Magazine article Workforce

At Home with Fannie Mae

Magazine article Workforce

At Home with Fannie Mae

Article excerpt

Well Done

Just over two-thirds of American households own their own homes. But among the 4,500 employees of the home-financing company Fannie Mae, 76 percent have mortgages.

The discrepancy is no fluke. Since 1991, Fannie Mae's signature employee benefit has been its Employer-Assisted Housing program, which consists of a five-year forgivable loan for up to 7 percent of the purchase price or median home price in the area. The funds can be used for the down payment, closing costs, or interest-rate buy-down on a new home.

"The EAH program ties directly to Fannie Mae's mission of tearing down barriers to home ownership," says Sandra Sarvis, director of the organization's Diversity, Health, and Work Life Initiatives. "What better way than to start at home and help our own employees achieve the American dream?"

The loans are available to non-management employees after 90 days on the job, and range from $5,600 to a maximum of $31,000 (in San Francisco). The average amount is $11,000. …

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