Are you a nurse looking to purchase a home in Middlesex County, Massachusetts? Fortunately, there are a few special home loans for nurses and physicians.
Moreover, several local and national programs can provide financial assistance with down payments and closing costs, especially for first-time homebuyers. Unfortunately, nurses’ financial situations tend to be complex and hard to present as stable to mortgage lenders, especially for travel nurses and nurses with flexible schedules.
As a nurse in Massachusetts, you can access several traditional and non-traditional (specialized) home loan financing options. Read further to discover the special financing for nurse mortgages in Middlesex County.
Regardless of your location or workplace, there are two most popular special home loans for nurses programs in the US. Nurses can feel confident that they will get a fair risk assessment evaluation when applying for mortgages via these options. These lenders include:
Nurse Next Door
Contrary to popular opinion, Nurse Next Door isn’t a traditional mortgage lender. Nurse Next Door neither lends money. The program serves as a first-time homebuyer assistance program for nurses, matching nurses with aid programs, mortgages, and property options.
It offers a Fresh Start program to nurses with credit problems likely to affect their home purchase. The program can help nurses to get back on track financially and get a mortgage effortlessly. In addition, Nurse Next Door offers grants and other financial assistance for qualifying professional nurses.
Home loan aid up to $6,000 is available for eligible medical professionals. However, depending on availability, grants may be available as low as $1,000. Additionally, down payment grants may be available up to $10,681, depending on the borrower’s situation.
The precise qualifying criteria for the Nurse Next Door grant will depend on your state. Generally, all professional medical staff qualify. It is worth noting that grants are awarded to primary residences and medical professionals who don’t already own a home.
Homes for Heroes
Homes for Heroes is an alternative nationwide homeowner assistance program popular among nurses and other healthcare professionals. The program helps buyers purchase, sell, or refinance their homes upon working with the recommended affiliate mortgage and real estate programs.
Nurses can save an average of $2,400 by using Homes for Heroes when purchasing homes in Middlesex County, MA. Real estate experts approved via this program generate average savings of $1,700 on property for borrowers. Moreover, if nurses use mortgage, title, and inspection experts recommended by Homes for Heroes, they can save $50 on their home inspections, $150 on title services, and $500 on lending fees.
To qualify for the Homes for Heroes program, you must be a registered nurse in Massachusetts, Alaska, Oregon, Hawaii, or California and use one of their affiliate agents. The more referred specialists the nurses use from Homes for Heroes, the higher they can save.
EveryDay Heroes Housing Assistance Funds
The EHHAF offers housing grants to nurses, police officers, doctors, teachers, firefighters, and social workers. Applicants can get up to a 97% Loan to Value (LTV) Ratio.
Fortunately, you can qualify for 100% financing if you are a veteran in any of these professions. The program doesn’t establish any specific eligibility requirements to qualify for their grants.
Private Lenders
Nurses can also find financing options for home purchases from private mortgage lenders. Such lenders typically sweeten the deal for nurses and other healthcare professionals by offering perks, such as reduced closing costs.
FHA Loans for Nurses
On the one hand, FHA loans aren’t specifically meant for nurses. On the other hand, they come with several advantages, such as:
- Default protection to cover the lender’s loss
- Being insured by the Federal Housing Administration.
FHA loans are also ideal for nurses with low credit scores, nursing having a hard time coming up with the down payment, or nurses with low incomes.
Though not specific to nurses, other home loan financing options that nurses can apply to in Middlesex County, MA, include:
- USDA loans backed by the US Department of Agriculture
- Traditional loans.
Bottom Line
There are thousands of down payment assistance programs targeting nurses besides the grant program from Nurse Next Door. An effective way to identify these programs is by visiting your state’s Housing and Urban Development website. Note that eligibility requirements will differ across programs and lenders.
