Home loans for nurses in California

Home Loans For Nurses In California (Resources for 2020)

Home loans for nurses in California

Profession-specific loans are a common thing. The Country wants its heroes to live happily in their own homes!

No matter who you are, being a nurse is a hard job that doesn’t get as much respect or recognition as it deserves. The long hours and difficult work mean that you very rarely have time for yourself. More to the point, it also makes it difficult to afford a mortgage. Who has the money to save up for a big down payment? And who has the time to go shopping around for all the different home loans for nurses in California that are available?

Especially in California, where the cost of living is so high, more and more nurses are just settling for an apartment or some other rental situation. But these options can’t compare with the safety, security, and freedom of knowing that you live in a place you can call your own.

Plus, a house is more than just a place to live. It’s a long-term investment in your future whose value can appreciate over time.

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In this article, we’ve compiled a list of what we think are the very best home loans for nurses in California. We cover low and no down payment home loans and programs offered by the California Housing and Finance Agency.

By the end of this article, you should have everything you need to find a great, affordable home in the beautiful state of California – no matter what your income or credit situation looks like!

no down payment home loans for nurses in California

Some Home Loans are also state-specific, so please make sure you check up all the requirements

No Down Payment Home Loans For Nurses In California

Saving up for a down payment is the most difficult part of buying a home for many people. Even if you’re capable of making the individual monthly payments, having to pay a big chunk of money upfront may not be affordable if you haven’t had time to save up or if you have a lot of bills and expenses to take care of.

That’s why we’re frequently asked about the best no down payment home loans for nurses in California, which we’ll detail in this section.

Technically, the only loans in the state that you can get with no down payment built right into the loan are the VA and CalVet home loans. USDA Rural Development home loans also have no down payment in some cases.

However, FHA loans and other low down payment home loans can be turned into no down payment home loans with the help of down payment assistance (which we’ll discuss in the next section) or by having them manually underwritten by a mortgage broker.

They usually underwrite the down payment requirements only if you can demonstrate extreme need or a financial situation beyond your control, but if you think that applies for you you can ask your lender today about getting certain requirements underwritten.

California home loan for nurses

VA and CalVet home loans for nurses

VA home loans are home loans for nurses in California that are insured by the Department of Veterans Affairs and are therefore only available to nurses who previously served in a branch of the armed forces. VA loans have expanded eligibility requirements, which means low minimum incomes and low minimum credit scores.

VA loans also don’t require a down payment, don’t require you to pay private mortgage insurance, and (usually) have low-interest rates. So, if you’re eligible for this type of mortgage it can save you thousands of dollars in the long run!

CalVet home loans are insured by the California Department of Veterans’ Affairs instead of the federal VA. They have most of the same benefits (expanded eligibility, no down payment) but also come with slightly lower interest rates in most cases.

If you’re looking for a home loan for nurses in California and you’re also a veteran, the CalVet loan might be the best place to start.

FHA loans – a low down payment option

FHA loans are also insured by a branch of the federal government – the Federal Housing Administration, from which the name of the program comes. Here’s how the down payment on an FHA loan works: if you have a FICO credit score of 580 or higher, you only have to pay for a down payment that’s 3.5 percent of the total cost of the mortgage.

If you have credit between 500 and 579, you will have to pay a higher down payment of up to 10 percent (possibly lower if you are able to provide alternative forms of credit.)

The low down payment is one of the biggest advantages of the FHA loan, but the fact that you can even get a mortgage of this kind with a credit score of only 500 shows how lenient the expanded eligibility requirements for this program are.

Combined with the same low income requirements and low interest rates of the VA loan (lower in some cases) and the fact that these loans are available to anyone in the state of California, FHA mortgages are probably the single best mortgage program for nurses in California.

You can learn more about FHA loans in California by clicking here.

