage.

How can RNs benefit from using a nurse home loan program?

An RN mortgage can open the door to low down payment options that are normally exclusive to certain healthcare professionals, such as nurse practitioners and certified registered nurse anesthetists. Nurse home loans fall into a broader category often called a “physician mortgage” or “early professional home loan”.

Registered nurses can benefit from an RN mortgage by:

  • Getting up to 100% financing, meaning no up-front down payment.
  • Not being required to carry private mortgage insurance (PMI) regardless of your down payment amount.
  • Accessing higher loan limits well-beyond conventional limits without increasing your interest rate.
  • Qualifying for a higher loan amount due to relaxed underwriting guidelines that exclude your nursing student debt or use a modified calculation for your debt-to-income ratio (DTI).

If you’re a new RN or a travel RN, it can be even more challenging to get a conventional mortgage considering you might not have the work history or consistent income history needed to qualify. Therefore, you could benefit greatly from exploring nurse home loans that cater to your situation.

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