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Being a travel nurse is a unique and exciting career path. You get to travel to different parts of the country, meet new people, and gain valuable experience. However, when it comes to applying for a mortgage, things can get a bit tricky. In this article, we will discuss what travel nurses need to know when applying for a mortgage.
What is a travel nurse?
A travel nurse is a registered nurse who works on a temporary basis in hospitals, clinics, and other healthcare facilities across the country. These nurses usually work for 13 weeks at a time and then move on to a new location. Travel nurses are in high demand, as they provide much-needed relief to hospitals and healthcare facilities experiencing staffing shortages.
Can travel nurses qualify for a mortgage?
Yes, travel nurses can qualify for a mortgage. However, the process can be a bit more complicated than it is for traditional employees. Travel nurses may have to provide additional documentation to prove their income and employment history.
What documents do travel nurses need to provide when applying for a mortgage?
When applying for a mortgage, travel nurses will need to provide the following documents:
| Document | Purpose |
|---|---|
| Proof of income | To show that the travel nurse has a stable income |
| Employment contract | To show the duration of the travel nurse’s employment |
| Letter of explanation | To explain any gaps in employment or income |
| Bank statements | To show proof of savings and financial stability |
Can travel nurses use their travel assignments as proof of employment?
Yes, travel nurses can use their travel assignments as proof of employment. However, they may need to provide additional documentation to prove their income and employment history. This can include pay stubs, W-2 forms, and tax returns.
What are some of the challenges that travel nurses face when applying for a mortgage?
Travel nurses face several challenges when applying for a mortgage. Some of these include:
- Difficulty providing consistent employment history
- Difficulty providing consistent income history
- Difficulty providing a permanent residence or address
How can travel nurses overcome these challenges?
Travel nurses can overcome these challenges by taking the following steps:
- Keep detailed records of employment and income
- Save pay stubs and tax returns
- Provide a permanent address, such as a family member’s address or a PO box
- Work with a mortgage lender who specializes in working with travel nurses
What are some tips for travel nurses who are applying for a mortgage?
If you are a travel nurse who is applying for a mortgage, here are some tips to keep in mind:
- Keep detailed records of your employment and income
- Save pay stubs and tax returns
- Provide a permanent address, such as a family member’s address or a PO box
- Work with a mortgage lender who specializes in working with travel nurses
- Be prepared to provide additional documentation to prove your income and employment history
Conclusion
Applying for a mortgage as a travel nurse can be challenging, but it is possible. By keeping detailed records of your employment and income, providing a permanent address, and working with a mortgage lender who specializes in working with travel nurses, you can increase your chances of securing a mortgage. With the right preparation and documentation, you can achieve your dream of owning a home, no matter where your travel nursing career takes you.