Mortgage Loans For Travel Nurses

32 Replies

Hello, 

Is anyone aware of a mortgage program designed specifically for travel nurses? I know such programs exist for doctors,, however I can find anything for nurses.

Thanks,

Nathaniel 

@Nathaniel Crawford most travel nurses can qualify for most loans out there.  The "Doctor" programs are designed for "Jumbo" loans ($454,200+ loan amounts) and in general just carry a lower down payment (jumbos require 20% down in general...and the doctor ones are 10% or so down).  

Do you have a friend or client that can't get qualified as a travel nurse?  My wife is a nurse and I have worked with many.  Tag me know if you have specific questions and I'll do my best to answer.  Thanks!

Hey there! I happen to work with several traveling therapists/nurses and have had a few recently purchase homes. They weren’t able to find any programs specific to them they just got a conventional mortgage. The only difficulties they run into sometimes is being able to qualify for the loan because most of their pay is tax free and not considered income due to all the additional expenses they incur traveling 

@Benjamin Benami what lender did they use that was able to work with the fact that their pay was tax free and not considered income? I'm working on marketing for a new condo development here and their preferred lender won't do travel nurses because of the way they are paid. I also have a relationship that can get me access to a lot of travel nurses. However, I want to find a lender that has experience with lending to them before I start aggressively promoting the property to nurses.

Honestly not sure of the lender but I can find out. We usually receive an income verification form to fill out by our HR department from the lender. Their pay stubs should also show their take home pay as well and total yearly income. However their W2s only show whatever their hourly taxable rate is. A lot of times it might look like they only make 30k a year when really they are probably taking home 1600-2000 a week net

hello, my wife and I are both travel nurses and haven’t had luck with getting a mortgage loan. We’re trying to move to Georgia, currently in California. We’ve been told by two different mortgage brokers that lenders are denying us because it our work looks inconsistent.  Any help or advice is greatly appreciated. 

I'm curious if anyone asking has tried getting approved with lenders who are familiar with day 1 certainty or by an originator who actually reads their automated underwriting findings...  If you can get a verification of employment and a conventional loan you should be able to avoid having to provide paystubs and W2s unless the lender has overlays. 

@Jeremy Williams is it interesting that no one wants to ask the lenders that state they have solutions any questions? I guess we'll just continue to stand by.  The offer is still on the table:  tag us if you have any questions.  We can help with showing how this can work.  Obviously others are interested in the topic so ask away.  You might be helping someone else too.   Thanks!

Hey guys!  All this is very familiar to me as I do Travel Physical therapy with many years experience, plenty of reserves, excellent credit history and a weekly bring home of approx 1400 net or better.  I have attempted to obtain a re-fi for a free and clear home in central FL but with many calls and even a couple months going back and forth with Gateway mortgage and I haven’t had any luck.  Nobody wants my money! Haha

Has anyone had any lenders assist with the non-taxed stipend monies that come in weekly that are “not considered income” to assist you?  I am having the exact same problem.  I am going to make more called throughout the week and if i come up with a lenders willing to help I will repost.  Any luck @Nathaniel Crawford ?

Thanks for any help you have found!

Hey-I just went through this. After almost two months of negotiations with my underwriter, i wrote a detailed letter of explanation and closed the next day. It would have saved me a ton of time and frustration if i did it in the first place but hey lesson learned! The middle man/ underwriters have no concept of nursing or health care jobs and absolutely no idea what a travel professional does- just that it seems super flaky and inconsistent on paper. You really need to explain that the non taxable stipend is not considered income by the IRS but is defined on the pay stub and we receive that amount weekly for expenses and qualify for it by keeping an IRS defined tax home. You also have to breakdown the concept of contracts and that it is totally different than temp. employment. If you can show you have signed multiple contracts without employment gaps and have worked as a traveler for at least a year it definitely helps. I explained i have stayed at hospitals through the same employer for up to a year and have always been offered full time employment, and also that i maintain my home state nursing license should i chose to come home i can easily get a job. I added some other points and I ended it with some numbers from @Brandon Turner The "secret" to unlocking bank financing. 

