Lancaster General Hospital is a large Lancaster city PA operation. It’s an employer hundreds of local residents – I regularly work with homebuyers who are either already employed there or looking for employment there. The hospital has created a cutting-edge “Home In the City” homebuyer settlement assistance program I wanted to tell you about.
In an effort to promote employee home ownership as well as encourage employees to walk to work, Lancaster General Hospital offers mortgage insurance and settlement cost assistance (which means closing costs help) in the form of loans up $10,000 (recently upped from $7,000). There are some stipulations that go with the program:
- The purchase price must be up to $200,000 – not a problem, in fact you can get an incredible large home in the area of Lancaster City for only $160,000 these days.
- Homes can only be 1 or 2 family units, or approved condos. There’s a map showing the Homebuyer assistance covered area.
- An approved mortgage with all lending criteria met
- The home must be the employee’s primary residence – no rentals, but you could buy a two-unit and live in one and rent the other.
- Lancaster General will forgive the loan at 20% per year up to 5 years of your employment there.
- The homeowner will have to pay Lancaster General Hospital back for the unforgiven portion if they sell the home, convert it to a second home or leave the hospital’s employ.
- The loan funds may only be used for closing cost assistance.
- Of course, the employee must apply for the Settlement Assistance loan through Lancaster General’s lending firm and meet credit guidelines.
There are a few more details as to how to apply for the “Home In The City” homebuyer assistance program which can be read at the LGH website here. On top of the assitance offered to home buyers, LGH offers a “curb appeal” renovation program with up to $2,500 towards facade upgrades. I’ll post about facade programs in Lancaster City in a later post.
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