Working as a travel nurse can be beneficial for many reasons, from having great flexibility and freedom in regards to where and when you work as well as increased earnings and financial stability. What’s more, you get the opportunity to travel and see the world! But when it comes to getting a home loan, things can be tricky. Lenders want to see stable, consistent income in their applicants, and travel nurses get paid differently than other healthcare professionals. Below, we’ve provided some tips on how to secure a home loan as a travel nurse.
Home Loan Tips & Advice for Travel Nurses
Employment as a travel nurse may look different from a traditional nine-to-five job, but that doesn’t mean you can’t get a home loan. Plenty of travel nurses are homeowners. However, you may have to put in a little bit of extra effort to prove your financial worthiness. Here are some tips and advice on how travel nurses can successfully secure a home loan:
Work Closely with Your Lender
First and foremost, you’ll want to make sure that your lender is fully aware of your situation. Chances are, you’re not the first travel nurse they’ve encountered and likely not the last. Your lender will be able to give you good advice in regards to your home loan application and tell you what steps you need to take to make your endeavors a success.
Have a Solid Employment History
It’s important that you have a solid history of being employed as a travel nurse before you apply for a home loan. Generally speaking, it’s advised that you have at least one or two years of working in your profession before you apply. This way, your lender can see that you have stable, steady income.
Use Pay Stubs as Proof of Income
Just like any applicant, you will need to provide proof of income. But instead of using your W2s, consider submitting copies of your pay stubs. Many travel nurses receive a living stipend, which is not usually reflected as income on tax forms. Your paystubs, on the other hand, will show proof of the money you have received as part of the conditions of your employment.
Have Good Credit and Low Debt-to-Income
You can also prove your financial worthiness in other ways like by having a good credit score and low debt-to-income ratio. If you have credit card debt, try to pay down your balance. Furthermore, it may be a good idea to refrain from taking on additional debt like a car payment or personal loan for the time being, since this can affect your debt-to-income ratio.
Get More Advice
If you have questions about getting a home loan as a travel nurse, we’d be happy to help. Call today to speak to an expert and get the professional advice you need.