Nurse Mortgages in Illinois


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First Financial Bank

(IL, IN, KY)

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Online

usually responds within 30 minutes

First Financial Bank

(IL, IN, KY)

$100M Closed Loans

First Financial Bank, founded in 1863, is a regional banking institution headquartered in Cincinnati, Ohio, offering a variety of financial services including personal, business banking, and wealth management.

High-income professionals at First Financial Bank benefit from personalized wealth management services, including investment, retirement, and estate planning. The bank also offers private banking with tailored solutions for complex financial needs. Low-interest rate loans and mortgage options are available, paired with advanced online banking tools for convenience. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $1,000,000
Down payment Financing
0%up to $750,000
5%up to $1 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DVM
  • CRNA
  • JD
  • CPA
  • PhD
  • DPM
  • OD
  • PharmD
  • NP
  • PA
  • DC
  • RN

First National Bank of Omaha

(CO, IA, IL, KS, MO, NE, SD, WY)

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Online

usually responds within 30 minutes

First National Bank of Omaha

(CO, IA, IL, KS, MO, NE, SD, WY)

$100M Closed Loans

First National Bank of Omaha, founded in 1857, is the largest privately-owned bank in the U.S., offering a full range of banking and financial services across multiple states.

High-income professionals can take advantage of the First National Bank of Omaha's services, which include wealth management, comprehensive financial planning, private banking, and trust services. FNBO also offers personalized strategies for investment, estate planning, and managing retirement assets. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $1,500,000
Down payment Financing
0%up to $850,000
5%up to $1.25 million
10%up to $1.5 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • CPA
  • DPM
  • DVM
  • OD
  • DC
  • PhD
  • RN

Flagstar

(All 50 States Except NY)

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Online

usually responds within 30 minutes

Flagstar

(All 50 States Except NY)

$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 → ]

  • Minimum credit score: 680
  • Maximum loan: $3,000,000
Down payment Financing
0%up to $1 million
5%up to $1.5 million
10%up to $3 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • CPA
  • RN
  • DC
  • PhD

GreenState Credit Union

(All 50 States Except CA)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

GreenState Credit Union

(All 50 States Except CA)

$100M Closed Loans

GreenState Credit Union, founded in 1938, is a member-owned financial cooperative providing diverse banking services to more than 350,000 members across the United States.

High-income professionals can take advantage of a variety of services from GreenState Credit Union. These include exclusive checking and savings accounts with competitive interest rates, extensive loan options, wealth management and investment services, retirement planning, and insurance services, all designed to optimize their financial growth and security. [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1 million
5%up to $1.25 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • PharmD
  • NP
  • PA
  • CRNA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Michigan State University Federal Credit Union

(IL, MI)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Michigan State University Federal Credit Union

(IL, MI)

$100M Closed Loans

Michigan State University Federal Credit Union, established in 1937, is a member-owned financial cooperative providing an array of services, including loans, savings, investments, and insurance.

High-income professionals can access a wide range of services from the Michigan State University Federal Credit Union. These include wealth management, investment services, estate planning, and retirement strategies. Additionally, they offer personalized financial planning, business loans, and insurance services. This comprehensive suite of services provides a one-stop solution for [ Read Review → ]

  • Minimum credit score: Not reported
  • Maximum loan: $3,000,000
Down payment Financing
%up to $3 million
3%Varies
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DVM
  • OD
  • CRNA
  • NP
  • PA
  • JD
  • DC
  • CPA
  • DPM
  • PharmD
  • PhD
  • RN

Shoreham Bank

(AZ, CA, CO, FL, IA, ID, IL, MI, NV, RI, TN, UT)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Shoreham Bank

(AZ, CA, CO, FL, IA, ID, IL, MI, NV, RI, TN, UT)

$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 → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
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
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • DC
  • JD
  • CPA
  • PhD
  • RN

Simmons Bank

(AR, IL, KS, MO, OK, TN, TX)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Simmons Bank

(AR, IL, KS, MO, OK, TN, TX)

$100M Closed Loans

Simmons Bank, founded in 1903 in Arkansas, is a full-service financial institution offering a range of banking products and services in multiple states across the US.

High-income professionals can benefit from Simmons Bank's range of services, including wealth management, private banking, investment services, and financial planning. The bank offers personalized solutions tailored to meet their unique financial needs and goals. [ Read Review → ]

  • Minimum credit score: 640
  • Maximum loan: $417,000
Down payment Financing
0%up to $417,000
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DVM
  • OD
  • CRNA
  • DPM
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

Key Terms

  • Illinois nurse mortgages provide tailored benefits such as lower down payments and flexible eligibility criteria, helping nurses afford homes in both urban and rural settings across the state.
  • These programs often include unique perks like assistance with closing costs and forgiveness programs, specifically aimed at supporting the financial needs of nurses.
  • Potential challenges include possibly higher interest rates and additional fees compared to traditional loans, as well as limited availability, requiring nurses to carefully review and compare different mortgage options.

Often called the “Prairie State,” Illinois offers a diverse range of urban and rural environments, accommodating different lifestyles. Cities like Chicago boast vibrant cultural scenes, job opportunities, and amenities, while rural areas provide a quieter pace of life and closer connection to nature. 

Illinois boasts several important industries that contribute significantly to its economy, including manufacturing and agriculture. Healthcare is also an important industry in the state; as a result, Illinois has a thriving healthcare workforce, including physicians, researchers, and of course, nurses. In fact, according to data from the Bureau of Labor Statistics, Illinois is home to 150,460 nurses,  a list that includes some 1,330 CRNAs, 139,910 RNs, and 9,220 NPs.

