Monday, October 2, 2023

Home Equity Loans For Nurses

Must read

Centers For Disease Control And Prevention Epidemic Intelligence Service Program

Should I Use a HELOC for Home Repairs?

This two-year postgraduate fellowship is an opportunity for physicians, nurses, veterinarians, pharmacists and more to investigate epidemiological outbreaks, natural disasters or other public health issues for the CDC. You may be assigned to a state or local office or to the CDC headquarters.

One of the benefits is up to $50,000 per year in student loan repayment, depending on funding availability. Only federal student loans qualify for repayment.

When Does Repayment On Nursing School Loans Start

Repayment varies depending on the type of loan you have. If you have federal student loans, repayment will begin six months after you graduate, leave school or drop below part-time status.

If you have private student loans, repayment will vary depending on your specific lenders policy. In general, grace periods from private lenders range from six to nine months.

Are First Home Buyer Discounts Available

If youre a , you can get a discount of up to 15% on your LMI premium with select mortgage insurance companies.

You wont get the discount if your lender doesnt deal with these specific LMI providers.

Please note that in most cases, you must not be borrowing more than $600,000. Also, if your deposit is from a borrowed source then you wont qualify.

Luckily, you can use the First Home Owners Grant as your deposit. However, it may not be enough on its own.

If youre unsure about whether or not you qualify for the grant, you can find out in the FHOG website.

Read Also: Summit Nursing Home Southington Ct

Loan Forgiveness Options For Healthcare Workers

Student loan repayment and forgiveness programs can limit the amount youâre required to pay back. And itâs not just physicians who may qualify for student loan forgiveness based on their healthcare service.

Student loan forgiveness for nurses, nurse practitioners, certified nurse midwives, licensed clinical social workers, dentists, veterinarians, researchers and more all have programs available. Here are some you should consider.

Indian Health Service Loan Repayment Program

1500 Installment Loans

The federal Indian Health Service awards up to $40,000 in loan repayment to clinicians who commit to two years of service in healthcare facilities focused on serving American Indian and Alaska Native communities.

A wide range of professions can qualify, from advanced practice nurses to physical therapists to licensed acupuncturists.

Recommended Reading: Masters In Nursing Emergency Medicine

National Health Service Corps Loan Repayment Programs

The National Health Service Corps, run by the federal Health Resources & Services Administration, offers three different loan repayment programs for healthcare providers. These offer loan repayment assistance in exchange for at least two or three years of service in certain locations:

  • NHSC Loan Repayment Program: This option is for primary care medical, dental or mental health providers. In exchange for two years of employment in an HPSA, you can receive up to $50,000 in loan repayment for full-time work or up to $25,000 for part-time work. A contract extension beyond two years is possible, which can help you pay off up to your remaining outstanding loan balance.
  • NHSC Substance Use Disorder Workforce Loan Repayment Program: This option is for trained and licensed substance use disorder treatment providers, particularly for opioid addiction. You must work in a primary care medical, dental or mental health discipline at an NHSC-approved substance use disorder treatment site in a HPSA. You can get up to $75,000 for three years of full-time work or $37,500 for part-time work.
  • NHSC Rural Community Loan Repayment Program: Also focused on providers of substance use and opioid addiction treatment, this program provides a larger amount of student loan repayment assistance if you commit to working in a rural area. You can earn up to $100,000 in assistance for three years of full-time work or $50,000 for part-time work.

Enjoy Attractive Terms And Conditions On Your Financing Solutions

Personal Flex Line®, 10

This line of credit is accessible any time. Power your ideas without having to apply for a new loan!

National Bank All-In-One®, 11

A home equity line of credit that groups together your bank accounts and your short-term cash and financing needs.

Fee of $7 per month per account

Mortgage loan4

Split your mortgage into smaller portionseach with its own rate, term, payment frequency and amortization period.

To benefit from these advantages, we invite you to contact an advisor.

Also Check: Does Uhd Have A Nursing Program

Nhsc Nurse Corps Loan Repayment Program

Nurses have an additional NHSC-run loan repayment assistance program to choose from: Nurse Corps. If youâre a registered nurse, advanced practice registered nurse or nurse faculty, you could have up to 85% of your outstanding nursing school debt paid off.

To qualify, you must work in an eligible critical shortage facility or an accredited school of nursing at least 32 hours per week. The student loan repayment award is 60% of debt paid off over two years plus another 25% paid off for an optional third year.

What Is Waived Lmi

What happens to Reverse Mortgage if I move to Assisted Living or Nursing Home?

LMI is an acronym for , which is paid by the borrower to the lender when youre borrowing more than 80% of the property value.

As a nurse, you dont have to pay LMI even when borrowing 90% of the property value.

Heres how much you save on LMI fees:

Property Value
90% $22,392

*Results from our , based on a new purchase of a home as a primary place of residence in the state of New South Wales.

Are you ready to save thousands of dollars on your home loan? Call us on 1300 889 743 or today.

