Teacher Next Door Blog

Help is here for nurses and healthcare workers buying a home!

In the past 12 months, Nurse Next Door has helped over 20,000 nurses, healthcare workers and other public service professionals, navigate the home buying process.  

If you are a nurse or other professional working in the healthcare industry, you are eligible for the Nurse Next Door National Home Buying Program.   There is no fee for using the program and the benefits are substantial.

Home Loans: For the mortgage loan, a Nurse Next Door Certified Program Specialist will discuss your individual situation and help you determine which home loan program will benefit you the most.  All loan types are available in connection with the Nurse Next Door Program, including conventional, FHA, VA and USDA.  In addition, you may qualify for special programs such as Fannie Mae’s HomeReady  or Freddie Mac’s HomePossible or HomeOne programs.

Grants: Housing GRANTS up to $6,000.00 are currently available to nurses and healthcare employees.  Depending on the area, these grants may include government grants and/or the Nurse Next Door Grant.  Some of the state specific programs may include Arizona Home in Five, Georgia Dream, Florida First and others. 

Down Payment Assistance: Nurse Next Door works with over thirty different down payment assistance programs, including national programs such as Chenoa and Unison.  Currently, down payment assistance amounts may be up to $10,681.00, depending on your location and individual circumstance.

First Time Home Buyers: The Nurse Next Door Program is not limited to first time home buyers.  However, nurses and healthcare employees who are first time home buyers may also benefit from Nurse Next Door’s First Time Home Buyers Program.

Other Benefits: Nurses and healthcare employees may purchase any home on the market through Nurse Next Door and there are no 3-year residency requirements.  There are no application or up-front fees and the Simple Docs Program, available in most states, may reduce or eliminate the need for you to gather many of the verification documents typically associated with a mortgage loan.   

For more information on the Nurse Next Door Program you may visit www.NurseNextDoorProgram.us or www.teachernextdoor.us/Nurse.   

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Buying a home could be a very overwhelming experience if you do not have the right people on your side.  Mrs. McLean's expertise on the home purchasing process definitely alleviated this burden for me and my family.  I knew she was going to be the right person to work with from the very first time we viewed a property together.  She understood my overwhelming life as a teacher and made accommodations without hesitation to work around my schedule.  Mrs. McLean is very knowledgeable and understood what my family needed from the beginning.  She always knew what to say when times got difficult and gave a generous part of her commission to help with closing costs!  The house she found, it’s the perfect home for us! 

Graciela Cruz,
Primary Teacher
Bryan Elementary
Plant City, FL           

If you are a nurse or other professional working in the healthcare industry, you are eligible for the Nurse Next Door National Home Buying Program.   There is no fee for using the program and the benefits are substantial.

Home Loans: For the mortgage loan, a Nurse Next Door Certified Program Specialist will discuss your individual situation and help you determine which home loan program will benefit you the most.  All loan types are available in connection with the Nurse Next Door Program, including conventional, FHA, VA and USDA.  In addition, you may qualify for special programs such as Fannie Mae’s HomeReady  or Freddie Mac’s HomePossible or HomeOne programs.

Grants: Housing GRANTS up to $6,000.00 are currently available to nurses and healthcare employees.  Depending on the area, these grants may include government grants and/or the Nurse Next Door Grant.  Some of the state specific programs may include Arizona Home in Five, Georgia Dream, Florida First and others. 

Down Payment Assistance: Nurse Next Door works with over thirty different down payment assistance programs, including national programs such as Chenoa and Unison.  Currently, down payment assistance amounts may be up to $10,681.00, depending on your location and individual circumstance.

First Time Home Buyers: The Nurse Next Door Program is not limited to first time home buyers.  However, nurses and healthcare employees who are first time home buyers may also benefit from Nurse Next Door’s First Time Home Buyers Program.

Other Benefits: Nurses and healthcare employees may purchase any home on the market through Nurse Next Door and there are no 3-year residency requirements.  There are no application or up-front fees and the Simple Docs Program, available in most states, may reduce or eliminate the need for you to gather many of the verification documents typically associated with a mortgage loan.   

For more information on the Nurse Next Door Program you may visit www.NurseNextDoorProgram.us or www.teachernextdoor.us/Nurse.   

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How can a teacher with bad credit get approved for a mortgage to buy a home?  As the largest National Home Buying Program in the U.S., it is a question we are asked every day.   The honest answer is, it depends.

FICO scores between 500-580

FHA now allows loan approvals with FICO credit scores as low as 500.  However, if your score is between 500 and 580, there are at least two important differences from the typical FHA loan:

Down Payment:  FHA requires all buyers with scores below 580 to put a minimum of 10% down.  Whereas other loan programs may be as low as 0-3.5% down.

Hand-Underwriting: In addition to the larger down payment, with a score below 580, FHA will require that the application go through a process known as “hand-underwriting,” as opposed to the typical automated process.  The underwriters will be looking for a specific hardship to explain the low credit score and will likely need a good “letter of explanation”

Compensating factors: During hand-underwriting, the underwriter will consider compensating factors, to get the loan approved for you.  These may include things such as a long and stable employment history, high income, excellent rental history and high cash reserves.  A low debt-to-income-ratio will also help.  For example, 29/41. (29% or gross for PITI and 41% of gross total monthly debt.) 

Teacher Next Door accepts all applications, regardless of credit score and our Preferred Lenders will work hard to get a loan approval for you.  Many buyers with scores below 580 may find it necessary, or easier, to repair their credit prior to moving forward with a home purchase.  Teacher Next Door’s Fresh Start Program could be a possible solution to help you raise your score.

FICO score of 580+

If your score is above 580, you should be able to get an FHA loan with only 3.5% down payment.  You may also not need to go through the hand underwriting process, making it easier to get approved.    

Grants and Down Payment Assistance for Teachers

All teachers and school employees are eligible for the Teacher Next Door GRANT, regardless of credit score.  However, you would still need to qualify for the mortgage financing.  With a credit score above 580, you may be eligible for down payment assistance.  Teacher Next Door requires each of our three national Preferred Lenders to offer several different down payment assistance options.  These DPA programs may include Home in Five Advantage, Georgia Dream, Florida First, Chenoa, Unison and several others.  When you apply through the Teacher Next Door Program, a TND Program Specialist will contact you to go over the various options.  A credit check is not required to complete the pre-application

If you have other Questions about the Teacher Next Door Program, please visit the Frequently Asked Questions section at

www.teachernextdoor.us/FAQs 

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