Best home loans for Nurses 2024

Here’s a list of some of the best home loan options for nurses in 2024. This list includes programs and lenders that often provide favorable terms for healthcare professionals. However, it’s essential to research and compare these options to find the one that best suits your needs.

To give a quick overview, the best home loans for nurses are:

Nurse Next Door program
Homes for Heroes
Conventional mortgages
FHA mortgages
VA mortgages
USDA mortgages

Table of Contents

1. Nurse Next Door Program

Target Audience: Nurses, healthcare professionals, and first responders.
Benefits: Offers grants and closing cost assistance, up to $6,000, for eligible nurses. It also provides discounted home prices and connects buyers with preferred lenders.
Eligibility: Full-time or part-time employment as a nurse or healthcare worker.
Highlights: No repayment required for the grant.

Official Nurse Next Door Program (teachernextdoor.us)

Benefits of the Nurse Next Door Program:

Purchase ANY home on the market
Home Buying GRANTS up to $8,000.00
Down Payment Assistance up to $10,681.00
Home loans for nurses and healthcare workers
Simple Docs Program
NO application fees
NO up-front fees
Dedicated Buyers Agent
Preferred interest rates
FREE appraisal (up to $545.00 credit at closing)
FREE access to home listings
FREE nationwide access to foreclosures
Discount title fees
Fresh Start credit repair program
Simple Docs Refinance Program

2. FHA Loans (Federal Housing Administration)

Target Audience: First-time homebuyers and those with lower credit scores.
Benefits: Lower down payment options, as low as 3.5%. More lenient credit score requirements compared to conventional loans.
Eligibility: Must meet specific credit and income guidelines.
Highlights: Government-insured, making it easier to qualify.

Can You Get An FHA Loan In Canada? | Loans Canada

Canada Mortgage and Housing Corporation | CMHC (cmhc-schl.gc.ca)

3. VA Loans (Veterans Affairs)

Target Audience: Active-duty military members, veterans, and some spouses.
Benefits: No down payment requirement, competitive interest rates, and no private mortgage insurance (PMI) requirement.
Eligibility: Must meet service requirements or be the spouse of a service member.
Highlights: Excellent for nurses who have served in the military.

VA Home Loans Home

4. USDA Loans (United States Department of Agriculture)

Target Audience: Homebuyers in rural and suburban areas.
Benefits: No down payment required, low mortgage insurance costs, and competitive interest rates.
Eligibility: Income limits apply, and the property must be in a USDA-eligible area.
Highlights: Ideal for nurses looking to buy in less urbanized locations.

Grants and Loans | USDA

5. Conventional Loans

Target Audience: Those with good credit and stable income.
Benefits: Can offer competitive interest rates and various term lengths. Some conventional loans require as little as 3% down.
Eligibility: Typically requires a higher credit score (620+) and a debt-to-income ratio below 45%.
Highlights: Often have fewer restrictions and more flexible terms.

How Conventional Mortgages Work | Rocket Mortgage Canada

6. Navy Federal Credit Union Loans

Target Audience: Members of the military, Department of Defense employees, and their families.
Benefits: Offers zero-down payment mortgage options and low-interest rates.
Eligibility: Membership in Navy Federal Credit Union required.
Highlights: Great for military nurses and their families.

Personal Loans | Navy Federal Credit Union

7. Physician Loans

Target Audience: Doctors, dentists, and in some cases, nurses.
Benefits: Typically require no PMI, even with a small down payment. May offer higher loan limits based on future earning potential.
Eligibility: Designed for medical professionals, though some lenders extend this to nurses.
Highlights: Particularly useful for nurses with significant student debt.

Physician loans | Mortgages for doctors and medical workers (themortgagereports.com)

8. Credit Union Home Loans

Target Audience: Members of specific credit unions, often including healthcare professionals.
Benefits: Often offer lower fees, better rates, and personalized service compared to traditional banks.
Eligibility: Must be a member of the credit union, which may require affiliation with certain organizations or professions.
Highlights: Credit unions may have special programs for nurses and healthcare workers.

Mortgages | FirstOntario Credit Union

9. State and Local Programs

Target Audience: Varies by state and locality, often includes first-time homebuyers and essential workers.
Benefits: May include down payment assistance, tax credits, and favorable loan terms.
Eligibility: Typically based on income, profession, and location.
Highlights: These programs can provide significant financial assistance, especially for nurses in specific regions.

First time home buyer programs in all 50 states | Mortgage Rates, Mortgage News and Strategy : The Mortgage Reports

10. Good Neighbor Next Door Program

Target Audience: Teachers, law enforcement officers, firefighters, and emergency medical technicians.
Benefits: Offers 50% off the list price of homes in revitalization areas.
Eligibility: Must commit to living in the property for at least 36 months.
Highlights: This program can provide substantial savings but is limited to specific areas and available properties.

HUD Good Neighbor Next Door Program | HUD.gov / U.S. Department of Housing and Urban Development (HUD)

11. HomeReady and Home Possible Loans

Target Audience: Low to moderate-income borrowers.
Benefits: Low down payment options (as low as 3%), flexible income sources allowed, and reduced PMI costs.
Eligibility: Must meet income limits and credit score requirements.
Highlights: These Fannie Mae and Freddie Mac programs are great for nurses with varying income levels.

HomeReady vs Home Possible: Which Should you Choose? – Mortgage.info

12. Employer-Assisted Housing Programs

Target Audience: Employees of specific employers, including some hospitals and healthcare systems.
Benefits: Can include down payment assistance, forgivable loans, and homebuyer education.
Eligibility: Typically based on employment with a participating employer.
Highlights: Check with your employer to see if they offer such programs.

Home Loans for Nurses | 2024 Mortgage Programs and Grants (themortgagereports.com)

13. Refinancing Options for Nurses

Target Audience: Current homeowners looking to lower their interest rate or monthly payment.
Benefits: Potentially lower interest rates reduced monthly payments, or cash-out options.
Eligibility: Depends on the lender’s requirements and your current mortgage status.
Highlights: Consider refinancing if interest rates have dropped or your financial situation has improved.

Inquiry (Bing) – junomortgages.com

14. Homes for Heroes: Healthcare professionals

Homes for Heroes, Inc., (“Homes for Heroes”) is a licensed real estate company in the state of Minnesota. Hero Rewards not available in all states. Homes for Heroes, Inc. is the largest nationwide network of affiliate real estate, mortgage, and local business specialists; committed to providing easy ways for heroes to save on a home.

Healthcare Professionals Save On A Home – Buy, Sell, Refinance (homesforheroes.com)