Best Home Loans for Healthcare Workers

Angel Oak Mortgage Solutions is the top choice for home loans for healthcare workers, offering specialized mortgage programs tailored to their financial needs.

Did you know the dream of owning a home can be easier to accomplish depending on which profession you are in? This can be especially true when looking at home loans for healthcare workers. 

Doctors, nurses, emergency medical technicians (EMTs), and other medical professionals may be eligible for home loan programs specifically designed to help healthcare professionals buy a home. These programs have favorable terms, special perks, and lower fees and can help you secure a loan. Read on to learn more about a few loan providers and programs available to healthcare professionals that might be ideal for your situation.

Best Home Loans for Healthcare Workers

Many lenders offer special programs to provide great benefits on mortgages for healthcare workers. The companies listed below offer traditional financing and loans that offer a lower down payment like Federal Housing Administration (FHA), Veterans Affairs (VA), and U.S. Department of Agriculture (USDA) loans. Some also offer loans for unique situations, typically called non-qualified mortgage (QM) loans.

All of these can be beneficial for healthcare workers who qualify, and your situation will dictate which loan gives the best terms. It’s always best to compare your options, so evaluating these lending institutions and what they offer is a great place to start.

1. Best Overall: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions can provide a wide selection of mortgages for healthcare workers. Angel Oak is notable as a home loan provider because it provides both standard financing options for healthcare workers and specialized loans with varying criteria. While the company offers standard financing choices, it specializes in nontraditional lending with non-QM loans.

Non-QM loans include those for higher-value homes, investment loans, and loans that can be obtained after a recent bankruptcy. If you are a healthcare professional who has financial mistakes on your record, Angel Oak may be able to provide you with a more flexible loan option that takes your unique income and debt obligations into account. 

2. Best for Bank Statements Only: CrossCountry Mortgage

Much like Angel Oak, CrossCountry is a full-service lender offering both traditional and non-QM loans for healthcare workers. CrossCountry offers specialized programs that can serve the needs of almost anyone seeking financing, and it has dedicated loan officers to walk you through your options.

In addition to traditional financing options, CrossCountry Mortgage offers programs for investors purchasing vacation homes. CrossCountry Mortgage can also help you find down payment assistance if you may not be approved through traditional underwriting. Jumbo loans are also available with flexible qualification criteria. 

3. Best for a Variety of Options: New American Funding

Another full-service lender, New American Funding has a couple of unique options that provide advantages over other lending institutions.

One program called NAF Cash gives you the power of buying in cash even if you plan to finance. In this program, New American purchases the home you intend to buy and then sells it back to you, providing financing and charging a fee to do so. Cash buyers are more likely to have their offer selected when a home has multiple offers, so if you are shopping in a hot market then NAF Cash might be a good option.

Another great advantage of New American today is its 5-Year Rate Protection Pledge. New American offers home buyers the ability to refinance without lender and appraisal fees at any time in the next five years if their rates become more favorable, assuring their buyers get the best rate possible. This can be an especially important consideration in a time of high mortgage rates. 

4. Best for Interest Rates: North American Savings Bank

North American Savings Bank (NASB) is headquartered in Kansas City and is one of the largest loan providers in the country. NASB offers several attractive and unique programs that can help healthcare workers find the perfect mortgage. 

In today’s climate of rising rates, its Rate Secure program allows buyers to lock in an interest rate for a full 90 days. If the rate falls in those 90 days, you can get whichever rate is lower. Typically, rates can only be locked for 30 days, and once they are locked there is little flexibility to move down, so the Rate Secure program helps ensure buyers get the best rate.

If you are looking to buy in the Kansas City area, NASB offers a special program to promote home ownership in the city’s most underserved areas. This program offers easier qualification standards if you don’t have great credit and no lender fees at closing.

5. Best Online Lender: Rocket Mortgage (formerly Quicken Loans)

The Rocket Mortgage (formerly known as Quicken Loans) program is the country's leading home lender. It offers a wide selection of mortgage loan options ideal for healthcare workers, including conventional mortgage loans, VA loans, and low-down-payment FHA loans. 

Rocket Mortgage is a particularly popular online lender thanks to its easy and streamlined online loan application. Its loans require less paperwork and offer a quicker lead time than many competitors, which can be beneficial if you need to move into your new home quickly. 

Like NASB, Rocket Mortgage offers a 90-day rate lock through its Rateshield program. If you value a streamlined process (and don’t mind doing some homework on your own beforehand), then Rocket Mortgage can offer you a faster home loan. Its loan application can be completed entirely online, and you will receive preapproval immediately in many cases. Rocket Mortgage also has an extensive learning center that includes great information for anyone looking to purchase a home.

Healthcare Worker Home Loan Assistance Programs

Plenty of viable lenders offer affordable loan options for healthcare employees. However, there are also programs out there that offer better terms, lower rates, and fewer fees for those in the medical field. The following are a few popular programs you might be able to take advantage of when buying a home as a healthcare professional.

Nurse Next Door

Nurse Next Door is an extension of the Teacher Next Door program, which is the largest home-buying program in the country. This program specializes in finding homes for people in the healthcare field, and its agents can help you find grants, down payment assistance, and/or the perfect loan type to fit your needs. With programs for first-time buyers and assistance for those with different down payment needs, Nurse Next Door is a fantastic starting point for any healthcare professional who is beginning their home search.

Homes for Heroes

Homes for Heroes is a service that helps healthcare workers, military members, teachers, and first responders find their perfect home and secure financing. 

Through its network of professionals, Homes for Heroes will match you with a real estate agent, lender, and possibly other providers of real estate services such as appraisers and inspectors who have all agreed to reduce or eliminate their standard fees when working with a member of the healthcare field. The program’s website states that the average participant saves about $3,000 per real estate transaction. If you are open to working with one of its agents and lenders, then Homes for Heroes can provide some great savings when buying a home.

How Can Healthcare Workers Prepare for a Mortgage?

Healthcare workers have options to access affordable home loans and down payment assistance programs. But there are additional steps you can take to improve the chances you’ll be approved for a home loan, including: 

• Pay down debt: Any debt you have outside of your pending mortgage loan will hurt your chances of being approved for financing. If you have a large amount of credit card or student loan debt, you may want to take some time to pay down debt before you apply for a loan. 
• Check your credit report: Your credit score plays a major role in your ability to get a mortgage loan. Before you apply, check your credit report to make sure no errant items are hurting your score. If you see a negative item on your credit report that you don’t recognize, report it to the bureau issuing the report. 
• Don’t open new credit lines: When you submit your mortgage application, hold off on applying for new lines of credit until the underwriting process is complete. This will show your lender that they don’t need to worry about you taking on more debt immediately after being approved for a loan. 

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