These benefits are a result of a recent collaboration between UNM Hospitals, Charter Mortgage, and Fannie Mae to create an Employer Assisted Housing (EAH) program the first in Albuquerque.
"Homeownership strengthens families and neighborhoods. The Employer Assisted Housing initiative will encourage more employees of UNM Hospitals to buy a home near their place of employment," said Rep. Wilson. "The EAH initiative is part of an ongoing commitment to expanding the reach of the American Dream to more people who want to live in Albuquerque."
This is a unique and tremendous opportunity to increase homeownership rates in Albuquerque and help our employees share in the American Dream," said Dr. Philip Eaton, vice president, UNM Hospitals. "With the on-going shortage of health care workers we must take measures to attract and retain good employees."
UNM's Hospitals Employer Assisted Homeownership initiative was created as an employee benefit and community development tool for new graduate and experienced In-patient RNs and Radiology Technologists. UNM Hospitals will provide a $3,000 bonus for a recent graduate and a $5,000 bonus for an experienced professional to help with down payment and closing costs for the purchase of a home. Charter Mortgage will also waive $700 in closing costs.
In addition to the down payment and closing cost assistance, eligible UNM health care workers can obtain home mortgages with favorable terms through Fannie Mae's Community SolutionsÔ. Community Solutions, available through Charter Mortgage, has such features as higher debt-to-income ratios, flexible credit guidelines, down payments as low as $500,and higher income limits in rural areas. These features will provide better mortgage financing options to vital members of the health-care profession. The mortgage pilot is intended to serve as a model for health-care institutions throughout New Mexico as a means of recruiting and retaining more nurses for the state.
"We're pleased to be able to help borrowers overcome the traditional barriers to homeownership - down payment and closing costs. These benefits will allow more Albuquerque families to move into homeownership, build equity, and own a stake in their community," said Jack Thompson, executive vice president, Charter Mortgage.
Fannie Mae worked with UNM Hospitals in its design of the EAH initiative, which assists employees with homeownership, and offers employers an important tool to attract and retain employees.
"Employees of UNM Hospitals can celebrate these new resources which will help them reach the dream of homeownership sooner than ever thought possible," said Steve Anaya, director of Fannie Mae's New Mexico Partnership Office. "Fannie Mae is proud to help increase homeownership opportunities and mortgage financing in Albuquerque, which will produce profound, long-term benefits to the community."
Fannie Mae (FNM/NYSE), the nation's largest source of financing for home mortgages, provides technical assistance at no cost to all types of companies - including private and public employers, nonprofit organizations, universities, and hospitals to design EAH initiatives. The most common EAH benefits are grants, forgivable loans, deferred or repayable loans, matched savings, and home buyer education. Benefit funds are commonly used toward down payments, closing costs, and interest rate buydowns. The benefit may be available to all employees or limited to specific segments of the employee population, such as non-management staff or first-time homebuyers. It may be available for all homes, or homes that meet specific criteria, such as primary residences, or homes located in specific neighborhoods.
University Hospitals is the primary teaching hospital for the UNM School of Medicine and is the home of the highly regarded UNM Children's Hospital. For more information on University of New Mexico Hospitals visit http://hospitals.unm.edu.
Contact: Jennifer Riordan, 272-3322