You’re our first priority. We want you to understand how we make money. This post may contain affiliate links. Biglaw Investor may receive a commission at no additional cost to you if you click on the links in this article. This may influence which products we write about and where and how the products appear on a page. However, it does not influence our evaluations. Our opinions are our own. In some circumstances, if you work with us, we are able to provide an incentive to work with our advertising partners that is unavailable if you work with our advertising partners directly. Our partners cannot pay us to guarantee favorable reviews of their products or services. To read more about how we make money, click here.
JD MORTGAGE® connects you with lenders offering low to no down payment mortgages designed specifically for high-income professionals. We find the lenders that allow jumbo loan balances, relaxed debt-to-income ratios and typically do not require private mortgage insurance (PMI).
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best mortgage for your home financing needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
• Online
usually responds within 30 minutes
$100M Closed Loans
First Citizens, founded in 1898, is a full-service commercial bank with over 500 branches, offering a wide range of retail and corporate financial services.
High-income professionals can benefit from First Citizens' services, including wealth management, private banking, and insurance. Their offerings also comprise personalized financial planning, customized credit solutions, and estate planning. They provide tailored strategies to optimize financial growth and security. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $1.5 million |
| 20% | up to $2 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
First Western Trust, founded in 2004, is a private bank and wealth management company, providing a comprehensive suite of financial services across the Western U.S.
High-income professionals can utilize First Western Trust's services for comprehensive wealth planning and management. Offerings include investment consulting, private banking, trust and estate planning, and retirement planning. Tailored strategies are designed to optimize financial growth and security. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $850,000 |
| 5% | up to $1 million |
| 10% | up to $1.5 million |
$100M Closed Loans
Flagstar, founded in 1987, is a leading national bank headquartered in Michigan, offering a broad range of banking, mortgage, and lending operations.
High-income professionals can utilize Flagstar's wealth management services for their financial planning needs. These services include personalized investment strategies, retirement planning, estate planning, and trust services. Additionally, Flagstar offers private banking solutions such as tailored loans and exclusive credit options. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.5 million |
| 10% | up to $3 million |
• Online
usually responds within 30 minutes
$100M Closed Loans
Shoreham Bank, founded in 1860, is a reputable financial institution offering a comprehensive range of banking services including loans, savings, and online banking.
High-income professionals can take advantage of various services from Shoreham Bank. These include specialized checking and savings accounts, tailored investment advice, estate planning, and personalized loan options. The bank also offers a private banking service, providing dedicated financial advisors for comprehensive wealth management. [ Read Review → ]
| Down payment | Financing |
|---|---|
| 0% | up to $1 million |
| 5% | up to $1.25 million |
| 10% | up to $1.5 million |
| 15% | up to $2 million |
From the bustling city streets city living of Los Angeles or San Francisco or are more in for the small town life of the Central Valley, California has something for you. From the stunning Yosemite Valley to the deserts of Southern Cal, the Golden State offers one of the richest and most diverse settings in the U.S.
A good number of nurses like to call California home, thanks to its robust healthcare industry. In fact, data from the Bureau of Labor Statistics tells us that some 356,900 nurses call this Western state home, including some 21,740 NPs, 2,600 CRNAs, and 332,560 RNs.
Of course, living in California is increasingly expensive for everybody. For nurses trying to buy a home, it can be outright impossible. According to the FED, the median listing price of a single family home in California is at a whopping $769,900, making it far too difficult for the average nursing professional to buy a home.
Fortunately, there are nurse mortgages out there to help. Created just for nurses, these programs can give nurses in California an easier way to find and buy a home without breaking the bank!
The process of applying for a traditional mortgage versus a nurse mortgage in California can vary depending on the specific programs and lenders you encounter. However, here’s a rundown of some key differences healthcare professionals might come across when looking at mortgage lenders for nurse loans:
Eligibility Criteria: Nurse mortgages often come with specialized criteria tailored to nurses, like specific employment requirements or income thresholds. These criteria might be more flexible or accommodating compared to traditional mortgages, making it easier for nurses to qualify. From the minimum credit score needed for first-time homebuyers to debt to income ratio (DTI), you need to know what borrowers must have in order to qualify for certain mortgage loan amounts. Know your loan terms and income limits for medical professionals to target the right houses on the NMLS; this will make your search process easier before you identify your final loan type choice. If you can get pre-approval, even better.
