Benefits to the Employer:
- Reduced turnover costs
- Greater retention
- Attractive recruiting feature
- Controlled expense-set budget amount
- Community revitalization
- Eases tardiness and sick leave use
- Strengthens loyalty and morale
EAH Employer Documents
Gives the details of the program specific to the employer and helps to determine eligibility and outlines all rules of the program.
» Program Promissory Note
Outlines the terms of the loan taken out by the employee.
» Loan Agreement
An application given to the employer to address all questions and qualifications of the employee.
» Loan Notification to Mortgage Company
Notifies the mortgage company of employer assistance in housing costs.
Benefits to the Employee:
- An interest rate one quarter percent (1/4 %) lower than the qualifying program rate.
Combining the Employers benefit with a PHFA mortgage could save the employee thousands of dollars over the life of the mortgage loan. All PHFA loans offer the following advantages to eligible borrowers:
- Competitive rates and fees
- Free homebuyer counseling
- Down payment and closing cost assistance
- 30 year, fixed-rate terms
- Mortgages for new or existing homes
- Conventional, FHA, VA, and RD loans
- Funds are available year round
- Refinance loan programs available