Affordable CA Home Loans For Nurses

The California Housing Finance Agency, or CalHFA, offers a great deal of support to home buyers who are looking for a property within the state of California. In addition to offering great counseling services and connecting applicants with FHA and VA loans, they offer a few California home loan for nurses programs of their own.

Home loans for nurses in California with bad credit

CalPLUS loans are FHA-insured mortgages that have slightly higher fixed interest rates than most other FHA loans. However, they make up for having higher monthly payments by covering most or all of the down payment with a deferred down payment assistance program.

Therefore, you don’t have to pay the initial 3.5 to 10 percent down payment and additional closing costs until after you’ve paid off the rest of the mortgage. So if avoiding that initial payment is the most important thing to you and you meet all the other eligibility requirements, the CalPLUS mortgage might be the California nurse home loan for you!

Another CalHFA program that may be useful for nurses is the MyHome Assistance Program, which can be combined with any mortgage to pay up to 3.5 percent of the down payment with a deferred loan.

If you’ve already been accepted for a standard FHA loan, the MyHome Assistance will cover the entire down payment so that you don’t have to pay anything at all upfront! This option is especially helpful for California nurses with bad credit, who will usually have to pay more upfront than other home buyers (who are seen as less risky investments.)

Conclusion

We hope that after reading this article you have learned a bit more about the different home loans for nurses in California that are available and how to secure a California nurse home loan for yourself.

Remember that low credit, bad income, or not being able to save up for a down payment is no reason not to apply for a home loan. Everyone deserves to live in a safe, secure, and permanent home of their own no matter what their job is or what their finances look like!

Illinois No Down Payment Home Loans For Nurses header

Illinois No Down Payment Home Loans For Nurses (2018)

Illinois No Down Payment Home Loans For Nurses header

If you’re looking for Illinois no down payment home loans for nurses, we can help! There are lots of no and low down payment mortgages available to nurses in the state of Illinois if you know what you’re looking for, as well as down payment assistance programs offered by the state that can help make home loans with regular down payment a lot cheaper.

Saving up for the down payment is the hardest part of buying a home for many people. Making monthly payments usually isn’t too bad if the loan has a fixed interest rate and you know that you have a steady income, but saving up for one massive payment can be a little harder unless you’re making a significant amount of money. Plus, first time homebuyers, newlyweds, and recent med school graduates who want to buy a home may not have had the time to save up for a down payment even if they have the means.

Get Help Pre Qualifying for an Illinois No Down Payment Home Loan – Click Here!

This is why Illinois no down payment home loans for nurses are so helpful and why and Illinois nurse should consider the programs listed below.

Illinois No Down Payment Home Loans for Nurses

The sad truth is that it’s hard to find an Illinois no down payment home loan for nurses or any other type of home buyer. The down payment is how mortgage brokers and moneylenders deal with the risk of giving someone a lot of money to buy a home and hoping that they’ll pay it back over the next thirty years. It insures that they’ll get at least some of their money back. A no down payment home loan is a huge risk that many Illinois lenders aren’t willing to take.

Fortunately, there are Illinois home loans for nurses that don’t cost very much up front, and many of these low down payment home loans can be turned into no down payment home loans as we’ll describe in the next two sections.

illinois no down payment home loans for nurses

If you’re looking for a program available anywhere in the state of Illinois that offers no down payment home loans for nurses, then your best bet is the VA loan program. VA loans have a lot of great benefits – expanded income requirements, low-to-no credit requirements, no expensive private mortgage insurance, and (of course) no down payment required. If you’re eligible for a VA loan, it will save you thousands of dollars over the course of your mortgage’s payment period.

However, it should be noted that VA loans are only available to veterans and members of the armed forces who have served a certain amount of time in their respective branch. You will have to apply for a VA Certificate of Eligibility in order to get accepted – a topic which you can learn more about by clicking here.

