+ LR-Icons —
×

You are leaving laurelroad.com

By clicking Continue, you will be taken to a third-party website. Laurel Road, a Brand of KeyBank N.A., is not responsible for the content, links, privacy policy, or security policy of third-party websites.

Continue Go Back
×

Thanks for your interest in joining us!

Laurel Road’s innovative engineering culture is enhanced by the scale and resources that come with being part of KeyBank N.A., Member FDIC. To see the full job details and apply for this role, you’ll be redirected to our KeyBank recruiting site.

Apply Now

FDIC-Insured - Backed by the full faith and credit of the U.S. Government

  • General
  • Doctors
  • Nurses
  • Find an ATM
  • Customer Service
  • About Us
General Doctors Nurses
  • Student Loans
    Back
    • Student Loan Freedom for Nurses
      Explore your forgiveness and refinancing options with our student loan specialists.
    • Student Loan Forgiveness Counseling
      Get expert guidance on your path to federal student loan forgiveness.
    • Public Service Loan Forgiveness (PSLF)
      Learn how to qualify and stay on track for Public Service Loan Forgiveness.
    • Income Driven Repayment (IDR)
      Understand your income-based repayment and forgiveness options.
    • Student Loan Refinancing
      Explore simple refinancing options that could help you save on student loans.
    • In School Loans
      Finance your education with student loans through Laurel Road’s partnership with Sallie Mae®
    Student Loan Repayment Options for Nurses
    Explore strategies to help RNs and APRNs meet the challenge of paying off student loan debt.
    Read the Guide
    Online Banking

    Student Loan Repayment Options for Nurses

  • Checking & Savings
    Back
    • Freedom Plus Checking
      Track your forgiveness progress and eligible student loan payments with our new checking account.
    • Linked Checking
      Lower your student loan refi rate with monthly discounts for qualifying direct deposits.
    • High Yield Savings
      Build your savings with a highly competitive 
interest rate.
    • Linked Savings
      Lower refi rates when you add a linked savings account with a qualifying account balance.
    Making the Switch
    With a few clear guidelines on choosing a new bank and a step-by-step approach to making the switch, you can get it done with minimal fuss.
    Online Banking

    Making the Switch

  • Home Loans
    Back
    • Mortgage Lending
      Buy a home or refinance with confidence.
    Homebuying Tips for Nurses
    Learn how nurses can qualify for homebuyer assistance for their first mortgage.
    Read the Guide
    Online Banking

    Homebuying Tips for Nurses

  • Personal Loans
    Back
    • Personal Lending
      Redeem cashback towards student loans.
    • Credit Card Debt Consolidation
      Learn how a personal loan can help you consolidate credit card debt.
    • Home Renovation Loan
      Get the funds you need for your next home renovation.
    • Major Purchase Loan
      Get funding for your next major life milestone.
    • Relocation Loan
      See how a personal loan can help with relocation costs.
    Personal Loans for Moving or Relocation
    Learn how a personal loan could help with relocation costs for a new job.
    Read the Guide
    Online Banking

    Personal Loans for Moving or Relocation

  • Benefits
    Back
    • Laurel Road Perks!
      Exclusive member discounts on premium brands, subscriptions, and services.
    Financial Perks for Nurses
    Explore how to take advantage of some of the professional and financial perks of nursing.
    Read the Guide
    Online Banking

    Financial Perks for Nurses

  • Resources
    Back
    • Financial Resources
      Navigate your financial journey.
    • Customer Testimonials
      Hear what our customers have to say.
    • FAQs
      Get answers to frequently asked questions.
    • Press
      Find our news and press releases here.
    Personal Finance Tips for Nurses
    Get tips to manage personal finances and nursing school debt.
    Read the Guide
    Online Banking

    Personal Finance Tips for Nurses

Find an ATM Customer Service About Us
Sign In
  • Tips for Nurses Buying Their First Home

Tips for Nurses Buying Their First Home

Nurses can use certain homebuyer assistance programs to qualify for their first mortgage.

