Frequently Asked Questions
No. The eligible neighborhoods were selected by the WUMC Executive Committee and cannot be modified except by board decision. All homes purchased through the Live Near Your Work program must be in the eligible neighborhoods outlined and fall within the program area boundaries for those neighborhoods. For streets that form neighborhood boundaries, homes on both sides of these border streets are eligible.
No. Employees must go through an approved lender for their mortgage loan. There are no exceptions. Approved lenders are reviewed annually.
Yes. Employees who take advantage of the program are responsible for paying taxes on the loan as it is qualified as taxable income. The rate set by the IRS is .3965. Taxes are withheld from the employee’s paycheck each pay period. Human Resources sets the deduction to be withheld from the employee’s paycheck on a monthly or biweekly basis over a five year period. Further questions should be directed to Human Resources
Only one forgivable loan is allowed per property. Eligible couples are only eligible for one loan on a property.
WUMC Residents are eligible for the program, but WU students are not.
No. Only BJC HealthCare employees with their primary job located on the Washington University Medical Campus are eligible.
No. We cannot recommend or approve real estate agents and insurance agents for liability reasons. We also do not advertise properties for sale in our eligible neighborhoods. It is up to the employee to find the best agent and best home to fit their needs.
Yes. For more information, visit https://ars.wustl.edu/Pages/Home.aspx