Don’t Overlook This Work Perk: Employer-Sponsored Down Payment Assistance
By Liz Keuler, Editor – Readynest by MGIC
When you last accepted a new job, you probably researched benefits – everyone wants to know about health insurance, vacation time, the 401k match and whether or not there’s free coffee. But did you ask about employer-sponsored down payment assistance?
If it’s been a while since your employee orientation, you might want to check. You might be surprised – we were!
The assist we almost missed
When my husband and I started looking for our first home in 2012, down payment assistance (DPA) wasn’t really on our radar. That’s not too surprising: A November 2017 report from the Urban Institute indicated that 76% of consumers are not too familiar or not familiar at all with low down payment programs.
We got pre-approved, toured five homes and made an offer on a sixth, one week after it went on the market. We already knew how much of our savings we wanted to use for a down payment (about 10% of the purchase price, so we were planning on financing the rest and taking advantage of private mortgage insurance). We thought we were pretty set, down-payment-wise.
But fortunately for us, house-hunting is a great topic for workplace small talk. keep reading
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