Travel Nurse Less Than 12 Months, Loan Options?

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Travel Nurse Less Than 12 Months, Loan Options?

Christin Nguyen
New to Real Estate · Member since 2023 · 44 posts · 19 votes

Hey everyone, 

I’m having trouble finding a lender who is able to get me preapproved because I’ve been a travel nurse for less than 12 months. I have been a registered nurse for over four years though, and have had a steady income. 

What are my other options in getting a loan for an investment property such as a duplex? What are the pros and cons of having a private investor versus a conventional loan from a bank?

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Marcos Gonzalez
Lender · Auburn, AL · Member since 2018 · 67 posts · 35 votes
3y

You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down. 

You can also do a DSCR loan, where the rent will be used to qualify.

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  • Marcos Gonzalez
    Lender · Auburn, AL · Member since 2018 · 67 posts · 35 votes
    3y

    You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down. 

    You can also do a DSCR loan, where the rent will be used to qualify.

    2Reply
  • Chris Allen
    Temple, TX · Member since 2018 · 307 posts · 215 votes
    3y
    Quote from @Christin Nguyen:

    Hey everyone, 

    I’m having trouble finding a lender who is able to get me preapproved because I’ve been a travel nurse for less than 12 months. I have been a registered nurse for over four years though, and have had a steady income. 

    What are my other options in getting a loan for an investment property such as a duplex? What are the pros and cons of having a private investor versus a conventional loan from a bank?

     Like @Marcos Gonzalez said, they should be able to average your income as a nurse because you have worked in the same industry for more than 12 mo. Are you W2 or 1099 as a travel RN? Here are some tips that I did to secure financing

    - Write a letter/email detailing your experience as a nurse, how long you have worked as a nurse, your transition to travel nursing, how you are paid, how contracts work, etc... Be as thorough as possible. 

    - Provide them your current and even previous contracts to show employment history and pay

    - have your recruiter email them and explain your employment and job outlook for travel nurses. 

    - Going forward, I recommend taking as little time between assignments as possible, and also try and stay with 1-2 agencies if you can (obviously don't if other agencies have way better jobs and work better for you)

    - I would consider trying to get a PRN/Per Diem job where they will allow you to be gone for extended periods of time, that way you can show that you have steady employment where you can go back at anytime and pick up shifts. 

    1Reply
  • Erik EstradaBusiness Member
    Lender · Member since 2022 · 6k+ posts · 1k+ votes
    3y
    Quote from @Christin Nguyen:

    Hey everyone, 

    I’m having trouble finding a lender who is able to get me preapproved because I’ve been a travel nurse for less than 12 months. I have been a registered nurse for over four years though, and have had a steady income. 

    What are my other options in getting a loan for an investment property such as a duplex? What are the pros and cons of having a private investor versus a conventional loan from a bank?


     What is their reasons for not approving you? A lot of big box banks have overlays on their guidelines. You might want to look into working with a mortgage broker. You shouldn't have an issue with 4 years of experience as an RN and transitioning into your new role as a travel nurse if your income is increasing. 

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  • Christin Nguyen
    OP
    New to Real Estate · Member since 2023 · 44 posts · 19 votes
    3y
    Hey, I am trying to explain my unique situation to each broker I speak with. They write in detail to their underwriter and said they will get back to me. Maybe I can be more thorough by offering things like an email from my recruiter or like you said, my income from my steady staff nurse job.
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  • Christin Nguyen
    OP
    New to Real Estate · Member since 2023 · 44 posts · 19 votes
    3y
    Quote from @Marcos Gonzalez:

    You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down. 

    You can also do a DSCR loan, where the rent will be used to qualify.


     Is it just some lenders don’t want to take the risk? They are saying Fannie Mae and Freddie Mac will not allow me to take out a loan until 12 months. What are the ways to phrase this to a lender that I am a reliable buyer? Pay stubs, proof of consistent employment, letters of recommendation from recruiter, etc?

    0Reply
  • Marcos Gonzalez
    Lender · Auburn, AL · Member since 2018 · 67 posts · 35 votes
    3y
    Quote from @Christin Nguyen:
    Quote from @Marcos Gonzalez:

    You can still qualify, since you have been a nurse for over 12 months, we can average your last 12 months of pay. You will need at least 15% down. 

    You can also do a DSCR loan, where the rent will be used to qualify.


     Is it just some lenders don’t want to take the risk? They are saying Fannie Mae and Freddie Mac will not allow me to take out a loan until 12 months. What are the ways to phrase this to a lender that I am a reliable buyer? Pay stubs, proof of consistent employment, letters of recommendation from recruiter, etc?

    On my applications, I just put RN for the position and as long as you can document your work history you should be good. 

    Feel free to PM me. 
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