You May Like: National Nurses United Medicare For All

Our Suite Of Services

  • Home Loans For Nurses and Registered Nurses
  • Personal Loans For Nurses and Registered Nurses
  • Investment Loans For Nurses and Registered Nurses
  • Car Finance and Loans For Nurses and Registered Nurses
  • Self Managed Super Fund Loans For Nurses and Registered Nurses

Apply online now or call and speak with one of our Lending Specialists now on .

How Is A Nurses Home Loan Program Different From A Traditional Home Loan

Most traditional lenders lack the understanding and flexibility in handling applications of nurses and other applicants with special careers. The Nurses Home Loan Program was designed to adjust to nurses unique remuneration circumstances while giving them the best benefits from the start of the loan to the closing date.

Also Check: Masters Entry Nursing Programs California

Your Medico Lending Specialists

Arranging finance can be a huge pain point. Not only because you’re time poor, but also because there is just so much information you have to wade through in order to get it right. We make it easy for you and ensure you get it right the first time, every time.

We can help you use your debt effectively by ensuring you get a financial product that gives you freedom – not limitations. After all, when you are looking to invest and need the capital to start, it’s often overwhelming to think about looking for a lender. We customise your lending and financial products to ensure that you can realise your investment goals and setup a brighter financial future. We take the time to sit with you and understand what your goals are – whether you want a refinance and reliase your equity, or if you want to make larger repayments to keep interest low – and then we lock in a financial product that meets your goals.

How Is Reverse Mortgage Line Of Credit Treated

Millennials embrace nursing profession â just in time to replace baby ...

The most popular option to reduce equity interest is through a reverse mortgage. The equity value is reduced by deducting the debt from the current market value. The homeowner will have to receive the money for it to reduce equity.

Costs relating to obtaining the reverse mortgage can be included to reduce the home equity if the costs are paid out of the loan proceeds. . If the person pays out-of-pocket costs up front, they do not reduce the equity.

You May Like: Is Chamberlain A Good Nursing School

Do Nurses Get Discounts On Mortgages

Are Physician Loans a Good Idea?

A physician loan can come with sizable benefits such as no money down or an easy approval process. Everyones needs are different. We will make sure you have the right home loan. Whatever option you choose, we work with you to make sure that it is the most viable option for you and your financial future.

How To Calculate Your Total Income As Nurse

So, how do you figure out your total income? Assuming you have 12-24 months worth of paystubs showing consistent night shift differential, overtime, and bonuses, these are the steps you would take to show your total income:

Step 1 Calculate Your Current Base Pay Do determine your base pay, multiply your hourly rate by the number of guaranteed hours you work every week. So, for example, if your base pay is $35 an hour and you work a full 40 hours per week:

$35 x 40 = $,1400

$1400 x 52 = $72,800

$72,800 / 12 = $6,067/month

Step 2 Calculate Your Differential Pay As mentioned above, night shift differential is the higher hourly rate for shifts between 3 p.m. and 8 a.m. So, for example, if you work 500 night shift hours in 24 months and the differential rate is $7, then multiply these numbers to get your two-year differential pay:

$7 x 500 = $3,500

Step 3 Calculate Your Overtime Pay As with differential pay, to determine your overtime pay for two years, you would multiply your overtime rate by the number of hours worked. If your overtime pay rate is 1.5 x and you worked 250 hours of overtime, your calculation would look like this:

$52.50 x 250 = $13,125

Read Also: Top 10 Nursing Schools In Florida

What If I Dont Meet The Above Criteria

If you currently have a 15% deposit, saving a little more to get to 20% is another option for you to avoid LMI completely.

The only exception is if youre borrowing at 80% with a .

Our mortgage brokers are specialists in nurse home loans. They know which lenders offer these discounts to nurses and which lenders are more conservative with their requirements.

You can call us on 1300 889 743 or fill in our to find out what offers are available for your situation.

Selling Your Home Outright

Options for Refinancing with a VA Home Loan | Department of Veterans Affairs | theSITREP

In some cases, if your loved one requires long-term residential senior care and does not anticipate returning to his or her home, selling the home may be the best option to access the home equity. As previously discussed, the U.S. Department of Health and Human Services estimates that the average person turning 65 today will incur $138,000 in future long-term care costs. Depending on the home and whether or not he or she owns it outright, the proceeds from selling a home can, in some cases, pay for the entirety of your loved ones long-term care needs.

Selling your loved ones home in order to help finance his or her long-term care is a big decision. The process of selling a loved ones home can be emotionally difficult and requires a great deal of time, attention, and effort. There are some important considerations to keep in mind prior to making this decision, including:

  • Whether or not your loved one may ever wish to, or may be able to, return home and receive in-home care
  • Whether or not a spouse, child, or other family member or loved one may ever wish to live in the home
  • The potential that the home may increase in value over time
  • The cost of any renovations or repairs as well as other costs associated with selling the home
  • The potential stress or grief your loved one may experience as a result of selling his or her home
  • What to do with the contents of the home

Also Check: West Coast University Nursing Tuition

How Do Home Equity Loans Compare To Other Options

Home Equity Loan Vs. Cash-Out Refinance

Home equity loans arent the only way you can borrow against your home equity. You can also choose to get the money you need through a cash-out refinance.