The clarification definitely goes along way although it ultimately depends on the underwriter. Don't give up! I used a local bank. Let me know if i can answer any questions- hope the idea helps. 

I will bring this thread back to life because I am in the process of finding a great lender that will approve a travel nurse for our first multi-family purchase in Tampa Fl area. Perhaps anyone reading this could shed some some light and share some contact information of lenders that could help with the approval process. 

@Amanda Evers , To my understanding of traditional underwriters and lenders I am in the process of typing a detailed letter explaining the unique profession of being a travel nurse. Hoping to clarify any confession of how a travel nurse is paid and the process of a valid steady income. I would like to message you if that is okay with you. 

thanks everyone   

Hey @Johnny Tran ! Feel free to send me a message. It has proven to be very beneficial for me and some other travel nurses  I have worked with to provide a letter of explanation which explains pay breakdown, actual income, etc. I can send you my template if youd like.

Originally posted by @Amanda Evers :

Hey @Johnny Tran! Feel free to send me a message. It has proven to be very beneficial for me and some other travel nurses  I have worked with to provide a letter of explanation which explains pay breakdown, actual income, etc. I can send you my template if youd like.

 Messe sent thank you 

I’m going to open this topic back up.

I'm a traveling physical therapist. Got preapproved for an FHA loan through an online lender about 10 days ago. Got a duplex under contract 6 days ago in Ohio. Lender is now saying my per diems won't count since they aren't taxed. I even sent them a detailed letter about travel PT and my salary breakdown, as well as PDF of the deal from the BP calculator.

Been working for the same travel company since July of 2018. First job out of PT school. I’ve read online that some lenders will consider per diems.

My debt to income ratio is too high when they don’t consider my per diems, as 60% of my salary comes from per diems.

Are there any lenders that will take travel healthcare per diems into account? Thank in advance.

@Amanda Evers Your story gives me so much hope. I have only been a travel nurse for 1 year and a couple of months but was a permanent staff nurse for 9 years prior. I am trying to purchase a fourplex that I plan to house hack and potentially rent to other travel nurses in the future. I am having a hard time getting a loan because the tax free money and "inconsistency of employment".  I would love a copy of your template. I'd want to give this another try. The fourplex that I was looking at was already being bought the day we went in for viewing last year but as faith would have it, it is back on the market. I swear it's because it's meant to be mine, ha! :)

Originally posted by @Jonathan Steiger :

I’m going to open this topic back up.

I'm a traveling physical therapist. Got preapproved for an FHA loan through an online lender about 10 days ago. Got a duplex under contract 6 days ago in Ohio. Lender is now saying my per diems won't count since they aren't taxed. I even sent them a detailed letter about travel PT and my salary breakdown, as well as PDF of the deal from the BP calculator.

Been working for the same travel company since July of 2018. First job out of PT school. I’ve read online that some lenders will consider per diems.

My debt to income ratio is too high when they don’t consider my per diems, as 60% of my salary comes from per diems.

Are there any lenders that will take travel healthcare per diems into account? Thank in advance.

Dont go through an online broker, their boxes are too hard to check. Find a loan broker that can nuance the package and answer and prep you for what the underwriter will look for. Once they get it in their craw they will keep asking questions.

Look into FHA and even Down Payment Assistance proograms that might be enough to offset the per diem discrepancy.

Find a co=signer or team up with another nurse partner

Hello! I have run into the same problems as everyone else. It seems lenders can’t grasp the concept or housing stipend and meals when the military receive a housing stipend as part of their pay. @Amanda Evers I would love a copy of your template. Also, has anyone had any luck other than Amanda?

@Andrew Postell

Hi Mr. Postell, I just sent a message to you on LinkedIn about this since you had mentioned that we could tag you if we had questions or need advice. My husband and I were conditionally approved by Quicken Loans but they called my husband today and said that they have not yet been able to verify my full income (we are only using my income). They said they will continue to try to work on it but I know that travel nurses have trouble getting approved because the bulk of our income comes from tax-free stipends that are not reflected on the W2. I was researching online to find a solution because surely someone knows how our income works. I would love to talk to you more about this  if you are available. Or, if you are not available, can you recommend someone we can speak to? 

Thank you! 

Sarine Thomas