Four Professions That Put You on the Fast Track to Home Ownership

Did you know there are home loan programs that are catered to specific fields and industries?

It’s true. There’s a surprisingly large variety of loan products that are tailored toward the needs of homebuyers in many different positions across their industries including:

• Veterans and Active-Duty Military
• Medical Physicians 
• First Responders/Hometown Heroes
• Graduate Students & PhDs

The benefits and requirements of each vary based on a variety of things, including common barriers to homeownership associated with the industry, which aren’t always financial. Many of these programs often address the “situational barriers” to home ownership that hopeful buyers in their fields might face. We’ll talk about that next.

How can these options help me purchase a home?

Well, it depends. Like we mentioned, they’re tailored to each of the industries they’re associated with.

For example, programs for Veterans and Active-Duty Military generally have the initiative to reward honorable servicemen and women with opportunities to purchase a home with no down payment, and affordable interest rates.  

Programs designed with first responders and other public servant positions in mind are similar in that the goal is to make home ownership more attainable. Many of them help buyers cover some or all of their down payment in the form of grants or second loans (which are often forgiven or come with pretty desirable terms). They also often come with additional benefits like reduced PMI as an added benefit.

On the other hand, those in fields with higher earning potential such as doctors, or those with graduate degrees, don’t typically have money upfront to put towards a down payment after accruing a mountain of student loan debt. Loan programs in this realm are usually intended to make home ownership more attainable for recent graduates and those whose debt-to-income ratio (DTI) might otherwise disqualify them for other traditional mortgage avenues.

Which professions offer programs?

More than you’d think. There are many programs on a federal, state, and local level available to buyers in a wide range of professions across several core industries within our communities.

Buyers using these programs may be required to meet additional criteria by the specific loan product, housing agency, or the lender, but proof of employment is often one of the most basic qualifiers needed to take advantage of some of the generous financial benefits available to hopeful first-time home buyers. While some are a little tighter on the eligibility criteria than others, you might be surprised how many eligible positions are typically included in many of the programs for the following:

Healthcare Workers

·         Nurses: RN, LPN, NP

·         CNAs

·         Dentists & Orthodontists

·         Chiropractors

·         Lab Techs

·         Therapists & Specialists

·         Other Hospital Employees

·         Pharmacists

·         Veterinarians

·         Medical Assistants

Educators

·         Teachers

·         Para-Professionals

·         Librarians

·         Administration

·         School Nurses, Counselors & Social Workers

·         Coaches

·         Custodial, Lunchroom & Maintenance Staff

First Responders

·         Police Officers

·         Firefighters

·         EMTs

I work in one of these fields, but my lender hasn’t mentioned any of these programs. Why?

There are a few reasons why you might not remember being offered some of these loan options:

It may not be offered in your area: There are a variety of loan products available on a federal, state, and local level. On the local level, program availability is sometimes based on the zip code or county in which you’re buying, so make sure the property you’re purchasing is within the geographical boundaries of the program being offered.

It may be called by a different name or a blanket name: Just as programs vary by area, they can also vary in name, depending on where you are or who you’re talking to.

Your lender may not be aware of it: If your lender is new to the industry or area, they may not be aware of the more specialized, lesser known, or more complicated loan options, like an experienced lender would. On the other hand, established loan officers sometimes get stuck in their ways, and may overlook some of the more creative options that could be available to you. (In any case, our loan finder tool is a simple remedy for this.)

The program might not be “stackable” with the type of mortgage or the property: Some programs simply can’t be used with others. For example, some of the industry-specific loan options are restricted to first time buyers, while others have options for secondary properties and opportunities to refinance. Your specific buying scenario may eliminate some of the options available to you, or qualify you for others.

Regardless of the reason, it never hurts to ask. Educated buyers are empowered buyers, and more options generally translates to more opportunity.

The gist of it: 

If you’ve learned one thing here today, it should be that down payment assistance programs aren’t just for low-income home buyers. In fact, many of the barriers to home ownership are less financial in nature than they are situational. The bottom line is: there are mortgage options for just about everyone, many of which you might not even know exist. When it comes to home ownership, whether your finances are holding you back, student loan debt is getting in your way, or you’re just plain unsure where to start, understanding your options can unlock more opportunity and buying power than you might think. 

Blog Summary: Doctors, Veterans, PhDs & more can qualify for special mortgage programs. Learn what loan options are available in your industry, and how they can help you navigate your path to homeownership. 

Tags: Loan Options, Doctor, Veteran, PhD