topic Re: Travel Nurse Looking to Buy in Mortgage Loans

Travel Nurse Looking to Buy

Anonymous — Fri, 10 Jul 2020 14:36:54 GMT

Hi 👋,

I've been following posts here and new to the mortgage process. Looking to buy a house soon but my issue is I am a travel nurse. Been a nurse for 5 years but been traveling for a year now. Within this year I have made about 110k net a year only about 30k of it is taxed maybe less. I get a paycheck and have every single one.

I get paid weekly ranging from 2k a week to 3k a week net take-home pay. but a huge portion of my income is stipends for housing and meals and incidentals. I literally have no debt except student loan which is 45k. $400 a month. I have a good amount to put down 30-40% and my credit score is 570. I'm looking to buy a 400k home.

I'm worried my income proof might be an issue with getting a mortgage. Also, I would like to know what the banks and mortgage lenders look for in the Credit report to enable me to build my credit before Feb 2021.

I have pulled my credit and been disputing a few things on there.

Kindly, advise, and assist as always. Thank you

Re: Travel Nurse Looking to Buy

dragontears — Fri, 10 Jul 2020 17:42:35 GMT

I am not an expert but I think that you are going to have issues if your taxable income is 30k and you want a 400k house.

I have read about others that have similar type of income (truck drivers) being unable to get a mortgage because the bulk of their income was as stipend or per deim and not taxable, but that was a few years back.

Hopefully one of the mortgage lenders will be by soon with more information on how untaxed stipends are viewed currently.

Re: Travel Nurse Looking to Buy

NC_Mtg_Loaner — Sat, 11 Jul 2020 01:14:24 GMT

I recommend opening a couple credit cards and manage them properly so that you'll have 6 months of positive payment history to help you boost your score while you research your qualifying income.

Re: Travel Nurse Looking to Buy

CreditInspired — Sat, 11 Jul 2020 03:56:51 GMT

Hi OP

I dont think in this climate you will get a CC -- score too low.

Here is my suggestion, especially earning $2-3K/wk:

*clean up any debts, collections, judgements by doing either goodwill letters, PFD or paying off collections so they stop reporting.
*

Re: Travel Nurse Looking to Buy

Anonymous — Sat, 11 Jul 2020 11:32:34 GMT

Thank you all. Will start building that credit ASAP

Re: Travel Nurse Looking to Buy

NC_Mtg_Loaner — Sat, 11 Jul 2020 13:26:04 GMT

......sorry, I should have stated that you might need Secured Credit Cards in the event you do not qualify for CC right away.

Re: Travel Nurse Looking to Buy

CreditFun — Sat, 11 Jul 2020 17:46:31 GMT

24 month Bank statement loan with 20% down is gonna be the way to go.

Your scores need to improve.

Speak to a local mortgage broker for current guidelines as the change by the minute with covid19.

Use the simulators.

Get 3 credit cards.

Easiest credit cards to get worth having at the start in no particular order:

Amex charge card

discover secured

capital one secured

credit unions

Keep all the balance zero except 1 (AZEO) and total utilization below 1%.

Max out your secured limits so you don't have toy accounts. I think discover let's you go to $6,000 and capital one $1,000.

you want to get your scores to around 720.

consider a co-signer if possible.

Maybe even fha if you can report more income this year and show a change in circumstances in a letter of explanation.

again speak to a broker ASAP to get you on a plan.

Re: Travel Nurse Looking to Buy

Anonymous — Sun, 12 Jul 2020 17:41:18 GMT

Thank you Thank you

Will do that and keep you all posted.