KNOWLEDGE BASE
Answers For Your Journey
Everything you need to know about your employer home buying benefit.
Common Questions
About the Program
What is Keys for Employees?
A home buying benefit offered through your employer. If you buy a home while working for a participating company, you receive a 1% realtor credit and a 1% lender credit toward your closing costs.
What does it cost me?
Nothing. There is no fee to use the program, as long as your employer is enrolled.
How much will I actually get back?
The realtor credit is 1% of the home's purchase price. The lender credit is 1% of your loan amount. On a $325,000 home with 5% down, that is about $6,300 toward your closing costs. Use the calculators to see your own numbers.
Why is the lender credit smaller than the realtor credit?
The realtor credit is based on the full purchase price, while the lender credit is based only on what you borrow. A larger down payment means a smaller loan, which means a smaller lender credit.
Do I get cash back?
No. The credits are applied toward your closing costs, not paid out as cash. Credits cannot exceed your actual closing costs.
Who provides the credits?
The lender credit comes from UMortgage. The realtor credit comes from Better Homes and Gardens Real Estate Winans, a separate company. You are always free to choose your own real estate, title, and settlement providers.
Can I use my own realtor?
To receive the 1% realtor credit, your purchase is handled through Better Homes and Gardens Real Estate Winans. You are free to use any agent you like, but the credit applies only when the participating brokerage represents you.
Is the credit taxable?
It is applied to closing costs rather than paid to you, and you are not taxed on it.
What if my spouse or partner is the buyer, not me?
The benefit is available to you and your household. If you are an employee of a participating company, you can use it on a home you are purchasing.
What happens if I leave the company partway through buying?
Talk to us as early as possible. Eligibility is tied to your employment, so timing matters, and we will tell you exactly where you stand.
About Buying a Home
I have never bought a home. Is this for me?
Yes. Many people who use this program are first-time buyers. The whole point is to lower the cash you need at closing and give you someone to walk you through it.
How much do I need for a down payment?
Less than most people think. Some loan programs allow as little as 3% down, and certain buyers qualify for zero down. Getting pre-approved is how you find your real number.
Is buying really better than renting?
Over time, owning builds equity while rent builds none. See the Wealth Building page for the full comparison, including the cases where renting is the smarter move.
What are closing costs?
The one-time fees to finalize your loan and purchase, things like the appraisal, title, and lender fees. They typically run a few percent of the price, which is exactly what these credits help offset.
Can I use this on a condo or townhome?
Yes, in most cases. Condos, townhomes, and new construction can all work, though some loan programs have extra requirements for condos. We will confirm once we know the specific property.
About the Loan Process
What is pre-approval?
A lender's review of your income, credit, and assets to tell you what you can borrow. It is free, takes about 10 minutes to start, and does not obligate you to anything.
Does getting pre-approved hurt my credit?
Most clients can get pre-approved with a soft credit check so no credit impact. Some pre-approvals require a hard credit check, which can have a small, temporary effect on your score.
Does applying commit me to a loan or to buying?
No. Pre-approval is a starting point, not a contract. You can stop at any time.
What documents will I need?
Generally recent pay stubs, W-2s or tax returns, and bank statements. We will send a clear list once you start, so you are not guessing.
What credit score do I need?
There is no single cutoff, and different loan programs have different requirements. Get pre-approved and we will tell you what you qualify for today and how to improve it if needed.
How long does the whole process take?
From pre-approval to closing is often about 30 days once you are under contract, though it varies. Getting pre-approved early makes everything after it faster.
What happens after I submit the short form on this site?
Your information comes to UMortgage, and you continue to the full application. UMortgage follows up within one business day, whether or not you finish the application right away.
Ready To Begin?
Getting started with a pre-approval questionnaire is the best first step.
Keys for Employees
A home buying benefit offered through your employer.
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