While home equity loans enable you to take out a second mortgage on your property, cash-out refinances replace your primary mortgage. Instead of obtaining a separate loan, the remaining balance of your primary mortgage is paid off and rolled into a new mortgage that has a new term and interest rate.

With a cash-out refinance, you receive funds for the equity in your home, just as you would with a home equity loan. Unlike a home equity loan, you only have one monthly mortgage payment.

If you choose to get a cash-out refinance, you usually can secure a lower interest rate than with a home equity loan. The reason for the discrepancy in interest rates has to do with the order in which lenders are paid in the case of defaults and foreclosures.

Home equity loan rates are generally higher because second mortgages are only paid back after primary mortgages have been. As a second mortgage lender, theres a higher risk that the sale price will be too low for the lender to recoup their costs.

Enjoy Three Eligible Bank Accounts

Get up to three bank accounts and pay no monthly feeplus you get an unlimited number of transactions on most automated services by obtaining a Mastercard.


  • Send an Interac® e-Transfer free of charge
  • Carry out several types of transactions in an unlimited number, including branch transactions and automated telephone services
  • First order of 100 personalized cheques included
  • Ensure that you never get caught short with our overdraft protection
  • Access your accounts from anywhere in Canada with the THE EXCHANGE® ABM network

Dont need a credit card? A $12.95 monthly fee applies.12

Read Also: Post Master’s Nursing Informatics Certification Online

How Much Equity Can I Borrow

Lenders usually allow for 85% of the value of your house. Some lenders might offer up to 100% equity, but that is not a guarantee. If you can keep the renovation, rebuild, or repairs below that amount, youll have less of a monthly payment. As with any lender, the amount offered also has to do with your debt-to-income ratio, which can affect your fixed-rate interest as well.

Heres an example of how home equity loans work: If you bought a house for $250,000 and already paid off $60,000 of the mortgage since you purchased it, you have $60,000 in equity. The remaining balance on your loan is $190,000, as long as your houses value has stayed the same. If a lender lets you borrow 85% of the value of your home, that gives you $212,500. You still owe $190,000 in mortgage, so that is subtracted, leaving you with $22,500 in equity that you can borrow.

Home Equity Lines Of Credit For Veterans

Home Equity Loan Rates For Bank Of America

Unlike home equity loans, home equity lines of credit offer the flexibility to borrow and repay funds throughout the loans draw period, so youre only borrowing as much as you need without having to pay interest on the entire loan amount. The Department of Veterans Affairs also does not back HELOCs, so you will need to rely on private banks and credit unions. Both military lenders and civilian banks and credit unions offer HELOCs, though they tend to be less common than fixed-rate home equity loans.

Read Also: What Schools Have Neonatal Nurse Practitioner Programs

What Does It Mean To Age

Aging-in-place is a conscious decision to stay in ones home for as long as possible, with the comforts and conveniences that are necessary and important to you. Thanks to the shop at home revolution, this is becoming easier now than in years past. Today we can order prepared meals, groceries, clothing, and just about anything else you can think of online and have it all delivered right to our doorssometimes within hours.

A Better Way To Get A Commercial Real Estate Loan For Nursing Homes

Our proprietary Commercial Real Estate Lending Platform standardizes and simplifies the commercial real estate loan process allowing us to quickly compare different loan programs and platforms for nursing homes across our lending network providing you with nursing home commercial loans that meet your individual needs and objectives with the most competitive rate and terms.

CREFCOA provides commercial real estate mortgage loans for nursing homes, skilled nursing, congregate care facilities, assisted living and Alzheimer care properties. CREFCOA understands the special financing needs of nursing home operators. We provide commercial real estate loans for nursing homes for the acquisition, renovation or refinancing of nursing home properties nationwide.

Properties with a residential tenant component are processed through our multifamily lending platform. Visit the multifamily loan center to learn more about our commercial mortgage loans for nursing homes, or request a quote for your nursing home, skilled nursing, congregate care facility, assisted living or Alzheimer care property.

Also Check: Woodmont Nursing Home Fredericksburg Va

Nursing Home Loan Assistance Programs

So, youve read up on the best practices for buying a home as a nurse or travel nurse and youve decided that buying a home is the right choice for you. Next, youll want to explore look for ways to reduce the cost of your mortgage. One way Nurses can reduce the costs of their mortgages is by using nursing home loan assistance programs. Below, weve listed 6 options you can explore.

Home loan assistance up to $6,000 is available for qualifying medical professionals, though, depending on availability, grants as low as $1,000 may be available. Depending on your situation, down payment grants up to $10,681 may be available.

Eligibility Requirements

The exact qualification criteria to qualify for this program will depend on which state you live in. In general, all professional medical staff will qualify. Grants are awarded for primary residences only and to medical professionals who do not already own a home. For more information, .

More articles

Popular Articles