Common challenges
Travel and per-diem contracts, stipends and frequent job changes can confuse a traditional income calculation.
Programs that fit
Conventional Loans
A conventional loan is a mortgage not insured by the government that follows Fannie Mae or Freddie Mac guidelines.
FHA Loans
An FHA loan is a government-insured mortgage that allows 3.5% down with a credit score of 580 or higher, or 10% down with a score from 500 to 579.
1099 Loans
A 1099 loan qualifies independent contractors using their 1099 forms (and sometimes a small expense factor) instead of full tax returns, so write-offs on Schedule C do not shrink your qualifying income..
Bank Statement Loans
A bank statement loan is a non-QM mortgage that calculates self-employed income from 12 or 24 months of personal or business bank deposits instead of tax returns.
Tips before you apply
- Keep two years of pay history that shows overtime and differentials.
- Travel nurses: gather contracts and 1099s for each assignment.
FAQ
What is the best mortgage for nurses & healthcare workers?
It depends on your documentation and goal. The programs that most often fit are Conventional Loans, FHA Loans, 1099 Loans, Bank Statement Loans.