What is Nurse Next Door®?
The Nurse Next Door Programs® was designed to increase home ownership among nurses and other healthcare workers, support community development and increase access to affordable housing free from discrimination. The program is intended to eliminate confusion by streamlining the home loan and home buying process and by matching the individual with the best program available, based upon the specific needs of the program participant and their family. Your Nurse Next Door agent will help you locate the perfect home and negotiate the lowest price possible. Our team will handle all the purchase, finance and closing paperwork for you.
What programs are available?
For home purchases, there are many different federal, state, and local programs available to Nurse Next Door Program® participants, including the Nurse Next Door programs grant, the State Housing Initiative Program (SHIP), Keystone Challenge Fund, USDA Rural Program, and other specific programs available through HUD, FHA, VA, USDA, Fannie Mae, and other local agencies. In addition, the Nurse Next Door grants may be combined with our matrix of other national and state specific programs, such as Arizona Home in Five, California CalPlus, Colorado FirstStep, Iowa IFA Plus Grant, Nevada NHD Home Possible, Ohio OHFA You Choice, Texas SETH 5-Star Advantage, CBC Chenoa Fund and over thirty other programs. Programs vary by city and state. Your Certified Nurse Next Door Program Specialist will help you determine what you qualify for, and which programs may be combined.
Do GRANTS have to be repaid?
NO. Grants available directly through Nurse Next Door Programs® and the other programs we utilize, do not ever have to be repaid. Grants are subject to availability.
Do you offer down payment assistance?
YES. In addition to our grant programs, we have down payment assistance of up to $10,681.00. These programs are available in all 50 states and may include, Home in Five Advantage, Home Plus, Georgia Dream, Golden State Platinum, Florida First, Military Heroes, First Home, Chenoa and Unison, just to name a few. Your Nurse Next Door Program Specialist is trained in all the various programs and will explain your eligibility. Programs are each structured differently and eligibility varies by city and state.
Who is eligible for the Nurse Next Door Program®?
All nurses and healthcare workers are eligible for the Nurse Next Door Program. This eligibility is also extended to anyone working in the medical community, including administrators and support staff. If you are not a nurse or healthcare worker, please visit www.NextDoorPrograms.us to learn more about additional programs available to teachers, first responders and other public servants.
Can I only buy certain homes through the Nurse Next Door Program®?
NO. You may purchase ANY home on the market, in ANY neighborhood, if it is within the guidelines of your loan approval.
How much does the program cost?
Absolutely nothing! One of the best parts of the Next Door Programs® is that it is zero cost to home buyers. You can use our specialists, grants, and down payment assistance completely FREE.
Do I have to live in the home for a certain period of time?
NO. The Nurse Next Door Program® does not have any minimum residency requirements. (Except for a limited number of the down payment assistance programs that may have a three or five year residency requirement.)
What is a dedicated buyer's agent?
Once approved, one of our licensed Realtor® Partners will work with you as your dedicated buyer’s agent to help find the perfect home in your area. They will let you tour the inside of the homes, negotiate the purchase contract, and handle all the paperwork for you. Due to recent changes in the real estate industry, your agent will most likely provide you with a buyer’s agent agreement specific to your state, outlining their duties and how they are compensated.
How do I know what program(s) I qualify for?
Your licensed Nurse Next Door Certified Program Specialist will help place you in the appropriate program and guide you through the process based upon your individual circ*mstance including credit, down payment (if any) and the location of property.
Will you pull my credit?
NO. Nurse Next Door® will never pull your credit or have access to your personal financial information. When you click APPLY NOW and complete the short Pre-Application, you will be contacted by a Program Specialist who will go over the program with you, answer any questions and discuss your options, including any GRANTS and down payment assistance you may be eligible for. Your credit would then be pulled during the mortgage application process.
What is the Simple Docs Program™?
With Nurse Next Door's Simple Docs™, many times our preferred lender can access all or most of your documentation online (with your permission), thereby eliminating the need for you to collect many of the loan documents typically required, including pay stubs, W-2's, tax returns and bank statements. Simple Docs™ is not available is not available in all areas. With each application, we only collect the documents required by law.
What if I've never owned a home before?
Nurse Next Door’s First Time Home Buyers Program allows buyers the unique opportunity to combine GRANTS and down payment assistance with the other programs we have available, including Fannie Mae's HomeReady, Freddie Mac's HomePossible and HomeOne programs. Down payment assistance programs may include state specific programs such as Arizona Home in Five, Georgia Dream, Florida First and others or may include national programs such as Chenoa and Unison, depending on which has the greater benefit. To be eligible, you must be a teacher or school employee, nurse or healthcare worker, law enforcement, firefighter, or government employee. For more information CLICK HERE.
Do I HAVE to be a First Time Home Buyer?