Published July 28, 2022 13 min read
Woman on phone in brightly lit living room Overlay Background

Buying your first home is a huge milestone that comes with all sorts of emotions—nervousness, excitement, stress, or even all those things at once. Luckily for nurses, there are a number of loan options, grants, and different types of assistance programs that can help streamline the homebuying process and alleviate some of the common financial challenges nurses face when buying their first home. Let’s take a look at some of your options, so you can go through the homebuying process with confidence.

Are there homebuyer assistance programs for nurses?

Nurses can use certain homebuyer assistance programs to qualify for their first mortgage. While there are many resources marketed as “homebuyer programs for nurses,” some marketed programs may not actually offer special benefits specific to nurses. But as a first-time homebuyer there may also be homebuyer grants available through municipal entities, city or state agencies, and some nonprofit organizations.

Let’s take a look at some of the specific homebuying assistance programs available to nurses, including homebuyer grants for service workers and employer-assisted housing.

Homebuyer grants for service workers

Nurses can take advantage of homebuyer grants for service workers and government employees, such as Nurse Next Door and Homes for Heroes. These first-time homebuyer programs can help cover application and appraisal fees, as well as provide down payment options and interest rates.

Employer-assisted housing

Your employer may run employer-assisted housing (EAH) programs to help nurses live closer to work, cut down on travel time, and invest in their local communities through homeownership.

Through EAH programs, employers help with some of the cost of buying or renting. This can come in several forms, including grants for down payments, loans that are forgiven if you remain employed for a certain period of time, or education and counseling about the homebuying process.

Other first-time homebuyer assistance programs

Nurses can also tap into assistance programs that are available to all first-time homebuyers, regardless of their profession.

FHA, VA, and USDA mortgage loans

There are a few government loan programs for first-time homebuyers that nurses may qualify for, including:

  • Federal Housing Administration (FHA) loans. FHA loans can help first-time homebuyers qualify for low down payments of up to 10%. Homebuyers with credit scores of 580 or above may qualify for a down payment as low as 3.5%.
  • Veterans Affairs (VA) loans. VA loans are available to homebuyers who have served in the military. VA loan lenders typically require no down payment or mortgage insurance, and offer low interest rates and closing costs for veterans.
  • US Department of Agriculture (USDA) loans. USDA loans can help homebuyers of certain income limits in rural areas access loans with no down payment. They have no minimum credit score requirements, though a score of 640 or higher is preferred.

Down payment assistance programs

Down payment assistance programs can help first-time homebuyers cover their down payments and closing costs through grants or low-interest loans. These programs are commonly offered at the state, local, or regional level, but they’re only accepted by certain lenders. Be sure your mortgage lender accepts down payment assistance if you opt for one of these programs.

State first-time homebuyer programs

Most states run their own first-time homebuyer programs to help new borrowers fund their down payments and closing costs. Each state program is unique and may offer different rates, resources, and eligibility guidelines.

Let’s take a look at how your down payment can impact your mortgage. Use our down payment calculator below to estimate your monthly payment as you adjust your expected down payment amount.


OK

How does my down payment impact my mortgage?

Estimate the financial impact of your down payment using this simple calculator.

Use the percentage slider or enter a specific dollar amount above. 20% down can help you avoid private mortgage insurance (PMI).
Estimated Home price
$
Estimated Interest Rate
Estimated Fixed-Rate Loan Term
Down Payment Amount
$
Down Payment Percentage (%)*
20%

Your Estimated Mortgage Results

  • $0

    Monthly Payment
  • $0

    Total Loan Amount
  • $0

    Total Interest Paid
This calculator is for illustrative purposes only and does not include any taxes, fees, or private mortgage insurance.

Challenges for nurses when applying for a mortgage loan

Compared to other professionals, nurses may sometimes have a harder time explaining how their income is calculated and documented to a mortgage lender. Most nurses have to account for overtime, schedule changes, and variable shift pay. Travel nurses, in particular, might find it difficult to explain their employment history, especially if they work with several contracts and organizations within a year.

