- For WU and WUMC employees, Live Near Your Work annual funding is running low for this 2020 fiscal year (ending June 30, 2020).
- We have a very limited number of Live Near Your Work loans remaining, and once they are issued no new loans will be given until at least July 1, 2020.
- Live Near Your Work loans are issued on a first come, first served basis, based on when a signed real estate contract is submitted to us via email.
- This does not apply to BJC HealthCare employees, only to WU and WUMC employees.
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
Home Buying Tips
Buying a new home can be overwhelming. As you begin shopping for properties, here are a few tips to keep in mind. Identify what aspects of your new home are the most important to you, including:
- What kind of property are you looking for? A single family, condo, duplex?
- What home features do you care about the most? An updated kitchen or bath, a big yard?
- How many bedrooms and bathrooms do you need?
- What neighborhood amenities are you looking for?
- What will your commute look like?
- How accessible is the home to dining, shopping or other recreational activities?
- Will you have necessary access to public transportation or highways?
- Is the home ready to move in, or are you willing to rehab?