4
Employer Assistance
Among your workplace's many
helpful or quirky benefits may be
down payment assistance (DPA) options.
For down payments or even assistance with
closing costs, these housing incentives are
a sweet deal not all employees realize
even exist. Whether the employer offers a
loan that you pay back, or a grant, it's worth
setting up a meeting with HR to examine
your options. Naturally, the qualifications
vary by employer, so be sure to ask about
this in your benefits conversation (and
consider inquiring about this benefit
during job interviews). For example,
some mortgage originators now agree to
consider Amazon employees' potential
future earnings from restricted stock units
—which can make up the majority of their
compensation package—as income for the
purposes of qualifying for home loans.
It's not like tech workers, who are among
Seattle's highest-paid residents, generally
struggle to afford housing, even as
Amazon's growth has corresponded with a
mind-boggling rise in home prices.
But Amazon's unconventional
compensation structure can pose problems
for new hires who want to buy homes, and
this perk could help alleviate that a bit.
5
Seller Credits
Consider minimizing the amount
of money you need to bring to the
table by incorporating seller credits. While
the buyer will still need to show that they
could bring the required down payment to
closing… it is possible to have a majority
of your costs covered by the seller. Just
having proof of funds in your bank account
or a retirement savings could go a long way,
and maybe even all the way. Teamed with
down payment assistance, you can actually
bring $0 to the table in some cases. With
a seller credit, the buyer can roll those
formerly up-front closing costs into their
total loan amount.
While it may seem that purchasing that
first home is an uphill battle, with a little
research and planning you can make this a
reality in 2020.
