Last Updated on March 19, 2021 by Maggie Looker
Coming up with a down payment can big the biggest obstacle to buying your first home. Luckily, there are several programs with down payment assistance for healthcare workers. There are also different types of home mortgage loans that require little or no down payment. Homes for Heroes also offers Hero Rewards to heroes across the country in healthcare, law enforcement, education, firefighting, EMS and military professions.
Down Payment Assistance
There are several options for home buying and down payment assistance for healthcare workers. There are national programs, grants, tax credits, and even discounts from real estate agents and lenders. Sometimes it can be hard to even know where to start!
A great starting point is a first time home buyer class. These classes are designed to go over things like financial literacy, the steps involved in buying and closing on a house, and things like inspections and home insurance. You can also find out about great down payment programs specific to your area through these classes. Some loans or lenders strongly encourage that you attend these classes, but the are not necessarily required. You can find classes at the city, county, and state level, depending on looking. Also, if you are moving out of state, make sure to take a class that will cover what is necessary in the state you’re moving to, not your current state.
Speaking of states, there are also several programs funded at the state level by the federal government. The United States Department of Housing and Urban Development, or HUD, have funds they distribute to states to use on their various programs.
Another place to look for down payment assistance if you’re a healthcare worker is through Down Payment Resource. This is the only online, comprehensive database of down payment assistance programs. You can enter your information, including that you’re a healthcare worker, to see the programs available to you. Down Payment Resource has approximately 2,300 programs in their database to automatically match you with.
Zero Down Loans
Some of the programs for down payment assistance for healthcare workers you’ll qualify for above can be used with types of loans that also offer no or lower down payments. FHA loans, for example, require as low as 3.5% for a down payment with good credit scores. Even if you have a lower credit score, FHA loans only require up 10% for a down payment. So at 3.5%, if you’re looking at a $200,000 home, your down payment could be as low as $7,000. Sometimes, you can roll closing costs into your loan, meaning you’ll need to have even less cash at your closing.
USDA home loans are another excellent option to save on down payments, because they don’t require one! These home loans are designed for people living in or moving to rural areas. While you might think that means a tiny town in the country, USDA recognizes towns and cities up to 35,000 people as rural. There are more requirements to meet for this type of government-backed loan, but there are many benefits if you qualify. First, there is no down payment requirement. The loan amount you request can be 100% of the home purchase price. Second, there is technically no minimum credit requirement, though applicants with a 640 credit score or better have higher priority. Last, you can use a USDA loan to build a new home in a rural area, you do not need to use it on an existing home.
Homes for Heroes
If you qualify for down payment assistance and are able to get an FHA or USDA loan, there are even more savings out there for a healthcare hero like you! Homes for Heroes has helped over 43,000 healthcare workers and other heroes save over $75 million on their home transactions. We do this by giving back Hero Rewards after your home closing.
When you use one of our affiliate real estate agents to buy and/or sell your home, you’ll get 0.7% of the purchase price back as a check. So, if you buy a home for $200,000, you’d get $1,400 back. Plus, if you work with our mortgage, title and inspection specialists, you can save $500 on lender fees, $150 on title services, and $50 on a home inspection. That adds up to thousands of dollars in savings!
Sign up now to talk to a Homes for Heroes agent. There is no obligation, cost, or extra paperwork for you. You can also get Hero Rewards regardless of the down payment assistance or type of loan you use.
I am a med tech and my husband and I are wanting to buy a home. Do you have to use fha or can it be a conventional loan?
Hello Jessica! First, thank you for your service. Second, our mortgage specialist in your area has the best answers regarding the types of loans you qualify for. Please know all licensed mortgage lenders are required to follow all state and federal lending laws, so our local specialist will need to look at your finances before they would be able to answer your FHA vs conventional loan question. If you’d like more insight on your own scenario, simply sign up here https://www.homesforheroes.com/hero-rewards/hero-signup/ to speak with our local mortgage specialist to get the answers you’re looking for. We would be honored to work with you and your husband, Jessica. All the best.
I am a housekeeper working in the Hospital, do i qualify for these programs?
Hi Melissa! I would encourage you to sign up, and then we can connect you with a real estate agent and/or loan specialist near you. They’ll be able to go over the program details with you!
I as on office administrator/biller for a home health care agency. I am currently working with a real estate agent and local mortgage company but needed with my down payment cost – could homes for heros help with this?
Hi Suzie! If you’re already working with a real estate agent and mortgage company, you could always ask if they know about Homes for Heroes and see if they’d like to become affiliates. If they are, you’ll be able to get our Hero Rewards after your closing. Congrats on your home search!
Hi I’m Terry Edwards and I’m a healthcare IT professional. I’m trying to close on my first home (September 10th) and in desire need of closing cost assistance to get out of my temporary housing situation.
Hi Terry! You can sign up here and a Homes for Heroes loan specialist will get in contact with you. Thank you for your service!
Hello,
I am a registered polysomnography tech in the sleep field. Do I qualify for healthcare works down payment assistance?
Thank you
Hi April! You can sign up here and a Homes for Heroes real estate specialist will get in contact with you. Thank you for your service!
Virginia Ovalle I am a cert.nurses aide and medication aide. I’m looking to try and find a home to buy but need a lot of help and information on how to.
Hi Virginia! If you sign up here, we’ll connect you with a Homes for Heroes real estate specialist near you. They’ll be able to give you all kinds of information about buying a home, and they’ll be with you every step of the way through the home buying process. Thank you for your service to your community!
I am a nurse & I’m interested in down payment assistance.
That’s great Jawyiah, thank you for your service as a nurse! If you sign up at Homes for Heroes, we’ll get you in touch with a real estate and lending agent in your area. They’ll be able to talk with you about your needs and what kind of down payment assistance is available to you.