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Home
ownership made simple for faculty, staff
By
Nancy Kelsey
Reporter
Earlier this week, Creighton took its first
steps to making home ownership attainable for some faculty
and staff.
Teaming up with Fannie Mae, a privately owned investment
firm, the university is offering employees the opportunity
to learn more about owning a home and financing the endeavor.
Cynthia Swoopes, a senior deputy director for Fannie
Mae, said that for the past couple of years, the company
has been trying to convince Creighton that the opportunity
was worthwhile. This year, Creighton was inclined to
accept because of an added component called the New Pioneer
Program.
“
We have tested the program internally,” Swoopes
said. “Turnover is 25 percent lower for those that
participate.”
The correlation, Swoopes said, is clear.Workers feel
a sense of camaraderie with the employer who helps them
buy a home. There is no cost to participate.
The New Pioneer Program, under the Employee Assisted
Housing umbrella with Fannie Mae, is available under
certain criteria. It is open to those who fall into the
specified income range, are first-time home buyers and
who buy a home within the designated $145,000 to $160,000
price bracket.
Homes in the program must be located east of 72nd Street,
south to Harrison Street, north to Interstate 680 and
west of the Missouri River. This is to encourage potential
buyers to look into the core area of Omaha, Swoopes said.
A further incentive is for purchases within federally-deemed
revitalization areas in south and north Omaha that result
in waiving the income guidelines.
The process leading to home ownership is not as lenghthy
as expected.
It begins with classes to educate about the process of
owning a home, including guest speakers from banks who
discuss topics about financing, picking a realtor and
property inspection.
Next, the would-be buyer submits a loan application to
Omaha 100. If the loan is approved, the borrower is issued
a commitment letter to seal the deal. Then, the buyer
talks to the realtor of their choice to work out a purchasing
contract. After the process, the loan is prepared and
ready for the borrower’s signature.
That’s when Fannie Mae’s interest kicks in.
It likely becomes the lender, Swoopes said.
There are quite a few incentives for the buyer in going
through this process, she said.
Creighton allows its employees to take an hour off to
attend the informational meetings. This shows that Creighton
is sincerely dedicated to the success of this program.
Also, the mandatory classes help the interested people
decide if they are ready to buy homes, she said. In addition,
they learn things about buying property that everyone
else has to figure out on their own. The below-market
interest rate offered is also an added bonus.
“
We really want the program to prove its success,” Swoopes
said.
After the first meeting earlier this week, it took little
time to realize it would be a hit program.
“
The message went out on the 23rd [of August],” Swoopes
said. “The same day I had five or six calls. I
get messages every day from staff. It’s been above
our expectations.”
Bill Hill, director of Creighton’s Human Resources
department, declined to comment on how many people were
interested. He added that there was no figure available
for how many staff members are home owners or how many
people the program would help.
He did say, however, that it will help a “wide
spectrum” of income levels and will better the
Creighton community.
Fannie Mae has companies all over Omaha involved in the
program and approximately 1,000 nationwide. The number
of employees who participate is typically in the 40s,
Swoopes said. Omaha Public Schools is currently the biggest
school involved with the program. |
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