Does your employer offer an Employee Housing Assistance Program? - No Money Down Doctor Loan

Many medical organizations offer their employees an Employee Housing Assistance Program (EHAP) to assist with closing costs, down payment and other home purchase expenses. If you are looking into purchasing a home, I would strongly recommend that you inquire with your Human Resources department about the availability of these types of programs at your organization.

Why? In my experience, the terms for these programs are often hard to pass up. For instance, one of the doctors that I am currently assisting with the purchase of his home is using his companies EHAP to get a 10% down payment. This loan requires no payments and charges no interest for ten years. Considering the fact that most homeowners don’t stay in the same home for nearly this long, he is able to utilize these funds for free!

Can you use your company’s EHAP with The Zero Money Down Doctor Mortgage Loan? The Zero Money Down Doctor Mortgage Loan does accept many EHAP’s. The bank requires a review of each program submitted and must approve the terms and conditions of the loan. In addition, this loan must be subordinate to the first mortgage.

If your organization does not offer an EHAP, don’t fret. Most doctors that I assist do not have such a program, or some simply choose not to use it. The doctor loan provides 100% financing with no private mortgage insurance, so there is no down payment required. Also, the terms of your EHAP may not be as desirable as the doctor loan, so it may not make sense to use your Employee Housing Assistance Program in some circumstances.

For questions about the No Money Down Doctor Loan, to find out if your EHAP is worth considering or for a loan consultation, you can contact me directly at 1.866.663.5461.

Have a good weekend!
Jeff