Nurses are often seen as strong mortgage applicants: stable, in-demand careers with good pay. But shift work, overtime, casual positions and travel contracts can complicate things. Here's how to get approved with confidence.
How lenders look at nurse income
| Income type | How lenders often treat it |
|---|---|
| Base salary, permanent full-time | Counted fully, usually after probation |
| Shift premiums and differentials | Often counted if consistent; may need pay stubs |
| Overtime | Often averaged over the past two years, and only if it's likely to continue |
| Part-time, casual or per diem | Usually needs a two-year history, averaged |
| Travel or agency contracts | Lender-specific; tax-free stipends are often not counted |
Bottom line: the more stable and documented your income, the more of it counts. Your two-year history matters, so a job change right before buying can make approval harder.
Documents to gather
- Recent pay stubs (with year-to-date totals)
- Employment letter with your status, hours and rate
- Two years of tax documents (T4s and Notices of Assessment in Canada; W-2s and returns in the US)
- Proof of down payment savings
Down payment basics in Canada
- Minimum down payment: 5% on the first $500,000 and 10% on the part above that, for homes under the insured-mortgage price limit.
- Under 20% down, you'll need mortgage default insurance.
- First-time buyers can use an FHSA and the RRSP Home Buyers' Plan to build their down payment.
- First-time buyers may qualify for a 30-year amortization on an insured mortgage, which lowers payments.
Down payment basics in the US
- Conventional loans can start at 3% down for qualifying first-time buyers, but private mortgage insurance (PMI) applies under 20%.
- FHA loans allow 3.5% down with a qualifying credit score.
- VA loans may require no down payment for eligible veterans and service members, including military nurses.
- Many states and cities have first-time buyer down payment assistance programs. Search your state housing finance agency.
Get mortgage-ready in 12 months
- Check your credit and fix any errors.
- Pay down high-interest debt to improve your debt-to-income ratio.
- Stay in your position, or move to a permanent role if you can.
- Save with purpose. Assign extra shifts to your down payment fund. Check what they're worth in the nurse shift pay calculator.
- Get pre-approved with a lender or broker who understands healthcare workers' pay.
Don't forget closing costs
Budget for legal fees, inspections, appraisals, moving and taxes. In Canada, land transfer tax can be significant (first-time buyer rebates may apply in some provinces). In the US, closing costs often run several percent of the purchase price.
The bottom line
Lenders like stable, documented income. Keep two years of consistent work history, save a solid down payment, and work with a mortgage professional who understands nursing schedules.
This article is for general education and isn't financial or mortgage advice. Lending rules and programs vary by lender, province and state, and can change.