On an agent tour yesterday for listings that needed more exposure we were discussing ways to draw more attention to the listings on the tour. Someone suggested that I look into Wash U’s Employer Assisted Housing Program. I had heard about the program before but didn’t know many of the details. After looking into it my listing that we were discussing yesterday didn’t fall into one of the qualifying neighborhoods. Nonetheless it is an interesting program and extremely beneficial to Wash U employees. It turns out that the program is a joint venture between Wash U and BJC Health Center to promote employee homeownership in the surround neighborhoods. BJC employees are only eligible for the Forest Park Southeast neighborhood.
Currently Qualifying Neighborhoods:
– The West End (Note: NOT The Central West End)
– Skinker-Debaliviere
– Forest Park Southeast (aka. The Grove)
– Northeast U City
Qualifying employees are given up to $6000 or 5% of the total loan for closing costs, points, or down payment. It goes on title as a forgivable loan that goes away 5 years after closing. If the homeowner sells the house within the 1st 5 years then a prorated amount on the loan must be paid back. If its been longer than 5 years nothing has to be paid back. You must qualify with one of the approved lenders for the program.
Click here for more details