Illinois LOW down payment home loans for nurses

Although Illinois no down payment home loans for nurses are perhaps not as common as we would like, there are still many programs that can make that initial payment a lot cheaper. And these LOW down payment loans can often become NO down payment loans in one of two ways.

The first way is to apply for down payment assistance, which we cover in the next section of this article.

The second way is to find a lender who is willing to manually underwrite your loan into a new Illinois nurse home loan with no down payment. Lenders will usually do this only when you have demonstrated beyond all doubt that you will be able to make the monthly loan payments but can’t afford the additional payment up front. However, they may take extenuating circumstances into account, so if you think your Illinois nurse experience has cost you the ability to make a down payment you can speak to a lender about getting a loan underwritten.

In the meantime, here are our top 2 low down payment home loans for nurses in Illinois:

FHA home loans for Illinois nurses

Illinois FHA Loans For Nurses

FHA loans are mortgages for nurses in Illinois that have been insured by the Federal Housing Administration, a branch of the federal government. Because the FHA (which is backed by the power of the US Treasury) agrees to guarantee a certain percentage of these loans in the event that the buyer can’t make their payments, these loans carry much less risk for the lender. The lender, in turn, is willing to accept applications for FHA loans that would be rejected outright for a conventional mortgage because of the decreased risk.

FHA loans have three big advantages. The first is lower credit requirements. Usually a credit score of 580 is required for an FHA loan, which is much lower than the 660-700 minimum requirement of most conventional home loans. And in some places, you can get an FHA loan with credit as low as 500 if you are willing to pay a slightly higher down payment or if you can provide alternative credit (like proof that you regularly pay your utility bills.)

The second advantage of an FHA home loan is a lower interest rate. Although any home buyer can apply for an FHA loan, they’re specifically designed to encourage first-time buyers to enter the market, so they’re designed to be very affordable.

And the third advantage, as you’ve no doubt already guessed, is that FHA loans have the lowest down payments of any widely-available home loan program. If your credit score is 580 or higher, you only have to make a down payment of 3.5 percent of the total value of the home in almost all cases. And the highest down payments that come with FHA loans are only as high as 10 percent, which is half of the 20 percent standard down payment on a conventional mortgage. It doesn’t get much cheaper than that!

USDA home loans for nurses in Illinois

usda home loans for nurses in illinois

A USDA loan, also known as a Rural Development Loan, is a loan paid out by the US Department of Agriculture in order to encourage people to move into more rural areas of the country. Obviously, this option is completely unavailable for anyone in the Chicago area. But much of the rest of Illinois may apply, as the USDA estimates that 97% of the land in America is eligible for these types of loans.

USDA loans have higher income and credit requirements than FHA loans, so they may not be as accessible for nurses in Illinois. However, they do have longer lease periods (which means lower individual payments), comparable interest rates, and no down payment at all in many cases (with lower down payments in others.) So if you’re eligible for these home loans for Illinois nurses, they’re definitely worth serious consideration.

Down payment assistance for Illinois nurses

Down payment assistance programs are programs in which either the lender or a third party agrees to pay for a portion of your down payment, either by nullifying it completely or by giving you a deferred zero interest loan that you don’t have to pay off until after you’re finished paying off your mortgage.

Obviously, these programs can often be used to make a high down payment into something much cheaper, and they can also be used to turn low down payment loans into Illinois no down payment home loans for nurses.

IHDA 1st Home Illinois Loan

illinois housing development authority

The Illinois Housing Development Authority, or IHDA, offers several different types of home loans, most of which have low down payments only at the cost of high credit requirements that will make them unaffordable for many of our readers.

However, they also offer an Illinois nurse home loan called the “1stHomeIllinois Loan”, which is offered to first-time homebuyers, buyers who haven’t owned a home in the last three years, and veterans. These loans take the form of a 30-year fixed-rate mortgage (similar to most FHA loans, though a little more expensive) with a $7,500 down payment assistance grant. Unlike many down payment assistance programs, this $7,500 can be used to pay off the entirety of the down payment and does not require a certain percentage to be paid by the home buyer.

