Faculty and staff flock to month-old home loan help program

Being able to afford to live in the high-priced housing market of the Puget Sound area is no longer just a fantasy for some faculty and staff.

About a dozen University employees closed the deal on their first home, new home or loan refinance since a new home loan program was announced at the end of February. More than half of those employees are from the UW Seattle campus.

Last month, Continental Savings Bank’s Hometown Home Loan Program received 739 inquiries and took 88 loan applications, according to a report from the program.

Through the program, University employees are able to take advantage of a variety of loans, grants and reduced rates to buy or refinance a home or condo. Those who aren’t quite ready to purchase also can get advice on how to clean up their credit history or sock away some savings.

“We’re delighted at this initial response to the home loan program for UW employees,” said Bridgett Chandler, director of community affairs. “This confirms how important it is, especially in this market, for employers to do what they can to assist their employees with issues surrounding affordable housing.”

Low salaries coupled with the high cost of homes in the Puget Sound area prompted the University to find ways for faculty and staff to afford to buy the homes or condos they want. Chandler also said the benefit is one way for the UW to help recruit and retain top-notch faculty and staff.

The Hometown Home Loan Program was picked because of its proven track record with other public agencies in Seattle. The city of Seattle, Seattle teachers’ union, and several Seattle community colleges already participate.

For more information about this program call the Hometown Hotline at 206 628-0207 or see the Web site at http://www.washington.edu/admin/benefits/hometown.html. ¶

Plan on buying a home or condo but need some advice on how to get your finances in shape? Homesight, a local non-profit group, can help. Plan to attend two evening home-buying classes May 18 and 20 or an all-day Saturday class June 26. To register for the class, call Homesight at (206) 901-3307.

Number of March inquiries 739

Areas of Seattle where loans closed

North of Ship Canal to 145^th 1

Queen Anne/Magnolia 1

South King County 1

North King County 2

Eastside 1

Out-of-county 5

Status of closed applications

First-time home buyers 2

Previous homeowners (moving) 4

Refinances 5