Big cities want big talent, but recruiting efforts at top universities can reach gridlock when cost of living comes into play. While you can’t control the cost of housing, there are many ways to leverage the opportunities at your organization beginning with a best-in-class welcoming committee to lead the way. Your benefits coordinator can enhance the recruiting experience by proactively:
1. Arranging a cost-free package including:
- Discounted memberships to the opera, museum’s, theatre, and the gym.
- Rate reductions for insurance, commuter and parking services.
- Purchase discount programs through retailers such as Apple, AT&T, Hertz, FedEx, Dell and Microsoft
2. Removing the hurdles. Too many companies make the mistake of blocking solicitations from willing vendors. Make it easy by posting your submittal requirements online and welcome new opportunities. How else will you learn what’s available? An excellent example of this concept is the Employee Perks & Discounts offered at the University of South Florida.
3. Avoiding exclusivity – It isn’t in your employees best interests to turn away new offerings because an established vendor is asking for exclusivity. When entering into agreements with banks or credit unions, stipulate that you maintain the option to allow other financial institutions to complement their product offerings with expanded opportunities for your staff.
4. Research local Mortgage Providers – Know which lenders can provide pre-employment financing with just an offer letter. Know which lenders have reduced down payment requirements for recent graduates. Know which lenders offer loan programs that exclude monthly payments on student loans when calculating debt to income ratio’s.
While opportunities for “No Money Down” mortgages are usually limited to persons earning no more than 80% of the median county income, some lenders offer specialty programs for higher income earners. National and regional lenders offering low down payment programs with no mortgage insurance to doctors and lawyers are BB&T, Fifth Third Bank, BBVA Compass, Bank of America, Citi Private Bank, SunTrust, and PNC. Each having different program parameters (profession, maximum loan amount, maximum years out of school/residency, minimum credit score, partnership requirements, etc).
If you’re a recent college graduate (<3 years out of school/residency) in any field, and considering your housing options in either Florida, New York, New Jersey or Connecticut, contact me for a free consultation on fixed or adjustable rate loan programs, with just a 10% down payment, up to $2,000,000 with no mortgage insurance requirement. Offer letters allowed. Primary residence purchase only for US residents or permanent residents. Non-permanent residents can inquire about foreign national financing options with a minimum down payment of 30%.