With a picturesque coastline along Long Island Sound, rolling hills in the Litchfield Hills region, and lush forests throughout the state, Connecticut consistently shows us why it’s such a great place to live. The Constitution State, in fact, is often cited as having one of the highest quality of life ratings in the U.S. When you add in its proximity to major metropolitan areas such as New York City, it’s no wonder that Connecticuters are so proud to call this place home. 

This New England state also boasts a robust healthcare system, making it a popular state for many nursing professionals. In fact, according to the Bureau of Labor Statistics, 40,320 nurses live and work in the state, working at its many high-quality hospitals and medical facilities. 

Of course, all that quality of life can come at a price. The Constitution State unfortunately comes with some of the highest housing prices in the country. 

Data from the FED states that the median listing price of a single family home in Connecticut is about $525,000, making it one of the more expensive states in which to buy a home. 

For those working on a nursing salary, it can be difficult to make a down payment let alone buy a home in Connecticut. The good news is that nurses in the state can turn to so-called nurses mortgages to help finance a home purchase. 

Trying to get a conventional loan from regular mortgage lenders may be too difficult for healthcare professionals. If you’re not qualifying for a VA loan or USDA loan, or your DTI is too high for a conventional loan, you need to look at nurse loans. The downsides for conventional home buying programs like FHA loans? They have strict rules you can learn about from your loan officer, and even nurses with good salaries may not be able to match with down payment options or credit score rules. Nurses often have big student loans, so it’s hard to qualify for conventional loans because of their debt-to-income ratio.

The pros and cons of Connecticut nurse mortgage loans

Yes, as with any financial product, nurse mortgages come with both plusses and minuses. If you are one of the 490 CRNAs, 36,430 RNs, or 3,400 

NPs working in the state, you will want to consider these pros and cons before deciding on what type of mortgage to take out. The home buying process can be overwhelming whether you’re a first time home buyer or looking to refinance. The more borrowers can educate themselves about requirements for homeowner, the easier it is to find the best home loan programs. If you locate a dream home on the NMLS or with the help of a real estate agent, using a nurse loan could help you get that property as your primary residence.

If you can’t get a traditional mortgage backed by Fannie Mae or Freddie Mac or special VA programs like homes for heroes, look outside the box to find nurse mortgage loan options. If a regular rate mortgage or refinancing are out of reach for you, working with a nurse mortgage loan option could open the door. Make sure to search for things like “nurse next door program” in your state to see if specific initiatives have been set up already. You can determine qualifying rules and even estimate what your mortgage payment might be in the future.

The pros are pretty substantial. Many nurses have odd payment schedules or even maintain more than one job. This can sometimes make it difficult to qualify for a traditional mortgage. Nurse mortgages take this into account and are designed specifically to meet the needs of the nursing community. 

Connecticut nurse loans can also offer some financial incentives, including breaks on PMI and lower down payments. While you do your research and analyze your options, make sure to ask after specifics regarding these costs, as well as whether a program covers or helps with closing costs. You may also do some research on low down payments to verify if this is a good fit for you in terms of mortgage options. Also review your monthly payments to ensure it lines up with your income and the total purchase price of your property.

Travel nurses may be looking for a primary residence or “home base” to operate out of part of the year before returning to the road.

Some of these loans may come with strict repayment criteria. They can also sometimes feature additional fees. In some instances, they can be hard to find, with traditional mortgages being far more readily available. The terms of a loan can also fluctuate depending on a state’s market conditions at a given moment in time. Another challenge for healthcare professionals is that without down payment assistance programs, it can be hard to come up with 20% or more for your loan amount down payment. The best approach is to do your research and assess the top nurse mortgages in your region. Your eligibility and interest rates may vary, as well as requirements for things like credit scores needed for conventional mortgages and alternative mortgage programs.

Examples of nurses who take out nurse mortgages in Connecticut

Suzie loves her work as a pediatric nurse in Hartford, but she doesn’t love that she has a second job on the side. It has made it difficult for her to qualify for a traditional mortgage as these lenders often see her work history and payment schedule as “inconsistent.” 

With a baby on the way, Suzie and her husband definitely want to buy a home and plant some roots in the greater Hartford area. Housing prices are high, however, and putting down a full 20 percent on a purchase would leave them with almost no savings left. 

One day, a co-worker in pediatrics mentioned to Suzie that she had purchased her own home with the help of a nurse mortgage. This specialized financial product catered to her needs and took into account her unique payment schedule and work history. It also allowed her to get a loan when only putting 5% down on the home. Excited to hear this, Suzie reached out to the top nurse loan providers in Connecticut. Within weeks she had found a program that was a great fit, and she and her husband were well on their way to buying their first home. 

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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.