Mortgage loans for nurses can basically fall into two categories. There is the more standard option where you simply try to get the best rates and conditions that are available in the marketplace and there are also some state semi-funded programs that will allow nurses more favorable conditions in terms of acquiring a mortgage.
Some individual states have gotten on board to support mortgage loans for nurses. Providing nurses with low-cost mortgages and educational loans may be the key to solving Florida’s nursing shortage. Gov. Jeb Bush has announced a new joint venture between the state and two loan groups designed to do just that.
Under the unique plan, the state will team up with federal mortgage lender Fannie Mae to give nurses increased financing opportunities and more low-cost mortgage loans. The state will also work with the nonprofit Educational Funding of the South Inc., known as Edsouth, to give low-interest college loans to nursing students and professionals.
In Maryland, a bill was proposed to create a program to increase homeownership opportunities for nurses. It authorizes the Department of Housing and Community Development (DHCD) to dedicate up to $25 million over five years to provide mortgage loans for nurses who are licensed in the State, employed by a hospital, and agree to continue practicing at a hospital for at least three years (assuming work is available). The loans, which would be provided at an interest rate below the prevailing rate for similar programs, are available for property purchased in priority funding areas and to first-time homebuyers. The program must be developed in consultation with the Maryland Board of Nursing and relevant professional nursing associations.