The cost of living in Illinois varies greatly from rural regions to urban ones, but one thing is certain— the cost of a home in Illinois is on the rise. According to the FED, the median listing price of a single family home is right around $325,000. 

Given this price, some Illinois nurses may have a hard time affording a home on their own, especially in urban and suburban areas around Chicago or if a nurse has significant student debt. In these scenarios, nurses can turn to nurse mortgages for help.

How do Illinois nurse mortgages work?

Nurse mortgages in Illinois work similarly to traditional mortgages in some ways, while offering benefits specifically for nurses. To secure a nurse mortgage in Illinois, follow these steps:

Research Nurse Mortgage Programs: Start by researching nurse mortgage programs available in Illinois. Look for ones that offer tailored benefits for nurses, such as lower down payments and assistance with closing costs.

Assess Your Eligibility: Determine if you meet the eligibility criteria for nurse mortgages. These criteria are often more flexible than traditional loans and consider factors like your employment history, income stability, and credit score.

Explore Program Benefits: Take a closer look at the benefits offered by nurse mortgage programs. Some may provide unique perks like forgiveness programs for nurses working in specific areas or assistance programs for down payments.

Network with Lenders: Engage with lenders offering nurse mortgage programs to gain insight into their specific requirements and offerings. This can help you understand the options available and find a program that suits your needs. We’ve provided a helpful list below that can put you in contact with Illinois’ best. 

Make an Informed Decision: After thorough research and discussions with lenders, you’ll be better equipped to make an informed decision about whether a nurse mortgage is the right choice for your homeownership goals and financial situation in Illinois.

Borrowers with a target loan amount that is high due to their upcoming new job may struggle to get approval for conventional loans. Some borrowers may not be able to get Federal Housing Administration/FHA loans, VA loans, loans associated with Fannie Mae or Freddie Mac, or USDA loans. A loan program for medical professionals could help provide a pathway to ownership of a new home. While it may not be the only option for a healthcare professional to get a mortgage loan, it can be a viable path for a home purchase.

If you need down payment assistance or are concerned with your debt-to-income ratio, even if you’re a first time homebuyer, look into mortgage lenders who specifically help nurses, doctors, or dentists get approval for a mortgage loan. If you already tried to get a conventional mortgage and did not meet qualifying criteria for a fixed-rate mortgage or adjustable-rate mortgage, talking to loan officers about these alternative loan options is recommended. A nurse home loan program can open a lot of doors, especially if you find the right place for you on the NMLS. For a new primary residence in Illinois so you can work a nursing job, this is an ideal path. Whether you’re a travel nurse, registered nurse, or LPN, you can look into home loans for nurses to get more information about low down payment options.

As with any loan, review the eligibility requirements to get a clear picture of what’s allowed and the limits, including:

  • Terms for loan repayment
  • Any prepayment penalties for early loan balance payoff
  • Monthly payments
  • Requirements for work history/pay stubs/employment contract
  • Whether private mortgage insurance/PMI is required
  • Debt to income/DTI rules
  • Down payment assistance programs
  • Minimum credit score
  • Other underwriting requirements

Is an Illinois nurse mortgage right for me?

If you’re unsure whether a nurse mortgage is the right fit for you in Illinois, it’s essential to take a few steps to assess the situation. Start by evaluating your financial status, considering factors like income, savings, debts, and credit score, to determine how homeownership aligns with your long-term goals. Next, research the nurse mortgage programs available in Illinois, looking into their eligibility criteria, benefits, and special perks designed for nurses.

After gathering information on nurse mortgages, compare them with traditional mortgage options, considering factors such as down payment requirements, interest rates, and closing costs. It’s also beneficial to consult with lenders who offer nurse mortgage programs to discuss your circumstances and understand the benefits of their specific offerings.  

With all the information gathered, review your options carefully to determine if a nurse mortgage provides the right balance of benefits and affordability for your situation in Illinois. By taking these steps and considering your options thoughtfully, you can make an informed decision about whether a nurse mortgage is the right choice for you.

Examples of nurses who take out nurse mortgages in Illinois

Do these scenarios resonate with you? If so, you might be an excellent candidate for a nurse mortgage in Illinois:

Ruth has been working as an RN at a rural clinic in Illinois’ farmland for almost a decade now. Despite her hard work and reliable income, Ruth faces a significant obstacle to her dream of owning a home. Her substantial student loan debt poses a challenge, making it difficult to meet the strict requirements of traditional mortgages. Despite her persistence, conventional lenders are hesitant to offer her the necessary financing, leaving her feeling discouraged and frustrated. A nurse mortgage gives special consideration to her student debt and also offers her some additional benefits for working in a rural part of the state. 

Another nurse, Emily, is navigating the competitive (and expensive!) housing market of Chicago. Eager to establish roots and find her own place, Emily has unfortunately found herself with limited options in the city’s lively real estate scene. Despite her steady income, Emily struggles to stand out among other buyers vying for the most desirable properties. Frustrated with the limitations of traditional mortgages, Emily seeks an alternative solution. She turns to a nurse mortgage, which provides her with the leverage needed to compete in the Chicago area without requiring a substantial down payment.

Looking for a nurse mortgage in a different state?

If you’re looking to explore the best nurse mortgage in other states, click on your state below.

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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.

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