I’ve been employed by the same organization for the last nine years, spending the last two as a per diem while attending nursing school, which reflected a reduced income of $14k on last year’s W-2. I graduated in May 2024 and started a full-time position as a registered nurse in August 2024, now earning $11k a month. My wife, also a registered nurse, was laid off in 2023 but returned to work full-time four months ago at the same organization, plus she earns an additional $2k monthly from a per diem role at another hospital. Together, we gross between $22k and $24k monthly. We’re planning to buy my brother’s house, valued around $600k, for the remaining $340k mortgage balance, and he’s gifting us all the equity. Will our recent job changes and the unique house purchase arrangement impact our ability to secure a mortgage? Additionally, nursing jobs are stable and well-compensated in Northern California. We appreciate any advice on our situation.
You can qualify. Regarding income, lenders will consider your base hourly rate, excluding shift differentials, bonuses, or overtime. Just make sure to provide documentation of your nursing degree. Similarly, your wife can’t use income from her per diem job unless she’s had it for over two years, just her primary job income counts.
@Frances
That clarifies a lot, thank you! Without the extra earnings, our combined monthly gross would be about $19.5k to $20k.
Morgan said:
@Frances
That clarifies a lot, thank you! Without the extra earnings, our combined monthly gross would be about $19.5k to $20k.
Exactly, and remember, if you had shift differentials for over two years, you could potentially include that in your calculations.
Your situation sounds manageable. The myth that you need two years in the same job isn’t true. A knowledgeable broker can help you navigate the mortgage process, especially with using equity as a gift for the down payment and potentially covering closing costs.
@Roan
That’s reassuring to hear, thanks for the support!
Is your income as high as $24k monthly just from nursing? Are you travel nurses perhaps?
Blair said:
Is your income as high as $24k monthly just from nursing? Are you travel nurses perhaps?
No, we’re not travel nurses. We work at major hospitals here in the Bay Area, and nursing salaries are quite high. My entry level pay as a new grad RN is $74 per hour, but unfortunately, shift differentials don’t count towards loan calculations.
There shouldn’t be any major issues as long as you aren’t relying on commission or bonus income. Employment verification will be key, and they might ask for additional proof like transcripts, though it’s more common for recent graduates without much work history.
Ensure you’re both working full-time hours as defined by your hospital. If you’re hitting the required hours and your paychecks reflect your job offers, you should be in a good position. Sometimes loan officers don’t recognize that 36 hours a week is full-time in healthcare, so be prepared to clarify that.
@Bao
Both of us are meeting our full-time hours, and everything is documented in our job offers. Thanks for the tip about clarifying full-time hours in healthcare!
Morgan said:
@Bao
Both of us are meeting our full-time hours, and everything is documented in our job offers. Thanks for the tip about clarifying full-time hours in healthcare!
You’re welcome! It sounds like you’re well-prepared. Just ensure all your paperwork matches up, and if any discrepancies arise, have a solid explanation ready.