Nurse Mortgages in New Mexico


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Every Nurse Mortgage Lender in New Mexico

  1. First Citizens
  2. Flagstar
  3. GreenState Credit Union

First Citizens

(AZ, CA, CO, FL, GA, KS, MD, MO, NC, NE, NM, NV, OK, OR, SC, TN, TX, VA, WA, WI, WV)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

First Citizens

(AZ, CA, CO, FL, GA, KS, MD, MO, NC, NE, NM, NV, OK, OR, SC, TN, TX, VA, WA, WI, WV)

$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 → ]

  • Minimum credit score: 680
  • 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
20%up to $2 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • OD
  • CRNA
  • NP
  • PA
  • DC
  • DVM
  • PharmD
  • JD
  • CPA
  • PhD
  • RN

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

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

  • New Mexico nurse mortgages provide significant benefits like lower down payments and flexible eligibility criteria, making homeownership more attainable for nurses.
  • These specialized loans often eliminate the need for private mortgage insurance (PMI), reducing monthly housing costs for nurse borrowers.
  • While offering many advantages, nurse mortgages can be challenging to find and may carry additional fees, requiring thorough research and financial consideration by potential nurse homebuyers.

Often referred to as the “Land of Enchantment,” many are drawn to living in New Mexico for its stunning natural landscapes, including desert vistas, rugged mountains, and picturesque canyons. The state has a rich cultural heritage, too, with vibrant arts scenes in places like Taos and Santa Fe, Native American influences, and historic Spanish colonial architecture. 

Many of the citizens of New Mexico are, of course, nurses. In fact, according to data from the Bureau of Labor Statistics 19,780 nurses call this Western state home, including some 1,480 NPs, 270 CRNAs, and 18,030 RNs.

While New Mexico enjoys a relatively low cost of living compared to many other states, making it an attractive option for those seeking affordability without sacrificing quality of life, housing prices are still on the way up. 

According to the FED, the median listing price of a single family home in New Mexico is at a whopping $387,935, making it far too difficult for the average nursing professional to buy a home in the Land of Enchantment.  

Luckily, nurse mortgages are available to lend a hand. Tailored specifically for nurses, these programs offer a more accessible path for nurses in New Mexico to discover and purchase a home without straining their finances!

The advantages of a New Mexico nurse mortgage

Are you a nurse on the hunt for a home in New Mexico? Well, nurse mortgages could be your secret weapon in the homebuying game. These special mortgages are designed just for nurses like you, making the whole process a whole lot easier.

First off, nurse mortgages often come with perks like lower down payments and flexible eligibility criteria. That means you might be able to snag your dream home without having to fork over a huge chunk of cash upfront or stress about meeting strict requirements.

Plus, nurse mortgages usually skip the need for private mortgage insurance (PMI), which can save you some serious dough on your monthly payments. And let’s not forget about the extra support they offer for those odd work schedules and multiple jobs that us nurses often juggle, as well as the network of professionals these programs can introduce you to.

If you’re looking to buy a home in New Mexico, a nurse mortgage could be your ticket to homeownership without all the hassle. Much like dentists or physicians, nurses may have higher student loan balances and hefty loan payments that throw off their qualification for conventional mortgages. This can make it seem as though a home purchase for medical professionals is impossible, but the truth is that nurse mortgages can help you get that dream new home.

Often due to student loans, which bring up their debt to income ratio, nurses have trouble qualifying for a full loan amount in most mortgage programs. Since nurses have tom invest so much in their nursing education loans to get their proper training, they might not meet stringent requirements from traditional lenders. Even with financial aid, plenty of nurses have to turn to student loans to help cover the difference in their tuition. Instead, these borrowers should look at mortgage loan interest rates and loan repayment programs specific for healthcare professionals. If these applicants don’t qualify for VA loans, USDA loans, or FHA loans, nurses should look outside of conventional loan options and into nurse home buying programs instead.

Of course, these loans still have their own application process, loan terms, minimum credit score requirements, close look at student debt, and down payment options. However, they may be more flexible with DTI and some even offer down payment assistance programs to help homeowners secure a primary residence.

The pros and cons of pursuing a nurse mortgage in New Mexico

Considering whether a nurse mortgage is the right move for you? Let’s break it down:

Pros:

Nurse mortgages offer a bunch of sweet perks tailored to nursing pros:

  • Less strict eligibility criteria, meaning it’s easier to qualify.
  • No PMI in certain cases, saving you some cash on monthly payments.

Lower down payments, making homeownership more accessible.

  • Plus, nurse mortgages get that nursing life can be a bit hectic with overtime and multiple jobs, so they’re designed to be flexible.

Cons:

Finding a nurse mortgage might require a bit more digging than your standard mortgage.

And watch out for potential extra fees that could sneak up on you.

Take all of this into consideration alongside your financial situation to see if a nurse mortgage fits the bill for you. It’s all about finding the best fit for your needs!

Examples of nurses who take out nurse mortgages in New Mexico

A dedicated nurse working at a bustling private practice in the heart of Santa Fe, New Mexico, Maria had always dreamed of owning her own adobe home in this charming city, with its rich cultural heritage and stunning desert landscapes.

Despite her steady income and years of hard work as a nursing professional, however, Maria found herself facing the daunting task of navigating the competitive housing market in Santa Fe. With prices on the rise and limited inventory available, Maria knew that purchasing a home would be no easy feat.

Determined to turn her dream of homeownership into a reality, Maria began exploring her options. She scoured real estate listings, attended open houses, and even consulted with a local real estate agent. However, with each passing day, Maria grew increasingly frustrated as she struggled to find a home within her budget.

Just when she was about to lose hope, Maria’s colleague mentioned something called a nurse mortgage. Curious, Maria did some research and discovered that nurse mortgages were designed specifically for healthcare professionals like herself, offering perks like lower down payments and more flexible eligibility criteria.

She immediately reached out to a nurse mortgage lender in her area. The lender guided her through the process and even put her in touch with other nurses in the program. In no time at all, she had a mortgage in hand and an offer on the table for the house of her dreams. 

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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