NO. If you own a home or have owned a home in the past three years, you may still take advantage of all of the Nurse Next Door Programs® benefits.
Am I required to take a HUD First Time Home Buyers Class?
NO. You are NOT required to take a 4-hour or 8-hour HUD First Time Home Buyers class. Nurse Next Door Programs® does not require any classroom home buyer counseling to utilize the program.
Can I buy with NO Money Down?
YES (Possibly). But there are some restrictions for some of the zero down programs. The most common of which is the area in which the home is located. If a zero down loan is not available, the typical minimum out of pocket expense is approximately three to three and a half percent (3 – 3.5%) of the purchase price. This typically includes down payment and other fees such as insurance, appraisal etc. This may come in the form of a gift or 401(k) disbursem*nt. Your licensed Program Specialist can explain additional options.
Can I put more money down if I choose?
YES. You may put down any amount you like. If you put 20% or more down, you will typically be able to avoid PMI and you may qualify for a lower interest rate.
Are the any income requirements or restrictions for the Nurse Next Door Program®?
NO. However, your income must be sufficient to cover the payment, and be within the debt-to-income guidelines. Some local down payment assistance programs may have a maximum income you may earn to qualify.
Can I use the Nurse Next Door Program® to refinance?
YES. Next Door Programs Simple Docs Refinance™ is available. You may use this program to take cash-out, lower your payment, shorten your loan term, remove mortgage insurance, or just improve your financial stability.
Do you offer a non-qualifying refinance?
YES. "Streamline Refinance" as well as the Federal HARP refinance programs may be available, which could assist you if you are under water on your current mortgage.
Is there a No Closing Cost Re-fi Option?
YES. Next Door Programs Simple Docs Refinance™ has a no closing cost option available.
What is the minimum loan amount?
We accept all applications, regardless of the loan amounts. Our Preferred Lenders are required to offer loans down to the individual state minimums, which in most cases is $10,001.00. However, lenders must also meet all other regulations and some lower loan amounts may not meet these regulations, due to individual borrower and loan characteristics.
What is the maximum loan amount?
There is no maximum loan amount. In many states, the maximum conforming loan amount is $647,200.00. This number is higher in other states. Our preferred lenders also offer Jumbo Loans. Please discuss specific loan amount questions with your Program Specialist.
Is Nurse Next Door Programs® a Lender?
NO. Financing for Next Door Programs® is provided by our preferred direct lenders and select U.S. National Banks. Next Door Programs® does not collect, store, or have access to your personal financial information and does not receive compensation from mortgage loan transactions. When you complete the online pre-application, you will be contacted by a licensed Program Specialist from our preferred lender who is knowledgeable in all the programs available to you, including the Next Door Programs® Grant and various down payment assistance and other programs.
What will my interest rate be?
Since Next Door Programs® is not a lender, we do not set interest rates. Our preferred lenders have agreed to provide you with an extremely competitive rate for your loan based, upon your individual loan application and loan program. Your interest rate will be adjusted by the Federal underwriting guidelines based upon risk factors, as well as compensating factors.
What is a risk factor?
As with insurance, underwriter guidelines contain upward adjustments to the interest rate based upon risk factors. These may include low credit score, high loan-to-value, first time home buyer, no rental history, short time on the job, etc.
What is a compensation factor?
Whenever possible, underwriters use compensation factors to counter other risk factors to help keep the rate low. These may include, high credit score, long time on the job, recent college grad, good rental history, large down payment, etc.
Can I get a high interest loan?
NO. Next Door Programs® preferred lenders must adhere to Federal conforming guidelines. They do not offer sub-prime loans.
Is Next Door Programs® a government agency?
NO. Nurse Next Door® is part of Next Door Programs, the largest National Home Buying Program in the United States, and administered by Teacher Next Door, LLC. (License No. FLCQ1044110) You may purchase any home on the market through the program, not just HUD owned homes. It is an independent, private organization, licensed Real Estate Brokerage and registered with the U.S. Department of Housing and Urban Development to sell HUD homes and represent buyers in the purchase of HUD owned homes. (HUD License No. NAID-TCHRNX832)
Do I need to use a Nurse Next Door Agent?
YES. Since our Agent Partners agree to contribute a portion of their commission towards your closing cost, to receive the full benefit of the program, you need to be exclusively represented by a Nurse Next Door Program® agent. Our Agent Partners are all highly trained, state licensed professionals. Upon loan approval, we will assign one of our knowledgeable agents in your local area who will work directly with you to find the perfect home and handle all the paperwork. If you decide to use a non-Next Door Programs® agent, you may not receive the agent rebate, as they are not required to contribute any of their commission.
What if I already have an Agent?
Your agent may contact our business office to become an Agent Partner of Next Door Programs®. If you are a licensed Realtor® CLICK HERE
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