There is a New Employee Benefit That Will Assist You in Buying a Home

Written By: Glenn Michaels, is a down payment assistance program where employers contribute a predetermined amount of funds into an Employer/Employee Housing Trust Fund Account. The participating employers make a lump sum donation/contribution to the administering non – profit organization in the special housing trust fund.

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If a Home Grant applicant a/k/a employee is employed with a corporation that has made a charitable donation to the HAC Home Grants program and has set up a special housing trust fund account. The employees of the corporate donor then would be an employee that is eligible to participate in The Home Grant Program. The Home Grant is limited to a maximum of $10,000.00 per employee.

The Home Grant can be used for the following items:
-Down Payment. “The required cash investment”
-Closing Costs. “Either all or part of the closing costs”
-Homeowner Insurance Premium
-Property Tax Escrow Account

All funds will be disbursed at the loan closing or property settlement. No funds will be disbursed prior to the loan closing. The Home Grant Program is a grant/gift that is indirectly from your employer to assist you, the employee to purchase a home. Unfortunately the Internal Revenue Service requires an income statement for the grant/gift. The employee will either receive a W2 or 1099 for the amount of the gift/grant.

All employees of a participating company need to register on or on Once an employee is registered the employee will have to access other pages of the web sites to understand how to be a better home buyer.

The employee will also be able to print a Home Grant Gift Certificate that can be utilized during search process of home ownership. The same certificate can be used to show a lender that you will be receiving a grant/gift.

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Now corporate America can still make the same amount of donations, only now they can help their employees at the same time.

About The Author

Glenn Michaels - As an NAMP® staff writer, Glenn Michaels is a mortgage underwriting instructor for Mortgage Underwriter University ( As a BBA & FHA DE Underwriter, Glenn is a Pace University graduate who also graduated from New York University’s School of Mortgage Finance. Glenn has conducted numerous training classes and has worked in the mortgage banking industry for 38 years. If you're interested in becoming a writer for NAMP®, please email us at:


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