So I've been working for this company for 8 years and it's great. My wage is very competitive, and has market increases every year. I'm looking to purchase a home and my work is offering a forgivable loan to assist with downpayment. I have about 60k in savings, and my income is 70k. Home price will be 260-280k.
The basic terms are.
40k set amount. They won't give more or less.
House must be within 30 miles of the office (Not an issue)
Must attend some financial class about 1 week long (paid for by them)
Loan is forgiven in 5 years, a portion is forgiven each year.
Must have 10% down payment of own money, and total downpayment must be more than 20%.
No payments are due on the loan unless I leave the company.
Company will set me up with a financial advisor, and they must sign off that I'm financially stable.
Contract must be reviewed by an outside attorney. They will reimburse for this.
Has anybody ever taken an offer up like this, and if so what should I lookout for. What questions should I ask about the program before signing up?
Submitted August 17, 2022 at 10:21PM by Eatscorks https://ift.tt/w8oY4tO
