Nurse Mortgages in Minnesota


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Every Nurse Mortgage Lender in Minnesota

  1. Flagstar
  2. Frandsen Bank & Trust
  3. GreenState Credit Union

Flagstar

(All 50 States Except NY)

Match Banks Contact Send Email

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

Frandsen Bank & Trust

(MN, WI)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Frandsen Bank & Trust

(MN, WI)

$100M Closed Loans

Frandsen Bank & Trust, established in 1982, is a full-service, community-oriented financial institution with over 35 locations across Minnesota, North Dakota, and Wisconsin.

High-income professionals can utilize Frandsen Bank & Trust's comprehensive financial services, including planning, wealth management, and private banking. The bank provides personalized strategies to manage, grow, and protect wealth, with a keen focus on individual financial goals and circumstances. [ Read Review → ]

  • Minimum credit score: 720
  • Maximum loan: $2,000,000
Down payment Financing
5%up to $1.25 million
10%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • DPM
  • DVM
  • OD
  • CRNA
  • PharmD
  • NP
  • PA
  • JD
  • Fellow
  • Resident
  • DC
  • CPA
  • PhD
  • RN

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

Key Terms

  • Reduced Down Payments: These mortgages often require lower down payments than traditional loans, making home buying more accessible for nurses.
  • Assistance with Closing Costs: Nurse mortgages may include help with closing costs, reducing upfront expenses for nurses purchasing a home.
  • Flexible Eligibility Requirements: These loans usually have more accommodating criteria that take into account the unique financial and employment situations of nurses, like variable income and work schedules.

Known as the Land of 10,000 Lakes, Minnesota offers an allure that lies in its unique blend of natural beauty and urban sophistication. From the vibrant city life of Minneapolis and St. Paul to the serene tranquility of its countless lakes and forests, Minnesota offers a diverse range of experiences for its residents. Known for its strong sense of community, top-notch healthcare and education systems, and thriving job market, Minnesota provides a high quality of life that attracts people from all walks of life. Whether you’re drawn to its outdoor recreational opportunities, rich cultural heritage, or renowned culinary scene, there’s something for everyone to love about living in the North Star State.

That strong healthcare industry in Minnesota also means that many nurses call this northern state home. The Bureau of Labor Statistics tells us that Minnesota is home to 74,380 nurses,  a list that also includes 2,320 CRNAs, 66,700 RNs, and 5,360 NPs.

While Minnesota is more affordable than many states, housing prices aren’t necessarily staying put. According to the FED, the median listing price of a single family home in the state is currently at $406,800. 

With the rising cost of housing in Minnesota, nurses may face increasing challenges in purchasing a home. Nurse mortgages present a solution by providing benefits such as lower down payments, assistance with closing costs, and flexible eligibility criteria tailored to nurses.

What are the advantages of Minnesota nurse mortgages?

Considering a nurse mortgage? They come with several advantages for nurses looking to purchase a home in the state:

  • Reduced down payments: Nurse mortgages often come with lower down payment requirements compared to traditional mortgages, making homeownership more accessible for nurses.
  • Assistance with closing costs: These specialized mortgage programs may provide assistance with closing costs, helping nurses save money upfront when purchasing a home.
  • Flexible eligibility requirements: Nurse mortgages typically have more flexible eligibility criteria, taking into account factors such as income stability, employment history, and credit score, making it easier for nurses to qualify.
  • Tailored benefits: Some nurse mortgage programs offer unique benefits specifically designed for nurses, such as forgiveness programs for those working in certain areas or assistance for nurses serving in rural communities.

Overall, these advantages make nurse mortgages a valuable option for nurses looking to achieve their homeownership goals in Minnesota.

Is a Minnesota nurse mortgage right for me?

Considering whether a nurse mortgage in Minnesota is the right path for you? It’s a decision that hinges on understanding your unique circumstances and needs. These specialized mortgage programs are crafted to assist nurses in realizing their homeownership aspirations, providing benefits such as reduced down payments and adaptable eligibility requirements.

To kick off your decision-making process, start by doing a deep dive into your finances – take a thorough look at your income, savings, debts, and credit score to gauge how purchasing a home aligns with your objectives. From there, explore the array of nurse mortgage programs available in Minnesota. Compare them with conventional mortgage options, engage in conversations with lenders specializing in nurse mortgages, and don’t rush the process. With diligent research and guidance from knowledgeable sources, you’ll be equipped to make an informed choice regarding your homeownership journey in the Land of 10,000 Lakes!

Healthcare professionals like nurses often have steady paychecks, even if they work as a busy travel nurse. But even with this steady role, it can be hard to meet the eligibility requirements for conventional loans. That makes home buying seem just out of reach for these borrowers. Nurses may have significant student loan debt, especially when they have just finished their education. This can make it hard for them to qualify based on the debt-to-income ratio (DTI) rules established by traditional lenders. Much like other medical professionals such as dentists, this means that nurse providers should look into alternative programs for a home purchase.

As with any loan, nurses should confirm it’s the right fit for them before applying. This means looking at the various loan terms such as:

  • Total max loan amount/purchase price caps
  • Any early loan repayment penalties
  • Interest rates (fixed rate vs. adjustable rate)
  • Requirements for private mortgage insurance (PMI)
  • Down payment assistance
  • Minimum credit score
  • Options to refinance later

Healthcare workers like registered nurses, hospital nurses, nursing home medical professionals, or travel nurses can usually opt for these nurse home loan programs whether they’re buying for the first time or not. Unlike VA loans, USDA loans, or FHA loans, it may be easier for nurses to meet the underwriting guidelines for those loans specific to health professionals. This gets them into a new home easier and faster so they can start their job in Minnesota or move there permanently after renting for some time. Speaking to loan officers at specific mortgage lenders can help you figure out if a program is th right fit for you.

Examples of nurses who take out nurse mortgages in Minnesota

Do these situations strike a chord with you? If so, diving into a nurse mortgage in Minnesota could be the best answer for you on your homeownership journey:

Thomas, a seasoned nurse at the Mayo Clinic in Rochester, has long been a pillar of his community. Now, he’s eager to take the plunge into homeownership and set down roots in the charming city. With housing costs spiking and limited options, Thomas is exploring his options, and is eyeing a nurse mortgage to make his dream of homeownership a reality. He’s hopeful that with the support of a nurse mortgage program, he’ll find a home that not only fits his budget but also complements his lifestyle.

Meanwhile, Elena, an experienced RN at the M Health Fairview Lakes Medical Center, finds herself in a similar predicament. Working tirelessly in the heart of Minnesota’s picturesque countryside, Elena has faced obstacles in qualifying for a traditional mortgage, thanks to her student debt from nursing school. Elena is considering the prospect of securing a nurse mortgage, hopeful that it will provide the financial support and flexibility she needs to realize her dream of homeownership in Minnesota’s serene rural landscape. Fortunately, it proves to be the perfect solution, offering her favorable terms and even recognizing her dedication to serving in a rural setting by offering her additional benefits.

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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