Finding a home loan is such a very challenging task. This is due to the fact that this requires a lot of requirements and several processes to go through. Home loan can be tricky at times, most especially when you are applying for a loan for nurses. There may be several lenders who are going to give you a good deal. However, it is not so easy to determine which one has really the best for you.
The more challenging this will be for travel nurses. They have several issues to deal with such as the employment gaps, constant change of employers, non-taxable income and still many more. With this, how can you qualify for a home loan? Click here to get more details on loan qualifications.
Staff nurses are not an excuse to this. They also have different challenges to go through to get a home loan. Let's start talking about the tips on how to qualify for a home loan.
Staff nurses may have several opportunities in order to get extra money. They may have extra shifts and shift differentials are just a few. However, can this help you qualify to a certain lender? Actually, your overall income can help you qualify. But, this will depend on the amount of time you have been using the different means of income. If you are a new nurse, you can use your base payment as a nurse. However, lenders will often require one to be in the job for two years. In this case, you can go to another lending rule that considers nursing school as part of your working background. This would simply mean that you are already qualified considering that you spend more than two years in schooling. You can ask your employer for an offer letter which states your base hours and pay expected. Visit this website for the best nurse's loans.
The problem with travel nurses is that they often have unstable employment which loan offices don't fully understand. Although you might see the job as a great opportunity for more jobs, lenders may not see it that way. Well, you can start writing your letter of explanation. This is where you can state the real nature of a travel nurse. Include why your job is in high demand and the assurance that contracts will be available all the time. Be sure to get two years of experience as a travel nurse. This is what all lenders wants to see- your history. You can also include your staff nurse experience in your history. The more years of experience, the better. Get more details on loan officers here: https://en.wikipedia.org/wiki/Loan_officer.