Nurse Mortgages in Ohio


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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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usually responds within 30 minutes

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

  • Ohio nurse mortgages offer tailored benefits such as lower down payments and flexible eligibility criteria, helping nurses overcome barriers to homeownership.
  • These specialized loans cater specifically to nurses, considering unique financial situations like substantial student loan debt or multiple jobs.
  • However, despite these advantages, potential drawbacks include a competitive housing market and limited financial leverage, which may still make homeownership challenging for some nurses in high-demand areas.

As any Ohio native can tell you, living in the Buckeye State offers a unique blend of charm, opportunity, and community. From the vibrant cities to the picturesque countryside, Ohio has something for everyone. Ohio boasts a rich cultural heritage and diverse array of attractions, too. From world-class museums and theaters to stunning natural landscapes and outdoor recreation opportunities, there’s always something new to explore and experience. Plus, Ohioans take pride in their friendly and welcoming communities, where neighbors still look out for one another and strangers are treated like friends.

Many medical professionals, including nurses, live in the Buckeye State. According to data from the Bureau of Labor Statistics, Ohio is home to 148,400 nurses,  a list that includes some 3,150 CRNAs, 133,300 RNs, and 11,950 NPs.

One of the best aspects of living in Ohio is the affordability. That isn’t as true when it comes to buying a home, however. According to the FED, the median listing price of a single family home is right around $279,375. Considering the average home price, many nurses might face difficulty affording a home independently, particularly in high-demand regions or if they carry substantial existing debt. This is where nurse mortgages step in to provide assistance.

How do Ohio nurse mortgages work?

Nurse mortgages in Ohio work similarly to traditional mortgages but come with tailored benefits for nurses. To qualify, you typically need to meet certain criteria, which may be more flexible compared to traditional loans. These criteria often consider factors like your employment history, income stability, and credit score. 

Additionally, some nurse mortgage programs offer perks such as lower down payments, assistance with closing costs, or special forgiveness programs for nurses working in certain areas. They can also introduce you to a wider network of nursing professionals in similar circumstances to yours. It’s a good idea to research different nurse mortgage options in Ohio and speak with lenders to understand their specific requirements and offerings.

With conventional mortgages for other borrowers, down payment assistance may not be available to these aspiring homebuyers. Depending on their purchase price and debt-to-income ratio as well as other demographic factors, USDA, Federal Housing Administration/FHA loans, or VA loans (for veterans or active duty military) may not be an option for nurses. Nurses, including those who are first-time homebuyers, might have to look into alternative loan programs to lock in good mortgage rates. These other homebuyer programs may not be as strict as conventional loans, allowing nurse practitioners, LPNs, and registered nurses to become homeowners more easily.

The pros and cons of pursuing a nurse mortgage in Ohio

Taking out a nurse mortgage in Ohio comes with both pros and cons that nurses should weigh carefully. On the positive side, nurse mortgages often offer more flexible eligibility criteria, which can be beneficial for nurses with various financial situations. For instance, nurses with substantial student loan debt or those juggling multiple jobs may find it easier to qualify for a nurse mortgage compared to a traditional mortgage. This flexibility acknowledges the unique challenges that nurses face and provides them with a pathway to homeownership that might otherwise be inaccessible.

However, it’s essential for nurses to consider potential drawbacks as well. In Ohio’s competitive housing market, nurses may find themselves at a disadvantage due to factors like high housing prices and limited leverage. Despite the benefits of nurse mortgages, some nurses may still struggle to afford a home, particularly in high-demand areas where housing costs are prohibitive. Additionally, nurses with high levels of debt or unstable employment may face challenges in securing favorable mortgage terms, even with a nurse mortgage. These factors can contribute to feelings of frustration or discouragement among nurses who aspire to own a home but find themselves financially constrained.

Ultimately, nurses in Ohio should carefully evaluate their individual financial circumstances and housing goals before pursuing a nurse mortgage. While these specialized loans can offer valuable benefits and opportunities for homeownership, it’s crucial to consider the potential trade-offs and challenges associated with them. By weighing the pros and cons thoughtfully and seeking guidance from financial professionals or mortgage experts, nurses can make informed decisions that align with their long-term financial well-being and housing aspirations.

If you’re planning to relocate to Columbus, Cleveland, Toledo, Cincinnati or some other place that makes you an official Ohio resident, create a shortlist of mortgage companies willing to work with you. If you can’t tap into USDA loans, Veterans Affairs/VA loans (for veterans or military members), or FHA loans in the state of Ohio, you may need to secure your real estate primary residence through another method.

As with any loan type, you need to confirm what is allowed and required ith your mortgage loan. Once you find a dream property on the NMLS, you’ll need to review a mortgage lender’s specific rules related to:

  • Max loan amount/home purchase price
  • Any down payment assistance programs
  • Options for refinancing
  • Mortgage insurance such as PMI
  • Any homebuyer education sponsored by the mortgage lender
  • Minimum credit score required
  • Mortgage interest rates

Loan officers as the main mortgage company can provide you with these details.

Examples of nurses who take out nurse mortgages in Ohio

Still mulling over whether an Ohio nurse mortgage fits the bill for you? Check out these relatable scenarios and see if they strike a chord with your situation:

Scenario 1:

Meet Paula, a dedicated registered nurse putting in the hours at Intermountain Healthcare in bustling Cincinnati, Ohio. Despite her steadfast income, Paula has been stuck in the rental loop for years, yearning for the day she can call a place her own. But with a modest savings account and looming student loan debt, the prospect of snagging a traditional mortgage seems daunting. The competitive Ohio housing scene adds another layer of uncertainty. However, a ray of hope shines through when Paula stumbles upon nurse mortgages tailored for healthcare heroes like herself. With their lenient down payment requirements and flexible eligibility criteria, Paula sees a clear path toward finally planting roots in her own Ohio abode.

Scenario 2:

Tim is a skilled nurse practitioner lending his expertise to a rural clinic nestled in Northern Ohio. Freshly hitched, Tim and his partner are itching to take the plunge into homeownership. However, with one income on hold while their spouse finishes up schooling, the couple faces a roadblock in qualifying for a traditional mortgage. Add in the sky-high housing prices and the slim pickings of affordable homes in their area, and Tim’s dream of owning a piece of Ohio feels like a distant fantasy. But fear not! In their quest for solutions, Tim and his partner stumble upon nurse mortgages custom-tailored to healthcare champions like themselves. With enticing perks like lowered down payments and favorable interest rates, Tim and his partner feel newfound hope blooming as they envision their future Ohio home sweet home.

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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