Good Neighbor Next Door

good neighbor next door program illinois

Law enforcement officers, teachers, firefighters, and nurses can apply for the federal department of Housing and Urban Development’s Good Neighbor Next Door Program, which offers a substantial discount of 50 percent of the value of a home. As long as you commit to living in that home as your primary residence for at least 36 months (3 complete years), you do not have to pay this amount back in any form. This money can be used to make most down payments completely free and makes houses much more affordable in general, provided you meet all the eligibility requirements in terms of occupation, income, location, and credit.

Conclusion

Looking for help for single mothers in Illinois? Click here!

Now that you know about all of the great resources offered by the state, local, and federal governments, you should have everything you need to find Illinois no down payment home loans for nurses. At Home Loans For All we’re incredibly grateful for our medical professionals and all that they do, and we want to do everything we can to help you find the home of your dreams at a price that’s easy to afford.

Indiana down payment assistance for nurses header

Indiana Down Payment Assistance for Nurses

Indiana down payment assistance for nurses header
Many states offer special home ownership assistance programs for nurses and emergency medical personnel, but sadly, Indiana is not one of them. Here at Home Loans For All, we don’t believe in that sort of thing. Everyone should have the opportunity to enjoy the safety and security that comes from owning a beautiful home of their own, which is why today we’re helping you find Indiana down payment assistance for nurses. Even if the state isn’t going to provide Indiana nurses with the resources they deserve, there are lots of other local and federal options that can help you find the home of your dreams.

We will also cover some good home loans for nurses in Indiana, including no down payment home loans.

Get Help Pre Qualifying for an Indiana No Down Payment Home Loan – Click Here!

Indiana Down Payment Assistance for Nurses

Down payment assistance can be very useful if you’re looking for an affordable home loan. It means you don’t have to save up as much to make the initial payment on the mortgage. And most bad credit home loans make up for their lower credit requirements by requiring higher down payments, so these resources can be especially useful for any Indiana nurse with bad credit.

Indiana Down Payment Assistance for Nurses

The best place to start if you’re looking for Indiana down payment assistance for nurses is the Indiana Housing and Community Development Authority, or IHCDA. The “Next Home” program (which despite the name is available to first time home buyers as well as returning home buyers) will pay for 3% of the down payment on a conventional mortgage and 4% of the down payment on an FHA home loan.

If you’re buying a home within the Indianapolis city limits, you can find Indiana down payment assistance for nurses through the Indianapolis Neighborhood Housing Partnership (INHP). Instead of offering Indiana down payment assistance for nurses in the form of a percentage, this organization will simply pay up to $5,000 of your down payment if you apply for a loan through them.

Other assistance

Besides Indiana down payment assistance for nurses, there is other state and local level government assistance you should be aware of if you’re an Indiana nurse looking for an affordable home loan.

Tax Exemptions

The IHCDA’s Mortgage Credit Certificate program, or MCC, offers qualified Indiana residents a federal tax credit equal to between 20 and 35 percent of the interest paid on a mortgage each year. This applies to any first-time Indiana home owner who is living in a house while paying it off. This can be a very useful way to make your Indiana nurse home loan work for you and help you save money in the long run!

The IHCDA also has a new program that allows you to combine the MCC with the Next Home Indiana down payment assistance for nurses program. So if you want to save money on the first payment of the loan and every payment thereafter it’s definitely worth looking into. However, nurses can only apply for this combination program if they are first time home buyers with a credit score of 660 or higher.

Improving your credit score

indiana down payment assistance for nurses - improving your credit score

Indiana’s down payment assistance programs and the Mortgage Credit Certificate are only available to those with fairly high credit scores. When people are looking to repair their credit they will often seek the assistance of an agency, but that’s completely unnecessary. All credit repair agencies do is charge you to tell you how to do things you can already do yourself!

