A critical shortage of nurses has spawned attractive financial housing offers that include home buying programs specifically for nurses. The programs are designed to entice nurses already practicing their profession as well as students who are thinking of a career in nursing. Real estate entrepreneurs and nursing association organisations are offering special mortgages as they vie for the services of qualified nurses
National Association of Nurses
The National Association of Nurses in 2010 is advising nurses that they can now purchase, refinance or obtain new construction financing with mortgage program offers designed specifically for nurses, and the organisation adds that nurses can pursue these advantages from their homes.
The association expresses that it offers mortgage options, such as fixed rate terms from 10 to 30 years; adjustable rate mortgages (ARMS) with three-, five-, seven- and 10-year fixed rates; interest only options and stated income and no documentation programs; a cash flow program providing four payment options; and up to 100 per cent financing on many of its programs.
National Association of Nurses
180 E. Main St., Suite 203
Smithtown, NY 11787
Mortgages for Champions Benefits
Mortgages for Champions says that its program reduces bureaucratic procedures and many of the due costs connected with residential mortgage financing programs, such as the loan application and loan processing fees, in addition to mortgage underwriting fee, mortgage commitment fee and related commitment points, which it maintains can save as much as 2 per cent to 3 per cent on every mortgage transaction.
Mortgages for Champions also states that eligible medical mortgage financing includes first- and second-time homebuyer programs or a streamline factor that allows you to make additions to your current home, with other possibilities that enable you to obtain financing for a two- to four-family unit, a condominium and even for a mixed usage commercial property, such as a store with apartments that can provide income, in addition to no down payment clauses and conciliatory credit standards, including first-time homebuyer programs that provide a loan of up to 97.75 per cent to value of the sales price and refinancing programs that are liberal in nature. The company operates more than 30 offices around the country. There is a directory of them on its website.
Mortgage For Champions
Florida's Joint Venture with Fannie Mae and EdSouth
There are some state semi-funded programs that allow nurses more favourably disposed conditions for acquiring a mortgage, accordin to the website Mortgagefornurses.com, and the article points out that Jeb Bush, during his stewardship as governor of Florida, announced a joint venture involving the state and Fannie Mae to award nurses increased low-cost mortgage loans. The state also introduced a joint venture with Educational Funding of the South, Inc., also referred to as EdSouth, to award low-interest college loans to nursing students and established nursing professionals, according to the website.
Maryland's Planned Provision for Nurses Mortgage
In Maryland, a bill was introduced to increase home ownership opportunities for nurses, the website Mortgagefornurses.com submits, and it adds that plans are for the Department of Housing and Community Development (DHCD) to commit funds of up to £16 million over five years to provide mortgage loans for nurses who are licensed in the state and employed by a hospital, with the requirement that nurses agree to continue working at a hospital for at least three years, as long as work is available.
The website states that the loans would be provided at an interest rate below the normal rate for similar programs and will be available for property purchased in priority funding areas by first-time home buyers, with a clause in the funding plan dictating that the program must be developed in consultation with the Maryland Board of Nursing as well as related professional nursing associations.