In addition to specific down payment requirements or credit score rules, first-time buyers should also consider whether or not PMI is required on their loan. Loan officers will often advise you about this in the underwriting process when you’re seeking a fixed-rate mortgage. It’s good to know upfront so you can plan for this additional cost. Over time, that PMI may drop off, but it typically takes years. Of course, you may also face this and other hurdles with Federal Housing Administration (HUD) or Fannie Mae loans.
Private Mortgage Insurance (PMI): Certain nurse mortgage programs might skip the need for private mortgage insurance (PMI), which is usually mandatory for conventional loans with a down payment of less than 20%. This perk can lead to lower monthly payments for nurses.
Documentation Requirements: While both traditional mortgages and nurse mortgages need documentation of income, assets, and financial info, nurse mortgages may have specific requirements or allowances for certain types of income common among nurses, such as overtime pay or income from multiple jobs. Bring copies of your pay stubs, proof of your credit score, and proof of current savings and other income sources. This will also help first-time buyers know what they’re eligible for. These data points will also determine if you’re eligible for lower interest rates.
Additionally, nurse mortgages might offer specialized perks designed with nurses in mind, such as relocation assistance for traveling nurses or loan forgiveness programs for nurses in underserved areas of California.
When you want more down payment options for your home purchase, or you’re having trouble qualifying for a conventional mortgage, it’s time to look into nurse mortgages. Whether you’re finding a new home on the NMLS in an urban or rural area for your primary residence, these loans may be better suited to your needs than traditional mortgages.
When looking at all of your options, you might land on a nurse loan because you don’t qualify for things like a USDA loan or a va loan facilitated through the Department of Veterans Affairs. Borrowers who don’t meet the criteria for these other programs might turn to nurse loans to help find the best mortgage for their purchase price. Qualifying nurses can buy their first piece of real estate and secure a home. Nurse mortgages might even have down payment assistance programs based on the home loan program or home buying program you choose. First-time home buyers might try looking at FHA loans to start, but realize it’s just too hard to qualify.
Thinking about weighing the pros and cons of getting a nurse mortgage before you decide? Check out the details below:
Pros:
Nurse mortgages come with several perks for nursing professionals, such as:
Plus, nurse mortgages take into account the unique situations often found in nursing, like overtime and juggling multiple jobs.
Cons:
Consider all of this alongside your financial situation to figure out if a nurse mortgage is the right fit for you.
A newly hired nurse at Mount Sinai Hospital in Los Angeles, Rachel was thrilled to begin her career at such a prestigious medical institution. Soon enough, however, she realized how “complicated” living in LA would be, especially if she wanted to buy a home.
Despite her steady income as a nurse, Rachel struggled to qualify for a traditional mortgage due to her limited credit history and student loan debt. Disappointed, Rachel confided in a colleague who recommended exploring nurse mortgages.
After looking into these unique loans, Rachel soon realized that they were tailored to the needs of nurses like herself, offering looser eligibility requirements and taking into account the irregular schedules and multiple jobs common among nurses.
Encouraged by the possibility of actually owning a home in LA, Rachel reached out to a lender specializing in nurse mortgages. The lender took the time to understand Rachel’s situation and explained how a nurse mortgage could cater to her needs as a nurse.
With the lender’s guidance, Rachel navigated the application process smoothly. Rachel was delighted to discover that her nurse mortgage not only provided her with the opportunity to purchase a home but also offered additional benefits, including assistance with closing costs and flexibility in documenting her income from overtime.
Thanks to this specialized financial product, Rachel was able to achieve her dream of homeownership and establish herself in the vibrant city of Los Angeles while pursuing her career as a nurse at Mount Sinai Hospital.
If you’re looking to explore the best nurse mortgage in other states, click on your state below.
Find a Nurse Home Loan Specialist
Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.
One email each week covers personal finance, financial independence, investing and other stuff for lawyers that makes you better.
Biglaw Investor is helping thousands of lawyers manage and eliminate student loans and make great investment decisions. We’re on a mission to help every lawyer achieve financial independence.
