Nurse Mortgages in New Jersey


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First National Bank of Pennsylvania

(DC, DE, FL, GA, MD, NC, NJ, OH, PA, SC, TN, VA, WV)

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First National Bank of Pennsylvania

(DC, DE, FL, GA, MD, NC, NJ, OH, PA, SC, TN, VA, WV)

$100M Closed Loans

First National Bank of Pennsylvania, established in 1864, is a full-service financial institution offering commercial banking services across multiple states.

High-income professionals can benefit from First National Bank of Pennsylvania's tailored services, including wealth management, financial planning, private banking, and investment services. Furthermore, FNB offers business banking solutions and personalized lending options aimed at optimizing their financial growth and stability. [ Read Review → ]

  • Minimum credit score: 700
  • Maximum loan: $2,000,000
Down payment Financing
0%up to $1.25 million
5%up to $1.5 million
10%up to $2 million
20%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DVM
  • CRNA
  • JD
  • DPM
  • OD
  • PharmD
  • NP
  • PA
  • DC
  • CPA
  • 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)

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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

  • New Jersey nurse mortgages are tailored to address the unique financial situations of nurses, offering lower interest rates and significantly reduced down payments.
  • These specialized mortgage programs can be challenging to find, requiring nurses to conduct thorough research to locate appropriate lenders.
  • While beneficial, nurse mortgages may also have strict eligibility criteria related to credit scores and debt-to-income ratios, potentially complicating approval for those with high student loan debt.

Despite its small size, New Jersey offers a diverse landscape that includes beautiful beaches along the Jersey Shore, scenic mountains in the northwest, and picturesque farmland in rural areas. Many citizens of the Garden State also love its proximity to one of the greatest cities in the world, New York City. 

For working nurses, one of the biggest assets of living in New Jersey is its many world-class medical facilities and hospitals. According to the Bureau of Labor Statistics, 90,380 nurses live and work in the Turnpike State, taking advantage of the state’s significant medical infrastructure.

Not every nurse in New Jersey can afford a home, however. According to the FED, the median listing price of a single family home in New Jersey is right around $555,000, meaning that buying a home may not be doable for many of the nursing professionals working in the state. 

Luckily, New Jersey has options for nurses when it comes to buying a home in the form of nurse mortgages.

What are the pros and cons of New Jersey nurse mortgages?

As with any major financial decision, you want to weigh the pros and cons when taking on a nurse mortgage in New Jersey. The most important pro? These programs are meant to cater to the unique financial situations of nurses. Whether you are one of the 82,950 RNs or 1,030 CRNAs in the Garden State, your one-of-a-kind financial situation, schedule, or payment structure might make qualifying for a traditional mortgage difficult. These programs  also often come with lower interest rates, significantly reduced down payments, and other favorable terms that make a nurse’s life easier. 

Are there downsides? There are a few, sure. For one, these loans can be hard to find. Fortunately, we’ve put together a list of the best nurse mortgages below to make your search easier. By utilizing this list and doing your due diligence, you should be able to find a New Jersey nurse mortgage that is the right fit for you. 

Most nurses have concerns about various aspects of applying for conventional mortgages, and eligibility issues can stop their applications before it gets serious. Looking outside of these traditional mortgage programs can help healthcare workers find a lender who will work for them. Of course, each loan still comes with its own eligibility requirements and specifics, such as credit score, interest rates, closing costs, loan amounts, and down payment assistance.

One big problem for a lot of healthcare professional borrowers is debt-to-income ratios. Nurses often take on a lot of student loan debt to get their education, and this can make it hard to get approved for nearly any purchase price on a fixed-rated conventional loan. To get a primary residence, these borrowers may not be able to overcome the DTI limits set by the mortgage lender. Home loans for nurses, however, may have different criteria or know how to connect nurses with down payment assistance programs that can reduce the overall cost of the home financed in the loan. For those who are not elibile for home loan programs like VA loans, FHA loans, or USDA loans, medical professionals like nurse practitioners may purse other loan types in order to become homeowners.

As a path to homeownership, mortgage lenders who offer loan programs specific to healthcare professionals can make it possible for these first time home buyers or other buyers to get a mortgage loan.

As with all loan types like homes for heroes, freddie mac or fannie mae linked loans, or programs through the Federal Housing Administration, confirm details like down payment requirements, credit scores, monthly payments, and home purchase price limits. To find the best mortgage, you may have to shop around and look for underwriting rules and programs that have low down payment options. Be prepared to show work history and pay stubs to help you get approved. Most nurses can qualify for nurse mortgages, including travel nurses, RNs, and LPNs. Review the specifics of any lender program when buying real estate so you have confidence that you qualify. Once you spot a perfect place on the NMLS or with the help of real estate agents, you can formally apply for a fixed-rate mortgage or an adjustable-rate mortgage with your target loan term.

Examples of nurses who take out nurse mortgages in New Jersey

After all those years of hard work and study, Steve couldn’t be happier to be working at Princeton Medical Center. Although no one ever said nursing would be easy, he has found it to be gratifying work. Unfortunately, his unique work schedule and payment schedule makes him a tough fit for a traditional mortgage in the area. It doesn’t help that the price of homes in the greater Princeton area just seems to keep going up. There is no way he can handle his student debt and a full, 20% down on a new home. 

One day, one of his co-workers at PMC pointed out that he could always consider a nurse mortgage in financing a home purchase. HHis friend told him that these programs come with special considerations for a nurse’s financial situation and often require little to no down payment. After running a research on the top nurse mortgages in the state, Steve was able to finance a tidy little home not too far from the hospital campus without putting his financial future at risk. 

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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