Employee home buying assistance

[stepbystep12, BSN, DNP]

Do any of you pals have home buying assistance as part of benefits offered to employee by company? Anybody ever used them? Is it worth it. Would love to know what kind of help companies offer. Please let me know. Thanks.

[roser13, ASN, RN]

I've never heard of that type of benefit. Do you mean financial assistance? Providing a realtor?

[meanmaryjean, DNP, RN]

Never. EVER heard of such a thing.

[Sour Lemon]

stepbystep12 said:

Do any of you pals have home buying assistance as part of benefits offered to employee by company?

...only in the form of a paycheck.

[Rose_Queen, BSN, MSN, RN]

Yes, but it is within a very limited area (split into two regions) that isn't the best to live. $10,000 for one and $5,000 for the other. Must work for the facility for two years to be eligible and must work for five years and live in the house as primary residence after money is given or it must all be paid back- no prorating. Not worth it in my opinion due to the areas allowed and the long term obligation.

[HouTx, BSN, MSN, EdD]

It's only a perk for execs... generally part of the relo package. They provide "assistance" with sale of previous home & purchase of a new one. Sigh. Not for us common folk.

[NICU Guy, BSN, RN]

XXXXX Healthcare has established a policy to provide financial assistance to its employees who are first-time home buyers (HUD definition – i.e. loss of home from divorce or death of spouse, have not owned a home in the last three years) and to partner with community resources in an effort to encourage purchases in identified neighborhoods.

Eligibility:

• Eligible employees are those whose annual base income level is sixty thousand dollars ($60,000) or below who fit the HUD definition of first-time” homebuyer; and
  
• Active employees statused to work a minimum of 32 hours (.4FTE) per pay period, Eligible employees must complete the benefits waiting period, which is the first of the month following date of hire or re-hire; and
  
• Eligible employee must be in an active status at the time of signing the Loan Agreement.
  

Benefits:

• This program provides a one-time, four year forgivable loan for down payment and closing costs associated with the purchase of a primary residence which may not result in a refund to the buyer
  
  • approved full-time (64 hours per pay period - .8 FTE) or part-time (32 hours per pay period - .4 FTE) employees receive five thousand dollars ($5,000). Employees who receive $5000 must remain in a status of at least 32 hours per pay period during the four year forgivable period
    

  [*]The loan will be forgiven at the end of each year at the rate of twenty-five percent (25%) ($1,250/year) as long as the employee is still employed with XXXX Healthcare and is still the owner-occupant of the home. The loan forgiveness amount will be grossed-up for tax purposes. The loan will be immediately due and payable if the borrower is no longer the owner of the home, the owner-occupant, or an employee of XXXX Healthcare, and any defaulted loan amounts may be deducted from the employees paycheck.

  [*]Graduation from an approved financial counseling and homebuyer education program are required.

  [*]Supplemental community funds MAY be available based upon the neighborhood of the purchased home, the family's income level, and the family size.

  [*]This program is limited to the first fifty (50) eligible applicants (who are scheduled to close on a home) per year on a first-come, first-served basis. In the event there are more than fifty (50) applicants in a year, eligibility will be based on the original application date. Remaining applicants will be placed on a waiting list for the current year and will be the first eligible for the following year.

  [*]One loan is permitted per family.

[stepbystep12, BSN, DNP]

Thanks everyone for your responses. For clarification, it is not clear how, when and for who the benefit is. It is just listed as such on my works benefits page and a number to call (guess it wouldn't hurt to call just to know the details). I was just wondering if anybody else had ever heard about it.