The best way to repair your credit is to simply start paying your bills on time and in full every month. This is a major factor that goes into calculating your FICO score, and when you are paying your bills consistently it signals to mortgage brokers that you will probably make your mortgage payments consistently as well. If you don’t have a lot of bills, you can get a credit card that you make small, regular purchases with and then pay off immediately.

Another way to improve your credit score is to reduce your overall credit utilization by paying off all of your existing debts from things like student loans, auto loans, pre-existing mortgages, credit card debt, etc.

Home Loans For Nurses In Indiana

Indiana down payment for nurses is very useful if you want to make your mortgage a little more affordable, but what if you’re having trouble finding a home loan in the first place? Here are three of the best home loans for nurses in Indiana. All of these programs will work with nurses who have low income, bad credit, or difficulty saving up for the down payment.

FHA Home Loans For Indiana Nurses

FHA loans are a type of mortgage insured by the Federal Housing Administration. These loans are ideal for first-time home buyers because they combine very low credit requirements with very low down payments. If you have a credit score of 580 or higher, you will only need to pay 3.5 percent of the value of the home up front, and if your credit is lower than that the most you will have to pay is 10 percent, which is still half of the down payment on a conventional mortgage.

Home Loans for Nurses in Indiana

FHA loans are available to anyone and highly accessible. In addition, all of the programs we listed above that offer Indiana down payment assistance for nurses are compatible with FHA loans as well as conventional mortgages.

VA Home Loans For Indiana Nurses

VA home loans are NOT compatible with the down payment assistance programs listed above. Furthermore, because these loans are insured by the Department of Veterans’ Affairs, their availability is limited to veterans and members of the armed services.

However, if you are a nurse who is also eligible for this program, it’s one of the very best no down payment home loans for nurses in indiana. That’s right – there’s no down payment required. Even better is the lack of Private Mortgage Insurance, which you usually have to continue to pay for about half of the payment period of a conventional loan and which must be paid for the entirety of an FHA loan. Finally, this program has low credit score and income requirements similar to the FHA loan.

USDA Home Loans For Indiana Nurses

Sure, those Indianapolis-specific programs are nice, but what if you don’t live in the city? Well, the United States Department of Agriculture offers home loans that are specifically designed to give a leg up to those living in rural areas, which of course applies to most of the state of Indiana.

Low income nurses and their families can apply for a loan directly through the USDA, one which will come with no down payment necessary. You can also be granted up to $27,000 with a first time home buyer grant (similar to down payment assistance.) And in all cases, USDA home loans for Indiana nurses have low interest rates and come bundled with renovation loans, in case you’re looking at a property that’s a bit of a fixer-upper.

All in all, though the FHA loan is still our number one choice, there’s no denying that USDA loans are among the best no down payment home loans for nurses in Indiana.

Conclusion

We hope that this article has been helpful to anyone out there who is looking for Indiana down payment assistance for nurses or home loans for nurses in Indiana. We wish that Indiana offered special programs for the people who are out there helping to save lives every day, but at least there are still plenty of programs that can help you find a home even if you have low income or bad credit. We know the home of your dreams is waiting just around the corner!

Looking for home loans for teachers in Indiana? Click here!

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Home Loans For Nurses In Texas

Buying a home is a stressful period in anyone’s life. At the top of list of things to do, is securing a mortgage. This can be especially difficult for those who work stressful or difficult professions like nurses. With the long hours and hard work, finding time to secure a mortgage is an even more difficult problem. Luckily, for those moving to the state of Texas there are several options that can help make the process easier and quicker. Let’s look at some of the options for getting home loans for nurses in Texas.

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Texas State Affordable Housing Corporation (TSAHC)

Texas State Affordable Housing Corporation Logo

The first organization to keep in mind is the Texas State Affordable Housing Corporation, or the TSAHC. This is a non-profit that was set up to provide help in securing housing for low to moderate income families. In addition to that, they also provide some additional help for people in certain professions such as nursing.

