Real Estate Agent · Pompano Beach, FL · Member since 2016 · 3 posts · 2 votes
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.
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.
@Amanda Evers Yes, please send me that template. My sister is a travel nurse and is in desperate need of help with this. Her signing is this Friday supposedly, but suddenty they are having issues. This is the 3rd lender she's tried.
Temple, TX · Member since 2018 · 307 posts · 215 votes
5y
Hi all, I just wanted to see if anyone has heard about or worked with Bankers Healthcare Group (BHG)? I have thought about reaching out to them about lending, but have seen a few mixed responses on them. They claim to offer up to $250k with funding in as few as 3 days to use for things like debt consolidation, refi, working capital, business development, startup loans, etc... Though this could be a decent option for travel nurses who have difficulty finding funding since this company claims to be geared to healthcare workers.
I've tried BHG. They are just like all the other lenders. I've been a traveling nurse for over 4 years and tried them first. They said I didn't make enough and they couldn't help me. A couple of days later they ran my credit score. They will not accept the non taxable amount we receive. I've been trying to get a mortgage for several months with no luck. If I could find someone who would go by my paystubs instead of my taxes I would have no problem. As of right now I'm still trying to get a mortgage loan.
Temple, TX · Member since 2018 · 307 posts · 215 votes
5y
@Suzanne Muscari that is what I am afraid of. I am really wanting to buy a STR but worried that my credit will be pulled, everything will look great, and it will be the way that I am paid that will stop me. Luckilly, with the way that I am being paid and the amount I am being paid, most of it is actually taxed, just lack of history in traveling. May have to find a local bank or credit union.
If anyone has a temple for the job description/explanation as a travel nurse please send it my way! Two lenders turned me down BB and T, and Guaranteed rate literally a few days before closing each time. It’s already been a year long process as of yesterday.
Trying to buy my home from my X-wife and I am running out of time with her patience (I don’t blame her). Exhausted, frustrated, and running out of hope so any help would really go a long way.
@Amanda Evers, I saw this forum. Your story is a ray of sunshine. I work fulL time now but is looking into working next month as a travel nurse. I do look forward in buying my own house late next year. I want to be prepared as much as possible. Will it be okay if I ask for your template?
I feel like no one has listed a lender who actually worked with travel nurses and has been successful. I would say try roundpoint mortgage. I use TRY loosely because I was qualified while on contract but ended up losing out during the underwriting process because at the time it was done I wasn’t technically under contract anymore and my agency basically told the lender that I do not work there (all despite having a local per diem job on the side) lol bummer
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.
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.
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.
Hi Amanda, would you be able to send me a copy of your letter of explanation for the travel nurse pay breakdown, etc? Thank you!