Advantage Home Plus is a homeownership benefit that helps University of Oregon employees navigate buying, selling or refinancing a home. AHP offers financial credits, cost savings and expert guidance to employees at any income level or stage of homeownership.
The service is free to benefits-eligible faculty, staff and officers of administration and is completely confidential. You do not need to do anything to enroll.
Nicole Manley, a benefits advisor with AHP, has worked with UO employees for 17 years. Nicole answered commonly asked questions about the program and explained why UO employees should use it when they’re buying, selling or refinancing. Schedule a consultation with Nicole to discuss your options.
Read on to learn more about what AHP can offer UO employees.
Can you start by telling us what Advantage Home Plus does and what problems it helps employees solve?
Absolutely. Homeownership is often ranked as one of the most stressful events in someone’s life, just behind the death of a loved one or a divorce. A recent survey found that about 1 in 3 homebuyers admitted to shedding tears during the process. We don’t want anybody shedding tears! As a UO employee, you have support and an advocate who will stick with you.
There’s no limit to the number of times we talk or text. Our role is to simplify the process and help with buying, selling and refinancing.
We also focus heavily on education. Every month, we offer three webinars. Some of our most popular are Home Buying and Financing 101, as well as sessions on improving credit scores or recovering from bankruptcy.
How does Advantage Home Plus help faculty and staff buy, sell or refinance?
We’re all different! We have different needs and different credit scores, so we want to make sure you’re talking to the right people for your situation.
Let’s start with buying. A lot of people think they absolutely need a down payment, but there are actually four down payment assistance programs available in Oregon right now. We can help you find and navigate those options.
Some lenders also offer a guarantee program that can make your offer much stronger, even if you’re not paying cash. It’s a fully underwritten preapproval backed by $10,000, and time after time, we’ve seen employees win bidding wars because of it.
Another big area of confusion is mortgage products. When you talk to 10 lenders, you might get 10 different answers. We help you make sure you’re in the right mortgage. At the end of the day, it doesn’t really matter what your interest rate is if you don’t get the right mortgage for your family.
With selling, we can help you decide whether it makes sense to sell or hold onto your property as a rental and use 80% of your rental income to qualify for your next home. That can be especially relevant for employees who bought during the pandemic and have very low interest rates. We also support employees who have relocated to Eugene from out of state and need to sell a home in their previous state.
If you’re refinancing, we can help you explore options like appraisal waivers and connect you with the right lenders.
If you’re already working with a lender or real estate agent, we can also step in as an advocate and help review your options.
What types of financial assistance does Advantage Home Plus offer? How much money can people save?
That’s our number one question. I always hear, “Nicole, show me the money.”
For real estate services, savings could be several thousand dollars. Remember when you sell a home, you pay the listing agent’s commission. We offer a 15% credit back on that commission at closing. So for a $500,000 home, that’s about $2,250 back to you.
For mortgage services, you have a $1,000 credit that can be used toward lender fees, closing costs or buying down your interest rate. And you can use that benefit not just when you buy, but also when you refinance.
Beyond the financial credits, our advice and education can help save money and make sure you’re protected. For example, we worked with an employee who had already started the process with their credit union. They came to us a little late because they weren’t aware they had this benefit, but we reviewed their closing cost worksheet and suggested they ask about a fee that was being charged. The credit union waived it for them and that saved them $750.
So even a quick consultation can make a real financial difference.
Are there income limits or other requirements people should know about?
There are no income limits for our program. Some down payment assistance programs do have income limits, but not all of them. In fact, there are programs where even higher-income earners can still qualify. It depends on the county and the program.
That’s why it’s important to connect with us early. I recently spoke with an employee who had been told by a lender that there were no down payment assistance programs in Oregon, which just isn’t true. So we can help make sure you’re getting accurate information and not wasting time.
What surprises people the most about the program? Are there any common misconceptions?
A common misconception is that you have to be a first-time homebuyer, which isn’t the case. Anyone can use the benefit, and even eligible family members can access it.
Another surprise is that we’re nationwide. Whether you’re buying or selling in Oregon or another state, we can still help.
Do you have a favorite story of helping someone buy or sell a home?
After 17 years, there are many. One story that stands out is a single mom I met at a benefits fair who told me she thought she would never be able to buy a home. She worked part time and was raising two young daughters in a small apartment.
I told her, “You never know,” and encouraged her to do a financial fitness consultation. Once we looked at her full financial picture, including child support and other assets, it turned out she could get preapproved.
She ended up buying a cute little house and moving out of that apartment. She was so thrilled, she cried.
What advice would you give UO employees who want to buy a home?
Start early. If you’re thinking about buying in the next year or two, reach out to us.
We can begin with a financial fitness consultation and help you get everything in order. From there, we can talk about whether it makes more sense to build savings or to improve your credit score to qualify for a better interest rate.
Getting started early allows Advantage Home Plus to connect you with the right professionals and get you on the right path. As a UO employee, you have a team ready to support you in meeting your homeownership goals. It’s a benefit you already have, and we can help you feel more confident and prepared.
Schedule a consultation with Nicole to learn more.