For more information, check out their website. They have a lot of details on all the different programs they offer, as well as details on eligibility and requirements. They are an invaluable resource, and will likely be a key contact during the entire process.

Homes For Texas Heroes

homes for texas heroes

The major program of interest for home loans for nurses in Texas is their Homes For Texas Heroes. This program provides down payment assistance and low interest loan options for Texas Heroes, which of course includes nurses.

To begin with, they offer down payment grants of 3-5% for those that qualify. It’s important to understand that this assistance is a grant, meaning it doesn’t have to be repaid. This is an extremely attractive benefit that all who qualify should definitely take advantage of.

After that, the loans secured through this program also typically have a lower interest rate than other options. Even a small change in interest can save a borrower thousands over the lifetime of the loan. These two benefits can really add up, and create an excellent opportunity to secure a affordable home loan.

Who Qualifies For Assistance?

For nursing, included is Allied Health faculty as well as other nursing staff such as school nurses. Also, emergency service personnel are also eligible. For more on eligibility by profession, check out the TSAHC website.

home loans for nurses in texas qualification

In addition to the program requirements, the individual lenders that provide the loans may also have their own requirements. This could include certain income or credit score requirements. Be sure to ask a potential lender about their eligibility requirements.

Read our First Time Home Buying Guide: Dealing with Low Credit Scores article here.

How Do You Get a Loan?

All loans are provided by approved 3rd party lenders. Being offered by a 3rd party, each loan may have its own terms and conditions that vary by lender. This can mean a difference in interest rate for example, so make sure to shop around to get the best deal.

The best first step is to get in touch with the TSAHC. They not only have a list of approved lenders, but will also assist potential borrowers through the entire loan process. They should be the first contact point for any potential borrowers!

Mortgage Credit Certificate (MCC)

mortgage credit certificate

Another great benefit first time home buyers in Texas can get is the Mortgage Credit Certificate (MCC). This is a tax credit based on interest paid on a mortgage that can return up to $2,000 per year to the homeowner.

Even better, it can be used with the other benefits mentioned; the down payment assistance and low interest loan.

Keep in mind though, this is only open to first time home owners. The TSAHC defines this as someone who as not owned a home in the past three years. While a bit limited, it’s an extremely attractive incentive to those that qualify, and makes the first time home buying process much cheaper.

Other Mortgage Options

For those that don’t qualify for the Home For Texas Heroes program there are other options. The other main program offered by the TSAHC is the Home Sweet Texas Home Loan.

This loan was created to help low to moderate income families and individuals acquire a mortgage. This option is open to nurses, but is also available to any other professions that meet certain income requirements. For those that don’t qualify for the Heroes program, this is a great second option.

Are you a veteran? Take a look at our VA Loan in Texas article here to see how VA loans could help!

Home Loans For Nurses In Texas

As a nurse living or moving to Texas there are multiple great options to help on the path to home ownership. The TSAHC provides multiple great programs to help out those in the nursing profession, and using them can help make the whole process easier. Understanding these available opportunities is essential to getting the best home loan!

FAQ

What Assistance is Available for Nurses?

The two main programs are the Texas Heroes and MCC tax credit. The Texas Heroes programs provides grants for nurses buying homes and loan interest loans. The MCC tax credit helps offset interest paid on a mortgage, but is available to first time home buyers only.

Do I Have To Be a First Time Home Buyer To Qualify?

For the Texas Heroes grant no, but for the MCC tax credit yes. The MCC tax credit is a great first time home buyer program for nurses.

Is There Any Down Payment Assistance for Nurses?

Yes, the Texas Heroes program offers down payment assistance in the form of grants of up to 3-5%. This assistance is a grant and does not need to be repaid!

Get Pre Qualified For a Texas Nurses Home Loan Today – Click Here.