Nurse Mortgages in Oklahoma


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Arvest Bank

(AR, KS, MO, OK)

Match Banks Contact Send Email

Online

usually responds within 30 minutes

Arvest Bank

(AR, KS, MO, OK)

$100M Closed Loans

Arvest Bank, founded in 1961, is a diversified financial services company headquartered in Bentonville, Arkansas, offering a full range of banking, mortgage, investment, and insurance products.

High-income professionals can utilize Arvest Bank's comprehensive financial services, including wealth management, private banking, and investment guidance. The bank offers tailored solutions, like asset management and estate planning, to effectively grow and safeguard their wealth. [ Read Review → ]

  • Minimum credit score: 640
  • Maximum loan: $1,750,000
Down payment Financing
0%up to $1.25 million
5%up to $1.75 million
Eligible degrees:
  • MD/DO
  • DDS/DMD
  • Fellow
  • Resident
  • DPM
  • OD
  • CRNA
  • DVM
  • PharmD
  • NP
  • PA
  • JD
  • DC
  • CPA
  • PhD
  • RN

First Citizens

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

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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

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

  • Oklahoma nurse mortgages are specially designed to make home buying more accessible for nurses, offering benefits like low to no PMI payments, minimal down payments, and flexible approval criteria to accommodate diverse financial backgrounds.
  • These programs provide significant advantages such as no private mortgage insurance and assistance with closing costs, making homeownership more affordable and within reach for many nurses who might otherwise struggle with traditional lending requirements.
  • While offering tailored benefits, nurse mortgages in Oklahoma may come with challenges such as limited availability and potential additional fees, necessitating thorough research and careful financial planning by applicants.

Nestled in the heart of America, Oklahoma offers a unique blend of vibrant culture, breathtaking landscapes, and boundless opportunities. Residents embrace the friendly hospitality of its communities, savor the flavors of its rich culinary scene, and explore the endless adventures waiting in its scenic parks and historic sites. 

With affordable living, diverse job prospects, and a warm embrace of tradition, Oklahoma is a great place for medical professionals, including nurses. According to the Bureau of Labor Statistics, 35,480 nurses are currently living and working in the Sooner State, including some many certified registered nurse anesthetists and 2,870 nurse practitioners. 

As is happening all over the country, however, house prices in Oklahoma are going up.  According to the FED, the median listing price of a single-family home is $300,000, making a new home too expensive for many nurses.

That’s where nurse mortgages come into play. These specialized home loans cater specifically to nurses, making the process of buying a home easier for these healthcare professionals.

Let’s explore these beneficial financial options in greater depth.

How do Oklahoma nurse home loans work?

If you’ve ever dealt with home loans or mortgages before, you have a basic understanding of the process. Although nurse mortgages have specific eligibility criteria, they’re often flexible, as their aim is to encourage nurses to become homeowners. Plus, they come with financial perks, like assistance with closing costs, no private mortgage insurance (PMI), and low down payments.

Before you get started with the home-buying process, do some digging into nursing mortgage programs in your area. To help you out, we’ve listed many below. These include VA loans (for nurses who have served or are serving in the military) and USDA loans (for home purchases in designated rural areas). Compare the pros and cons of these home buying programs to find the best fit. Remember to consider your own financial situation carefully to ensure you choose a program that suits you.

The pros and cons of pursuing an Oklahoma nurse mortgage

When you’re making a decision as significant as buying a home, it’s crucial to carefully weigh the advantages and disadvantages of different financial products available for financing. Let’s start by considering the benefits of opting for a nurse mortgage over conventional loans.

Eligibility requirements

First off, nurse mortgages often have “friendlier” eligibility criteria. Conventional loans are often stringent in regard to employment requirements and income thresholds, which may pose challenges for nurses with multiple jobs or irregular employment. Nurse mortgages, however, tend to be more accommodating, making it easier for all types of nurses (including travel nurses) to qualify.

No need for private mortgage insurance

Another perk is the absence of PMI with nurse mortgages. PMI often adds significant costs to monthly payments with traditional loans. With nurse mortgages, you can enjoy lower payments and no expensive premiums.

Flexibility

Documentation requirements are typically less burdensome with nurse mortgages. Although all loans require documentation of income, assets, and financial information, nurse mortgages are often more flexible, particularly in scenarios involving overtime pay or income from multiple jobs. They also tend to have more flexible credit score requirements. This is particularly likely to be the case for mortgages backed by the Federal Housing Administration (FHA loans). For example, Homes for Heroes mortgage specialists often work with FHA home loans to gain savings for healthcare professionals.

Loan amounts

Qualifying nurses can use nurse mortgage loans to access much higher loan limits than are usually possible with conventional loans. At the same time, this doesn’t impact interest rates. As a result, nurses save an average $3,000 on the purchase price of their new homes.

Extra benefits for borrowers

Nurse mortgages may include specialized offerings tailored to the unique needs of nurses, such as relocation assistance for travel nurses or loan forgiveness programs for those working in underserved areas.

Refinance options

Medical professionals who are already homeowners can also use nurse loans: to refinance a current mortgage. This is ideal for securing a fixed-rate mortgage with better terms, such as after your credit score has improved.

Disadvantages of nurse mortgages

Unfortunately, there are some drawbacks of nurse loans. For instance, it’s essential to be aware of unexpected fees associated with nurse mortgage programs. Plus, nurse home loan programs are sometimes be challenging to find, as they’re not as common as conventional mortgages. However, rest assured that we’ve compiled a list of the best options available in Oklahoma to help you navigate your choices.

Down payment assistance programs for nurses

Some mortgage lenders accept down payment assistance through programs like Nurse Next Door. This allows borrowers to increase their down payment options, even if they’re not first-time home buyers. Make sure you talk to your loan officer to ensure the lender accepts these programs.

Taking out nurse mortgages in Oklahoma: a case study

Emily was proud to be a dedicated nurse working tirelessly at St. Francis hospital in Tulsa. Despite her passion for helping others, Emily faced a daunting challenge in her life: student debt. Like many nurses, she had taken out loans to finance her education. That debt, however, was now preventing her from buying her own home in Tulsa.

Traditional lenders were hesitant to approve her for a mortgage, citing her high debt-to-income ratio (DTI) as a concern. Feeling disheartened, Emily asked a friend, who mentioned something called a nurse mortgage. These loans, she found out, were designed to assist healthcare professionals like herself in achieving homeownership — even medical professionals who had student debt.

Emily reached out to a local mortgage lender specializing in nurse mortgages. To her relief, the lender understood her situation and explained how a nurse mortgage could help her overcome the obstacles she faced. They discussed her financial goals, work history, and the specifics of her student loans.

After careful consideration, Emily decided to move forward with a nurse mortgage. With the lender’s guidance, she navigated the application process — providing pay stubs, documentation of her assets, and information about her student loans. To Emily’s delight, she was approved for a nurse mortgage that not only accommodated her debt but also provided her with down payment assistance and help with closing costs. A nurse mortgage turned Emily’s dream of making a home purchase into a reality.

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.

Find a Nurse Home Loan Specialist

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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