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What is the Premium Standard Farms - Employer Assisted Homeownership Program?
This is an employee
program designed to increase homeownership opportunities for our employees. The purpose of the program is to:
- Invest in our employees by providing assistance toward homeownership and increasing the number of available
options.
- Provide incentives that enhance our ability to recruit and retain a valued and experienced work force.
- Encourage additional investment in neighborhoods and communities to improve the quality of life in our area.
- Create increased community stability through partnerships between the local housing and community stakeholders,
area businesses, and housing lenders to offer additional financial incentives to increase homeownership opportunities.
- You must be a first-time home buyer.
Who is eligible? To be eligible, you must:
- Be a regular employee of Premium Standard Farms at the time of application seeking to purchase a home in
Sullivan County, Missouri.
- Have been a regular employee of Premium Standard Farms for a minimum of six consecutive months immediately
preceding the date of application.
- Be free of disciplinary actions for six months immediately preceding the date of application.
- Have accrued no more than three points against plant or farms attendance policy (buy back points at plant will
not be credited for eligibility).
- Annual base salary or wages of less than $40,000 per individual with a limit of one loan per household.
- You must occupy the home as your primary residence.
What does the Employer Assisted Homeownership Program provide?
Key features include:
- Premium Standard Farms will provide either a $2,500 or $5,000 forgivable loan (depending on purchase price of
home) at 0% interest to help with down payment and/or closing costs for the purchase of an existing or newly constructed home located in Sullivan County.
- For each full year that you remain employed with Premium Standard Farms, we will forgive one-fifth of your
loan. After five years, your loan will be completely forgiven.
- If you cease to be an employee, sell the home, or cease to occupy it as your primary residence during the five
year period following closing of the loan, you will be required to repay the remaining balance of the loan from the proceeds of the sale of the home.
- The annual forgivable amount of the loan will be treated as taxable income to the employee.
- If you are a first-time homebuyer, you will be required to attend and complete an approved homebuyer education
class.
- Funding is limited therefore this program is available on a first come first serve basis. The program is
available to eligible employees on a one time only basis.
Does the employee need to make a down payment?
Yes.
The purchasing employee must make a minimum down payment of at least 1% or the amount required by the first mortgage lender. Options range from 5% of the purchase price to as little as $500.
How do I apply for the Premium Standard Farms – Employer Assisted Homeownership Program?
You
need to send a completed application to the Community Development Manager or Human Resources Department. Contact either the Community Development Manager or Human Resources for an application or call them at
(660) 265-4061 or (660) 748-7110 to see if you qualify. Employees will be assisted on a first-come, first-served basis.
What are the steps to the process?
(i) If you are a first-time homebuyer, attend a homebuying seminar
(ii) Visit with a banker and begin the pre-qualification process
(iii) Find a home you want to purchase
(iv) Discuss your EAH Program eligibility with the Community Development Manager
(v) Make an offer to purchase the home and enter into a contract
(vi) Complete the Employer-Assisted
Housing Loan Application with a copy of the fully executed Property Purchase Contract and return to the Community Development Manager
(vii) Return the Mortgage Lender Certification (if applicable)
completed and signed by the banker making the related mortgage
(viii) Finalize all arrangements for financing of the home
(ix) Work with closing agent to complete remaining forms and necessary signatures
For more information on housing initiatives at Premium Standard Farms contact
Community Development Manager Jason Helton in Princeton, Mo. (660) 748-7110.
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