Chloe’ Sizer | October 19th, 2023
Hey there, fellow travel nurses! Thinking about buying a home? You’re not alone. More and more travel nurses are choosing to settle down and put down roots, even though their jobs require them to move frequently.
But buying a home as a travel nurse can be a bit tricky. Lenders may be hesitant to approve you for a loan because of your unconventional employment situation. But don’t worry, it’s definitely possible.
Here are a few tips to help you make the process as smooth as possible:
- Get your finances in order. This means having a good credit score, a low debt-to-income ratio, and a down payment saved up. The more money you can put down, the less you’ll have to borrow, which will make you a more attractive borrower to lenders.
- Find a lender who understands travel nursing. Not all lenders are familiar with the travel nursing industry, so it’s important to find one who is. They’ll be better able to assess your income and employment situation, and they’ll be more likely to approve you for a loan.
- Be prepared to explain your job. When you’re applying for a mortgage, you’ll need to provide the lender with documentation of your employment and income. This may include paystubs, tax returns, and letters from your travel nursing agency. You’ll also need to explain how your job works and why you’re a good credit risk.
Here are a few additional tips that can help you buy a home as a travel nurse:
- Consider buying a home in a location where you’d like to settle down eventually. This way, you can rent out your home while you’re away on travel assignments.
- Think about buying a multi-unit property. This could be a duplex, triplex, or fourplex. You could live in one unit and rent out the others.
- Consider buying a home with a partner or friend. This can help you qualify for a larger loan.
Buying a home as a travel nurse is definitely possible, but it takes some planning and preparation. By following these tips, you can increase your chances of getting approved for a loan and finding the perfect home for you.
Now, let’s talk about some of the challenges you may face as a travel nurse when buying a home.
- Income verification. Lenders typically want to see at least two years of consistent income before approving you for a mortgage. If you’re a travel nurse, your income may fluctuate from year to year. This can make it difficult to get approved for a loan.
- Employment gaps. Lenders also don’t like to see employment gaps on your resume. But if you’re a travel nurse, you may have gaps in your employment history when you’re between assignments.
- Non-taxable income. Travel nurses often receive non-taxable income, such as housing stipends and travel reimbursements. This income can be difficult to verify and may not be counted by lenders when determining your eligibility for a loan.
Despite these challenges, there are ways to overcome them and buy a home as a travel nurse.
- Get pre-approved for a mortgage before you start shopping for a home. This will give you a good idea of how much you can afford to borrow and will make you a more competitive buyer.
- Work with a real estate agent who specializes in working with travel nurses. They will understand your unique needs and will be able to help you find a lender who is willing to work with you.
- Be prepared to provide documentation of your income and employment history. This may include paystubs, tax returns, letters from your travel nursing agency, and bank statements.
- Write a letter of explanation to your lender. This letter should explain your job situation and why you’re a good credit risk.
Buying a home as a travel nurse can be a challenge, but it’s definitely possible. By following these tips, you can increase your chances of getting approved for a loan and finding the perfect home for you.
If you aren’t already heading to your next assignment, let’s chat! 😊
Email [email protected] to get connected with a recruiter!