Working with a lender that understands that a nurse’s income can fluctuate, how to account for employment gaps, and how nurses can document their income can make this process much easier.

How nurses can prepare for a home mortgage application

New homebuyers can prepare for a mortgage application by having the appropriate documents and information ready.

If you’re hoping to use overtime to justify a larger mortgage, you may be asked to show a few years’ worth of income to demonstrate consistency. Most lenders will ask for a twelve to twenty-four months of pay history. This means having both pay stubs and W-2s ready.

However, even if you just started your first job out of nursing school, you can still use your base pay to qualify for a mortgage. Most lenders require you to be in a field for two years before you can qualify for a mortgage, but some lenders consider nursing school as part of your work history. This does mean a smaller mortgage than waiting two years and using your overtime pay to demonstrate actual income.

See how you can calculate your down payment options using our calculator here:

Existing debt, such as any remaining student loans can also impact a loan application. The easiest way to prepare is to calculate your debt-to-income ratio or DTI. This is the percentage of your gross (pre-tax) monthly income that goes toward debt.

For example, if you make $6,000 a month and your student loan payments are $1,200 a month, with no other debts, your DTI is 20%.

43% is usually the max for taking out a mortgage and most lenders prefer to keep DTI under 36%. To get an estimate of your DTI ratio, use our simple DTI calculator here.

Finally, knowing as much as you can about the area you want to live in can help. This can mean choosing a neighborhood within your budget, and a location that’s convenient to work and other nursing career opportunities. When it comes to buying your first home, there are many options as a nurse that can help your reach your homeowing goals.

To learn more about mortgage lending options with Laurel Road, click here.


Sources:
https://www.nerdwallet.com/article/mortgages/fha-loans-low-down-payment

https://themortgagereports.com/16242/usda-loan-income-limits-eligibility

https://themortgagereports.com/74854/good-debt-to-income-ratio-for-mortgage

https://www.consumerfinance.gov/ask-cfpb/what-is-a-debt-to-income-ratio-why-is-the-43-debt-to-income-ratio-important-en-1791/

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice, legal, financial, or tax advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators do not include the fees and restrictions that certain products may have. This calculator does not indicate whether you would qualify for a Laurel Road loan. Please visit the applicable banking product pages on laurelroad.com for specific terms and conditions.

In providing this information, neither Laurel Road or KeyBank nor its affiliates are acting as your agent or is offering any tax, financial, accounting, or legal advice.

Any third-party linked content is provided for informational purposes and should not be viewed as an endorsement by Laurel Road or KeyBank of any third-party product or service mentioned. Laurel Road’s Online Privacy Statement does not apply to third-party linked websites and you should consult the privacy disclosures of each site you visit for further information.

Was this helpful?

You May Also Like
Couple meeting with real estate agent in front of home

First-Time Homebuyer Tips

Read ›
A beautiful house

Getting a Mortgage When You Still Have Student Loa...

Read ›
Man and woman hugging outside a home

Top 10 Terms to Know Before Buying a New Home

Read ›

Don’t miss the latest financial resources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Get tailored Laurel Road resources delivered to your inbox.

    Share

    • Copy Link
    • Email
    • Social

    Social Media Share

    >

    Search Results

    0
    Laurel Road is a brand of KeyBank N.A. All products are offered by KeyBank N.A. Member FDIC. NMLS #399797. Equal Housing Lender. ©2025 KeyCorp®
    All Rights Reserved.
    Equal Housing Lender logo FDIC Member logo
    • About KeyBank
    • About Laurel Road
    • Leadership
    • Press
    • Refer-A-Friend
    • Apple Store
    • Google Play Store
    • Student Loan Refinancing
    • Mortgage
    • Personal Loans
    • Financial Resources
    • FAQ
    • Contact Us
    • Partner With Us
    • Our Technology
    • Sitemap
    • Online Privacy Statement
    • User Agreement
    • Report Suspicious Activity