CKHS Program Can
Help Make Buying a Home Easier
- Each year, up to six permanent, full-time or part-time benefit-eligible employees who have at least one year of service are eligible to receive a $5,000 forgivable five-year loan-to-grant to use toward a down payment or the closing costs associated with an eligible home purchase.
- The home purchased must be located on an eligible street in one of two targeted areas – between Crozer-Chester Medical Center and Widener University, or near Community Hospital.
- Applicants must present acceptable pre-approval letters for mortgage financing, signed agreements of sale for eligible homes, and a completed Crozer-Keystone loan application/agreement to Employee Benefit Services.
- The Chester Community Improvement Project provides pre-purchase mortgage counseling to first-time low- to moderate-income individuals interested in purchasing a home in the City of Chester and Delaware County.
never thought it would be possible to buy your own home, think again. Since the
Crozer-Keystone Employer-Assisted Housing (EAH) Program began in July 2008, the
program has helped 10 Crozer-Keystone employees achieve the American dream of
owning their own home.
year, up to six permanent, full-time or part-time benefit-eligible employees
who have at least one year of service are eligible to receive a $5,000
forgivable five-year loan-to-grant to use toward a down payment or the closing
costs associated with an eligible home purchase. The home purchased must be
located on an eligible street in one of two targeted areas – between
Crozer-Chester Medical Center and Widener University, or near Community Hospital.
addition to continuing to be an active, benefit-eligible employee, the home
must remain the employee’s principal address for the entire five-year
term. Only employees who no longer
meet these two requirements during the first five years of home ownership must
repay a portion of the loan.
program is limited to six employees each fiscal year who present acceptable
pre-approval letters for mortgage financing, signed Agreements of Sale for
eligible homes, and a completed Crozer-Keystone Loan Application/Agreement to
Employee Benefit Services, on a first-come, first-served basis. The
Crozer-Keystone Health System (CKHS) EAH loan can be used for the purchase of
an existing home or a newly constructed home, as long as it is within the
targeted areas. The loan-to-grant can also be used in conjunction with any
eligible City of Chester homebuyer program and with the Pennsylvania Housing
Finance Agency program. The $5,000 check is made payable to the title agency
and is available at settlement.
10 employees have taken advantage of the program. Several of them have
purchased newly constructed homes located near Community Hospital,” says Bill
Kreider, CKHS vice president of Human Resources. “We partnered with Widener
University as two of the first local employers to offer this benefit to
employees, and now six other local employers have followed. The EAH program is
benefiting both the community and our employees.”
Valerie Smith, of the Nutrition Services department at Crozer,
learned about EAH program through her co-workers. In June of 2010, she made
settlement on a newly constructed twin home. “I never thought I would own my
home,” Smith says. “The homebuyer program was an easy process and very helpful.
If you are thinking about buying a home and meet the requirements, it is a
In addition to the loan-to-grant program, employees are encouraged
to take advantage of many local resources that are available to provide
guidance, and possibly additional funding, when purchasing a home. The Chester
Community Improvement Project (CCIP), for example, provides pre-purchase
mortgage counseling to first-time low- to moderate-income individuals
interested in purchasing a home in the City of Chester and Delaware County. The
program prepares applicants to secure mortgages, understand fair housing
practices, select a realtor and learn more about home inspections, home
maintenance and settlement.
CCIP also provides guidance to potential buyers who may have
credit problems. Several Crozer-Keystone employees have already taken advantage
of these resources and have been able to improve their credit ratings enough to
qualify for a mortgage. Employees are encouraged to contact Larry Douglas,
housing program manager, at (610) 876-8663 or via e-mail at firstname.lastname@example.org
to learn more about the programs offered, including
According to the U.S. Department of Housing and Urban
Development’s Home and Communities website, potential homebuyers should follow
some guidelines. For example, employees should understand how much they can
afford depending on income, credit rating, monthly expenses, down payment and
interest rates. It’s also important for employees to work with a reputable
realtor to assist them in finding an eligible property that meets their needs
and price range. Employees must determine how much they can spend on a home by
confirming their eligibility for a mortgage.
Next, it is important to shop around for a loan by speaking to
several lenders, comparing costs and interest rates, and negotiating better
deals. Lastly, with the assistance of a realtor, an employee can make an offer
contingent to a home inspection. Results from the home inspection will tell the
employee about the home’s condition and of any repairs needed.
more about the program and to get a step closer to buying your own home,
contact Susan Winkles at (610) 595-6387 (19-6387) or visit the “My Finances”
page of www.crozerbenefits.org.